A golden visa rescue plan
Former Thai Prime Minister Thaksin Shinawatra suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents to boost the kingdom's sluggish economy.
The golden visa scheme could potentially bring in the equivalent of Thailand's US$500bil (RM2.12 trillion) economy, Thaksin said in a speech at the 'Unlocking Thailand's Future' conference in Bangkok.
He suggested the country could attract 600,000 people who would deposit US$1mil (RM4.24mil) apiece for the visa. In return, they'd get rights to buy property in Thailand, helping the real estate sector, with the proceeds to fund education for Thai people.
'It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin said. 'It's new, fresh money, and so worth pursuing.'
Thaksin retains significant influence with policymakers through the ruling Pheu Thai party, helmed by his daughter Paetongtarn Shinawatra, despite having no formal title in the government.
His speech to business people on how to invigorate growth comes after the Constitutional Court recently suspended Paetongtarn as prime minister while it deliberates on an alleged ethics violation case involving her handling of a border dispute.
Thaksin has his own legal troubles, including a decade-old royal defamation case that is due to be ruled on next month. He remains confident he will be found innocent, he told the seminar.
Thailand's economy, which relies heavily on exports and tourism, has expanded at an average of under 2% over the past decade, trailing other major South-East Asian economies.
Gross domestic product will likely grow 1.3% to 2.3% in 2025, constrained by high household debt and slowing tourist arrivals, while the economy is also at risk of a 36% tariff from the United States, its largest export market.
Earlier this week, Thailand's Tourism Authority lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections.
Only 2.3 million Chinese visitors came to Thailand in the first half of 2025, compared with 3.4 million a year earlier, according to government data.
News of a Chinese actor's kidnapping to Myanmar through Thailand increased safety concerns, said Thaksin, who suggested that he would personally insure any Chinese travellers to Thailand in order to win their confidence. — Bloomberg
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