Elite card holders - many Brits - spend 3,000 baht a day - company heading for profit as membership soars

[webfact]

Elite card holders - many Brits - spend 3,000 baht a day - company heading for profit as membership soars

 

Picture: Bangkok Biz News

 

The general manager of Thailand Privilege Card who run the Elite Card scheme has said they are heading for profit for the first time overcoming millions in losses since their inception. 

 

He has also given details of where Elite members stay in Thailand, how much they spend and a little about where they are from.

 

Elite Cards - the scheme to give foreigners long term residency for up to 2 million baht - has been a loss maker in its 18 years since it started in 2003, said Somchai Sungsawang.

 

He admitted that the company had burned 246 million baht.

 

Now they have turned the corner and look set to fly into overall profit.

 

Their target for membership in the current fiscal year was 2,607 new members. But since October - just four months - they have had applications from 2,066 new members, reported Bangkok Business News. 

 

Most of the new members have been Chinese businessmen spooked by the turmoil in Myanmar looking for a safe haven in Thailand. 

 

Of all the Elite card holders the most are people from the UK with China in fourth place. 

 

Somchai admitted the second wave of the pandemic had slowed applications by 70% but still predicted profit in the 2020-21 fiscal year.

 

He also said that 3,000 of the now 10,000 members are actually in Thailand at the moment. Around 200 a month arrived last year after restrictions were eased after the first throes of the pandemic. 

 

The places where they reside most are Chiang Mai, Phuket and Chonburi (this would probably mostly mean the Pattaya area, notes Thaivisa).

 

Somchai said they spend $100 a day each on average or around 3,000 baht and on average stay in Thailand 4-6 months of the year. 

 

He reckoned they spend between 360,000 to 540,000 baht on each visit that adds up to a 1,350 million baht contribution. 

 

The company also said that they have signed agreements with 10 real estate developers regarding 46 different projects to attract foreigners to buy property worth 10 million baht and get long term residence under the Elite Flexible One plan. 

 

Source: Bangkok Biz News

 

 

-- © Copyright Thai Visa News 2021-02-11

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[Pilotman]

A crazy waste of money in my view. But I suppose that if it is the only way to get into the country, you could be forced to use this scam visa. The thought of throwing 600,000 Baht at these people every, what is it, 5 years, is laughable and to avoid 90day reports, which take me 10 minutes online every 3 months.  Now you can get one with an over priced, poorly built condo. Unbelievable.   

[canopus1969]

7 minutes ago, Pilotman said:

A crazy waste of money in my view. But I suppose that if it is the only way to get into the country, you could be forced to use this scam visa. The thought of throwing 600,000 Baht at these people every, what is it, 5 years, is laughable and to avoid 90day reports, which take me 10 minutes online every 3 months.  Now you can get one with an over priced, poorly built condo. Unbelievable.   

They still have to do the 90 day reporting

[Pilotman]

1 minute ago, canopus1969 said:

They still have to do the 90 day reporting

haha I didn't know that. 

[Mr Meeseeks]

40 minutes ago, webfact said:

He admitted that the company had burned 246 million baht.

It was in THB 555 million of debt just a few weeks ago. 

[NCC1701A]

49 minutes ago, webfact said:

He reckoned they spend between 360,000 to 540,000 baht on each visit that adds up to a 1,350 million baht contribution. 

yes and Expats over fifty who spend two or three times this amount or more every year count for nothing and just have to get by on the lowly retirement extension of stay for 1900 and get to keep their 800,000 baht. The horror.   

 

see you all in line for 90 day reporting. 

Edited February 11, 2021 by NCC1701A

[SussexExpat]

How many is 'many'?

[RotBenz8888]

1 hour ago, webfact said:

Somchai said they spend $100 a day each on average or around 3,000 baht

How does Somchai know that? 

[Ohyesuare]

18 minutes ago, RotBenz8888 said:

How does Somchai know that? 

 

Probably asked one of them and all falang same same.

[RR2020]

Dont forget............. Elite visa do not need to spend 40K baht per year on "medical insurance" for visa renewal.

 

5 years times 40K = 200K baht...........so the real cost before was only 300K baht   (500K minus 200K).

 

Then take off time spent renewing the annual visa, flights and all that annual hassle...........

 

If you cannot afford 300K for a 5 year visa, you aint really the kind of person "they want" in Thailand............... simple is it not............

 

And if you have plenty of money and over 50.......you would get an O-X ten year visa (5+5).

 

Generally the people who complain over Elite Visa are the people who cannot afford an Elite or O-X visa.

 

In other words............its their money and they can do what they want........if you are jealous of that then your a sad person.

 

[realfunster]

2 hours ago, webfact said:

Most of the new members have been Chinese businessmen spooked by the turmoil in Myanmar looking for a safe haven in Thailand. 

Hmm. What kind of Chinese “businessmen” are now running from Myanmar to the Thailand Elite Program? If they are working for credible Chinese multi nationals, wouldn’t they just transfer to Thai WP with the Thai subsidiary or simply return home ?

Even that’s assuming that a military coup an installing an authoritarian government phases them in the slightest, given they are from the PRC.

Be careful who you are letting in...

 

Thai Elite press releases normally out-ridiculous even the TAT, so I will take all this with a large pinch of salt.

 

[Mr Meeseeks]

I have Permanent Residency. 

 

People with Elite Visas are oiks and peasants pretending to be be residents that we actual residents look down upon. 

[Andy from Kent]

6 minutes ago, RR2020 said:

Elite visa do not need to spend 40K baht per year on "medical insurance" for visa renewal

 

Assuming that claim is correct about the Elite Visa it doesn't offer any warranty at all about tomorrow or next year.

