Investment migration firm Henley & Partners has seen a three-fold increase during August in Hong Kong residents looking to relocate to Thailand.
Hong Kong had seen several months of political turmoil and riots as well as being affected by the US/China trade wars.
As a result, Thailand was a beneficiary in form of increased inbound investment from both individuals signing up for residence-by-investment program and the relocation of international companies such as Harley Davidson.
There had been initiatives by the Thai Government such as encouraging investment to enhance national competitiveness, activities that are environmentally friendly and projects that focus on regional potential.
Dominic Volek, head of southeast Asia at Henley & Partners, said there had been a 50% increase in applications for the Thailand Elite Residence Program from Asian citizens when compared to the first half of 2019. This program offered multiple-entry visas to allow applicants to visit and reside in Thailand for five to 20 years.
There had also been a three-fold increase in application from Hong King residents during August compared to the first seven months of 2019 combined.
Volek added property was an additional attraction for Chinese residents as it was more affordable to buy in Thailand than buying property in Australia or the US.