Cabinet approves long-term 10-year visa to attract foreigners

[reader]

From Thai Enquirer

The cabinet on Tuesday approved measures to attract foreign investors and experts to Thailand for a long-term stay with a 10-year visa.

Thanakorn Wangboonkongchana, the government’s spokesman, said that the measures should attract more than one million foreign investors and experts within five years, which should increase the amount of money spent in the economy by more than one trillion baht.

“This includes 800 billion baht from the expected increase in investment and 270 billion baht from the expected increase in tax collections,” he said.

The measures include:

• A 10-year “long-term resident visa,” also for spouse and children
• A work permit
• Exemption from foreign income tax 
• Land and real estate ownership and rentership rights
• 90 days report not required
• No quota of hiring four Thais for every one foreign employee

The four groups that can apply for the visa include:

• Wealthy global citizen: People with a high income of at least US$80,000 in income over the past two years and a minimum asset of $1 million
• Wealthy pensioner: Pensioners, age 50 and above, with a stable pension of at least $80,000 over the past two years
• Work-from-Thailand professional: Foreign workers with employers outside of Thailand, more than five years of working experience and make at least $80,000 over the past two years
• High-skilled professional: Professionals working in targeted industries such as future services, infrastructure buildings, logistical systems and digital systems who make at least $80,000 over the past two years

https://www.thaienquirer.com/32668/cabinet-approves-long-term-10-year-visa-to-attract-foreigners/

[spoon]

Usd 80k per year over the past 2 years or usd80k for the total of two years? Meaning average of usd40k per year? My guess is the former as the later would includes plenty of people hehe. Not unreasonable like the new requirement for MM2H (Malaysia My Second Home) where the oversea monthly income requirement increases 4 fold, from rm10k to rm40k ( usd2.5k to usd 10k). The sad thing is, this apply to current MM2H holders too if they want to renew their pass. There are also an increase of fixed deposit amount etc but the real kicker is this monthly income requirement.

Source

[Guest]

7 hours ago, reader said:

Wealthy global citizen: People with a high income of at least US$80,000 in income over the past two years and a minimum asset of $1 million

Requiring both income AND assets seems to be over complicating matters.

From what I read of expats commenting on current schemes, they authorities require proof of income or pension or whatever.    If you had a expat, with $5 million, if they apply existing principles, he would still need to prove an income of $80,000 per year, even though the lump sum ought to be capable of generating an annual income far in excess of the $80,000.

One presumes Bill Gates would have to prove an income of $80,000 per year, even though his $100 billion, or whatever it is should be sufficient to cover all expenses.   One would have thought once the assets are above a certain level, that should be sufficient.  

Elon Musk would presumably not qualify, due to drawing no salary.  Perhaps there is some sense to the rules after all ?  😀

 

3 hours ago, spoon said:

Not unreasonable like the new requirement for MM2H (Malaysia My Second Home) where the oversea monthly income requirement increases 4 fold, from rm10k to rm40k ( usd2.5k to usd 10k). The sad thing is, this apply to current MM2H holders too if they want to renew their pass.

So I presume Malaysia is effectively telling the majority of existing people on this scheme to leave ?      The original figure is something a large number of retirees might manage, but $10,000 per month is much more exclusive.       Also, it's far in excess of what people need to live off.

Knowing that governments can do that, it seems rather risky to sell up all property in your home country, as you might just be forced back there one day.

Also, if expats have bought property in Malaysia, now they need to sell, I guess they had better hope it's in a location where Malaysians will want to buy.

 

 

[TotallyOz]

Land and ownership rights? Not sure what this means, but it sounds like they can own land which not even the Elite Visa allows. Right?

[spoon]

4 hours ago, z909 said:

So I presume Malaysia is effectively telling the majority of existing people on this scheme to leave ?      The original figure is something a large number of retirees might manage, but $10,000 per month is much more exclusive.       Also, it's far in excess of what people need to live off.

