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Thailand offers cheap residency visas for condo buyers

Government push aims to attract overseas money as COVID ravages real estate

A construction boom in Bangkok, and other Thai cities, has led to a supply glut.   © Reuters

BANGKOK -- Thailand will provide a two-year window to receive its much-touted residency visa for free or at a discount through property purchases in a bid to lure foreign buyers to its slumping real estate market that has been saddled by COVID-19.

The government approved the new package in early November, according to people familiar with the program. Foreigners are prohibited from buying land in Thailand, but they can buy condos or apartments.

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