Wealthy Russians, isolated from the West, flock to Thailand’s Phuket

According to real estate agency Knight Frank Thailand, the number of villas sold on the island last year increased by 82% to 338. Almost half of them were bought by Russians. New businesses have appeared: from restaurants to saunas. Over the past year, Thailand has introduced several new visa programs that allow those who bring money or specialized skills, such as information technology, social media and crypto assets, to stay longer. Resort islands in the southern part of the country have also attracted many such professionals, digital nomads and young families. A typical Russian buyer in Thailand is an entrepreneur aged about 30 from the eastern part of the Russian Federation, for example from Vladivostok. More and more investors are from Moscow and St. Petersburg.

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