After the opening of applications for a long-term resident visa (LTR visa) on September 1, the Office of the Board of Investment reported 1,158 applications for an LTR visa, with the largest number of applications submitted from citizens of the USA — 232, China — 140, Great Britain — 109, Germany — 68 and Australia — 51, and the rest are from other countries.
As for the benefits for LTR visa holders, they will have the right to stay in Thailand for 10 years and can use the privileges to enter and exit the Kingdom at the international airport. Visa holders will have to report their stay in the country once a year (instead of 90 days), and they will not need to obtain a re-entry permit.
Thailand has a policy of attracting promising and talented foreign nationals. This policy is expected to bring at least ฿1.7 trillion to the economy.
After the Cabinet of Ministers approved measures to stimulate the economy by attracting promising foreigners to invest and stay in Thailand for a long time in exchange for various benefits, they started talking about the urban trend in real estate. However, there are restrictions for foreign citizens to own land and real estate in Thailand.
Moreover, local residents have different attitudes to such a policy of attracting foreigners. According to the latest public opinion poll, which was attended by more than 1,000 people:
- 26% agree with the policy;
- 24% disagree.
The majority of dissenting consumers were aged 60 and older, of which 28% were middle-income and 31% high-income, the share of low-income citizens accounted for 22%.
As for consumers who agree with such measures, most of them are also over 60 years old. The average income was 29%, the high income was 26%, and the low income was 26%.
The majority of respondents agree that the measure is to improve the country's economy. This will help stimulate the real estate market and the Thai economy.
- 79% believe that this will help boost the real estate market and the Thai economy as a whole.
- 32% see this as a solution to the problem of front people or those who buy on behalf of foreigners to circumvent the law. If foreigners can buy/rent real estate on their own.
- 27% believe that this will contribute to an increase in property prices and real estate market in the country.
- 24% believe that this will help speed up the process of selling unsold real estate.
The majority of consumers who oppose this policy believe that this measure will contribute to higher real estate prices.
- 62% think that this will raise land and property prices.
- 42% said that this would not solve the problem of front persons when buying real estate by foreigners.
- 40% believe that this may lead to more difficult problems in the future.
- 38% think that this cannot drive the real estate market and the Thai economy.
- 17% suggest that this will not help speed up the sale of real estate.