Thai residency visas for foreigners who invest as little as Bt3 million in property is among five proposals being considered by the Finance Ministry.

The proposals were put forward by Thai real estate associations in a bid to lift a property sector slumping under the impact of Covid-19.

The Housing Business Association, Thai Real Estate Association, and Thai Condominium Association (TCA) sent the proposals to Finance Minister Arkhom Termpittayapaisith on December 9, TCA deputy chairman Chairat Thampeera revealed on Thursday.

Under current rules, foreigners must spend at least Bt10 million on the property to be eligible for a residency visa.