Thailand may introduce a $1 million Golden Visa to attract wealthy foreigners

Thailand may soon roll out a Golden Visa program requiring a $1 million deposit from foreign applicants, as part of a broader effort to revive its economy.

Former Prime Minister Thaksin Shinawatra proposed the idea this week at the “Unlocking Thailand’s Future” forum in Bangkok, suggesting the scheme could attract up to 600,000 affluent individuals willing to invest in exchange for long-term residency and property ownership rights.

The initiative would aim to draw high-net-worth individuals who are ready to bring substantial funds into Thailand’s economy. In return, they would gain the right to live in the country long-term and purchase real estate. Supporters of the initiative believe the scheme could stimulate consumer spending and channel new investment into key industries, creating broader economic momentum.

“It’s new, fresh money,” Thaksin said, estimating the program could bring in 600 billion baht (USD 16.4 billion). He said the funds could support public education, stimulate domestic consumption and breathe life into Thailand’s stagnant property sector.

The proposal comes amid rising economic concerns. Growth has averaged below 2% over the past decade, and 2025 GDP is forecast at just 1.3-2.3%. Tourism is also struggling, with Chinese arrivals, which were always a key source market, falling to 2.3 million in the first half of the year, down from 3.4 million in 2024.

To generate more revenue, Thaksin also urged Airports of Thailand (AOT) to increase passenger service charges by 300 baht (USD 9.22) per traveler, representing a 40% rise that could bring in an additional 40 billion baht annually. The funds would be used to upgrade six major airports and strengthen Thailand’s role as a regional aviation and cargo hub.

Although no longer in office, Thaksin continues to exert political influence through the ruling Pheu Thai party, now led by his daughter Paetongtarn. His economic proposals reflect growing urgency to reposition Thailand as a more attractive destination for foreign capital and high-net-worth residents.