Thailand’s sought-after Thailand Elite Residence Program which saw a sharp spike in applications throughout the Covid-19 pandemic in 2020, is set to be even more attractive to foreign investors following a new partnership with more than 10 leading real estate developers in Thailand as part of its Elite Flexible One (EFO) offering.
According to Mr. Somchai Soongswang, President of Thailand Privilege Card Co., Ltd., the operator of Thailand Elite Card, “This pivotal partnership is expected to boost the property sector in Thailand through creating a multi-faceted return for international investors. The EFO option under the privileged entry visa program is of particular interest for applicants who are keen on investing in property either for residence or as an investment. The investors not only gain a return on their property investment but the inherent business & lifestyle benefits of Thai residence”
Each participating developer has a broad and deep selection of available property projects for foreign investors to choose from. Property purchases valued at the minimum of 10 million baht, will afford the buyer consideration for membership of Elite Flexible One, a five-year privilege entry visa – a similar five-year visa (Elite Easy Access) would normally cost THB 600,000 or approximately USD 19,000. The membership not only offers ease of entry into Thailand along with a wide range of VIP benefits, but also business and lifestyle services and rewards as offered by the developer partners to ensure members get the most out of residing in Thailand.
Thailand’s property market has long been considered stable and attractive, both in the form of rental yields, which can reach 8% in Bangkok, as well as capital gains on property value, with return on investment exceeding 10% per annum. Property analysts have predicted that the luxury housing market will be one of the fastest recovering segments as lockdown restrictions eased, with further market recovery expected to continue upon the resumption of freer international travel.
As condo developers are focused on clearing unsold inventory at pre-launch prices, these ready-to-move-into projects offer impressive value. Thai luxury real estate therefore represents a remarkable investment opportunity. Among the developers participating in the limited two-year scheme are well known names such as Sansiri, Ananda Development, AP (Thailand), Origin Property, Raimon Land and Charn Issara Development. There are over 45 projects available including those located in Bangkok’s upscale residential areas which includes Sukhumvit, Silom, Sathorn, and Asoke.
According to Dominic Volek, Group Head of Private Clients at Henley & Partners, the global concessionaire for Thailand Elite, “Savvy investors are now realizing that diversification is as relevant to lifestyle planning as it is to wealth management. As they reevaluate their priorities and seek alternative options for residence, the Thailand Elite Residence Program is often a top choice as it is a safe, prosperous country with an excellent quality of life.”
Since Henley & Partners became the official global concessionaire, the Thailand Elite Residence Program has expanded considerably and now has over 13,000 members. The first of its kind worldwide, the program is managed by Thailand Privilege Card Co. Ltd and offers applicants privilege entry visas, which include a wide range of VIP benefits. The program provides a multiple-entry visa to qualified applicants, allowing them to visit and reside in Thailand for a period of between five and twenty years, at a one-time cost of between THB 600,000 (approximately USD 19,000) and THB 2.14 million (approximately USD 68,000), depending on the option chosen. Benefits include airport limo services and lounge access, expedited immigration formalities, access to world-class healthcare services, dedicated concierge, and various privileges across hotels, shopping centers, golf courses, and more.