With the end of the visa amnesty pushing member Thai Elite applications to a record high in August and September, Thailand Elite Card plans to add work permit privileges for members who invest US$ 1 million in Thailand.
Yuthasak Supasorn, Governor of the Tourism Authority of Thailand (TAT), said the adjusted privileges must first pass cabinet approval, but the scheme should attract more investment into the country.
Only the top-tier categories, which cost 1-2 million baht, will be granted the work permit privilege. Within one year, these members must have a minimum investment of US$ 1 million.
Investment types are the choice of the member, but the government would like to focus on investment in property, which was battered by the crisis.
Members would have to follow the regulations of related agencies on foreign investment.
If they do not possess or have any investment in Thailand, the extra privilege will automatically end.
Mr. Yuthasak said that this scheme is a bit different from the scope of the Board of Investment, which focuses on investors with a project proposal already in place. The Thailand Elite Card targets high-purchasing tourists who want to look for more opportunities in Thailand.
The company has 11,000 members globally, said Somchai Soongswang, president of Thailand Privilege Card (TPC), the operator of Thailand Elite Card.
But in August and September, the number of applications increased from a monthly average of 300 to 500 as the deadline for renewal of tourist visas approached.
More than 150,000 foreign nationals need to have their tourist visas renewed by Sept 26 or face fines for overstaying, according to the Immigration Bureau.
Mr. Somchai said that membership is not granted to all applicants, as they must pass the screening process at the Immigration Bureau and, in some cases, at the national intelligence agencies in their countries of origin.
The process normally takes 15-45 days, and in August and September, TPC granted membership to only 200 applicants per month. Before the pandemic, the TPC approved 100 memberships per month.
He said the best seller of the nine membership levels is the 500,000 baht Elite Easy Access, with a renewable five-year multiple entry visa. 47% of the total is made up of these cardholders, followed by Lifetime membership (22%), Elite Superiority Extension with 20-year membership
(14%), and Elite Family Excursion (9.6%).
Mr. Somchai said that on September 30, the company could close the 2020 fiscal year with a cumulative loss of 300-320 million baht, less than the loss of 519 million baht in the same period last year.
Source Bangkok Post
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