Thailand's "pay to stay" visa scheme for wealthier travelers is seeing an incentive for growth, with nation aspirations becoming a paradise for ex-pats thanks to its apparent progress in suppressing coronavirus.
The Thailand Elite Card is a residential-visa system for wealthy ex-pats, developers, and communities with long-stay. Membership, varying from 500,000 baht to 2 million baht, pays for a five-year annual visa. The Elite visa also comes with perks, which include limousine travel, plane and boat charters, medical check-ups, and golf at the Bangkok, Phuket, and Pattaya.
With borders still closed and flying internationally nearly at a grinding halt, now may feel like the toughest moment ever for a visa scheme. Yet despite the pandemic, Thailand's elite, who has been operating for 17 years, is doing OK for now. The forecast is for 2,288 new enrolments through September in the fiscal year, up 6.8 percent from the previous year, and income is expected to rise to 1,4 billion baht by 7.7 percent.
Ex-pats who already live in the country on other types of visas accounted for 70 percent of subscriptions this year. They are concluding that it's better than dealing with one-year work, retirement, or marriage permits that often require multiple trips to local banks' government offices, lawyers, and fixed-deposits.
In an interview, Somchai Soongswang, president of the state-controlled operator of the card, Thailand Privilege Card Co, said: "We have refocused our business by targeting people who are inside the country. We want to stay for the long term and are not confident of the virus situation back in their home country.
Due to strict border controls, the possibilities of gaining subscribers outside of Thailand are currently little. Still, Mr. Somchai claims there is an increasing demand for people overseas who want a secure, affordable place to live, with Thailand being a good option.
Thailand is highly reliant on tourism, and initiatives for virus control have taken a severe toll on the country, with predictions that this year it would decline by 8.5 percent.
Mainland Chinese account for about a fifth of Thailand Elite cardholders. In 2021, the organization will make yet another attempt to target foreign customers, hoping this as border controls are relaxed. Residents of Hong Kong and Australia are future clients, Mr. Somchai has confirmed.
Membership is largely open to anyone seeking a long-term stay and willing to "contribute to the economy," he said.
Source: Bangkok Post
Keep updated with phanganist.com by following our Facebook page.
