Deputy Government Spokesperson Traisuree Taisaranakul said the Cabinet in its weekly meeting approved the principle of the Flexible Plus Program proposed by the Ministry of Interior, aiming to provide special benefits to high-income foreigners seeking to invest in Thailand.
The program, which will be available to holders of the Thailand Privilege Card, requires at least US$1 million (B33.3mn) to be invested in a one-year span after registration. Foreigners who apply for this program will be able to obtain work permits.
Investments that a foreigner can make in Thailand will be limited to real estate, public limited companies, stock exchanges, common stocks, bonds, and any investment units authorised by the Securities and Exchange Commission.
Holders of Thailand Privilege Card, including their spouses and children younger than 20 years old, will be eligible for a so-called “Smart Visa” for temporary residency valid for 5 years. This visa can be renewed throughout the duration of their investments in Thailand.
The Tourism Authority of Thailand expects this special benefit campaign to attract 10,000 high-income foreigners, and inject some B300 billion into the Thai economy.