Mainland Chinese take a shine to Thai residence scheme for wealthy buyers, entrepreneurs
- Number of applicants from the mainland top 700 in 2018, seven times the number three years earlier
Thailand’s Elite Residence Programme, which is designed to attract entrepreneurs and high-net worth individuals, saw a sharp uptick in interest from mainland Chinese applicants last year, with more than 700 submissions – a rise of nearly seven times in three years.
The surge in applications comes as mainlanders face barriers to traditionally favoured immigration destinations such as Australia and Canada, while Thailand has highlighted its temperate climate and elite treatment for qualifying applicants.
“Globally, we are seeing more and more interest among high-net-worth individuals wanting to acquire alternative residence or citizenship as a means of diversifying their family’s opportunities and business interests and improving their quality of life,” said Dominic Volek, managing partner and head of Southeast Asia at global residence and citizenship advisory firm Henley & Partners.
The Thailand Elite Residence Programme received 716 applications from people based in the mainland in 2018, up from 309 in 2017 and 106 in 2016.
For a one-time fee of between 500,000 and 2.14 million Thai baht (US$15,829 to US$67,937), successful applicants of the programme are given benefits such as a visa validity of between five years and 20 years, and expedited immigration formalities and passport-control processing.
Thailand Elite Card, managed by Thailand Privilege Card Co – a wholly-owned subsidiary of Ministry of Tourism and Sports – saw nearly 60 per cent growth in October to December, netting a profit of more than 280 million Thai baht.