Moves by Thailand to offer long-term visas to wealthy foreigners as part of its economic recovery plans have been endorsed by figures in the hospitality industry and academia.
Thailand Elite s Real Estate Partnership Set to Attract Foreign Investors Keen on Relocating and Owning Property in Thailand
05/27/2021 | 01:01am EDT
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Thailand’s sought-after Thailand Elite Residence Program which saw a sharp spike in applications throughout the Covid-19 pandemic in 2020, is set to be even more attractive to foreign investors following a new partnership with more than 10 leading real estate developers in Thailand as part of its Elite Flexible One (EFO) offering.
According to Mr. Somchai Soongswang, President of Thailand Privilege Card Co., Ltd., the operator of Thailand Elite Card, “This pivotal partnership is expected to boost the property sector in Thailand through creating a multi-faceted return for international investors. The EFO option under the privileged entry visa program is of particular interest for applicants who are keen on investing in property either for residence or as an investment. The investors not
Thailand's sought-after Thailand Elite Residence Program which saw a sharp spike in applications throughout the Covid-19 pandemic in 2020, is set to be even more attractive to foreign investors following
Thailand Elite visa travel card program still in the red after 16 years
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Those who do have the Elite visa travel card are not traveling anyway because of COVID-19.
The Tourism Authority of Thailand is working with Thailand Privilege Card to offer more Elite bonuses in future.
The TPC says that the company will be in the black this current year if 2,600 new members can be found for the Thailand Elite visa travel card. The largest current number of Asian members are Chinese. In Europe, that distinction belongs to the UK.
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. 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.
Uncertainty to fuel Elite membership
Political situation causing concern
Thailand Elite Card is expecting to gain a large number of new members, mainly Chinese business people residing in Myanmar who might not be confident about the political situation there.
Somchai Soongswang, president of Thailand Privilege Card (TPC), the operator of Thailand Elite Card, said Chinese customers account for 25% of the total portfolio of 13,000 members.
The military coup in the neighbouring country has fuelled unease among foreign investors as they seek a more secure place within close proximity of their businesses. Prior to the coup in Myanmar, the bulk of Chinese members had already relocated to Thailand and decided to buy a condo to stay in the country for the long term, particularly in Chiang Mai which is closer to the mainland, said Mr Somchai.