Thailand shakes up golden visa scheme, hikes prices by up to 500 per cent

[bob smith]

15 minutes ago, JayClay said:

I'm single and under 50.

move to ibiza then. what are you doing here???

[impulse]

2 minutes ago, John Drake said:

Your post makes me pause and think. If they reform the current retirement extensions and increase the age to match the Thai retirement age of 60, then there are going to be a lot more people needing these expensive Reserves/Elite visas or whatever the call them.

Or picking up sticks and moving across a border or 2 to spend their sweaty cash.  Those with families will still have the marriage visa (probably).  It'll be the single guys between 50 and 60, who are still very mobile...

 

[JayClay]

Just now, bob smith said:

move to ibiza then. what are you doing here???

I think I'll just quote you in response to this....

 

1 hour ago, bob smith said:

so no explanation then?

 

[redwood1]

19 minutes ago, JayClay said:

Could you please explain which visa I could get for 1900bt a year at immigration?

 

I'm single and under 50.

 

 

Marry a bar girl...

[Nickcage49]

Ridiculous. Just to avoid having to go to immigration once a year? I mean what else do you really get that's even important?

[bob smith]

5 minutes ago, redwood1 said:

Marry a bar girl...

@JayClayredwood1 knows!! ???? 

[JayClay]

9 minutes ago, redwood1 said:

Marry a bar girl...

Definitely more expensive than an Elita visa!!!

[Walker88]

I suspect they will still do okay on the 5 year at 900,000 baht, albeit only to those who want to reside full time. Otherwise, snowbirds are better off just getting a Tourists visa and extending once, maybe making a visit to Malaysia or somewhere to go back to square one. Then Western winter ends and they go back home. Rinse and repeat.

 

The "100 by invitation only" will go after Chinese seeking 'status' and maybe russians like putin or lavrov or oligarchs. Japanese are not that stupid nor status-seeking to be interested, plus the yen has tumbled to 146/$ (though for the wealthy that's no big deal).

 

I think this could overlap and be cannibalized by the new LTV, provided somebody wants a $250K+ condo in Thailand, as one not only gets the visa, but has an asset they can live in. Not sure the Super Double Happiness Golden Fortune Beverly Hills Shores Elite Card will retain enough value to be considered an 'asset', and one certainly cannot live in it. Buy an upscale condo, get the LTV, and there's no reason to fiddle with any of the Elite Cards.

 

A person could also toss some chump change at a small coffee shop, get a Non-B Business Visa, and be as free to come and go as the Uber Elite, paying a mere 1900 baht a year (plus tribute to an IO).

[VillageIdiot]

34 minutes ago, JayClay said:

Could you please explain which visa I could get for 1900bt a year at immigration?

 

I'm single and under 50.

 

 

Retirement visa.

Marriage visa.

   Get old soon or get a Thai wife.

    Problems with immigration sorted.

   Other problems just beginning.

[retarius]

2 hours ago, aldriglikvid said:

 

I'm always surprised when boomers enters the thread and calls Thai Elite a failed programme. And, most often, ends with the comment "Thai economics, heu heu heu" - and the other Pattaya-boomers sends likes and emoji's. 

The fact (if that interests you) is that active users of the TE scheme is up +400% since 2019 and grew triple digits alone in 2023. They declare revenue and profits annually, and we just learned it's both record revenue and record profits. Demand isn't "low", to the contrary, it's through the roof; and that's why they're increasing prices. 



 

What are the absolute numbers. Over a lifetime of business, I have seen that people use percentages when the absolute sales numbers are not very impressive. 

[stoner]

35 minutes ago, JayClay said:

36 minutes ago, ChaiyaTH said:

A non-o visa based on a child, you can stay single and be under 50 in theory.

I also don't have a child

sounds like it's time for you to put in a little work. 

[stoner]

7 minutes ago, Walker88 said:

maybe russians like putin

heck ya....i can see it now...putin strutting down bang na road totally unnoticed. 

