Elite card holders - many Brits - spend 3,000 baht a day - company heading for profit as membership soars

[Oww]

7 hours ago, dcnx said:

And people who come to their senses and move out of Thailand to a more foreigner friendly country looks down on all of them.

Maybe you just needed to look down on all the expats in Thailand and the Vietnamese, Cambodians, Laos, Malaysians really do look down at you. 

[wolf81]

After reading this article I was wondering as a Thai Elite visa card holder ... did I spend as much money on average a day?

 

Actually a spent a bit more I guess. I stay in Thailand for 3.5 years now on Thai Elite Visa and in the time I've been here bought:

- A house for my GF (~1.5 million THB)

- A car for my GF (~1.1 million THB)

- Some land for my GF (450.000 THB)

- And our monthly spending is probably around 50.000 THB on average, so about 1.800.000 over the last 3 year.

 

Would make a total of 4.850.000 THB over 3.5 year (~1277 days).

 

4.850.000 THB / 1277 days = 3.797 THB per day

 

So yes, seems at least for me he's not that far off, I probably spent a bit more even. Though in the near future I don't have any plans anymore to buy a house, land or car, so hopefully my future spending will at some point just be limited to the average monthly spending of 50.000 THB (~1.666 THB per day).

[Yellowtail]

1 hour ago, Airalee said:

20k vs 2mil is a false equivalency.  
 

And if all you use is the visa, then it’s a much better deal because it’s only 1mil for the one without all the bennies (which I’m not interested in anyways)

 

I would buy one myself (even at 52yo) if they reintroduced the lifetime extension vs 20 years now offered.  For someone who’s 30...sure...have at it.  For someone at 50, they’d probably get some takers if it was for the rest of their life, but with only 20 years, I’ll stick with the 800k in the bank method and still hire an agent to do the schlepping around for me.

 

I was responding to someone that said it's not the cost. You seem to agree with me that it is the cost, yes?

 

 

[Letseng]

15 hours ago, canopus1969 said:

They still have to do the 90 day reporting

But you get someone to do it for you.

[Airalee]

58 minutes ago, Yellowtail said:

 

I was responding to someone that said it's not the cost. You seem to agree with me that it is the cost, yes?

 

 

The person who said it’s not the cost probably feels the same way I do.  I don’t feel that for the cost that it offers much value.  But then, if we say that, we get a bunch of high roller (฿3000 average per day...lol) nouveau riche blowhards yammering on about their social status and henceforth, looking down on those of us that question the value received for the money paid.  I too can afford it, but as I said...it’s just not worth it to me to spend a million baht on a 20 year visa at my age when I can just plunk 800k in a bank account and have an agent do all the running around for me at immigration while I noodle on my IPad.

 

The bottom line, with the average spending amount of ฿3000 for elite visa holders...they are hardly “elite”...and those that boast online about their Rolex collections and on and on don’t come across as elite.  They come across as gauche.

 

So...no...for me it’s not cost...it’s value for money spent.  And for me, I don’t see the value.  YMMV

[Sujo]

6 hours ago, khunpa said:

Personally I think the Elite Visa is a great and cheap deal. I also collect Rolex watches, invest in Crypto and spend a lot on lady drinks, when I go out. Hell, I even give money to charity.

 

What’s the problem? It is MY money and I spend it like I want. 

 

If you think the Elite Visa is a waste of your money, then just don’t buy it. But calling people stupid who own it and can afford it ... is actually really stupid. Just because some people can afford a "luxury", does not make them stupid. It just shows they are smarter at making money.

 

Some people choose to spend THB 10K on drinking and smoking every month. Others buy an Elite Visa instead. Let people spend their own money the way they want.

 

 

10k a month? I spend that a day and no, i would not get an elite visa.

[Soikhaonoiken]

Where has all that money gone, if the Elite visa program has been making a loss for 18 yrs,  its not OK just to say we burned 246 million Baht, and it's obviously a lot more than that, does that mean we shared it between all our well conected friends...  This should be investigated, but it won't. 

Secondly RR2020 stated that the net cost of the Elite visa = 300,000 Baht but you have to ask what for... I don't care how much money you have, or where you come from, everyone likes value for money,  you wouldn't pay 2,000B for a bowl of rice or noodles would you, so why waste 300,000B to be slipped into someone's back pocket and get nothing in return... 

 

[cobra]

16 hours ago, RR2020 said:

 

 

 ..... Generally the people who complain over Elite Visa are the people who cannot afford an Elite or O-X visa.

 

In other words............its their money and they can do what they want........if you are jealous of that then your a sad person.

 

Exactly, nicely said,

 

Once you've managed a revenue stream(s) where the basics have been covered,

the rest can be allocated to anything that makes one's life more comfortable or convenient. 

You can spend your money or be the richest person in the cemetery, each to their own.

