Authorities in Thailand have decided to increase the prices for the Thai Elite Golden Visa Program from 50 percent to 500 percent across different packages.
The recent changes have been confirmed by a Tourism Authority of Thailand subsidiary, Thailand Privilege Card Co (TCP), and have been applied in its 20th anniversary, VisaGuide.World reports.
The former price of the Elite visa, available to all persons, was one million baht, while now it has given way to an exclusive Reserve Card, which is limited to just 100 new members every year and is by invitation only.
The Reserve Card costs five million baht. Its holders are eligible to extend it for five years, and each at ten percent of the Reserve card’s current value when they decide to extend.
The Reserve Card previously cost 600,000 baht; however, it has now been rebranded as the Gold Card, and its price is 900,000 baht. Other options include the Diamond Card, which is eligible for a period of 15 years for a price of 2.5 million baht, as well as the Platinum Card, which is valid for ten years for 1.5 million baht.
While bringing significant contributions to the country’s economy, the Thai Elite Program has attracted a large number of people up to this point.
According to a report from TTG Asia, nearly one percent of expatriates and long-stay tourists in Thailand benefit from the current Thai Elite Program. The scheme has 31,500 members and has contributed more than 50 million baht to the country’s economy.
“In the year 2023 alone, we achieved approximately 7,500 billion baht, witnessing a growth of more than 11,500 members, representing a remarkable 210 percent increase from the revenue of 2022,” TPC President Manatase Annawat told TTG Asia.
He hopes to boost its membership by 10,000 the following year under the new scheme. At present, the Thailand Elite package can be applied for until September 15, while the new packages are expected to be available in October.
Previously, TPC said that it was aiming for 10,000 new members in the fiscal year ending on September 30. The same noted that, in particular, aspires to attract nationals from China following the reopening of the borders.
For a period from October 1 until March 31, it sold just over 5,000 memberships, generating 3.1 billion baht in revenue, according to a report from Bangkok Post.