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Thailand hikes price of 5-year visa as foreigners seek COVID haven


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Thailand hikes price of 5-year visa as foreigners seek COVID haven

Residency program aims for profit in 2 years on surge of Chinese applicants

JASON TAN, Contributing writer

 

Visa.jpg

A 20% price hike on the popular visa is set to go into effect in January. (Photo by Ken Kobayashi)

 

BANGKOK -- Thailand plans to raise the price of its bestselling five-year residency permit by 20% in January, after the program dubbed "elite" visas drew record new memberships this year as people sought to stay in the largely coronavirus-free country.

 

Starting Jan. 1, the Easy Access -- one of the nine elite-visa packages -- will be offered for 600,000 baht ($19,850), up from the current 500,000 baht, according to Thailand Privilege Card, the operator of the elite visas.

 

Thailand Privilege Card, a company under the Tourism Authority of Thailand, added 2,674 members during its fiscal 2020 ended in September, a 24.8% increase. This brought in fees of 1.6 billion baht, or nearly $53 million. Over 60% of the new members were Easy Access holders.

 

Full story: https://asia.nikkei.com/Economy/Thailand-hikes-price-of-5-year-visa-as-foreigners-seek-COVID-haven

 

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-- © Copyright Nikkei Asian Review 2020-12-02
 
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I predict the requirement for the retirement extensions will also be increased in the future along with the strengthening in baht currency.

 

Too many foreigners want to come to Thailand to live. Where there is demand, there will be a price increase.

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9 minutes ago, Jingthing said:

What's 60 baht a day?

A pack of peanuts. And the increase cost of this visa. 
 

Probably will get a lot of people complaining about it, people who don’t have it, but I doubt the elites will be writing in about it.

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2 minutes ago, Natai Beach said:

A pack of peanuts. And the increase cost of this visa. 
 

Probably will get a lot of people complaining about it, people who don’t have it, but I doubt the elites will be writing in about it.

Oh I thought you were referring to the total cost. I agree if you're willing to pay 500k you'll pay 600k.

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"Thailand Privilege Card had a cumulative loss of 555 million baht as of fiscal 2019. The price increase for the cash cow package comes as the company aims to reach a profit within two years."

 

🤣

 

Over half a billion Baht loss last year alone. Just let that sink in...

 

Yet they keep on trying to con people into buying it. 

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27 minutes ago, Mr Meeseeks said:

"Thailand Privilege Card had a cumulative loss of 555 million baht as of fiscal 2019. The price increase for the cash cow package comes as the company aims to reach a profit within two years."

 

🤣

 

Over half a billion Baht loss last year alone. Just let that sink in...

 

Yet they keep on trying to con people into buying it. 

I wonder can they file Bankruptcy like Thai Airways or are they a State owned entity.  If the can file bankruptcy then those with the elite visas may be in for a rough ride.

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4 minutes ago, ThailandRyan said:

I wonder can they file Bankruptcy like Thai Airways or are they a State owned entity.  If the can file bankruptcy then those with the elite visas may be in for a rough ride.

I wonder this too. I also wonder how a company that does nothing but issue visas can lose over half a billion Baht in a 12-month period! What overheads could possibly lead to those amounts of losses.

 

They put it out of its misery in 2008 due to complete and abject failure and then, completely out of the blue, they resurrected it, painted it a different colour and expected different results!

 

It is nothing more that a gravy train for a select few former civil servants to sit on the board, swan about, play golf and feel self-important, which is probably why it was resurrected. 

 

Another classic Thai boondoggle!

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555...they just cannot help themselves.

 

Went to a bar in Nana, Singha was 165 Baht for a small bottle........asked the mamasan why so expensive?......because we have no customers.