[freedomnow]

Don't plan your life around this place.

 

Endless tweaks and u-turn shifting sands rules.

[redwood1]

I have been poo pooing the idea the retirement age could be raised to 60...But if you think about it, this would create instant customers for the elite.....But for this to work they could not have any grandfathering.....

I would hate to see this.....But no telling what they might do not to lose face..

Edited September 2, 2023 by redwood1

[khunjeff]

2 hours ago, aldriglikvid said:

The fact (if that interests you) is that active users of the TE scheme is up +400% since 2019 and grew triple digits alone in 2023.

The program was an abject failure - literally losing money every year and considering closure - until Covid and then the war in Ukraine created sharp spikes in demand from people seeking a safe haven. Thai Elite was very lucky that world events created a sudden and unexpected demand for their product, but there's no particular reason to believe that the enhanced demand will continue forever.

[impulse]

1 minute ago, redwood1 said:

I have been poo pooing the idea the retirement age could be raised to 60...But if you think about it, this would create instant customers for the elite.....But for this to work they could not have any grandfathering.....

I would hate to see this.....But no tell what they might do not to lose face..

More likely to drive up immigration (and tourist) numbers for local countries that are friendlier to longer stays. 

 

At some point, it's even cheaper to just fly out once a month for a couple of days.  What's 12 months x 5 years x $200 for a long weekend in, say, Vietnam?  Or Cambodia, or...  or... 

 

I get $12,000.  Cheaper than the TE, and you get an escape once a month. 

 

[Walker88]

10 minutes ago, stoner said:

heck ya....i can see it now...putin strutting down bang na road totally unnoticed. 

I was remarking about who they would invite as part of the elite 100. Perhaps you've forgotten that Thailand is the center of the known Universe and it is assumed everybody would prefer to be here than anywhere else.

 

Once vladdy turns them down they'll go after Nigerian Princes and Bollywood celebrities.

[dinsdale]

These hikes will not bother the Chinese criminals high class applicants.

[hotchilli]

3 hours ago, spidermike007 said:

Since they cannot attract much in the way of wealthy ex-pats due to a dozen good reasons why those with wealth choose other nations over Thailand, might as well hike the fees. That is a long standing Thai tradition. When demand is low, raise the prices. Just common sense, right?

Thailands policy is to keep fleecing until the last man standing.

[Gecko123]

53 minutes ago, retarius said:

What are the absolute numbers. Over a lifetime of business, I have seen that people use percentages when the absolute sales numbers are not very impressive. 

https://www.imidaily.com/datacenter/thai-elite-visa-statistics/

Edited September 2, 2023 by Gecko123

[BusyB]

3 hours ago, aldriglikvid said:

 

I'm always surprised when boomers enters the thread and calls Thai Elite a failed programme. And, most often, ends with the comment "Thai economics, heu heu heu" - and the other Pattaya-boomers sends likes and emoji's. 

The fact (if that interests you) is that active users of the TE scheme is up +400% since 2019 and grew triple digits alone in 2023. They declare revenue and profits annually, and we just learned it's both record revenue and record profits. Demand isn't "low", to the contrary, it's through the roof; and that's why they're increasing prices. 



 

You seem to have found the numbers, so I'd be interested in knowing the 400% increase to what actual number ...?

 

My Europension still gets me a Non-O anyway. Though if Big Joke gets his way, maybe I might just not bother any more because I've never accepted being jerked around like that ???? ... and while that definitely won't break the Bank of Thailand, I'll be quite happy to spend it somewhere else after a visa exempt snowbird type visit. Malaysia is really interesting and gives 90 days on arrival ????

 

Cambodia and Laos are also worth visits if the Thais don't want normal people any more.

 

I guess Hells Angels are more lucrative for the BiB.

 

[khunPer]

From the article...
"It hopes to boost its membership by 10,000 in the coming year under the new scheme.

Current Thailand Elite packages can be applied for until September 15. They will be discontinued and replaced with new packages on October 1, 2023."

