Guest Posted December 31, 2003 Report Share Posted December 31, 2003 http://www.thaivisa.com/index.php?514&backPID=58&tt_news=660 30-12-03 Price for million baht privilege elite cards set to double THAILAND ELITE CARDS: Price for privileges will double in 2004 BANGKOK: Expatriates will be charged Bt2 million next year for a Thailand Elite privilege card ? double the present price ? because they can avail of services and facilities more often than members who are foreign tourists or visiting businessmen. ?We originally intended to set the price for expatriates at Bt2 million because of the many advantages they have but in the beginning, we reduced it to Bt1 million to build customer interest,? Paisit Kaenchan, director of Thailand Privilege Card Co, said yesterday. Applications from expatriates ? foreigners residing or working in the country ? will not be accepted after the end of next year to bring the proportion of expatriates down to 5 per cent of total membership from the present 20 per cent. Paisit denied the firm was taking the measures because it was afraid of losing money. Income was sufficient to cover the Bt40,000 estimated maximum annual expense for each member, he said. The price for foreign-based cardholders would also be raised by 20-25 per cent within two years from the current Bt1 million, as facilities and services would be improved and added, he said. The Thailand Elite card, the brainchild of Prime Minister Thaksin Shinawatra, targets one million members in five years. However, since its November 19 launch, only some 200 cards have been sold, at US$25,000 or Bt1 million for individuals and $50,000 for juristic persons. This has forced a drastic cut in the yearend goal to 300 cards from the initial 1,000. To achieve next year?s sales objective of 100,000 cards, the company has put together a marketing plan that includes going on a road show at least once a month to Japan, China, Korea and other countries in Asia and expanding its sales network from 20 agents at present to 30-40 firms. Recently, the firm forged an alliance with Unicef, hoping to attract Hollywood celebrities and top executives from all over the world to become members. ?After reaching the 100,000-card level, the company will suspend recruitment of new members for six months to evaluate all services and every golf course, hotel, spa, restaurant and shopping mall participating in the programme,? Paisit said. Proceeds from card sales are currently stashed in bank deposits but in the future an asset management company will be retained to invest its funds in the same manner as the Government Pension Fund. These idle funds represent 90-95 per cent of total reserves and the fund manager must make an annual return from investment of at least 6-7 per cent. The remaining 5-10 per cent of reserves will be used to build or take over at least two golf clubs, a boutique hotel and a city club within two years, which will be linked to the future increase in membership fees. Paisit explained the cardholder privileges in property investment as a form of usufruct ? the right to use and enjoy the profits and advantages of something belonging to another as long as the property is not damaged or altered in any way. Thailand Privilege Card Co, as a Thai-owned entity, retains proprietary ownership of properties that cardholders buy, but the cardholders can enjoy lifetime use of their land and properties, including renting their units out when they are not in the country. However, cardholders do not get full commercial rights, such as to develop home or condominium projects. ?The first approval of property purchases is expected in January,? Paisit said. Thailand Privilege Card Co would be around for a long time, not only during this government?s term, because it is a private company and has members around the world who benefit the country greatly over the long term, he said. ?I?m confident that no government would dare to close us. If anyone tries that, he?ll get sued by cardholders all over the world.? Source: The Nation Link to comment Share on other sites More sharing options...
Guest Posted December 31, 2003 Report Share Posted December 31, 2003 Oh so a total of maybe 40 expats have gone on board yet they feel this is such a threat to profitability they double the price and will soon deny expats completely. As they still haven't reduced their 5 year forecast, how big of a problem are these 40 guys going to be when they are going to sell a million of these things and pull in over a trillion baht? Me thinks they must in fact be very nervous about the future prospects internally. Also interesting is the land ownership turns out to be a LEASE expiring when you die. So you pay market price for land that ends up going into the coffers of this company. One would have to question if it might make more sense to just lease a property with a long term contract and bypass paying market price + 25K elite card penalty for something you don't actualy own. All indications are it will be fun watching them next year miss their projections as interest seems much weaker than they are letting on. It seems people with $25K to spare aren't as stupid as they thought and are doing a cost benefits analysis before signing up and their counter measures to increase price can only end up turning away more people. Looks pretty shaky right now unless they can pull a rabbit out of the hat. Link to comment Share on other sites More sharing options...
