Elite Card schemes aim to raise B20bn contributions

Foreign investment of at least 20 billion baht more is expected to help invigorate the economy as Thailand Elite Card aims to introduce two new measures under the Elite Flexible Programme.

There has been a deceleration in the property sector, stemming from 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 10 million baht minimum.

The visa privileges included with membership should facilitate investment in the property sector for those people who are unsure how to enter the country amid travel restrictions, he said.

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

Those eligible to join the programme can be either current members who still have a validity of longer than five years, or new members applying for membership packages worth more than 1 million baht.

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

But if the Center 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 with 2,000 sales per year prior to the pandemic, 20 billion baht will be injected into the national economy, said Mr Yuthasak.

“There is demand from potential investors in low-risk countries who want a long-stay haven,” he said.

“We have to find the right solution to redirect those contributions to Thailand.”