Thailands “pay to stay” visa program for wealthy foreigners is seeing an
expansion opportunity, with visions of the country becoming a haven for
expats thanks to its relative success in containing the coronavirus.To
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The Thailand Elite Card is a residential-visa program for affluent
expats, investors and long-stay groups. Membership, which ranges from
500,000 baht to 2 million baht ($16,000 to $64,000), provides for a
renewable five-year visa. It also comes with perks, which at the top end
include limousine transport, jet and yacht charters, medical checkups
and golf at championship courses in Bangkok, Phuket and Pattaya.
With borders currently closed and global travel at a near standstill,
this would seem like the worst possible time for a visa program. But
Thailand Elite, which has been around for 17 years, is holding up during
the pandemic. It forecasts 2,288 new enrollees in the fiscal year
through September, up 6.8% from the previous year, and revenue is seen
climbing 7.7% to 1.4 billion baht.
Expats already living in the country on other types of visas have
accounted for 70% of subscriptions this year, having concluded that its
better than dealing with one-year work, retirement or marriage permits
that often require multiple trips to government offices, lawyers and
fixed-deposits in local banks.
“We have refocused our business by targeting people who are within the
country, want to stay for the long-term and are not confident of the
virus situation back in their home countries,” said Somchai Soongswang,
president of the cards state-controlled operator, Thailand Privilege
Card Co., in an interview.
The possibilities of attracting subscribers outside of Thailand are
currently limited because of the tight border controls, but Somchai
believes theres a growing market of people abroad who want a safe,
comfortable home, with Thailand being a good choice.
Thailand is heavily dependent on tourism, and virus containment
measures have taken a heavy toll on the economy, with expectations it
will shrink by 8.5% this year.
With its coronavirus situation relatively under control -- it has
about 3,400 cases, and has been free of local transmissions since May 26
-- Thailand has been exploring ways to ease restrictions.
Currently, mainland Chinese account for about a quarter of Thailand
Elite cardholders. The company will make another push to attract
overseas markets in 2021, expecting thats when border restrictions will
be eased. Hong Kong and Australia residents are potential customers,
Somchai said.
Membership is essentially open to anyone who is looking for a
long-term stay and is willing to “contribute to the economy,” he said.
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