FORMER Thai Prime Minister Thaksin Shinawatra has proposed the introduction of a golden visa programme for wealthy foreigners and a substantial increase in airport service charges as part of wide-ranging recommendations to reinvigorate Thailand’s sluggish economy.
Bloomberg reported that speaking at the “Unlocking Thailand’s Future” conference in Bangkok on Wednesday evening, Thaksin said the country could attract as many as 600,000 affluent individuals willing to deposit US$1 million each in exchange for long-term residency and the right to purchase property.
“It will drive GDP growth, reduce public debt, spur domestic consumption,” he said. “It’s new, fresh money, and so worth pursuing.”
Thaksin suggested the proceeds from such a scheme could be funnelled into education, while boosting the property market and overall investment. With Thailand’s US\$500 billion economy struggling to gain momentum, he framed the proposal as a strategic injection of capital.
In the same address, Thaksin called on Airports of Thailand (AOT) to increase its passenger service charges by up to 300 baht per traveller — a hike of around 40 per cent — potentially generating an additional 40 billion baht (S\$1.6 billion) annually.
“AOT should be an economic driver in terms of being an aviation hub, cargo centre, and aircraft maintenance centre, which can drive the economy much further,” he said.
Thaksin argued that the added revenue could be reinvested to upgrade Thailand’s six major airports and reinforce the country’s ambition to become South-east Asia’s premier aviation hub.
His remarks followed reports in local media that AOT plans to raise not only passenger service charges but also landing, parking, transit, and transfer fees. AOT’s share price jumped 11 per cent on 17 July, closing at its highest level since March.
Thaksin’s intervention comes amid mounting concerns over the health of Thailand’s economy, which has expanded at an average of less than 2 per cent over the past decade — well behind other major South-east Asian nations. GDP growth for 2025 is forecast at between 1.3 per cent and 2.3 per cent, weighed down by high household debt and faltering tourism figures.
China, traditionally Thailand’s largest source of foreign tourists, has seen a notable decline in visitor numbers. Only 2.3 million Chinese nationals visited Thailand in the first half of 2025, down from 3.4 million during the same period last year. The Tourism Authority of Thailand recently revised its 2025 forecast from 40 million to 35 million foreign arrivals.
Thaksin cited public safety concerns — including the recent high-profile case of a Chinese actor kidnapped via Thailand to Myanmar — as one reason for the drop in confidence among Chinese tourists. He offered a symbolic gesture of reassurance: “I would personally insure any Chinese travellers to Thailand in order to win their confidence.”
Though no longer holding public office, Thaksin maintains strong influence through the ruling Pheu Thai Party, led by his daughter Paetongtarn Shinawatra. Her recent suspension as prime minister by the Constitutional Court, pending an ethics investigation, has cast uncertainty over the administration’s direction.
Thaksin himself is facing legal challenges, including a long-standing royal defamation case due to be heard in August. Nonetheless, he remains publicly confident. “I will be found innocent,” he told attendees at the seminar.
Despite the political headwinds, Thaksin’s economic vision underscores his continuing role in shaping national policy and debate — and reflects growing calls for urgent reform to arrest Thailand’s economic malaise. - July 18, 2025
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