Thaksin touts golden visa, higher travel fees to boost Thailand

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Former Thai Prime Minister Thaksin Shinawatra suggested the country could attract 600,000 people who would deposit US$1 million apiece for the visa.

PHOTO: EPA

BANGKOK – Former Thai Prime Minister Thaksin Shinawatra suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents and called on Airports of Thailand 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 (S$643 billion) economy, Thaksin said in a speech at the “Unlocking Thailand’s Future” conference in Bangkok on July 17 evening.

He suggested the country could attract 600,000 people who would deposit US$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 Ms 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 in August. He remains confident he will be found innocent, he told the seminar.

Thailand’s economy,