And on top of that, along comes evidence from those “golden visa” advisors, Henley & Partners, that Thailand’s own residency-by-investment programme is proving a hit with HNW individuals. US-China trade rows and concerns about political unrest in Hong Kong have encouraged some of these enquiries, the firm said.

In the last two months (July and August), applications from Asian citizens for the Thailand Elite Residence Program have surged by 50 per cent compared with the first half of this year, according to Dominic Volek, head of Southeast Asia at Henley & Partners.

Specifically, the programme has seen a three-fold increase in applications from Hong Kong residents during August, compared with the whole period of January to July 2019, he said.

“The spike in applications for the Thailand Elite Residence Program demonstrates Thailand’s attractiveness as a safe and stable country to live in as well as do business. Given the interest by Chinese nationals in luxury real estate, Thailand’s additional appeal lies in its property market. With tighter restrictions on capital outflow, and the shift to lower price point properties, Thailand has a great deal to offer. Condo prices there can cost anywhere between $40,000 and $150,000 for mid-range to luxury apartments - which is very affordable when compared to buying property in Australia, the UK, or the US,” added Volek.

The firm argues that there is a steep rise in entrepreneur investors. The programme provides a multiple-entry visa to qualified applicants, allowing them to visit and reside in Thailand for a period of between five and twenty years, at a one-time cost of between THB500,000 (about $16,000) THB2.14 million (approximately $68,000).

Of course, Henley & Partners is going to stress the benefits of such places, but the fact that other banks are doing JVs and moving into the country is proof that there is a story unfolding. 

What of the broader picture? Thailand’s rankings for economic freedom – defined by measures of legal certainty, respect for property rights, contracts, etc – have been improving, according to the US-based think tank, the Heritage Foundation. Thailand’s economic freedom score in the 2019 Index of Heritage is 68.3, ranking its economy at 43rd in that category. “Its overall score has increased by 1.2 points, the result of improved scores for property rights, business freedom, and government integrity. Thailand is ranked 10th among 43 countries in the Asia–Pacific region, and its overall score is above the regional and world averages,” Heritage said on its website.

The Southeast Asian country has had its fair share of problems, however, which sometimes can get overlooked by people whose views are coloured by holidays by the beach in Phuket or trips inland. Heritage said in its overview: “Thailand has had 19 military coups since becoming a constitutional monarchy in 1932.”

The period since Prime Minister Thaksin Shinawatra was ousted in 2006 has been particularly turbulent. Civilian government returned in 2007, and Thaksin’s Puea Thai party won a majority in the 2011 parliamentary elections. Thaksin’s sister, Yingluck Shinawatra, became prime minister but was later ousted in a 2014 coup led by former army commander and current Prime Minister, Prayut Chan-ocha. The king approved a new constitution in 2017, Heritage noted. Thai elections held in March this year left no single political party with an overall majority.

It's clear Thailand has some problems but the data on its wealth growth, economic development and other changes clearly point in a positive direction as far as some firms are concerned. The test, of course, is how durable that progress will be.