 

Edited February 11, 2021 by cobra

[scorecard]

20 hours ago, webfact said:

Elite card holders - many Brits - spend 3,000 baht a day - company heading for profit as membership soars

 

Picture: Bangkok Biz News

 

The general manager of Thailand Privilege Card who run the Elite Card scheme has said they are heading for profit for the first time overcoming millions in losses since their inception. 

 

He has also given details of where Elite members stay in Thailand, how much they spend and a little about where they are from.

 

Elite Cards - the scheme to give foreigners long term residency for up to 2 million baht - has been a loss maker in its 18 years since it started in 2003, said Somchai Sungsawang.

 

He admitted that the company had burned 246 million baht.

 

Now they have turned the corner and look set to fly into overall profit.

 

Their target for membership in the current fiscal year was 2,607 new members. But since October - just four months - they have had applications from 2,066 new members, reported Bangkok Business News. 

 

Most of the new members have been Chinese businessmen spooked by the turmoil in Myanmar looking for a safe haven in Thailand. 

 

Of all the Elite card holders the most are people from the UK with China in fourth place. 

 

Somchai admitted the second wave of the pandemic had slowed applications by 70% but still predicted profit in the 2020-21 fiscal year.

 

He also said that 3,000 of the now 10,000 members are actually in Thailand at the moment. Around 200 a month arrived last year after restrictions were eased after the first throes of the pandemic. 

 

The places where they reside most are Chiang Mai, Phuket and Chonburi (this would probably mostly mean the Pattaya area, notes Thaivisa).

 

Somchai said they spend $100 a day each on average or around 3,000 baht and on average stay in Thailand 4-6 months of the year. 

 

He reckoned they spend between 360,000 to 540,000 baht on each visit that adds up to a 1,350 million baht contribution. 

 

The company also said that they have signed agreements with 10 real estate developers regarding 46 different projects to attract foreigners to buy property worth 10 million baht and get long term residence under the Elite Flexible One plan. 

 

Source: Bangkok Biz News

 

 

-- © Copyright Thai Visa News 2021-02-11

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

Quote:  

"The company also said that they have signed agreements with 10 real estate developers regarding 46 different projects to attract foreigners to buy property worth 10 million baht and get long term residence under the Elite Flexible One plan." 

 

But let's hope issue of an Elite card is not automatic on spending big. And let's hope there is still some proper assessment of who should receive such cards and gain fairly open access to being in Thailand for a long period. 

[mtls2005]

20 hours ago, webfact said:

Now they have turned the corner and look set to fly into overall profit.

 

Heard this before, from THAI Airways.

 

 

[simon43]

[quote]

...

- A house for my GF (~1.5 million THB)

- A car for my GF (~1.1 million THB)

- Some land for my GF (450.000 THB)

...

[/quote]

 

GF are expensive things....  Have you spent any money on yourself? ????

[hotchilli]

21 hours ago, webfact said:

Elite Cards - the scheme to give foreigners long term residency for up to 2 million baht - has been a loss maker in its 18 years since it started in 2003, said Somchai Sungsawang.

 

He admitted that the company had burned 246 million baht

18 years running at a huge loss.... must be another state sponsored enterprise.

[aboctok]

14 hours ago, tlcwaterfall said:

I believe the price is now 600k.  You may or may not agree that people have a choice how to spend their money. Not wishing to spend 600k on an Elite visa is a choice and does not make anyone a sad person!

 

I believe it were your jealousy what made you a sad person.

[tlcwaterfall]

Just now, aboctok said:

 

I believe it were your jealousy what made you a sad person.

Another quality post.

[aboctok]

9 minutes ago, tlcwaterfall said:

Another quality post.

 

Oops, someone reads too fast for their own good. 555

[Andycoops]

20 hours ago, RotBenz8888 said:

How does Somchai know that? 

Exactly, complete pie in the sky figures yet again.

Unless of course they are following them around and checking their receipts ...

[brianthainess]

20 hours ago, SussexExpat said:

How many is 'many'?

Lots.

[canopus1969]

6 hours ago, Letseng said:

But you get someone to do it for you.

No they have to do it in person the same BUT they can make an appointment so they do not wait like the plebs

[TaoNow]

If you have to ask yourself whether living in Thailand long-term is worth it (e.g., the money, the hassle with Immo, etc.) then you probably don't belong here.   

[Yellowtail]

5 hours ago, Airalee said:

The person who said it’s not the cost probably feels the same way I do.  I don’t feel that for the cost that it offers much value.  But then, if we say that, we get a bunch of high roller (฿3000 average per day...lol) nouveau riche blowhards yammering on about their social status and henceforth, looking down on those of us that question the value received for the money paid.  I too can afford it, but as I said...it’s just not worth it to me to spend a million baht on a 20 year visa at my age when I can just plunk 800k in a bank account and have an agent do all the running around for me at immigration while I noodle on my IPad.

