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New Elite Card benefits to attract foreign investment

New Elite Card benefits to attract foreign investment

THAILAND: New membership benefits for holders of the Thai Elite Card are expected to attract at least B20 billion in additional foreign investment.

tourismeconomics
By Bangkok Post

Tuesday 13 October 2020, 10:07AM


Photo: Bangkok Post file.

Photo: Bangkok Post file.

There has been a deceleration in the property sector, affected by both lower income and a lack of international buyers, leading management at Thailand Elite Card to consider methods to boost both investment and the long-stay tourism market during the outbreak, said Yuthasak Supasorn, governor of Tourism Authority of Thailand (TAT).

Thailand Privilege Card (TPC), owned by TAT, manages Thailand Elite Card and plans to offer two stimulus plans through membership benefits to lure more investors.

The first package, called “Flex One”, aims to work with property development firms that target international buyers.

TPC will encourage those companies to add Thailand Elite Card membership to buyers who purchase properties worth B10mn minimum.

The visa privileges equipped with membership will facilitate buyers willing to invest in the property sector but who are not sure how to get into the country amid travel restrictions.

The second plan, “Flex Plus”, will grant work permits to Elite Card holders who invest in Thailand for US$1mn (B31.2mn) within one year after approval.

Those who want to join the programme can be both current holders who still have valid period longer than five years, or new members applying for over B1mn membership package.

Mr Yuthasak said at present Thailand Elite Card can only offer the Elite Privilege Entry Visa for long-term multiple entry.

Internal - Phuket Live Radio 89.5

But if the Centre for Economic Situation Administration agrees in principle, TPC will forward the request to the Labour Ministry, asking them to grant work permits to this group without applying for non-immigrant B visas.

In addition to property, Thailand Elite Card holders can look for more investment opportunities such as government bonds, savings or in the stock market.

But work permits will be revoked automatically if members discontinue investment in Thailand.

He said the two measures are expected to be effective by next year.

If TPC can sell at least 1,000 cards under the Elite Flexible Programme, compared to 2,000 sales per year prior to the pandemic, B20bn will be injected into the national economy, said Mr Yuthasak.

“There is demand from potential investors in low-risk countries who want to have long-stay haven in Thailand,” he said. “We have to find the right solution that can redirect those contributions to Thailand.”

In addition, the TAT plans to work closely with the Creative Economy Agency and the Office of Knowledge Management and Development to prepare the upcoming New Year’s gift to people in Bangkok with events which run from November.

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stevet | 14 October 2020 - 20:07:51

None of these methods will have a major impact, nor will solve the current economic difficulties.  If You want tourists to come back, you must understand their worries and wishes.  Discuss with low-risk cities such as Hong Kong and Singapore to mutually recognize health checks without quarantine.  Simplify visa application and entry procedures.  To ease current difficulties, Please don’t Wait

fulviahf | 13 October 2020 - 22:25:02

I have an elite visa .. but this article shows that the present managers of this .. live in silly land..

Kurt | 13 October 2020 - 14:18:35

The Thai property market must be really grounded and desperate when they have to come up with these 'offers'. Well, the up to 40% property price discount offers were telling us already something. They just try to compete with the 'New time' happening. Seen the building construction sites? Many deserted.

Kurt | 13 October 2020 - 14:08:03

Al just 'Hot Air'. There is no foreign VIP coming in with money who needs a 'Elite Card'. Also without Elite card he doesn't need to go in quarantine, can do what he wants in Thailand. The venom is in the Thai tail: "Permits will be revoked Automatically if Elite Card members discontinue investments in Thailand. So, better do Immigration handling without such a 'Elite ...

Fascinated | 13 October 2020 - 11:33:15

Doncha just love the way words like 'Elite', 'VIP' and 'Privileges' are bandied about 

 

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