Thailand Privilege Card sets THB50 billion revenue target for fiscal year 2024

The target is to grow the membership number to 39,000 and generate more than 50 billion baht, Manatase Annawat, president of Thailand Privilege Card, said.

The agency revealed its business strategy for the year following a major rebranding exercise to ensure clear directions and the right luxurious products and services to meet the current demand of millionaires worldwide.

Formerly known as Thailand Elite Visa, Thailand Privilege Card is an exclusive long-term, multiple-entry visa programme for individuals seeking extended residency in Thailand. It offers a variety of packages ranging in duration from 5 to 20 years. The card is operated by the agency under the same name as the program, overseen by the Tourism Authority of Thailand (TAT).

Aside from giving its logo a more modern look, the agency restructured the number of packages from eight to four: Gold, Diamond, Platinum, and Reserve. The price ranges from 900,000 baht to 5 million baht. The most expensive card, Reserve, is available only on invitation.

Speaking at a press conference, Manatase said that there was still room for the card to expand further as high-income people continue to seek out unique special retreats that are unlike any other and suit their personal lifestyle.

"They [our target] should already have Thailand at the top of their mind, indicating that they want to spend their time and money in the Land of Smiles. Our job is to ensure that these members get the premium services and products they are looking for," he explained.

Citing geopolitical tensions and uncertainties, he stated that many millionaires are looking for a second home to live happily in, and Thailand is one such destination.

Meanwhile, Thailand has the potential to attract young millionaires who enjoy spoiling themselves, thanks to the country's strengths in healthcare, food, culture, wellness, and hospitality.

Manataste mentioned that these young millionaires were potential Thailand Privilege Card members. The card will, however, continue to prioritise expats and retirees in order to maintain the member renewal rate.

Since its inception in 2003, the card has had 31,231 members, including a record-breaking 11,846 last year. The card is most popular among China nationals, accounting for 45% of all members, followed by Japan, the United States, the United Kingdom, Russia, Taiwan, Germany, France, South Korea, and Hong Kong.

"The overall operation of Thailand Privilege Card in fiscal year 2023 achieved its goal of increasing membership by 108%. This emphasises the potential and business development opportunities, as well as the organisation's role in stimulating foreign currency inflows of more than 38,000 million baht in the previous year," he said.

It has strengthened Thailand Privilege Card's position as a global-level long-term visa privilege provider, offering exclusive benefits in all dimensions, he added.

Furthermore, the card meets the comprehensive needs of members under the three main missions that distinguish Thailand Privilege Card from its competitors:

• Being the leading provider of long-term visa services for foreigners seeking residency in Thailand for 20 years or more; 
• Offering exclusive services at the country's main airports;
• Providing other benefits that cover various aspects of members' lifestyles, such as accommodation, travel, leisure, healthcare, and financial prosperity, as well as demonstrating success after rebranding the organisation with the introduction of the 'Thailand Privilege Card' product.

Apart from expanding its membership base to key target groups in existing countries, Thailand Privilege Card's president hopes to expand its customer base to new target groups such as India and the Gulf countries, as well as the LGBTQIA+ community, which has significant purchasing power.

Meanwhile, he expected to increase its vendors and partners to meet all of its members' demands, as well as recruit more sales representatives in the new market.

He added that the agency was currently improving its back-end system with innovative technologies and better analytic data to better provide services and products.

“With the strategies in place and the potential of Thailand, we are confident that within 2024, Thailand Privilege Card will be able to reach the target groups, with the goal of having more than 39,000 members, contributing over 50,000 million baht to the country's economy and moving towards global leadership in long-term visa privileges,” he said.

Thapanee Kiatphaibool, the governor of the TAT, praised the programme's success and pledged to work with the agency to sustain it, which was benefiting the country's economy.

Citing Thailand's readiness to accept both mass and niche group demands, she stated that her agency was now working to transform the country as having a distinctive difference with strong soft power influences and meeting the global sustainability trend.