 

The bottom line, with the average spending amount of ฿3000 for elite visa holders...they are hardly “elite”...and those that boast online about their Rolex collections and on and on don’t come across as elite.  They come across as gauche.

 

So...no...for me it’s not cost...it’s value for money spent.  And for me, I don’t see the value.  YMMV

 

I imagine they do feel the same way you do, as do I feel the same way you do. I could buy it if I wanted to, but when I looked at it, the cost outweighed the benefit. I did not buy it because of the cost. If it would have been 200K rather than 2MM I would have bought it. I did not buy it because of the cost. 

 

I would rather drive a Cayenne than a Fortuner. I don't drive a Cayenne because while I could buy the Cayenne, the cost is too high.

 

Again, their are people it makes sense for and people it doesn't. Calling someone a fool for buying it, or thinking someone else does not buy it only because they don't have the money is a little silly.

[thaibeachlovers]

16 hours ago, dcnx said:

And people who come to their senses and move out of Thailand to a more foreigner friendly country looks down on all of them.

I take it you are no longer in LOS, if you ever were, and have no plans to return.

[ThaiFelix]

22 hours ago, NCC1701A said:

yes and Expats over fifty who spend two or three times this amount or more every year count for nothing and just have to get by on the lowly retirement extension of stay for 1900 and get to keep their 800,000 baht. The horror.   

 

see you all in line for 90 day reporting. 

Yes but you cant call yourself 'Elite' can you?   lol!

[Dibbler]

22 hours ago, realfunster said:

Hmm. What kind of Chinese “businessmen” are now running from Myanmar to the Thailand Elite Program? If they are working for credible Chinese multi nationals, wouldn’t they just transfer to Thai WP with the Thai subsidiary or simply return home ?

Even that’s assuming that a military coup an installing an authoritarian government phases them in the slightest, given they are from the PRC.

Be careful who you are letting in...

 

Thai Elite press releases normally out-ridiculous even the TAT, so I will take all this with a large pinch of salt.

 

Some of these Chinese "businessmen" may be involved in illicit trade (wildlife, drugs, human trafficking, currency trading) and they come here and Thailand calls them "elite".  Would be interesting to run the names of Thai elite visa holders through an Interpol scan and see what turns up...

[spidermike007]

Regardless of how we feel about this visa, the notion that they are high rollers, is not particularly borne out by the $100 a day claim. I spend that much, when all expenses are taken into account, and I think alot of ex-pats here spend 100,000 baht a month, at least those of us who live rather well. Most international travelers (low to middle income Chinese, Indians and Malaysians might be an exception) spend at least that much. I do not feel particularly "elite".

[Percy P]

On 2/11/2021 at 11:10 AM, RotBenz8888 said:

How does Somchai know that? 

Well if money is taken out of the ATM or Bank it recorded who takes it out

[Percy P]

Just now, Percy P said:

Well if money is taken out of the ATM or Bank its recorded who takes it out

C

[tombangkok]

On 2/11/2021 at 10:06 AM, canopus1969 said:

They still have to do the 90 day reporting

Yeah but Thailand Elite does it for us; so we don't need to go to Chaengwattana ever ????

[John Drake]

30 minutes ago, tombangkok said:

Yeah but Thailand Elite does it for us; so we don't need to go to Chaengwattana ever ????

 

We non-Elites do not need to go either. Can either mail it or go online. That means one trip to CW per year for the extension. Took me about one hour last time with the advanced reservation system. One hour of my time versus 600,000 baht.  Hmmm. There's a decision for you.

[richard_smith237]

4 minutes ago, John Drake said:

 

We non-Elites do not need to go either. Can either mail it or go online. That means one trip to CW per year for the extension. Took me about one hour last time with the advanced reservation system. One hour of my time versus 600,000 baht.  Hmmm. There's a decision for you.

 

While you are quite correct...  I still love the confirmation bias you are throwing out there.. One hour of your time Vs 600,000 baht... hmmm...

 

The Thai Elite Visa works for people who do not have other options because they are not married, are under 50 and are not working in Thailand. 

 

Thus: Comparing the 600,000 baht spend and time savings of someone on an Elite Visa with someone on a Non-Imm O or OA (marriage or retirement) is simply flawed.

 

 

 

 

[BernieOnTour]

On 2/11/2021 at 3:47 AM, webfact said:

Somchai said they spend $100 a day each on average or around 3,000 baht and on average stay in Thailand 4-6 months of the year. 

 

Well ... „Elite“ ?

 

3000 baht a day   sums up to   ~ 90,000 baht a month

 

- That’s a mere 50% plus of the minimum income requirement (60,000 baht), you have to prove for an extension of stay based on retirement.

 

I know quite a number of guys, who spent double of that 3000, but consider an Elite Visa as too expensive.