Thailand's Elite Card Refuses To Die

[ovenman]

The corpse of the Elite Card still twitches.

According to the-newspaper-that-dare-not-speak-its-name, TPC (the company now behind the card) plans on selling at least 200 cards co-branded with a property developer (but which one not decided yet) in the next six months. Membership for one of the co-branded cards will be a mere 1,000,000 Baht (down from the regular 2 million Baht fee) with a 20,000 Baht annual fee. To get one of these prized cards you'll need to invest in a Thai property, and in return will get a five year visa and (unspecified) airport services.

Sounds to me like an irresistible offer. I'm checking down the back of the sofa as I type to see if I can find the money.

Watch out for the exciting advertising campaign promised to start on the 30th.

It's good to hear the government has rescinded the law prohibiting property ownership by foreigners.

Hard to imagine that this is the case although recent articles in both newspapers seem to suggest that some property ownership deal has been struck relative to this umpteenth attempted resuscitation of the Elite Card

Edited May 17, 2013 by ovenman

[jaidam]

When the elite card scheme was first introduced, it allowed for the buyer of the card to own 1 rai of land in the cardholders name. I think it was after the first 500 or so cards were sold that this allowance was arbitrarily cancelled. The next stage was to give free cards to famous names(wasn't Beckham a recipient?) in a fanfare of publicity.

If the govt at the time had any credibility, a million baht to be allowed to own land sounds a fair deal. But alas it was just a ponzi scheme doomed to failure.

[Fred B]

The corpse of the Elite Card still twitches.

According to the-newspaper-that-dare-not-speak-its-name, TPC (the company now behind the card) plans on selling at least 200 cards co-branded with a property developer (but which one not decided yet) in the next six months. Membership for one of the co-branded cards will be a mere 1,000,000 Baht (down from the regular 2 million Baht fee) with a 20,000 Baht annual fee. To get one of these prized cards you'll need to invest in a Thai property, and in return will get a five year visa and (unspecified) airport services.

Sounds to me like an irresistible offer. I'm checking down the back of the sofa as I type to see if I can find the money.

Watch out for the exciting advertising campaign promised to start on the 30th.

It's good to hear the government has rescinded the law prohibiting property ownership by foreigners.

Hard to imagine that this is the case although recent articles in both newspapers seem to suggest that some property ownership deal has been struck relative to this umpteenth attempted resuscitation of the Elite Card

It sounds like they are rescinding the law when it's reported:

"cardholders must be individuals and are required to invest in Thai properties"

I don't see how they can work around that stated goal/requirement and the current property laws for Thailand.

Perhaps, as jaidam points out, they'll realize that they can't fulfill the same pledge after people have already bought the cards, like what happened with the initial offer of the card scheme.

[centrala]

If the card does come with the right to own property, I'll buy one.

But, that "if" has to be demonstrable.

[hansgruber]

If the card does come with the right to own property, I'll buy one.

 

But, that "if" has to be demonstrable.

They would sell 10s of thousands. Anyone owning a property under a company structures or wives names would jump at it surely.

[bigbamboo]

If the card does come with the right to own property, I'll buy one.

But, that "if" has to be demonstrable.

They would sell 10s of thousands. Anyone owning a property under a company structures or wives names would jump at it surely.

Even if it did there would be two forseeable problems.

One, the price would jump inexorably and two, that particular perk would likley be cancelled shortly afterwards.

Don't forget there was a good reason why the scheme failed. It was a little more than a scam.

[centrala]

If the card does come with the right to own property, I'll buy one.

But, that "if" has to be demonstrable.

They would sell 10s of thousands. Anyone owning a property under a company structures or wives names would jump at it surely.

Yes, I certainly wouldn't be alone.

Seems that while the government is eager to change a number of other laws and amend a bunch of constitutional articles, that a small addendum to the property laws could result in a big windfall with this scheme for the country. It'd also benefit his real estate business with increased property sales (presuming the real estate company winning the auction will be one of his).

[centrala]

Don't forget there was a good reason why the scheme failed. It was a little more than a scam.

Hmmm...you're right, there is that minor shortcoming.

[Robby nz]

It hopes to earn Bt2.016 billion after the first year but the loss remains at Bt 117 million due to the accumulated deficit of Bt1.284 billion.

I haven't read all the pages on this and didn't take any notice when the thing came out the first time round but:

How did they manage to get a loss of B1.284 billion?

[centrala]

It hopes to earn Bt2.016 billion after the first year but the loss remains at Bt 117 million due to the accumulated deficit of Bt1.284 billion.

I haven't read all the pages on this and didn't take any notice when the thing came out the first time round but:

How did they manage to get a loss of B1.284 billion?

Those spa treatments and massages they give out for free to members aren't cheap.

