New Elite Card allows holders to work in Thailand – for 32 million baht
By Jonathan Fairfield
February 17, 2022
Thailand Privilege Card Co Ltd, the company that operates the Elite Card, has launched a new program that will allow new and some existing members to legally work in Thailand.
Under the Elite Card’s new Flexible Plus Program applicants will be able to obtain a work permit.
Previously, Elite Card holders were prohibited from working in Thailand.
But now new applicants to the Flexible Plus Program, as well as existing members of the Thailand Elite Card, Elite Ultimate Privilege, Elite Superiority Extension and Elite Privilege Access will be granted the right to work in Thailand.
That’s providing they invest at least $1 million, approximately 32 million baht, into Thailand within one year of being granted the card.
The Flexible Plus Program is available to Thailand Elite Card holders with 10 years validity on their membership, while other members’ card validity must be of at least 5 years.
The change in policy regarding being able to obtain a work permit was announced on Thursday (Feb 17) by Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn, who said the proposal was approved by the Cabinet back in October 2021.
The aim of the program is to attract foreigners with high spending power in order to help boost the Thai economy as part of its post pandemic recovery.
According to information released on Thursday, the 32 million baht investment can be made in three ways, including in real estate, investment in a limited or public limited company or as an investment in the stock market, which can include via an investment agency approved by the Securities and Exchange Commission.
The target group for the new program are people from China, Japan, UK, Hong Kong, Russia, France, USA and Singapore.
The company said there are currently 16,000 Thailand Privilege Card members.
Members of the Flexible Plus Program will have their visa type changed from a Special Temporary Stay Visa (PE Visa) to Non-Immigrant B (Non-B) which will make them eligible for a 5 year work permit. Spouses and children up to the age of 20 years old can also be included as dependents.
https://www.huahintoday.com/thailand-ne ... lion-baht/
Happen to have a spare 32-million baht just sitting around, doing nothing?
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Gaybutton
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Gaybutton
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Re: Happen to have a spare 32-million baht just sitting around, doing nothing?
This seems on the strange side to me. Obviously I want to live in Thailand and I wouldn't mind getting VIP treatment. But paying the equivalent of a million dollars to do it? How many people are going to do that? How many people have enough money to be able to do that? How many people who do have enough money to do that would do that?
Even if I had that kind of money, Why would I want Thai banks (the ones that now insure accounts up to 1-million baht - that's baht, not dollars) to know I'm that wealthy? Why would I want the Thai government to know I have that much money?
It will be interesting to see how many takers Thailand gets on this.
Even if I had that kind of money, Why would I want Thai banks (the ones that now insure accounts up to 1-million baht - that's baht, not dollars) to know I'm that wealthy? Why would I want the Thai government to know I have that much money?
It will be interesting to see how many takers Thailand gets on this.
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Gaybutton
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Re: Happen to have a spare 32-million baht just sitting around, doing nothing?
Personally I have no objection to Thailand trying to attract the "super-rich". However, it appears to me that Thailand is pushing for very rich people to the exclusion of people not nearly as wealthy at that, but certainly have the income and means not only to be able to support themselves, but also be significant contributors to Thailand's economy. While the "super-rich" might be spending their money on luxury housing estates, luxury cars, the finest restaurants, and weekends on pleasure cruise yachts, the rest of us are spending our money on much more common things. I would not expect Bill Gates to be found shopping in Makro, going to the bars, buying items in mom-and-pop shops, driving a motorbike or standard car, and buying food from street vendors, but you'll find people like me doing exactly that - putting our money right into the hands of the people who need it most.
Instead Thailand seems to be putting all its eggs into the "Let's Attract the Very Rich" basket. That's fine, but that basket is not the only basket.
I truly believe Thailand would be well served to be trying just as hard to attract farang expat retirees or long term visitors such as most of us.
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Thailand continues to hunt for the super-rich “bleisure” traveller
By Barry Kenyon
February 18, 2022
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.
https://www.pattayamail.com/latestnews/ ... ler-389852
Instead Thailand seems to be putting all its eggs into the "Let's Attract the Very Rich" basket. That's fine, but that basket is not the only basket.
I truly believe Thailand would be well served to be trying just as hard to attract farang expat retirees or long term visitors such as most of us.
________________________________________________________
Thailand continues to hunt for the super-rich “bleisure” traveller
By Barry Kenyon
February 18, 2022
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.
https://www.pattayamail.com/latestnews/ ... ler-389852