IM Yearbook 2020/21

Southeast Asia
Southeast Asia is the rising star of the
investment migration world. Thailand
continues to attract growing numbers of
expat residents. The Thailand Elite visa is a
residence programme allowing visa holders
to stay in Thailand from five to 20 years, at a
one-time cost of approximately $16,000 or
$68,000, depending on the option chosen.
While the main target markets are business
travellers needing fast entry and exit in and
out of the country, thus far most demand is
stemming from retirees who, if they stay in
Thailand for more than 180 days per year,
stand to benefit from an attractive tax regime.
In addition to a residence permit, the Thailand
Elite visa comes with various privileges,
including access to airport pick-up services,
privilege passport lanes, airport lounges,
visa assistance, golf club memberships, and
discounts on various services in Thailand.
3 Questions with Somchai Soongswan,
President Thailand Privilege Card Company
How has the Thailand Elite visa programme
1 performed in 2019 and 2020?
In September 2020 our membership has grown by 32% when compared
to the same month last year. Especially during the past two months, we
have seen a strong increase in submitted applications. Looking at the
development over the past 12 months, so from October 2019 to September
2020, the figures are even better, and the number of applications has
increased by 68%. Given the challenging phase the world is going
through, we are quite satisfied with the programme’s performance.
How did Covid-19 affect your operations and how did you
2 respond to the challenges presented by the pandemic?
Thailand went into lockdown in late March 2020. This means our
members couldn’t come to Thailand, and we also had to delay decisions
about new members. However, we launched a Thailand Elite member
quarantine programme (TemQ) that has been approved by Thailand’s
Center for Covid-19 Situation Administration (CCSA). This means our
members can now enter Thailand. To keep the momentum going, we are
looking at an extensive marketing campaign, which includes elements
such as extended visa periods as well as early bird offers for new members
who can pay and register now but activate their membership later.
Do you have a final message about the key
3 benefits of your programme?
Thailand is often called the “Land of Smiles”. Thus, “Thailand Elite” is
the privilege visa that does not only offer a long stay visa but also exclusive
services, which differentiates our offering from other residency programmes.
These benefits and privileges are firmly reserved for friends of Thailand.
As one of the most thriving economies in Southeast Asia, Malaysia
is also increasingly on the radar of high-net-worth migrants. Already
a popular tourist destination, the country’s beautiful landscape and
cultural and ethnic diversity appeal to a greater number of foreign
investors. However, in August 2020, the Government of Malaysia has
decided to temporarily suspend the country’s successful “Malaysia
My Second Home” (MM2H) programme. The government offered
no explanation for its decision, other than saying it would halt
the processing of new visa applications and renewals of existing
visas to “comprehensively review and re-evaluate the MM2H
programme”. It said it would resume the programme next year.
Singapore has risen from a post-colonial backwater to one of
the most respected and admired countries in the world, and it is
attracting an ever-greater number of foreign residents. The Global
Investor Programme grants Singapore Permanent Resident status
to eligible global investors who intend to drive their businesses
from Singapore. While traditionally only established business
people with a strong and successful track record could qualify for
the programme, in March 2020, the programme has been opened
to next-generation business owners, founders of fast-growing
companies from certain industries and family office principals.
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Investment Migration Yearbook 2O2O/2O21