Thailand’s Privilege Card Introduces Flexible Plus
The Thailand Privilege Card Co, Ltd. is developing the Flexible Plus program targeting wealthy foreign investors with high purchasing power to stimulate cash flow and help the recovery of Thailand’s economy affected by the COVID-19 crisis.
Yuthasak Supasorn, Governor of the Tourism Authority of Thailand and Chairman of the Board of Directors of the Thailand Privilege Card, said the investment concept of the Flexible Plus Program was approved by the Cabinet Decision on October 19, 2021.
To encourage foreign investors to invest in Thailand, the program grants Thailand Privilege Card holder’s permission to work under certain circumstances.
On January 6, 2022, a Ministry of Interior Notice on Flexible Plus Program Privileges was published in the Royal Thai Gazette, designating foreign Thailand Privilege Card holders as eligible for a work visa under the Flexible Plus Program. The so-called investment strategy was designed to boost foreign investment and recover from the economic slowdown in Thailand caused by COVID-19.
Foreign investors eligible for the Flexible Plus program are Thailand Privilege Card holders with a 10-year or longer membership. Existing members must have held a valid non-immigrant visa for at least five years and are limited to those who have paid a membership fee of at least one million baht. Card types eligible for the privilege include Elite Ultimate Privilege, Elite Superiority Extension, and Elite Privilege Access, which require an investment of at least one million U.S. dollars within one year of membership registration or approval.
Foreign investment in Thailand is prohibited, including real estate investment, Company Limited or Public Limited Company and on the Stock Exchange of Thailand (other companies approved by the Securities and Exchange Commission). Target countries include China, Japan, the United Kingdom, Hong Kong, Russia, France, the United States, Singapore, etc.
The Flexible Plus Program has been offered through the offices of TAT and other foreign government agencies, as well as through Internet marketing programs and 27 sales agencies covering markets in Asia and the United States; it is expected to be launched in Euro zone markets by the end of the year.
In line with the government’s post-Covid economic recovery plans, Yuthasak said the Flexible Plus Program will be introduced in 2022 to attract international investors to Thailand, increase economic flows and revive the investment market.
In addition to direct benefits, foreign investors and their family members residing in Thailand can generate indirect benefits through their spending on tourism, accommodation, food and beverages, expensive products and services, and more. The Flexible Plus Program grants investment and incentive benefits to Thailand Privilege Card members. The initiative encourages foreign investment in Thailand by providing additional premium lifestyle benefits.
Chandhaluk Heesawat, President of Thailand Privilege Card Co., Ltd., said that the number of registered Thailand Privilege Card members currently stands at over 16,000 and continues to grow. Benefits for members of the Flexible Plus Program include exchange of the PE visa for a non-B visa; work permit extension with a validity of 5 years, and exchange for a non-immigrant visa for lawful spouses and children under 20 (up to 3 children) with a validity of 5 years and principal card rights.
Participants in the Thailand Privilege Card Program are required to submit an annual report and investment documentation to Thailand Privilege Card Co., Ltd. for five consecutive years, beginning with the first investment.