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Elite Card to dangle more privileges for foreign investors
EconOct 14. 2020TAT governor Yuthasak Supasorn
By The Nation
The Tourism Authority of Thailand (TAT) plans to boost foreign investment in real estate via its Elite Card long-stay visa programme, said governor Yuthasak Supasorn.
The TAT-owned Thailand Privilege Card, which runs the programme, aims to lure more investors with two stimulus schemes it will propose to the Centre for Economic Situation Administration (CESA).
The “Flex One” scheme will offer 5 to 20-year visas to foreigners who buy properties worth at least Bt10 million. The cards, worth Bt500,000 to Bt2 million, will be purchased by property developers and then passed on to foreign clients.
Meanwhile the “Flex Plus” scheme will offer a work permit to foreigners who invest at least US$1 million in Thailand. However, they must hold the top-tier Elite card costing a minimum Bt1 million and must invest the $1 million in the first year after visa approval.
If approved by CESA, the TAT will forward the programme to the Cabinet.
Yuthasak expects the schemes to be implemented next year, adding that they will inject about Bt20 billion in extra foreign investment if the TAT can sell 1,000 elite cards under the programme.
Thailand Privilege Card sells around 2,000 elite cards per year, he added.