 

 

 

"I have Permanent Residency. 

 

People with Elite Visas are oiks (sic) and peasants pretending to be be residents that we actual residents look down upon."

 

Why do you think you should look down on others Mr.Meeseeks?  What makes you special?

 

 

 

 

 

 

 

Edited February 11, 2021 by Andy from Kent

[Happyman108]

sometime people just too poor to understand why some spend millions on a watch whereby they can get it for just a 100 baht.........same for this elite visa, sure most of you are not their target customer for this simple reason. 555

[AgentSmith]

2 hours ago, Pilotman said:

A crazy waste of money in my view. But I suppose that if it is the only way to get into the country, you could be forced to use this scam visa. The thought of throwing 600,000 Baht at these people every, what is it, 5 years, is laughable and to avoid 90day reports, which take me 10 minutes online every 3 months.  Now you can get one with an over priced, poorly built condo. Unbelievable.   

Considering the majority of TV visitors seem to be pensioners I'm assuming you're one as well. Lots of people coming to Thailand haven't reached the age yet for a retirement visa so they have to resort to other visa types. When they read the official information on any Thai embassy website out there then there are very few options left if you want to spend most of the year in the sun. Of course there are other paths to a longer term visa but let's just say that those aren't usually advertised by the Thai government. ;)

[prakhonchai nick]

So they spend 3,000bt/day. They are elite, so no 400/500baht rooms, but likely 4 star accommodation. After that and a good evening meal and a few beers/Gin & Tonics or whatever, not much left for pay a girl for the night

[burger1]

3 hours ago, RotBenz8888 said:

How does Somchai know that? 

 

[burger1]

4 hours ago, webfact said:

 

Somchai said they spend $100 a day each on average or around 3,000 baht and on average stay in Thailand 4-6 months of the year. 

3000 a day is not much for a quality tourists. I'll admit I only stay 2-3 month a year in Thailand but my constantly overrun budget is 5000 a day for basic costs (hotel, food and drinks) only. 

[Sujo]

15 minutes ago, burger1 said:

3000 a day is not much for a quality tourists. I'll admit I only stay 2-3 month a year in Thailand but my constantly overrun budget is 5000 a day for basic costs (hotel, food and drinks) only. 

Agree, i used to go for 2 months a year and used to budget 5k a day, not including hotel. They dont seem to be the elite i had imagined.

[khunpa]

With the Wife, Mia Noi’s and everything else put together, I spend more than that per day. 

Edited February 11, 2021 by khunpa

[prakhonchai nick]

The "Elite" appear to be more budget tourists

[mr_lob]

[PETERTHEEATER]

4 hours ago, SussexExpat said:

How many is 'many'?

Mahk mahk!

Edited February 11, 2021 by PETERTHEEATER

[John Drake]

3 hours ago, RR2020 said:

Dont forget............. Elite visa do not need to spend 40K baht per year on "medical insurance" for visa renewal.

 

5 years times 40K = 200K baht...........so the real cost before was only 300K baht   (500K minus 200K).

 

Then take off time spent renewing the annual visa, flights and all that annual hassle...........

 

If you cannot afford 300K for a 5 year visa, you aint really the kind of person "they want" in Thailand............... simple is it not............

 

And if you have plenty of money and over 50.......you would get an O-X ten year visa (5+5).

 

Generally the people who complain over Elite Visa are the people who cannot afford an Elite or O-X visa.

 

In other words............its their money and they can do what they want........if you are jealous of that then your a sad person.

 

 

An example of buyer's remorse, I think.

[Guderian]

5 hours ago, webfact said:

Elite card holders - many Brits - spend 3,000 baht a day

 

Big deal, that's a decent night out in Windmill for me, but just my booze, tips and ladydrinks for the girls. It wouldn't cover the bar fine and a night in the hay with a girl from there.

[Antonymous]

3 hours ago, Mr Meeseeks said:

I have Permanent Residency. 

 

People with Elite Visas are oiks and peasants pretending to be be residents that we actual residents look down upon. 

 

Har Har.

 

Pr's look down on the Elites

Elites look down on the Retirees

Retirees look down on the Married's

Married's look down on the Tourists

Tourists look down on the illegals

 

KNOW YOUR PLACE

 

Reminds me of that classic Two Ronnies sketch about the British class system

 

https://youtu.be/feSyuiH-90g

[AgentSmith]

19 minutes ago, Sujo said:

Agree, i used to go for 2 months a year and used to budget 5k a day, not including hotel. They dont seem to be the elite i had imagined.

All those visa labels need to be taken with a grain of salt. Not all people on a retirement visa are actually retired. In fact retirement itself isn't even a requirement for the visa. Elite doesn't mean anything. Lots of digital nomads would pay more taxes in their home country than the cost of an elite visa. Elite means you're paying 120.000 baht per year. That's 3300 euros per year. Income and corporate taxes in Europe are much much more than that when you're the least bit successful with your business. Elite visa for many people is a real bargain. There's nothing elite about it.

Edited February 11, 2021 by AgentSmith
typo

[iaminwa]

5 hours ago, Pilotman said:

haha I didn't know that. 

And they are all not over 50.

[hellohello123]

I don't get it.

One sentence he Is saying their profits are up,

Another sentence applications are down

 

Throw in some big numbers from the back of a pop tarts box too

[RichardColeman]

5 hours ago, webfact said:

Around 200 a month arrived last year after restrictions were eased after the first throes of the pandemic

A full McDonalds worth then