Thailand’s real estate industry is betting its future on cryptocurrency and digital nomads.
TheThaiger.com reports that cryptocurrency investors are becoming increasingly active on the Southeast Asian country’s real estate market as more property developers begin to accept digital currency.
Now that Thailand has approved a new visa program for digital nomads, Crypto-based remote workers are soon expected to join this wave.
“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,” said Atanop Phanthukom, the CEO of investment property developer Cissa Group. “Furthermore, cryptocurrency is acknowledged in many countries, while Thailand is in its early stage.”
Thailand’s new visa program, which was approved in September, gives digital nomads the right to live and work in the country for up to 10 years. It also allows recipients to rent and purchase property, which could give a critical boost to the nation’s real estate industry.
To qualify for the visa, applicants must prove they’ve earned at least $80,000 over the last two years and have a minimum of $100,000 in health insurance coverage.
Several countries have created digital nomad visas in the wake of the COVID-19 pandemic, so Thailand will have a lot of competition as it fights to attract remote workers.
A recent Club Med survey named Thailand the top country for digital nomads based on its cost of living, safety and internet speeds. However, a WorkMotion report only ranked Bangkok 68th out of 80 global cities, docking the destination for factors such as housing access, gender and sexuality issues and political stability.