 

Edited September 2, 2023 by khunPer
Adding imgae

[TimeMachine]

Making a big mistake thinking rich people make good expats. 

 

Generally I see multi millionaires squabble over 20 baht price difference. Not all.  But too many that leave me in disbelieve.

 

So how then do we tell a good expat for Thailand.  Not important really,  is it? 

[malibukid]

4 hours ago, spidermike007 said:

Since they cannot attract much in the way of wealthy ex-pats due to a dozen good reasons why those with wealth choose other nations over Thailand, might as well hike the fees. That is a long standing Thai tradition. When demand is low, raise the prices. Just common sense, right?

its called low season pricing

[malibukid]

4 hours ago, WHansen said:

In typical Thai fashion, if expected revenue comes up short, increase prices to make up for losses.

How about lowering prices to increase sales or is that beyond logical thinking.

Thais are incapable of understanding the concept of volume pricing

[J Branche]

There is a psychological concept that if something is more expensive, people will think it is better and pay more.  I still find it hard to justify the value when you could use the traditional visas, donate a large chunk to many charities and make a real impact.

[BritScot]

1 hour ago, JayClay said:

Yes I know that.

 

But I shall continue to ask the question every time somebody writes something as stupid as "this visa is worthless because you can get the same for 1,900bt/year".

 

I will be sure to include the fact that I have no children next to to prevent you having to waste your data...

Bizzare,  if your having problems with visa get an agent or adjust your choices as its a big old world out there with many welcoming countries. You must obviously have external income to live off as working without a visa is illegal and if you have employment then a work visa should be provided. The other route is setting up a business and employing yourself and the required number of Thai's giving yourself a work permit. Advice: go see a lawyer or adjust your life with trips over the border. There used to be certain Thai embassies that we'd give you a 12 month visa (new a young lad who did that for years).

[aldriglikvid]

1 hour ago, retarius said:

What are the absolute numbers. Over a lifetime of business, I have seen that people use percentages when the absolute sales numbers are not very impressive. 

 

30 minutes ago, BusyB said:

You seem to have found the numbers, so I'd be interested in knowing the 400% increase to what actual number ...?

 

This is another highly interesting take, besides the "Thai Economics"-zingers: "the numbers aren't impressive". 

 

According to what? Do you guys understand that Thai Elite doesn't scale as a Spotify or HBO Max subscription? Every new member with a PE-visa requires a shuttle on Suvarnabhumi, Phuket and Chang Mai. Every new PE-visa requires bypass att checkin, security and a special line at Immigration. The idea that TPC are seeking VOLUME, as you guys claim, is nauseating clueless. They try to find a traditional Supply and Demand BALANCE of what deep-pocket tourists are willing to pay. When users are growing +100% YoY, for 3 years in a row, clearly they are underpricing themselves. Not to mention all the staff (costs) they need to hire to meet and greet all these new clients on the airports. 

 

To the "not impressive" numbers: it was 6000 active PE-visa holders in 2019 and there were forty thousand (40 000) in July before they announced their new pricing. Considering everyone had approx. 40 days to subscribe to the old pricing before the new price is fixed, I'm confident that number is not less than 50 000 next month. That's almost 10x in 5 years. Yeah, hardly impressive. 

 

Personal take? I don't think they actually want anymore than 20 000 active users. Perhaps not even that. Why would they? It's better to increase price until you reach that point of users. The exact same revenue to a lower fixed and operational cost i.e. higher profits. 

 

 

"Thai Economics"

[mokwit]

1 hour ago, freedomnow said:

Don't plan your life around this place.

 

Endless tweaks and u-turn shifting sands rules.

Everything is set up so that they can pull the rug out from under you.

[BritScot]

I do not understand anyone who would pay crazy money for basically nothing you can get for a fraction of the price. The very rich people I have known got that way by being very careful with money and not wasting it. The only people who I and many others on here who know Thailand well with decades of experience can really see the criminal attraction for this bribe sorry visa.