The cabinet green-lights measures to support the real estate market through the Flexible Plus Program, aiming to stimulate investment and expecting 10,000 foreign investors to generate 300,000 million baht in circulation.
Traisuree Taisaranakul, Deputy Government Spokesperson, said the cabinet approved two draft regulations, issued by the Interior Ministry, in principle. The main points are to permit foreign Thailand Privilege Card holders to stay in Thailand for work purposes and to indicate the criteria and conditions of the permission, and of the investment for joining Flexible Plus Program.
The Flexible Plus Program requires card holders to invest in the limited types of investment and business sectors in Thailand more than $1 million in 1 year span after registration, enabling them to obtain work permit, with the purpose of attracting quality foreign investors with high purchasing potential and stimulating real estate market and relevant business sectors and industries.
The holders of Thailand Privilege Card, including their legitimate spouses and children younger than 20 years old, will be eligible for renewable Smart Visa (Non-Immigrant Visa) granting 5-year temporary residency permit throughout their investment duration under Flexible Plus Program.
Foreigners are eligible for investment in 1) real estate (according to the property law for foreigners); 2) public limited companies and; 3) stock exchanges e.g. common stocks, bonds, and any investment units approved by the Securities and Exchange Commission, at least $1 million. However, the Tourism Authority of Thailand expects that the benefit will attract 10,000 high-income foreigners to join the Flexible Plus Program and generate money in circulation from the investment of around 300,000 million baht.