Elite Card has launched a new option aimed at attracting foreigners to invest over 30 million baht in exchange for a work permit, it’s designed under the country’s economic recovery growth plan to counter the slowdown from the COVID-19 pandemic.
Thailand Privilege Card Co Ltd, which operates Elite Card, launched the Flexible Plus Programme in order to attract foreigners with high purchasing power to invest in Thailand, hoping to bring further investment into Thailand, thereby alleviating the impact of the COVID slowdown on the economy.
The latest addition, which is The Flexible Plus Program has been designed as a special program for foreigners who are interested to both invest and work in Thailand. Previously the Elite Card did not allow permission to work. In order to secure this new card, total investment value must not be less than 1 million USD which is divided into 3 types of investments. These include real estate investments, limited company or public company investment, or stock exchange investment. The high bar set by the minimum requirements signal that Thailand is focussed on attracting a wealthier kind of long stay resident.
Foreigners who meet the requirements are qualified to request a “Work Permit” by applying for a change of visa from Privilege Entry Visa to Non-Immigrant Visa at the immigration office. Additionally, spouses and children of the program member can also request to change the type of visa from Privileged Entry Visa (PE) to Non-Immigrant Visa with the validity of 5 years and all the benefits similar to the core member as well.
Upon receiving a work permit, members must report to Thailand Privilege Card, Co. Ltd. and present proof of investment reports annually for 5 years from the initial investment date. However the Work Permit could be terminated if the foreigner’s investment is reduced, or a failure to submit the required investment documents within the specific time.
The Elite Card program is supervised by Thailand Privilege Card Co. Ltd, under the supervision of the Tourism Authority of Thailand. The Thai Elite Visa is a special visa that was introduced in 2003 by the Ministry of Tourism and Sports that aims to attract affluent visitors, businessmen, investors, and expats to stay in Thailand long-term. It is a visa classified as a Privilege Entry Visa that is valid for 5 years with multiple entries without having to deal with so much paperwork or visits to the immigration office. The Thai Elite Visa holder will be allowed to stay in the country for up to 1 year on each visit.