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4 hours ago, webfact said:

Thailand hikes price of 5-year visa as foreigners seek COVID haven

Residency program aims for profit in 2 years on surge of Chinese applicants

JASON TAN, Contributing writer

 

Visa.jpg

A 20% price hike on the popular visa is set to go into effect in January. (Photo by Ken Kobayashi)

 

BANGKOK -- Thailand plans to raise the price of its bestselling five-year residency permit by 20% in January, after the program dubbed "elite" visas drew record new memberships this year as people sought to stay in the largely coronavirus-free country.

 

Starting Jan. 1, the Easy Access -- one of the nine elite-visa packages -- will be offered for 600,000 baht ($19,850), up from the current 500,000 baht, according to Thailand Privilege Card, the operator of the elite visas.

 

Thailand Privilege Card, a company under the Tourism Authority of Thailand, added 2,674 members during its fiscal 2020 ended in September, a 24.8% increase. This brought in fees of 1.6 billion baht, or nearly $53 million. Over 60% of the new members were Easy Access holders.

 

Full story: https://asia.nikkei.com/Economy/Thailand-hikes-price-of-5-year-visa-as-foreigners-seek-COVID-haven

 

nk.jpg

-- © Copyright Nikkei Asian Review 2020-12-02
 

Ouch $30,000 AUD.  That's a serious chunk of money for an Aussie at current terrible exchange rate.  You could buy a fairly nice car with that! Non-refundable and a zero financial investment.  I suppose there are predominantly wealthy who opt for this Visa for convenience as it's pocket change for them - hence the tag 'Elite'. 

Bit of an ego trip for 'some' (not all) with that to show off and advertise they have this visa category, I have noticed reading previous posts for some of those that have one.  It's as if we should all bow and in subservience to their supremacy, wealth and success.  It is a class tiered system here anyway.  

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2 hours ago, Jingthing said:

What's 60 baht a day?

A bottle of beer that's what it is

That's not what puts me off it's the fact that on a retirement visa the 800k is still mine, with the Elite visa it's gone, never to be seen again.

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22 minutes ago, foreverlomsak said:

A bottle of beer that's what it is

That's not what puts me off it's the fact that on a retirement visa the 800k is still mine, with the Elite visa it's gone, never to be seen again.

I will follow the details of this offer.

The reason is that I'm on an original O visa, 800K method.

As you know at least 400K baht of that is basically unusable as long as you're in Thailand. 600K isn't that much more than 400K. Also of course the full 800K is unusable for five months of every year! Onerous stuff.

Yes it's still yours but you can't use it here.

What would interest me is if there is more freedom of travel with the Elite vs. the O based retirement extensions in terms of insurance requirements, quarantines, etc.

I see writing on the wall that even if O based people don't need health insurance if they stay in Thailand, that RETURNING to Thailand on an O (added to the O-A requirements already) will be requiring insurance the same as O-A.

These details are still hazy and in flux, but the trend lines don't look good. 

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2 hours ago, Mr Meeseeks said:

"Thailand Privilege Card had a cumulative loss of 555 million baht as of fiscal 2019. The price increase for the cash cow package comes as the company aims to reach a profit within two years."

 

🤣

 

Over half a billion Baht loss last year alone. Just let that sink in...

 

Yet they keep on trying to con people into buying it. 

 

"a cumulative loss" sounds like a total over the lifetime of the Thailand Privilege Card scheme, not just for 2019.

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25 minutes ago, Sophon said:

 

"a cumulative loss" sounds like a total over the lifetime of the Thailand Privilege Card scheme, not just for 2019.

True, but does that include the first period of its existence or just since its resurrection? 

 

Still a scandalous loss in either case.

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3 hours ago, Somtamnication said:

Makes sense to me! Back during the tsunami recovery period of 2005, hotel prices went up in Phuket!

First time I ever saw it was MANY years ago low season and tough times in Pattaya.No customers in the bars so they put the prices up🤣

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While I agree that the extra 100k is not going to stop people it is strange from a business point of view.  I am sure there will be a few people that will change their minds.

 

It would have made more sense to add enticements to get more people to apply.

 

Then again I am talking logically

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