Asia

The Thai Flexible Plus Program is aimed at high net worth investors

In March 2022, Thailand officially launched the Flexible Plus program to attract wealthy foreign investors. This program is only available to Thai Privilege Card members and international investors can convert privileged entry visas to nonimmigrant (B) visas. This allows them to apply for a work permit.

This program is overseen by Thailand Privilege Card Co. Ltd, a state-owned enterprise under the supervision of the Tourism Authority of Thailand (TAT), a government agency mandated to promote the Thai tourism industry.

Type Re-Village Card companies offer “privileged entry visas” to high-value foreign investors, allowing them to enter and leave Thailand without the need for a re-entry permit.

Foreign investors are required to pay a membership fee of up to THB 1 million (US $ 29,164) to receive, depending on the type of card, and are valid for 5 to 20 years. In addition, visa holders will be offered a variety of benefits and services to facilitate their stay in the country, from airport transportation to annual health checkups.

Who can apply?

Only Thai Privilege Card members can participate in this program. In addition, members must hold one of the following three types of Thai privilege cards:

  1. Elite Ultimate Privilege (EUP)
  2. Elite advantage expansion (ESE)
  3. Elite privileged access (EPA)

Owners of any of the above cards must be a member for at least 10 years and have a membership fee of over 1 million baht (US $ (US $ 29,164)).

Once a Thai Privilege Cardholder gets the correct card type, they should at least invest US $ 1 million In three different sectors of Thailand. They are:

  1. real estate;
  2. The Stock Exchange of Thailand;
  3. Thai limited company or public limited company.

These investments must be made within one year of approval of the Flexible Plus program.

  • Thai privilege card members already have the following privileges:
  • Exclusive fast track immigrant lane for arrivals and departures.
  • Exclusive access to the airport lounge.
  • Support for banking services, including opening a bank account.
  • Access to the 24/7 call center to assist members in emergencies, questions, service reservations and more.
  • Legal services, real estate and insurance support.
  • Special discounts at certain facilities such as hospitals, golf courses and department stores.When
  • Free annual health checkup.

What are the additional benefits of the Flexible Plus program?

In addition to the benefits offered by Type Revillage Card membership, those eligible for the Flexible Plus program can convert privileged entry visas to nonimmigrant visas. If the visa is changed, the applicant can apply for a work permit.

In addition, the program allows applicants’ legal spouses and up to three children (under 20 years old) to change their visas to nonimmigrant visas. Family members have the same privileges as the applicant.

In order to maintain a work permit, the applicant must report himself and the proof of investment to Thai Privilege Card Co., Ltd. every year for 5 years from the start of the investment.

Attract value investors

The Thai government is aiming to attract about 400 members to the 2022 Flexible Plus program and generate at least 15 billion baht (US $ 438 million) in direct investment. The Type Revival Card scheme already has 16,000 members.

By the end of the year, TAT will launch the program in the European market and will establish 27 distributors covering the Asian and US markets.

Attempt to revive Thailand’s struggling tourism industry

Thailand’s economy was one of the worst performing countries in Asia, given its dependence on tourism and its large impact on exports from the pandemic.The country lost some 2020 tourism revenue of US $ 50 billion, A plunge of 82 percent from the previous year. This is a huge loss as tourism accounts for 20% of GDP.

In response, the government has issued several initiatives to inspire the industry.First, in 2020, the government Domestic tourism We support the revival of the industry with a goal of US $ 28 billion in revenue. However, this was far from the US $ 64 billion that 39 million foreign tourists brought to the economy before the pandemic.

In July 2021, Thailand Phuket sandbox reopened To regain travelers from abroad. This initiative provided fully vaccinated tourists with a stay on Phuket Island without the need for quarantine. They were forbidden to leave the island. The economic rise from the program is moderate and Revenue of US $ 48.8 million.. However, as the number of cases of COVID-19 increased nationwide, the government closed the border with domestic tourists and tourists from Europe and the United States were at high risk of infection, so they maintained the country on the travel list.

Finally, in September 2021, the Cabinet passed the following resolution. Introducing incentives for immigration, taxes and land ownership For foreign investors and skilled foreign professionals.

Qualified applicants will receive a 10-year residence visa to live in Thailand and will receive the same tax rate as Thai citizens. You can also apply for a fixed income tax rate of 17% on your investment in the East-West Economic Corridor.

The incentives cover four categories:

  1. Wealthy Global Citizens: People with assets of at least US $ 1 million and income of at least US $ 80,000.
  2. Wealthy pensioners: Retirement pensioners aged 50 and over with an annual pension of $ 40,000 or more.
  3. Jobs from Thai Professionals: Professionals who have worked away from Thailand and have earned at least US $ 80,000 in the last two years.When
  4. Highly Skilled Professionals: Professionals who work in targeted industries such as digital systems, infrastructure, and university lecturers and have earned at least $ 80,000 or $ 40,000 annually in the last two years.

read more

This article was first published Asean Briefing Generated by Dezanshira & Associates..The company supports foreign investors all over Asia from its office In the world,including China, Hong Kong, Vietnam, Singapore, IndiaWhen Russia..Readers can write to [email protected]



https://www.thailand-business-news.com/investment/89855-thailand-flexible-plus-program-targets-high-net-worth-investors The Thai Flexible Plus Program is aimed at high net worth investors

Back to top button