Dubai - MENA Herald: Henley & Partners, the international residence and citizenship advisory firm, has been appointed as the global concessionaire for Thailand’s exclusive residence program. The program is the first of its kind worldwide, providing successful applicants with unlimited access to Southeast Asia and the ability to live in the country for up to 20 years.
The program was initiated by the Royal Thai Government and aims to attract high net worth individuals (HNWIs), families, investors and entrepreneurs who want to benefit from Thailand’s tax regime, relatively low living cost but exceptionally high standard of living. The special residence visa, which also provides a range of elite VIP services, is issued by the Thailand Privilege Card Company Limited (TPC) — a wholly-owned subsidiary of the Tourism Authority of Thailand.
Dominic Volek, Head of Southeast Asia at Henley & Partners, said, “Our firm has over 20 years of experience working directly with governments on the design, implementation and operation of the world’s most successful residence and citizenship programs, and the Thailand Residence Program is a great example of this. More and more governments are seeing these programs as an innovative way of driving economic growth, securing foreign investment as well as attracting people who have proven business success, many talents and valuable networks. We will be working closely with TPC over the coming months and are confident that we can help make a difference to Thailand’s economy by promoting this world-leading residence program to those wanting to establish Thailand as their second home.”
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 and healthcare.
Thailand has also quickly become one of the most sought-after destinations in Southeast Asia, with an increasing number of wealthy families and retired individuals from Europe, the US, and Japan. Additionally, the Middle East continues to be a significant market for Thai tourism, which is expected to only increase in the coming years.
Bata Racic, Manager of Henley & Partners in the Middle East, said: “Thailand is already a popular hotspot for the Middle East for travel and leisure purposes, but it is also a top destination for medical tourism. In 2015 alone, Thailand saw over half a million tourists from the Middle East, mainly from the UAE. Also, as a result of the recent travel ban by US President Donald Trump, we definitely foresee a shift in preference from Middle Eastern nationals seeking alternative residence destinations.”
The Thailand residence program provides a multiple entry visa and allows holders to stay in the country for an unlimited period of time, 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 options available.