Monday, January 25, 2021

Plan to grant work permits to foreigners who invest $1m clears first hurdle

Nov 19. 2020
 Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT)
Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT)
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By The Nation

The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a plan to grant work permits to Elite Card holders who invest at least US$1 million in Thailand.

To be eligible, Elite Card holders must invest the money for five years in Thai property or businesses.

They must also have top-tier Elite Cards costing Bt1 million and valid for at least five years.

The move is aimed at luring more foreign investment, said Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT).

Wednesday’s CESA meeting, which was chaired by Prime Minister Prayut Chan-o-cha, assigned the TAT to consult with the Foreign and Interior ministries before forwarding the plan for Cabinet approval.

The measure is expected to generate Bt31 billion – Bt1 billion from the sale of Elite cards and the rest from cardholders' investment in Thai assets.

The meeting also endorsed the TAT’s plan to partner with Thai Airways and local hotels to offer tourism packages plus quarantine stays to foreign visitors.

The packages will be offered from December 1 to March 31 next year, with a target of 2,000 visitors and Bt200 million in revenue per month.

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