Important factors to consider in residence planning
International residence and citizenship advisory firm, Henley & Partners, has secured the global concession to promote Thailand’s exclusive residence program which gives foreigners authorization to live in the country for up to 20 years. It’s the first program of its kind worldwide, offering unlimited access to the jewel of Southeast Asia as well as a range of special VIP privileges. The program was initiated by the Royal Thai Government to attract wealthy global citizens, families, investors and entrepreneurs who want to spend extended periods of time in the country and take advantage of its beneficial tax regime and affordable but exceptionally high standard of living.
The special residence visa is issued by the Thailand Privilege Card Company Limited (TPC) — a wholly-owned subsidiary of the Tourism Authority of Thailand. The ‘Land of Smiles’, as it’s often referred to because of the friendly disposition of its citizens, has become one of the most sought-after destinations in Southeast Asia, with an increasing number of wealthy families and retired individuals in Europe, the US, Japan and other developed nations wanting to take advantage of its temperate climate, spectacular landscape and outstanding leisure facilities.
Dominic Volek, Head of Southeast Asia at Henley & Partners, says they will be working closely with TPC over the coming months to attract foreigners who want to make Thailand their second home or take advantage of the excellent business opportunities. “Our firm has over 20 years of relevant experience and expertise in working with governments on the design, implementation and operation of the world’s most successful investment migration programs, raising more than USD 6 billion in foreign direct investment. There has been a sharp increase worldwide in the number of individuals wanting to acquire a beneficial second or third residence or citizenship to globalize their family’s opportunities and expand their business interests in a changing and uncertain world. At the same time, more and more governments are seeing these programs as an innovative way of driving economic growth, securing much-needed foreign investment as well as enriching their own nation by attracting people to their shores who have proven business success, many talents and valuable networks,” explains Volek.
The Thailand residence program provides a multiple entry visa and allows holders to stay in the country for up to 20 years as the one-year stay extension can be made every year without the usual need to cross the border. The application process is very efficient — it takes less than one month to get visa issuance and collection at designated airports — and there are seven different program options available. The following are the most popular options:
Over the last four decades, Thailand has made remarkable progress in its socio-economic development, moving from a low-income to an upper-income country in less than a generation. The country has been widely cited as a development success story, with sustained strong growth and impressive poverty reduction. Besides being rich in agriculture, its industrial production facilities are global leaders in automobiles, electronics, healthcare and jewelry.
Volek concludes: “Making an active choice regarding your residence or citizenship gives you more control, personal freedom, privacy and security. International residence and citizenship planning has become an important focus for mobile entrepreneurs, wealthy individuals and their families who are interested in a more global lifestyle and broadening their opportunities. We are confident that we can help make a significant difference to Thailand’s economy by promoting this world-leading residence program to those wanting to establish Thailand as their second home for part of the year or even move there permanently.”