.. Posted December 31, 2003 Report Share Posted December 31, 2003 This is not a new development. There is a board member who works indirectly for TAT. He told me that the cards were B2M for expats months ago. Wouldn't matter if they were 1/2 price. Still not interested . Cheers, SD Link to comment Share on other sites More sharing options...
HSTEACH Posted December 31, 2003 Report Share Posted December 31, 2003 Post deleted...OK Guys, political comments about the local government are a touchy subject. Personal attacks on local politicians are NOT allowed. HSTEACH Link to comment Share on other sites More sharing options...
robaus Posted January 1, 2004 Report Share Posted January 1, 2004 They can shove the card up their arse ... sideways... pointy end first ... along with their increased visa extension fees (I'd rather go to Cambodia for a long weekend's sanuk AND make a profit on the trip) Any Thai can own property in Australia outright in their own name, and if they have the appropriate work skills, any Thai can have citizenship in Australia. It's about time Thailand reciprocated, without making you pay through the nose for some dubious privileges. Link to comment Share on other sites More sharing options...
Rex7777 Posted January 1, 2004 Report Share Posted January 1, 2004 It makes you wonder, doesn't it? One million one year, two million the next. Even if a person didn't want the card, what about long term planning? I've been thinking about a house or a condo. Nothing major, just something simple. As of next year, the retirement visas wil require 800,000 baht and/or an income of xxxx per month. I've also heard that that may double. And what about the year after that? I think someone may be overestimating the value of living in Thailand. Malaysia has a more reasonable retirement program. Thailand should look to see what they're doing. It makes more sense. Actually, I haven't ruled out Australia. Rex Link to comment Share on other sites More sharing options...
rickfarang Posted January 2, 2004 Report Share Posted January 2, 2004 It doubles the snob appeal. Nothing more. The major problem I see with retiring in Thailand (saying this after transfering money to my Thai bank account last week so I can get that one year visa) is that one never knows when one is going to be locked out of the country. Per Rex7777's observation, Malaysia looks a lot more welcoming than Thailand. I am also looking at Cambodia as an alternative to Thailand once my wife finishes school in Bangkok. RickF Link to comment Share on other sites More sharing options...
thalenoi Posted January 4, 2004 Report Share Posted January 4, 2004 [color:"blue"]As of next year, the retirement visas wil require 800,000 baht and/or an income of xxxx per month[/color] Wrong, it's now you need 800k baht for a non-immigration type O-A visa. I just got a multiple entries non-im O for one year, same as last year by showing my non-thai bank account statement (over 800 k baht) with certified letter from my bank to the local Thai embassy here. No way I am going to bring 800k to LOS yet. Will do a few visa runs. 2 million baht elite card? A joke. 200 cards sold or given away? Link to comment Share on other sites More sharing options...
rickfarang Posted January 4, 2004 Report Share Posted January 4, 2004 I believe that if you apply for the visa outside Thailand you need to show >800k in any bank account and will be required to transfer it to a bank inside Thailand before you can renew it; if you apply inside Thailand, you need show >800k in a Thai bank that came from outside Thailand. Corrections please. RickF Link to comment Share on other sites More sharing options...
lopburi3 Posted January 4, 2004 Report Share Posted January 4, 2004 if you apply inside Thailand, you need show >800k in a Thai bank that came from outside Thailand. They also allow retirement income to be combined with the bank account if it is short. The rule seems to be 800k in bank or 65k certified monthly retirement pension but in most cases at least some will be asked to be in a bank account to prove it is available here for your support. Link to comment Share on other sites More sharing options...
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