Thaksin touts golden visa, higher travel fees to boost Thailand
BANGKOK: Former Thai Prime Minister Thaksin Shinawatra (pic) suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents and called on Airports of Thailand Pcl to hike passenger service fees to boost the sluggish economy.
The golden visa scheme could potentially bring in the equivalent of Thailand's US$500 billion economy, Thaksin said in a speech at the "Unlocking Thailand's Future' conference in Bangkok on Thursday (July 17) evening.
He suggested the country could attract 600,000 people who would deposit $1 million 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 US, its largest export market.
Airports of Thailand should raise its passenger service charges by as much as 300 baht ($9.22) per passenger to generate 40 billion baht in additional profit per year, he added. That would be a roughly 40% hike from the current level.
"AOT should be an economic driver in terms of being an aviation hub, cargo center, and aircraft maintenance centre, which can drive the economy much further,' he said.
The proceeds could be used to improve the authority's six airports and help Thailand become South-East Asia's aviation hub, as well as drive businesses like cargo and aviation maintenance.
AOT shares rose 11% in Thursday trading, closing at the highest since March, after local newspaper Kaohoon reported it planned to hike passenger service charges and landing and parking fees, and start collecting transit and transfer fees.
There are calls to revitalise the travel industry. Earlier this week, the Tourism Authority of Thailand 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 data from the Ministry of Tourism and Sports.
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 L.P.
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