Starting in January and lasting until the end of 2022, foreigners will be able to obtain a Thai Elite visa by purchasing move-in ready (not under construction) units in designated property developments for THB 10 million or more. The new membership level, named “Flex One”, which was reportedly approved in November, aims to quickly inject capital into the country’s property development sector, which has been struggling with lower-than-budgeted sales in 2020 due to the pandemic.
“Developers have a lack of cash flow, some have high debt and the new program will help them not lay off staff,” the president of Thai Privilege Card Company, Somchai Soongswang, told Nikkei Asian Review. He also pointed out that the decision to restrict eligibility to ready-to-transfer units was intended to absorb the current oversupply of units and quickly improving the cash-flow…
