Thailand’s unique Elite Residence Program is reaping the rewards after the COVID-19 pandemic triggered a priority change for the world’s wealthiest citizens.
Thailand has always been a popular tourist destination due to its pristine beaches and beautiful environment. Business-friendly policies have helped the country earn a well-deserved reputation as a global hub.
Now, its excellent universal healthcare system is making it an even more attractive destination for wealthy investors seeking long-term residence privileges.
About the Thailand Elite Residence Program
Unlike other investment immigration programs, the Thailand Elite Residence Program (TERP) does not offer citizenship or permanent residence to investors.
Rather, those investing between $16,000 and $68,000 can qualify for a privilege entry visa offering multiple-entries along with the right to reside in the country for periods of between five and 20 years.
This program is designed to leverage Thailand’s status as a popular tourist destination and allows the wealthy to enjoy additional privileges without the need to comply with onerous permanent residence or citizenship-related procedures and formalities.
Growing Demand for the TERP
The coronavirus pandemic has highlighted the steady growth in demand for the TERP from residents of some of the most developed countries in the world for the past three years.
Results for the first quarter of 2020 show a 100 percent increase in demand from US citizens based on both the previous quarter and the same quarter of 2019.
For Australians, demand increased 130 percent based on the final quarter of 2019, and 228 percent compared with a year ago
Over the past three years, demand from the UK, France, and Japan has risen by 75 percent, 73 percent, and 161 percent respectively. Overall global sales have increased by 70 percent with membership expected to rise from the current 8,500 visas to more than 10,000 by the end of 2020.
What Makes the TERP so Popular?
Thailand enjoys an excellent global reputation as a tourist destination as well as a hub for businesses and entrepreneurs.
The pandemic has focused attention on the quality of health infrastructure, where Thailand ranks among the top six countries in the world.
Further, recovery rates among COVID-19 patients in the country is in excess of 95 percent, which has made foreigners, especially Americans, more comfortable in applying for the privileges offered by the TERP.
Investment immigration or golden visa programs are viewed as a useful mobility tool by international entrepreneurs. Visa-free access to a large number of countries serves as a real competitive advantage to the global businessperson.
TERP is a unique program that enhances the multiple-entry and long-term residence advantage with practical travel-related benefits like airport lounge access, limousine services and faster and easier immigration. Further, the program offers applicants a host of privileges across hotels, golf courses, and shopping centres.
Despite the global economic lockdown caused by the pandemic, rising demand for the TERP is a strong vote of confidence in the economic and commercial potential of Thailand.