Thailand Elite to Offer Stimulus Packages to Members
Published: October 13, 2020 at 9:03 am
The Thailand Privilege Card will offer two stimulus plans to Thailand Elite members who invest in the Thai economy.
The government, through the state-controlled Thailand Privilege Card, will offer stimulus plans to foreign nationals in order to entice them to make investments to the badly-hit Thai economy.
These privileges include automatic membership to the Thailand Elite program, as well as work permit benefits to new and existing members who make investments of a certain amount to the Thai economy.
According to Yuthasak Supasorn, governor of the Tourism Authority of Thailand, the slowing down of the property sector has pushed the TPC management to consider extending certain privileges to foreign nationals who are willing to inject capital into the economy.
In addition to attracting foreign capital, these perks are also designed to boost long-stay tourism amidst the ongoing global pandemic.
Privileges are to be rolled out through two packages, namely, Flex One and Flex Plus.
Flex One will be a collaboration between the government, and property development companies with projects that allocate a number of units to foreign buyers.
If these companies agree, they will be authorized by the government to offer an automatic membership to the Thailand Elite program in exchange for a property purchase valued at least THB10 million.
With this membership, purchasers enjoy the perk of having an automatic visa that will allow them to get into Thailand.
Members of Thailand Elite have been given permission by the government to enter Thailand once again, amidst the current restrictions on travel.
Because of this perk, foreign nationals who would like to invest in properties in Thailand but are confused on entry requirements can now come into Thailand to officiate the transaction.
On the other hand, the Flex Plus package will provide Thailand Elite members who invest at least US$1 million to the economy. These investments must be made within a year of membership approval for new members.
Existing members can also apply for the perk, with the same 1-year time duration assigned for the perk to be effective.
If these members fail to make the necessary investments, the work permits are automatically revoked.
Current rules prohibit Thailand Elite members to attach a work permit to their visa, which is designed after the Tourist Visa. This perk gives them the advantage of obtaining work permits without having to apply for a non-immigrant visa.
Flex Plus is only open for members that sign up for the highest tier, with THB1 million a year in fees.
Members can invest also in government bonds, in savings accounts and in the stock market in addition to real estate.
Governor Yuthasak said that the measures await approval from the Center for Economic Situation Administration. If approved, they could be effective by next year.
He also added that, in a best case scenario, the scheme can earn the economy a potential THB20 billion from possible sales of 1,000 cards annually.
“There is demand from potential investors in low-risk countries who want to have long-stay haven in Thailand,” the TAT governor said.
“We have to find the right solution that can redirect those contributions to Thailand,” he added.