The Thai government has authorized a fresh economic stimulus package to encourage foreign direct investment and immigration of skilled professionals. It comes with a much-desired 10-year Thai visa benefit. This is a move that will take effect next year in order to speed the post-Covid19 economic recovery.
Thanakorn Wangbookongchana, a government spokesman, disclosed the immigration, tax, and land ownership incentives accessible to the four groups of eligible foreigners on September 14th, 2021. Moreover, the Thailand Board of Investment (BOI) has been tasked with establishing a new center to govern and implement the initiative.
Stimulus Package Benefits
Immigration
- 10-year Thai visa for eligible persons and their spouses and children
- Automatic work permit issuance
Tax
- Income tax rates to match Thai citizens
- Tax exemptions for income earned abroad
- 17% fixed income tax rate for eligible persons in the Eastern Economic Corridor (EEC) scheme.
Property
- Relaxation of restrictions on foreign ownership of land and property.
Target groups of foreigners
1. Wealthy global citizens
- High-income earner who travels frequently and lives in multiple countries.
- A USD500,000 foreign direct investment (FDI) in Thai government bonds or real estate is required for a long-term visa application.
- Must have an earning of at least USD80,000 in the last two years. Additionally, they must own at least USD1 million in assets.
2. Wealthy pensioners
- Over the age of 50, having the financial wherewithal to retire safely and live abroad.
- Must make a direct (FDI) investment of USD250,000 in Thai government bonds or real estate.
- The annual revenue must be greater than USD40,000.
- A minimum coverage of USD100,000 per person is mandatory for health insurance.
3. Work-from-Thailand professionals
- To be financially secure, annual income must be sufficient. Although this is not defined, yet consider the USD40,000 a year income requirement in other categories.
- Nomads in the digital world. However, this has previously meant having an employment contract with an overseas employer guaranteeing a salary.
- Employees of huge corporations approaching retirement age.
4. Highly skilled professionals
- Experts or researchers working for state agencies or as university professors including professionals from ‘important industries’.
- For the previous two years, annual income must be more than USD80,000 or USD40,000 every year.
According to Mr. Thanakorn, the government anticipates attracting over a million competent people to Thailand over the next five years.
Therefore, to achieve the visa requirements, the government hopes to raise THB800 billion in investments from 90,000 foreigners. Furthermore, foreigners participating in the scheme may contribute a million baht in living expenditures. Additionally, the Thai Government expects 270 billion baht in taxes to the Thai economy each year.
We agree that this creates many uncertainties for those considering working or retiring in Thailand under the scheme. Thus, we will provide updates as soon as we receive them from the government.
Konrad Legal specializes in advising and supporting foreigners seeking long-term immigration solutions, as well as property and taxes investments. Moreover, a free introductory session with us might help you better understand your options. Therefore, simply mail us at [email protected] to book your consultation session.
