Yet another variant of the Elite card was officially launched yesterday. Tourist Authority of Thailand governor Yuthasak Supasorn coined the term “bleisure” to describe the affluent foreigner who is looking for a safe haven both to retire and to indulge in selected business activities. He said the timing was to coincide with Thailand’s recovery from the pandemic-created economic malaise.
Successful applicants for the Flexible Plus Program, one of many Elite visa options, will be stamped with a non-immigrant (rather than visitor) status which will enable them to apply for a work permit. The facility will also be available on request to many, though not all, existing Elite holders who have the right to live in Thailand from 5-20 years on payment of fees ranging from 600,000 baht to over two million baht. They can check their status with the Thai Privilege Card office.
There are now 16,000 Elite visa holders and, in 2021, the host company made a modest profit for the first time since inception in 2003. The biggest growth segment in recent years has been from China as many of its richest business tycoons like to travel abroad with minimal restrictions. About half of all foreign-owned condominium units in Thailand, notably in central Bangkok, are in the names of Chinese nationals for investment purposes.
The fly in the ointment with the latest scheme is that you need additionally to invest the equivalent of US$1 million in real estate, limited companies or the Thai stock market on an ongoing basis, or risk cancellation of the work permit. The specifics of the required investments were not made explicit at the press conference, but are likely to involve approval from agencies such as the Securities and Exchange Commission or the Board of Investment. Thai bureaucracy is seldom easy to follow.
Critics say that the Thai government has many schemes on offer, or in the pipeline, to lure wealthy foreigners, but none of them offer full residency or unrestricted ownership of freehold land. Both of these maybes are currently under consideration in government committees. Meanwhile, many overseas countries do offer full residency to foreigners and passports for sale for upwards of US$250,000, including some members of the European Union.
However, Britain has just withdrawn its “golden visa” fast track entry for foreigners who spent two million pounds upfront with the promise of permanent residency down the road. Home secretary Priti Patel said that corrupt international elites had taken advantage of the scheme to infiltrate the UK. In other words, Britain is closing the door on Vladimir Putin’s cronies.
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