Although sales of the Thai Elite visa continue to be strong, most holders are delaying a visit to Thailand because of bureaucratic requirements as well as a new infection wave, especially in Bangkok. The Thailand Privilege Card CO (TPC) says that there was a 93 percent growth rate in sales in the past 12 months. There were 2,552 newly-enrolled members with a grand total of 13,564 overall.
The Elite visa bestows a multiple-entry visa from 5-20 years in return for an initial cash payment from 600,000 baht to over two million baht, according to the option chosen from ten alternatives. TPC says there are two main markets at present. Some foreigners over 50 years are obtaining the Elite visa as an alternative to one-year retirement visas and extensions of stay which increasingly require general medical insurance in addition to Covid-specific cover.
But the main growth is in the younger age groups who are mostly digital nomads or those working as software engineers, especially from Japan, the US and Europe. Although possession of an Elite visa does not bypass the requirement for a work permit, enforcement is lax especially for professionals who are not based in Thailand but travel frequently. Another option is the new four-year Smart visa which does not require a separate work permit but has complex requirements from the Board of Investment.
However, TPC admits that the renewed coronavirus outbreak in Thailand means that many Elite holders are holding off. They cannot simply use their automatic re-entry as all entrants must obtain a certificate of entry from the Thai embassy in the country of departure before being allowed to board a plane. There have been complaints of long delays in some countries before embassy approval is granted and flight tickets obtained.
Bureaucratic requirements include pre-departure tests, Covid-specific insurance and a compulsory quarantine on arrival in registered hotels. Applicants with completed vaccination are compulsorily confined for one week, those without for 10 days. An additional hurdle for Elite holders is a letter from Thailand Elite Members Quarantine confirming membership of the scheme. Just showing the card is not enough.
Agents for TPC say the Elite visa is proving popular with well-heeled foreigners who feel that it will be the most flexible option once immigration procedures return to semi-normal. Meanwhile the Tourism Authority of Thailand is working with TPC to offer more Elite bonuses in future. These include the possibility of an initial visa period shorter than five years, guaranteed co-working facilities for nomads and even permanent residency for long-term investors buying multiple bonds or luxurious property.
Elite was first introduced by then-prime minister Thaksin Shinawatra 16 years ago. It has never made a profit and has accumulated debts of 240 million baht this fiscal year. However, TPC says that the company will be in the black this current year if 2,600 new members can be found. The largest current number of Asian members are Chinese. In Europe, that distinction belongs to the UK.
