More information from developer about condo-for-visa deal

A report from Thursday regarding a property developer partnering with a state enterprise to offer a 20-year visa for foreign buyers at its Pattaya condominium prompted a follow-up by property news site DDProperty.com with more information:

Southpoint Pattaya is understood to be the first property in Thailand to offer a 20-year visa along with a property purchase – something that has been a major stumbling block for overseas property buyers with no business, family or retirement intentions.

To clarify the offering, Nigel Cornick, Chief Executive Officer of Kingdom Property, developer of Southpoint Pattaya, told DDproperty.com: “The deal is clear, Our entry level is around THB3 million including the visa, and there are no annual fees to pay.”

He added that his company has negotiated the package with Thailand Elite, which is fully owned by the Tourism Authority of Thailand. While the details of the agreement remain confidential, Cornick confirmed that should a buyer wish to add another person to the card there will be an extra THB500,000 to pay to Thailand Elite.

He also clarified that the additional person must appear on the title deed for the property.

“Any buyer is free to look at the other offerings from Thailand Elite and make their own decision regarding the benefits of our product,” he said.

As per the previous report, buyers at Kingdom Property’s Pattaya Southpoint development will be entitled to a 20-year visa, which amounts to five-year, multiple-entry visas which can be renewed every four years.

The visa will entitle its holders to benefits including fast-track immigration clearance, assistance with driving licences, discounts and a bilingual helpline.

“The long-stay solution will overcome many of the barriers that we see when selling our properties overseas. Generally unless you have a business visa, retirement visa or marriage visa, you are not permitted to stay for any length of time,” Nigel Cornick, Chief Executive Officer of Kingdom Property said. “This exciting partnership is akin to Malaysia’s My Second Home (MM2H) program and has massive potential.”

The visa will come as part of the purchase of a unit at Southpoint and owners can sell the unit and the visa together if they wish.

Story: DDProperty / Photo: Kingdom Property

Related:

Buy a condo in Pattay and get a 20-year visa?

 

Done reading? Kick back and watch Coconuts TV!

 



Reader Interactions

Leave A Reply


BECOME A COCO+ MEMBER

Support local news and join a community of like-minded
“Coconauts” across Southeast Asia and Hong Kong.

Join Now
Coconuts TV
Our latest and greatest original videos
Subscribe on