Thaksin senses an easy way for Thailand to make billions from ultra-rich foreigners. Ex premier Thaksin Shinawatra is once again floating that a new Golden Visa would bring the right for foreigners to own outright freehold land and property in Thailand. Speaking to a business conference in Bangkok, he projected that one million foreigners, each paying US$1 million or equivalent, would benefit the Thai treasury with 600 billion baht to unlock the country’s economic future. In his plan, Thaksin also included long-term residency for the ultra-rich. But it is not clear whether he meant a renewable 10 year visa (as in the current Long Term Residency Visa) or a certificate of permanent residency. Permanent residents in Thailand are foreigners who do not have a date when they must extend their visa or leave the kingdom. They can stay as long as they wish but, before going abroad, must obtain a re-entry permit if they wish to come back with their status intact. This is not Thaksin’s first foray into visas for the privileged minority. As prime minister in 2003, he announced the arrival of the Elite visa (later renamed Privilege) which guaranteed multiple entries for 20 years, the first residency by investment program in Asia. Initially, it seemed to include the right for foreigners to buy “one rai of land” to build their own property, but this was never enacted. The program then faced challenges such as operating deficits and accumulated losses. The latest Golden Visa concept has attracted more criticism than support amongst financial gurus. They say that the best Golden Visas worldwide include the guarantee of citizenship with a second passport, as found in parts of the Caribbean. It is not clear how much freehold land the golden visa holders would be allowed to hold in their own name or whether purchase would be limited to off-plan developments in specific areas. Thaksin’s latest plan has fallen flat amongst hundreds of social media commentators. A Facebook regular wrote, “Thailand would do better to look after the thousands of foreigners who are retired in Thailand or have family responsibilities here instead of frightening them away with taxation threats and visa restrictions.” International commentators such as Bloomberg and the EU Policies are doubtful that there is a large pool of super-rich foreigners out there willing to invest heavily in Thailand’s future right now as she struggles with falling revenues, US tariffs and international image problems. Better think it out again.