Knowing that governments can do that, it seems rather risky to sell up all property in your home country, as you might just be forced back there one day.

Also, if expats have bought property in Malaysia, now they need to sell, I guess they had better hope it's in a location where Malaysians will want to buy.

Yes, thats what most people are saying. I guess some xenophobes are probably cheering this new requirement. There is also a quota of the total amount of holders. U can read more detail analysis done by expatgo.

Previously, this program was parked under tourism ministry but now, after the suspension of the program, it is now under immigration department of the home ministry. However, after receiving backlash, the gov is considering a review on the new requirement. Whether they will change it for the better, we will have to just wait and see. Or just move to thailand lol

[vaughn]

1 hour ago, TotallyOz said:

Land and ownership rights? Not sure what this means, but it sounds like they can own land which not even the Elite Visa allows. Right?

That caught my attention as well.

I am no expert on the elite visa and rights within Thailand, but my understanding was that if you wanted to own land previously you had to do it under a trust or company with a Thai citizen (lawyer or partner etc) as the majority holder. I know that there are ways to game this and keep the asset safe but it sounded tedious.

If this allows a foreign individual to own land and property that would be a big incentive.

[fedssocr]

the "wealthy pensioner" category also requires $250k invested in Thai government bonds or real estate

[TotallyOz]

24 minutes ago, fedssocr said:

the "wealthy pensioner" category also requires $250k invested in Thai government bonds or real estate

Yes, and the investor, 500,000 I think. But, the digital nomad, nothing?

[fedssocr]

1 hour ago, TotallyOz said:

Yes, and the investor, 500,000 I think. But, the digital nomad, nothing?

I believe that's correct. Bangkok Post has a handy graphic

[Guest]

If holders of the 10 year visa are allowed to own property, do those property ownership rights expire when the visa expires ?    Never be a forced seller.

Someone could be allowed in on the basis that they earned $40,000 per year in the 2 years before applying.  If they earn less than $40,000 per year whilst in Thailand, presumably they no longer meet the requirements for renewal ?     Or if Thailand changes the rules, renewal could be difficult.

Secondly, earning $40,000 per year is an odd measure of wealth.   The individual could have no accumulated wealth.   Also, $40,000 per year would be below the average income in many countries in Europe & North America.  So it's not even an indicator of above average skills either.

Someone earning below the average wage in the UK could qualify, but not someone with £10m of assets & no income.

[vinapu]

5 hours ago, z909 said:

 

Someone earning below the average wage in the UK could qualify, but not someone with £10m of assets & no income.

person with such assets probably finds easily another avenue to get in

[spoon]

7 hours ago, z909 said:

If holders of the 10 year visa are allowed to own property, do those property ownership rights expire when the visa expires ?    Never be a forced seller.

Someone could be allowed in on the basis that they earned $40,000 per year in the 2 years before applying.  If they earn less than $40,000 per year whilst in Thailand, presumably they no longer meet the requirements for renewal ?     Or if Thailand changes the rules, renewal could be difficult.

Secondly, earning $40,000 per year is an odd measure of wealth.   The individual could have no accumulated wealth.   Also, $40,000 per year would be below the average income in many countries in Europe & North America.  So it's not even an indicator of above average skills either.

Someone earning below the average wage in the UK could qualify, but not someone with £10m of assets & no income.

Which makes me believe that the requirement is actually $80k a year for at least 2 years instead of $40k a year.

[Boy69]

On 9/14/2021 at 3:10 PM, reader said:

Thanakorn Wangboonkongchana, the government’s spokesman, said that the measures should attract more than one million foreign investors and experts within five years, which should increase the amount of money spent in the economy by more than one trillion baht.

“This includes 800 billion baht from the expected increase in investment and 270 billion baht from the expected increase in tax collections,” he said.

Seems to me totally nonsense and unrealistic forecast . Wealthy persons can just aply for the Elite Visa pay the amount required and skip all these redilucious measures.