The Thailand Permanent Residency by Investment Program just announced a major new opportunity for foreign investors. Are you eager to gain a residence card in one of the hottest Asian destinations? Buying property in Thailand through the new scheme provides residency in Thailand. Besides, it offers a range of elite advantages for foreign nationals and their families.
Discover the basics of the new Thailand Permanent Residency by Investment real estate option. Immigration Explorer helps you to get your ticket to a better life with all the perks.
How Buying Property in Thailand Comes with a Residency Visa
The program allows foreign nationals to purchase designated property for a minimum of 10 million THB (~332,000 USD). This way, they gain residency through the Elite Easy Access scheme. You can apply between January 2021 and the end of December 2022. Under the new Thailand Permanent Residency by Investment program, move-in ready condos (not under construction) are promoted as ‘Flex One.’
About Flex One Membership
Flex One was approved in November 2020. The Thai government hopes the measure will quickly gain interest among foreign nationals hoping to live in the country. Besides, the program shall help the country’s real estate development industry, which suffers under the current Covid-19 pandemic.
In practice, Thai property developers can purchase the 600,000 THB (~20,000 USD) Elite Easy Access visa memberships. Then, they can bundle these together to offer real estate units to investors from abroad. Investors may choose to buy more than one property to reach the 10 million THB (~332,000 USD) threshold. But all purchases must be from a single developer.
Covid-19 Response
Already four of the country’s biggest developers have enrolled in the program. Leaders of the industry pointed out concerns and requested help from the Thai government. Since then, the government has worked quickly to utilize the prospects of the residency visa program.
Foreign investors aren’t limited to the Elite Easy Access membership level that is included in the initial property purchase. Foreign nationals may want to gain the benefits of other membership levels, such as to live in the country for longer. An upgrade only requires to pay the difference between the Elite Easy Access and the higher-level membership. If a level such as the Elite Ultimate Privilege option comes with an annual fee, this applies as well.
With the addition of the new membership level, the Thailand Permanent Residency by Investment program now has nine packages. The entire scope of the program has already granted over 11,000 residency visas.
What is the Thailand Permanent Residency by investment Elite Access Visa?
The Elite Access Visa program allows holders to come and go as they desire for up to 20 years. This right starts after receiving their residency permit depending on the membership level. They only have to contact the government concierge services if they plan to stay over a 90-day period.
The Thailand Elite Access Visa program is not actually considered permanent residency. But a foreign national that holds a non-immigrant visa may become a Thai permanent resident after 3 years. Plus, he/she can gain citizenship eligibility after 10 consecutive years holding permanent residence status. In fact, the Elite Access Visa offers permanent relocation opportunities at an affordable price and without much hassle.
When buying property in Thailand for an Elite Access Visa, a foreigner receives entry-level membership into the Thailand Permanent Residency by Investment program. They also gain travel benefits such as 24 complimentary airport transfers on international flights. Expedited immigration procedures, exclusive airport lounge access, and VIP assistance through government concierge services are further advantages.
Upgrades to the Elite Privilege Access and the Elite Ultimate Privilege membership levels are possible. They contain unlimited charters to international flights and discounts through various partners. Plus, they also offer annual healthcare check-ups, and complimentary luxury golf and spa packages.
Family members are also welcome to enroll in the program under the same application for an additional one-time fee. And the entire residency visa process only takes on average about a month to complete. This makes it one of the quickest and cheapest investment residency visa programs.
A Unique Investment Residency Program
First of all, the Thailand Permanent Residency by Investment scheme is attractive to many foreign investors. It blends the concept of residence status with additional travel and lifestyle rewards. The new real estate option allows residency visas in exchange for buying property in Thailand. Thus, foreign nationals and their families get real estate investment visa benefits and unique bonuses.
Thailand is the only country in the world offering these travel and health perks as part of the program. Besides, Thailand has kept the Covid-19 pandemic at bay with its effective measures and provides access for foreign nationals to the 8th best healthcare system in the world.
The Advantages of Choosing Residency in Thailand
Many advantages await foreign investors and their families for choosing Thailand as their place of residence.
1. Relaxed Low-Cost Lifestyle, Rich Culture, Sunny Weather
For one, Thailand boosts a low cost, but the high quality of life standard.
Rich Culture Thailand is popular among foreign investors, digital nomads, and retired foreign nationals. In fact, the “Land of Smiles” is a vibrant country with many opportunities to live an affordable life. Many of the program applicants are entrepreneurs who use the country as a home base between travel and business projects. Everyone enjoys the hot, sunny weather year-round.
The relaxed lifestyle and beautiful natural landscape make it an attractive destination for foreign investors. The culture is warm and friendly towards foreign nationals. Plus, English is found in many of Thailand’s main destinations.
2. International Connections
Another great aspect of the Thailand Permanent Residency by Investment program is the number of international connections. This makes it easier to travel for work, vacation, or personal matters.
The program itself even helps Thai non-immigrant visa holders get to the airport or hotels before and after international flights.
3. Tax Optimization
Next, optimizing tax solutions are also an advantage of applying for the Thailand Elite Access Visa program. Non-residents are only taxed on income made within the country. Residency visa card holders who choose to stay in the country are taxed progressively up to 35%. But this applies only to income made within the country or remitted into Thailand.
To sum it up, there are also no local government income taxes imposed. For foreign nationals interested in starting a business in Thailand, the corporate tax rate is 20%. Plus, the process of business set-up is fairly straightforward.
4. Passive Income
Another great benefit is the ability to use the property to generate passive income. When buying property in Thailand for Permanent Residency by Investment visas, a foreign national can select one or more properties to be used as a permanent home for themselves or their families.
Alternatively, they can transform this property into a rental property in key tourist destinations around Thailand. This can generate passive income flows all year long or simply when the family is away on holiday.
Apply for the Thailand Permanent Residency by Investment program! Experience the range of benefits of this one-of-a-kind program and the best non-EU option for foreign investors worldwide. In fact, buying property in Thailand can change your life!
The Takeaway
A favorite travel destination full of a warm, friendly culture and climate, Thailand is an excellent multicultural destination for relocation.
Meet the new ‘Flex One’ membership level of the Thailand Permanent Residency by Investment program! It grants a residency visa for a foreign investor and their family. It also provides opportunities to turn the buying of property in Thailand into a valuable income opportunity.
Immigration Explorer assists you to find the best membership level of the Thailand Permanent Residency by Investment program. Through our partners, we aid you in buying property in Thailand.
Contact our professionals today to start the application process and be on the breathtaking beaches of Thailand next month!