July 3, 2018
Thailand’s bespoke residence-by-investment offering, the Thailand Elite Residence Program, is celebrating a year of record-breaking growth, as applicant numbers for the highly sought-after program continue to swell.
After Henley & Partners was appointed exclusive global concessionaire for the program in April last year, registration numbers grew from an average of 300 per year to over 900 for the April–December 2017 period. This upward trend has continued in 2018, with 161 new residents on-boarded in March alone.
According to Dominic Volek, Managing Partner of Henley & Partners Singapore and Head of Southeast Asia, “interest in the program among Chinese nationals is picking up significantly, while citizens of the UK, Germany, Australia, the US, and Japan make up the bulk of the existing client base”.
Applicants are attracted by the country’s high standard of living combined with its low costs. The Thailand Elite Residence Program offers residence in Thailand for a period of between five and twenty years, in exchange for a one-time contribution of between THB 500,000 (approximately USD 16,000) and THB 2.14 million (approximately USD 68,000), depending on the specific option chosen.
The program was initiated by the Royal Thai Government for the dual purpose of attracting wealthy investors and entrepreneurs and uplifting the local population, which stands to benefit from the injection of capital, skills, and expertise into the country.
Yuthasak Supasorn, Governor of the Tourism Authority of Thailand, says the Thailand Elite Residence Program forms part of the country’s overall mandate of growing Thailand as a major hub for tourist and business travelers alike: “The program is a core pillar of Thailand’s vision for sustainable and responsible tourism. Committed investors are able to experience the benefits of Thailand as fully fledged residents while also contributing to the economic wellness of the country and its people.”
The Minister of Tourism and Sports of the Kingdom of Thailand, His Excellency Weerasak Kowsurat, is proud of his country’s accomplishment. “The Thailand Elite Residence Program is helping us draw valuable international contributors to our community. We are delighted to have Henley & Partners as our partner in this journey towards long-term growth and prosperity,” he said.