Thailand proposes plan to invite one million foreign visitors
We’re a little over one year into this global crisis, which has caused many borders to remain closed. Thailand is heavily affected by the consequences of the pandemic because of the country’s dependence on the tourism industry.
In hopes of boosting the economy, the Tourism Authority of Thailand (TAT) has come up with a proposal where they will invite one million foreigners to work, buy land, and live in the country for up to 10 years.
Here are the further details of the plan.
More on recent Thai current affairs:
- 10 Thai provinces may waive tourist quarantines on 1 Oct
- Phuket is on track for re-opening the island
- Guide to the vaccine holidays from Thailand
- Walk-in vaccine services paused
Long term residency plan for foreign visitors
In the Tourism Authority of Thailand’s (TAT) new proposal, those holding the new 10 year visa can live and work in the Kingdom. They aim to attract at least one million foreign visitors within four target groups: retirees, foreign workers, skilled professionals and the wealthy.
The four target groups will be granted long-term residency visas allowing them to work without the hassle of obtaining work permits or going on visa runs. Each group will have different benefits and requirements to obtain their visas as stated below according to Hua Hin Today.
1. Retirees
Requirements:
- Proof of a stable pension from overseas that’s at least worth ฿1,247,240 (~USD40,000) per annum
- Proof of purchased Thai government bonds or real estate that are worth at least ฿7,795,250 (~USD250,000)
- Proof of health insurance from an accredited insurance company that covers at least ฿3,118,000 (~USD100,000) or more.
Benefits:
- 10 years of visa validity
- Being able to work without a work permit as a lecturer or facilitator for a maximum of 20 hours per week
- Long-term lease rights or ownership of the property including the land
- 17% of the flat rate will be charged based on personal income in Thailand
2. Foreign workers a.k.a Digital nomads
Requirements:
- Able to show minimum personal income (salary or investment) from an overseas source of at least ฿2,494,400 (~USD80,000) for the past two years
Or
- Hold a Master’s Degree or above, demonstrated ownership or intellectual property or received Series A funding and earn ฿1,250,000 (~USD40,000)/ year.
- Must have at least five years of work experience
- Must show proof of health insurance from an accredited insurance company that covers at least ฿3,118,000 (~USD100,000) or more
Benefits:
- 10 years of visa validity
- Being able to work without a work permit as a lecturer or facilitator for a maximum of 20 hours per week
- Long-term lease rights or ownership of the property
- 17% of the flat rate will be charged based on personal income in Thailand
3. Wealthy
Requirements:
- No age limit to apply
- Provide proof of investment for at least ฿15,590,500 (~USD500,000) in Thai government bonds, real estate properties or foreign direct investment
- Provide proof of a minimum of ฿2,494,400 (~USD80,000) per annual income in the past two years
- Must show proof of health insurance from an accredited insurance company that covers at least ฿3,118,000 (~USD100,000) or more
Benefits:
- 10 years of visa validity
- Grant permitted to work without a work permit as a lecturer or consultant up to 20 hours per week
- Tax exemption for overseas income
- Long-term lease rights or ownership of the property
- 17% of the flat rate will be charged based on personal income in Thailand
4. Skilled professionals
The definition of “Skilled Workers” in this case is congruent with the one stated in the Enhancement of Competitiveness of the Country for Targeted Industries Act, B.E.2560. It encompasses those with knowledge in specialised fields who can become government agents or university professors.
Requirements:
- Proof of personal income or investment of ฿2,494,400 (~USD80,000) per annum in the last two years
Or
- Hold a Master’s Degree or above, demonstrated ownership or intellectual property or received Series A funding and earn ฿1,250,000 (~USD40,000)/ each year
- Proof of five years working experience.
- Must show proof of health insurance from an accredited insurance company that covers at least ฿3,118,000 (~USD100,000) or more
- Have gross income over ฿1,559,250 (~USD50,000) within the past three years
- Proof of registered overseas companies with 250 employees and been active for at least three years
Or
- Possess working experience in teaching or working in research.
Benefits:
- 10 years of visa validity
- Grant permission to work without a work permit.
- 17% of the flat rate will be charged based on personal income in Thailand.
- Long-term lease rights or ownership of the property
Proposal to boost economy
Prime Minister Prayut Chan-O-Cha has already received the proposal, according to The Thaiger. Those who formed the proposal project that this plan may generate ฿500 Billion (~USD16 Billion) from tax revenue received from the expected 400,000 professionals entering the country.
TAT also anticipates that the wealthy individuals would bring in ฿800 Billion (~USD26 Billion).
Long-term investment in a future in Thailand
Even though the requirements are financially heavy, this can be a good investment in the long-run for those who are looking to live in Thailand. TAT’s proposed plan even allows visa holders to own land, which is something that not all expats are permitted to do.
What do you think? Is this something you’d consider?
Cover images adapted from:Ask Chiang Mai
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