Speaking at the "Unlocking Thailand's Future" conference on the evening of 17/7, Thaksin Shinawatra suggested a "golden visa" program could generate revenue equivalent to Thailand's 500 billion USD economy.

Former Thai Prime Minister Thaksin Shinawatra in Bangkok on 9/7. Photo: AFP

Former Thai Prime Minister Thaksin Shinawatra in Bangkok on 9/7. Photo: AFP

He proposed granting long-term residency to approximately 600,000 foreigners willing to deposit a substantial sum in exchange for property ownership rights in Thailand.

"This program will boost GDP growth, reduce public debt, and stimulate domestic consumption," Thaksin said, adding that this fresh influx of capital is worth pursuing.

Thailand's economy, heavily reliant on exports and tourism, has grown at an average of less than 2% over the past decade, significantly slower than other major Southeast Asian economies.

GDP growth for 2025 is projected to be between 1.3% and 2.3%, hampered by high household debt and declining tourist numbers. Additionally, Thailand faces the risk of tariffs of up to 36% from the US, its largest export market.

To improve the situation, the former prime minister proposed that Airports of Thailand (AOT) increase passenger service fees by 300 baht (approximately 9.22 USD) per person, a roughly 40% increase.

According to Thaksin, this could increase AOT's profits by 40 billion baht annually. AOT needs to become an economic driver as an aviation hub, cargo center, and aircraft maintenance provider. This revenue could be used to upgrade the six airports managed by AOT and transform Thailand into Southeast Asia's aviation center.

AOT shares rose 11% on 17/7, reaching their highest level since March. This followed a local news report by Kaohoon that AOT is planning to increase passenger service fees, landing fees, parking fees, and introduce transit fees.

Thailand is under pressure to revive its tourism sector. This week, the Tourism Authority of Thailand (TAT) lowered its 2025 international tourist arrival forecast to 35 million, down 5 million from the initial projection, due to lower-than-expected arrivals from China.

According to the Thai Ministry of Tourism and Sports, only 2.3 million Chinese tourists visited Thailand in the first half of 2025, a sharp decline from 3.4 million during the same period last year. One contributing factor is safety concerns following the kidnapping of a Chinese actor through Thailand to Myanmar. To reassure tourists, the former prime minister proposed personally purchasing insurance for Chinese visitors to restore confidence and stimulate tourism.

Tuan Anh (The Bangkok News)