Thailand Privilege Card Co (TPC), the operator of a long-term residency and perks programme, expects slower growth attributed to intense competition.
TPC president Manatase Annawat said fiscal 2025 would be more challenging as many Asian countries are promoting similar long-term visa schemes to attract affluent individuals, including Malaysia, Singapore and Cambodia.
Government initiatives such as the Destination Thailand Visa, offering a stay of up to 180 days per visit, are new options for foreigners.
Some prospective customers of TPC were concerned about the newly proposed foreign income rule designed to tax income earned abroad, leading them to delay applying for membership, said Mr Manatase.
However, he said TPC should be able to compete because of its affordable membership prices, ranging from 650,000 baht up to 5 million baht, as other countries require a larger investment budget.
The company provides all-inclusive services, including fast-track airport services, 24-hour call centre and concierge, as well as assistance for activities in Thailand, such as opening bank accounts. TPC also partners with nearly 400 vendors, offering lifestyle services for members, including hotel and wellness retreats.
To prevent foreigners involved with illegal businesses from applying, Mr Manatase said the company's screening process uses four security organisations, including the Central Investigation Bureau and Interpol, taking one month before membership is granted.
He said the government should set up a committee of related organisations to ensure collaboration between different long-stay programmes, allowing each party to share mutual benefits.
TPC has more than 38,000 members, with 72% residing in Thailand. On average they visit the country 2.8 times per year, or stay 305 days per year, with average spending of 1.4 million baht per member, generating 40-50 billion baht.
The Chinese market accounts for 47% of members, followed by visitors from the US, Japan, the UK and Russia. TPC is targeting "high-potential" markets such as the Middle East and India, said Mr Manatase.
For fiscal 2024, the company recorded sales of more than 7 billion baht, down from 7.8 billion last year. TPC recognised revenue of 2.6 billion baht in 2024, up 45% year-on-year.
This week TPC plans to launch bronze membership, priced at 650,000 baht for five years, its fifth card.
To sustain its business, the company wants to diversify to other investments to be less reliant on membership sales. Revenue from membership sales comprises 80% of the total, down from 95% in the past.
