Speaking at the Unlock the Future conference in Bangkok on 17/7, former Thai prime minister Thaksin Shinawatra suggested that a golden visa program could generate the equivalent of $500 billion for the Thai economy.
He believes such a program could attract 600,000 applicants, each paying $1 million for a visa that would grant them the right to purchase property in Thailand. The funds generated would be used to finance education for Thai citizens.
Currently, foreigners are generally prohibited from owning land in Thailand, with a few specific exceptions. They can purchase condominium units, but their combined ownership cannot exceed 49% of the total floor area of the building.
"The golden visa program would stimulate consumption, increase GDP growth, and reduce public debt. It's a new source of revenue well worth pursuing," Thaksin stated.
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Former Thai prime minister Thaksin Shinawatra at Don Mueang Airport in Bangkok, August 2023. Photo: Reuters |
Former Thai prime minister Thaksin Shinawatra at Don Mueang Airport in Bangkok, August 2023. Photo: Reuters
Thaksin returned to Thailand in August 2023 after over a decade in exile. He holds no official government position and has pledged to stay out of politics, but has expressed willingness to advise his daughter, Paetongtarn Shinawatra. Paetongtarn was recently suspended from her role as prime minister following a leaked phone conversation with Cambodian Senate President Hun Sen.
Observers note that Thaksin still wields considerable influence over policymakers through the ruling Pheu Thai party, led by his daughter.
On 13/7, Finance Minister Pichai Chunhavajira invited Thaksin to a closed cabinet meeting focused on Bangkok's economic response to US tax policy. The invitation, extended to someone outside the government, drew criticism as a breach of public service ethics.
Thailand's economy, heavily reliant on exports and tourism, has seen average growth below 2% over the past decade, lagging behind other major Southeast Asian economies.
GDP growth is constrained by household debt and declining tourist numbers. Thailand also faces the potential of a 36% tariff from its largest export partner, the US.
Duc Trung (Bangkok Post, Nation Thailand)
