Chinese invited to Thailand

Sat, 30 May 1998, 00:00 WIB | Source: AP

BANGKOK (AP): Thailand is wooing wealthy ethnic Chinese
fleeing riots in Indonesia and other foreigners to take up legal
residence in the country, with the price of admission 10 million
baht (US$250,000) in investment.

Capt. Sirichai Tchasuriyanorakul of the Immigration Police
confirmed yesterday that the little-known program, launched last
July to raise money as Thailand's economy went into a tail-spin,
has targeted Chinese fearful of turmoil in Indonesia, Hong Kong,
Macau and Taiwan.

Thailand hopes to attract 5,000 new permanent residents
through the program, though first-year results have been well
under target. Only 106 people have applied, of which a mere 52
have been granted permanent residency.

Those approved can pay the entry fee by either buying stocks
and shares, purchasing a condominium, buying Thai government
bonds, or depositing the money with the central bank in
certificates of deposit.

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