Crypto and digital nomads could boost Thailand’s real estate market

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With cryptocurrency being the new payment option of the modern age, many real estate developers are now supporting their payments through it. And, since it’s still new to Thai real estate market, experts say its growth potential is enormous. Since it can be a new alternative to real estate trading, it can help real estate developers provide another type of payment option to increase their sales.

Meanwhile, digital nomads can also help boost the real estate market in Thailand, as cryptocurrency-based nomads will become a variant to boost trade in the country.

Atanop Phanthukom, CEO of Cissa Group, an investment property developer in southern Thailand, says cryptocurrency investors are on the rise.

“Due to the role of cryptocurrencies and their value as gold nowadays, which can be used to exchange goods and services in real life, cryptocurrency investors are considered a group of people with high purchasing power. Additionally, the cryptocurrency is recognized in many countries while Thailand is in its early stages. “

“Most investors are seen as a new generation, whose real estate business should not be overlooked, especially foreign investors who get a return on their investment and are looking for long-term investments. Real estate is definitely the right answer. If this group of people can be attracted to buying real estate in Thailand, it will generate huge income. “

Nuttaphong Kunakornwong, CEO of SC Asset, said the opening of the country on November 1 would be an opportunity for all businesses, including real estate. He says the company is preparing to study real estate trading via cryptocurrency and should be ready by the end of the year to facilitate the new generation of customers.

As SC Asset anticipates digital asset market trends and opportunities, it expects to become an opportunity for the real estate market, reaching overseas clients and the younger generation investing in cryptocurrency.

“We are seeing the growth of cryptocurrency in Thailand, which is currently worth 3-4 billion baht per day. Although it doesn’t seem like much compared to foreign countries, it is steadily increasing. Many investors are successful in investing in crypto, and many want to turn it into a property at the right time. “

As Club Med recently voted Thailand as the best place to live digital nomads, allowing these workers to stay may be the key to stimulating the economy.

But, a study from WorkMotion, which is an HR platform that helps match businesses with remote workers around the world, ranked Bangkok 68th out of 80 cities in the world for remote working. The company says Bangkok has suffered in areas such as access to housing, political stability, gender and sexuality issues, and the rules and regulations needed to attract digital nomads.

While Thailand has chosen digital nomads as one of 4 high-quality tourism demographic groups to woo for the future of tourism, there is still no legal visa for those working remotely for countries to abroad.

WorkMotion says the technology is ready for remote work, and with the Covid-19 pandemic, people have become accustomed to remote working, which suggests that the market for off-site workers around the world will continue to grow in the future. The company also noted that work-from-home business models were adopted during the pandemic, with many companies not seeing many negative effects from the changes.

Thailand recently approved the digital nomad visa, along with 3 other new types of visas, in a bid to boost the economy. And, for those who wish to obtain a digital nomad visa, they must prove that they are earning US $ 40,000 per year, as well as health insurance coverage of at least US $ 100,000.

Currently, foreigners are not allowed to work without obtaining a work permit in the country. In addition, the purchase of land or property is also not possible under existing laws. But the new laws would make such barriers possible for approved groups, which include high net worth travelers, retirees and highly skilled workers. The TAT has put forward specific criteria that groups must meet to qualify. If these conditions are met, he could get a 10-year visa for one of the groups.

According to government spokesman Thanakorn Wangboonkongchana, a Thai work permit is also included, with visa holders paying the same tax rate as Thai nationals. They will also be exempt from tax on income earned abroad and will have the right to own property and land.

The new laws on land ownership appear to be similar to Treaty of friendship between the United States and Thailand, which was signed in 1833. This law grants special privileges to Americans on Thai soil and vice versa.

Other similarities include exemption from taxes (although the Friendship Treaty only mentions property taxes) and the ability to own land as a foreigner. For decades, Americans have enjoyed special privileges in Thailand, but only to the disappointment of other foreigners who wanted to invest in the country, but are turned off because of the many obstacles presented.

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