The Tourism Authority of Thailand (TAT) is pleased to announce that the Thailand Privilege Card has launched the Flexible Plus Program, which is positioned at affluent foreign investors and aims to help stimulate the recovery of the Thai economy.
The Royal Thai Government Gazette has published the announcement by the Ministry of Interior on Flexible Plus Program, which permits Thailand Privilege Cardholders to be granted a work permit under the Flexible Plus Program. The Program has been established in order to encourage foreign investment and to revive Thailand’s economic downturn caused by the COVID-19 pandemic.
Mr. Yuthasak Supasorn, TAT Governor and Chairman of the Board of Directors, Thailand Privilege Card, said that as of the Cabinet resolution on 19 October, 2021, the investment principle on the Flexible Plus Program has been granted approval. The Program offers privileges for Thailand Privilege Cardholders to work under the terms and conditions, thus aiming to urge foreign investors to invest in Thailand.
“With interesting economic growth and a good investment atmosphere with high liquidity as well as convenient lifestyle and charming culture, Thailand is an attractive destination for investors to invest. The Flexible Plus Program is enabling motivation and investment privileges for Thailand Privilege Card membership. With additional premium lifestyle privileges, the Program helps stimulate foreign investment to Thailand.” Mr. Yuthasak said.
The Flexible Plus Program is available to Thailand Privilege Cardholders with a membership validity of at least 10 years or more, and the value of the membership fee must be more than 1 million Thai Baht.
The three types of card programs that are eligible for the “Flexible Plus Program” are 1) Elite Ultimate Privilege (EUP), 2) Elite Superiority Extension (ESE), and 3) Elite Privilege Access (EPA).
For existing members to apply for the Program, their membership must be valid for at least 5 years or more.
In addition, members must invest at least 1 million US Dollars within a 1-year timespan after registration or approval of their membership. The three type of investments are 1) real estate, 2) Company Limited or Public Company Limited, and 3) stock in the Stock Exchange of Thailand (other enterprises authorized by the Securities and Exchange Commission).
The Flexible Plus Program is valid for 5 years and for members to maintain their flexible plus status, they must present proof of investment annually.
Mr. Chandhaluk Heesawat, President, Thailand Privilege Card Company Limited, said “The Thailand Privilege Card has over 16,000 members and continues to grow. The privileges for the Flexible Plus Program members include a change in the visa type status from Privilege Entry (PE) visa to a Non-Immigrant (B) visa, which will allow cardholders to apply for a work permit. The Program also allows legal spouses and children younger than 20 years of age (maximum 3 children) to change their visa type to a Non-Immigrant visa.”
To maintain their status, Thailand Privilege Card participants are required to report themselves and provide investment documents to the Thailand Privilege Card Company Limited every year for 5 consecutive years starting from the beginning of investment.
The Flexible Plus Program is being introduced through the offices of TAT and other Thai overseas government agencies in target markets around the world. Online marketing programs and 27 sales agencies are handling the promotion in the USA and Asian nations that include China, Japan, Singapore, and Hong Kong.
The launch of the Flexible Plus Program in European countries is planned for later in 2022.
Mr. Yuthasak concluded, “The Flexible Plus Program is aimed at attracting foreign investors with high-purchasing power to Thailand and to help boost the economy in compliance with the government’s post-COVID economic recovery measures. In addition to the direct benefits, foreign investors and family members residing in Thailand can generate indirect benefits from their spending on tourism, accommodation, food and beverage, high-end products and services, plus more.” (TAT)