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Sunday, June 23, 2024

Cabinet approves long-term visas to entice 1 million wealthy foreigners

As part of a package to help lift a post-Covid economy, the Cabinet on Tuesday approved new visa and tax measures in order to attract wealthy expats and digital nomads, in a bid to boost Thailand’s economic future.

After previous attempts are bringing in these new policies, the government has approved a package designed to attract wealth foreigners.   This package includes benefits that are designed to maximise the interest of prospective participants including a 10-year Thai visa for not only approved special visitors but also their spouses and children, said government spokesman Thanakorn Wangboonkongchana, on Tuesday.

The package also includes automatic work permits, income tax rates equalised to Thai citizens, tax exemption for income earned abroad, and ownership of properties and land, he said. 

Overall this package hopes to attract more than a million qualified people to Thailand in the next five years, beginning next year. “The government also expects these foreigners to spend on average a million baht per person per year while staying and working in Thailand, or about a trillion baht in the next five years in total,” Mr Thanakorn said.”

The Bangkok Post reported that these packages will be available to 4 categories of investor.  

  1. For group one, this group would be required to invest at least US$500,000 (16.5 million baht) in Thai government bonds in the form of foreign direct investment (FDI) or in real estate, he said.  The minimum income required for this group is US$80,000 per year for the past two years, while the required minimum value of assets owned is US$1 million and the minimum health insurance coverage required is US$100,000, he said.
  2. Wealthy pensioners are in the second group, who are at least 50 years of age and have sufficient pensions to cover their costs of living in Thailand.  There is a minimum requirement to invest US$250,000 in Thai government bonds in the FDI format or in real estate, with the addition of minimum income required being US$40,000 per person per year.  There is also a requirement of a minimum health insurance package with at least US$100,000 coverage per person.
  3. Digital nomads are also include as their own class, as well as employees of foreign companies who work remotely from Thailand.
  4. The last group is highly skilled professionals in selected industries, which could include academic lecturers coming to Thailand to teach.  People in this group will need as minimum requirements, at least 5 years’ relevant work experience, a salary of at least US$40,000 a year, and health insurance coverage of at least US$100,000

The Board of Investment of Thailand has been instructed to set up a new centre to specifically serve this long-term visa programme, Mr Thanakorn added.

Editorial Staff
Author: Editorial Staff

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