Can the "Golden Visa Program" boost Thailand's economy?

Former Thai Prime Minister Thaksin Shinawatra proposed a new economic growth concept at the "Unlocking Thailand's Future" conference, launching a "Golden Visa" to attract 600,000 wealthy foreigners to invest, with each investor required to contribute $1 million in exchange for residency and property in Thailand. Thaksin said that with the inflow of funds, Thailand's gross domestic product (GDP) will increase, public debt will be alleviated, and domestic consumption will be stimulated.

First, Thailand's economic growth has been sluggish over the past decade, with an average annual growth rate of about 2%. According to some economic forecasts, Thailand's economic growth rate may further decline to below 2% in 2025. One of the reasons for its economic slowdown is the sharp drop in the number of international tourists. From January to July 2025, the number of tourists fell by more than 5% year-on-year. Among them, the most significant reason is the sharp drop in the number of tourists from China, which has affected Thailand's economic structure that is highly dependent on tourism. In addition, Thailand faces other challenges, such as higher tariffs on Thai exports by the United States, which undoubtedly increases the economic burden. Earlier this year, US President Donald Trump announced that starting August 1, 2025, Thai exports to the US will be subject to tariffs of up to 36%.

Second, as Thailand proposed its golden visa program, other ASEAN countries followed suit. Vietnam also announced the launch of a similar program, aiming not only to attract high-net-worth investors, but also to cover talents with specific skills and qualifications. Vietnam's golden visa policy process is relatively simple. In addition to investors, visa types specifically for technical talents and retirees who want to live long-term are also popular.

Meanwhile, the United Arab Emirates in the Middle East has also taken the lead in launching a golden visa. The country's golden visa covers multiple categories, including investors, entrepreneurs, and high-end talents in the fields of technology and the arts. The UAE's golden visa has attracted global attention, especially due to its geographical location and its position as a global economic center, which has attracted a lot of capital and talent. Saudi Arabia and Bahrain have also launched their own visa programs, the latter of which is cheaper than the UAE, further enhancing its appeal.

However, as the global landscape continues to change, obtaining residency and citizenship in English-speaking countries has become increasingly difficult. Many countries in the so-called "global south" have actively attracted wealthy talents, especially those with professional skills and experience, by introducing flexible visa policies. While expanding immigration categories, these countries have paid special attention to attracting talents who can contribute to their own technology, cultural and creative industries, further promoting domestic innovation and development.

Finally, for many people, the golden visa is not only a way to obtain residence, but also an opportunity to expand global business. Therefore, wealthy entrepreneurs tend to choose golden visas in places such as the UAE, while retirees who seek a comfortable life prefer Southeast Asian countries such as Thailand, Vietnam or Indonesia. With the emergence of new types of visas such as "digital nomad visas" and "freelancer visas", whether the golden visa can continue to remain attractive depends on the innovation and flexibility of countries in their policies. Although golden visas are usually aimed at high-end investors and have higher fees, some countries have introduced more affordable options and lowered the threshold. The continued appeal of golden visas will depend on the timely adjustments made by countries according to the economic situation.

In summary, the golden visa program provides countries with an opportunity to attract foreign investment and high-end talents, and Thailand also hopes to promote economic recovery through this policy. However, capital inflows alone cannot solve the deep-seated problems of Thailand's economy. Thailand needs to achieve long-term development through technological innovation, industrial upgrading and more inclusive economic policies. In the process of implementing the golden visa, countries should flexibly adjust policies and optimize processes to maximize the attraction of foreign investment and talents. Especially in the context of increasingly fierce global competition, whether the golden visa can become an important part of the "smart power" of countries will depend on whether it can truly promote a win-win situation for technological innovation, social welfare and talent introduction.