[ggold]

If it would enable me to get a lifetime visa, with no silly 90-Day reporting, and no need for a silly Re-entry Visa, it would be of interest to me; otherwise, not a chance of me showing interest.

So you've got 2000000 baht plus the anual 20000 baht fee to piss away?

[jaidam]

It hopes to earn Bt2.016 billion after the first year but the loss remains at Bt 117 million due to the accumulated deficit of Bt1.284 billion.

I haven't read all the pages on this and didn't take any notice when the thing came out the first time round but:

How did they manage to get a loss of B1.284 billion?

Those spa treatments and massages they give out for free to members aren't cheap.

Lucky that they didn't bother paying for the 147 million baht of advertising that they enjoyed. It would have made their balance sheet look even worse.

[bigbamboo]

It hopes to earn Bt2.016 billion after the first year but the loss remains at Bt 117 million due to the accumulated deficit of Bt1.284 billion.

I haven't read all the pages on this and didn't take any notice when the thing came out the first time round but:

How did they manage to get a loss of B1.284 billion?

How come there are all those brand new Mercedes in the government official's car parks?

[jalansanitwong]

The Thai government's attitude towards farangs will never change. They think we are 'wood ducks' with more money than brains.

This Elite card scam was supposed to have died a quick death years ago after all those farangs got scammed on land buying privleges,golf course fees, and permanent visas.

Lets see if the Russians fall for Elite scamcard Mark11.

It made Thaksin lots of money.

[rogerdee123]

One major problem is that after the complete fiasco of Elite Card part 1, there is absolutley no credibility in Part 2. What is offered today could easily be withdrawn in a few years time with no more than a "We're sorry and here is some complimentary tickets to Loei Pangolin Park."

Agree it could do OK offering a 10 year or permanent visa option.

There's a Pangolin Park in Loei?

Probably have a Pangolin restaurant or two.

[Thai at Heart]

The corpse of the Elite Card still twitches.

According to the-newspaper-that-dare-not-speak-its-name, TPC (the company now behind the card) plans on selling at least 200 cards co-branded with a property developer (but which one not decided yet) in the next six months. Membership for one of the co-branded cards will be a mere 1,000,000 Baht (down from the regular 2 million Baht fee) with a 20,000 Baht annual fee. To get one of these prized cards you'll need to invest in a Thai property, and in return will get a five year visa and (unspecified) airport services.

Sounds to me like an irresistible offer. I'm checking down the back of the sofa as I type to see if I can find the money.

Watch out for the exciting advertising campaign promised to start on the 30th.

It's good to hear the government has rescinded the law prohibiting property ownership by foreigners.

Hard to imagine that this is the case although recent articles in both newspapers seem to suggest that some property ownership deal has been struck relative to this umpteenth attempted resuscitation of the Elite Card

It sounds like they are rescinding the law when it's reported:

"cardholders must be individuals and are required to invest in Thai properties"

I don't see how they can work around that stated goal/requirement and the current property laws for Thailand.

Perhaps, as jaidam points out, they'll realize that they can't fulfill the same pledge after people have already bought the cards, like what happened with the initial offer of the card scheme.

That will always be the sticking point of this offer.

This new offer only applies to condos which was already legal any way. Why one developer should get this offer and not others God knows. Either way, it will probably crash again.

[Fred B]

It's good to hear the government has rescinded the law prohibiting property ownership by foreigners.

Hard to imagine that this is the case although recent articles in both newspapers seem to suggest that some property ownership deal has been struck relative to this umpteenth attempted resuscitation of the Elite Card

It sounds like they are rescinding the law when it's reported:

"cardholders must be individuals and are required to invest in Thai properties"

I don't see how they can work around that stated goal/requirement and the current property laws for Thailand.

Perhaps, as jaidam points out, they'll realize that they can't fulfill the same pledge after people have already bought the cards, like what happened with the initial offer of the card scheme.

That will always be the sticking point of this offer.

This new offer only applies to condos which was already legal any way. Why one developer should get this offer and not others God knows. Either way, it will probably crash again.

I've not read anywhere that it specifically refers to and is only applicable to condos.

We can make that supposition I suppose as that is the only way it is currently legal, but I've not seen anywhere in print specify condos only. Like the first go round, they said property, which they later dropped.

With the latest and greatest go round now involving real estate developers, and big ones at that, it seems to imply a higher level of property than condos.

[GazR]

One major problem is that after the complete fiasco of Elite Card part 1, there is absolutley no credibility in Part 2. What is offered today could easily be withdrawn in a few years time with no more than a "We're sorry and here is some complimentary tickets to Loei Pangolin Park."

Agree it could do OK offering a 10 year or permanent visa option.

"There's a sucker born every minute."