As of Oct 22, OECD has listed 17 citizenship and residency by investment schemes from Europe, Caribbean, Middle east and Pacific countries for non compliance of Common Reporting Standards (CRS)
The OECD said they have comprehensively analyzed over 100 CBI/RBI schemes before publishing the list. Thailand which has the cheapest residence by investment scheme in the World is not in the OECD list . The scheme is known as ‘Thailand Elite’ which offers residency from five years to twenty years.
The Organisation for Economic Cooperation and Development (OECD) in late January 2017 announced that Thailand has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 139th member. Thailand is still in the early stages of CRS implementation with the government having to enact laws directing Thai financial institutions to comply with CRS requirements. Thailand will begin sharing data from 2021 or 2022. Currently Thailand exchanges tax information on request or through double taxation treaties.
The Thailand Elite Residence Program provides a multiple-entry visa to qualified applicants, allowing them to visit and reside in Thailand for a period of between five and twenty years, at a one-time cost of between THB 500,000 (approximately USD 16,000) and THB 2.14 million (approximately USD 68,000), depending on the option chosen. The program includes seven different options, which vary in the benefits, costs, and validity periods associated with them. The privilege entry visa is issued by the Thailand Privilege Card Company Limited (TPC) — a wholly-owned subsidiary of the Tourism Authority of Thailand under the Ministry of Tourism and Sport.
It takes approximately one month to get visa issuance at designated international airports.
The following are the three most popular options available:
| 1. | Elite Easy Access — a popular option for expats or business people to enter and exit Thailand. With a five-year residence visa, the one-time fee is THB 500,000 including VAT (approx. USD 16,000). There is no annual fee and no age restriction. The residence visa cannot be transferred but can be upgraded to the Elite Ultimate Privilege option for THB 1,605,000 including VAT (approx. USD 50,000) |
| 2. | Elite Family Excursion — designed for a minimum of two people with a five-year residence visa for each member. The one-time fee of THB 800,000 including VAT (approx. USD 25,000) covers both applicants with an additional charge of THB 300,000 including VAT (approx. USD 10,000) per dependent. The core applicant’s dependents may include legitimate parents, step-parents, spouse (including by civil union), children and step-children. There is no annual fee and no age restriction. The residence visa cannot be transferred. The package includes complimentary VIP privileges such as airport transfers for international flights and government concierge services |
| 3. | Elite Superiority Extension — 20-year residence visa for individuals who pay a one-time fee of THB 1 million including VAT (approx. USD 32,000). There is no annual fee and no age restriction. The package includes complimentary VIP privileges such as government concierge services and airport services |
