Government to raise 5-year Elite visa fee by 20%, as foreigners flee Covid countries

As more foreigners opt for one of Thailand’s “elite” visas, allowing stays of between 5 and 20 years, and costing anything from 500,000 baht to 2 million, the most popular version is in for a price hike. The cost of the 5-year “Easy Access” visa will go up by 20% from January, to 600,000 baht.

It’s understood there were a record number of new applications for the visa this year, as foreigners sought refuge in a country that appears to have pretty much suppressed the Covid-19 virus. Nikkei Asia reports that an additional 2,674 applicants signed up for an elite visa during the company’s 2020 financial year, which ended in September. That’s an increase of nearly 25%, with the scheme generating revenue of 1.6 billion baht.

Somchai Soongswang from Thailand Privilege Card, which sits under the umbrella of the Tourism Authority of Thailand, says applications were received both from tourists stranded in Thailand, and people overseas who wished to escape Covid-19 in their own country. To date, Thailand has recorded just over 4,000 cases of the virus, significantly lower than the numbers logged by other south-east Asian countries.

It’s understood that as of the end of September, over 11,100 people hold an elite visa, as part of 9 different packages offered by Thailand Privilege Card. Most of them are from China, Japan, South Korea, the UK, and the US. The company plans to sign up at least another 2,700 for the fiscal year 2021, and is currently working on its latest offering, which will be the 10th visa package in the scheme.

The “Flexible One” elite visa is aimed at property investors who spend at least 10 million baht. For their investment, they will be offered a 5-year visa, either for free or at a discount, in a move aimed at boosting the Kingdom’s flailing property market.

SOURCE: Thai Visa | Nikkei Asia