Govt eyes new visa rules in bid to woo investors

By The Nation

 

 

The government’s Centre for Economic Situation Administration (CESA) on Wednesday (September 16) approved in principle amendments to the criteria of granting permanent residence and smart visa to foreigners in a bid to woo more investment, the National Economic and Social Development Council's deputy secretary-general Danucha Pichayanan said.

 

The centre is considering the option of granting permanent residence to buyers of condominium units, provided applicants do not mortgage, sell or transfer this asset for five years after purchase.

 

CESA has also broadened guidelines for granting smart visa, which will now cover those who want to develop start-ups or create jobs in fields other than science and technology.

 

It may also broaden smart-visa criteria to cover independent experts who do not have a work contract in Thailand. Holders of smart visas will in some cases be allowed to do jobs other than the one specified in the visa. Criteria on work experience and educational background for high-ranking executives applying for a visa should also be relaxed.

 

Thailand’s smart visa programme was launched to woo skilled manpower, investors, executives and start-up entrepreneurs to work in targeted industries here.

 

Source: https://www.nationthailand.com/business/30394652

 

-- © Copyright The Nation Thailand 2020-09-17

 

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I'd like to find out how many 'smart visas' have been issued since it was introduced...I suspect it's either zero or very close to zero.

25 minutes ago, webfact said:

The centre is considering the option of granting permanent residence to buyers of condominium units

they tried something  like this  years  ago if  you spent 3  million on a  condo   except  no permanent residence, I have 7  in my Wife's  name guess they wont  let me  be permanent then!

Later they  will change the rules leaving owners high and dry after theyve  suckered them in and theyve spent their  cash. just  like last time.

Edited September 16, 20205 yr by bodga

Thailand the world's visa hub.

3 minutes ago, HiSoLowSoNoSo said:

Thailand the world's visa hub.

 

And every one of them but VOA not fit for purpose. 

Gonna have more types of visa than tourists soon

1 hour ago, webfact said:

Criteria on work experience and educational background for high-ranking executives applying for a visa should also be relaxed.

 

Off course, the only criteria should actually just be the content of the big brown envelopes. ( Sarcasm )

Thailand vis-a-vis Visaland and visa versa, sometimes arsy versa.

And once the pandemic is over, will they revoke your PR. After the 97 crash, some condos were allowed 100% Foreign ownership, only for that being revoked at a later date....hence a Foreigner selling their "Foreign" condo, could only sell to a Thai or company.

Its certainly a way to sell these condos and if foreign buyers are being offered  a hassles longterm visa staying option its interesting but the devil is in the details and why not have offered it 7 years ago ? 

3 hours ago, webfact said:

Govt eyes new visa rules in bid to woo investors

They should modernise the ones they have first, e.g. a one year retirement visa should be valid for 1 year without any of this 90 day reporting etc. .....!!!!

3 hours ago, ukrules said:

I'd like to find out how many 'smart visas' have been issued since it was introduced...I suspect it's either zero or very close to zero.

In the first eight months it was available, 28 of 37 applicants managed to obtain the Visa according to the Board of Investment.

They spend far too much time talking about their visas as we on this forum know too well.  I do what they talk about in this article, but Thai visas are just one problem.  There are crazy high tariffs in Thailand.  The key advantage in Thailand is patience of the humble Thai, and the fact they respond well to kindness.  A visa should just be a given and not a determining factor.  The determining factor is the cost of doing business.      

14 minutes ago, Matzzon said:

In the first eight months it was available, 28 of 37 applicants managed to obtain the Visa according to the Board of Investment.

Pretty close to zero, I wonder why? Did nobody want this visa?

3 minutes ago, ukrules said:

Pretty close to zero, I wonder why? Did nobody want this visa?

With only smaller than 40 applications in 8 month, one would assume it wasn´t a hit. ???? 

These guys spend more time "mulling" and "eyeing"  for which they get paid than actually doing,when they do do something it invariably loses money because they are trained to do what they are told and not to think original thoughts.

Permanent residence for the ones who buy a condo , sounds fair enough to me .

What a bout the ones who already own a condo ...?

Why just condos? Many farang built houses cost as much!

4 minutes ago, Chassa said:

Why just condos? Many farang built houses cost as much!

Because you don't own them.

1 minute ago, malathione said:

Because you don't own them.

Divorce law says you own half.

1 hour ago, ukrules said:

Pretty close to zero, I wonder why? Did nobody want this visa?

what do they expect? everything they do here is slanted towards what they want not what their clients/guests/customers want - hence near zero uptake

 

maybe for once they could their prospects what they want

 

 

32 minutes ago, nobodysfriend said:

Permanent residence for the ones who buy a condo , sounds fair enough to me .

What a bout the ones who already own a condo ...?

 

they have to leave the country, com back and buy another one, silly!

 

3 minutes ago, Chassa said:

Divorce law says you own half.

It does not belong to you, divorce notwithstanding. By all means, though, continue with your misconception.

2 minutes ago, malathione said:

It does not belong to you, divorce notwithstanding. By all means, though, continue with your misconception.

u  can  own  the  house no  problem

3 minutes ago, malathione said:

It does not belong to you, divorce notwithstanding. By all means, though, continue with your misconception.

Generally, foreigners are not allowed to directly purchase land in Thailand. ... It is a commonly unknown fact that although a foreigner cannot own land in Thailand, he can own the house or structure built thereon. One only has to apply for a construction permit to build the house in his own name.

From the internet

PR with a condo sounds attractive but i'm sure by the time they have slapped on all the other 50 requirements it won't be.

 

it'll just be another "scheme" to benefit a select group of cronies developers for the benefit (lol) of their target demographic - big spending chinese foreigners

 

i mean just look at the timing, 2 days ago their is a story breaking about chinese defaulting on their condo purchases and today we have a plan for free lifetime visas for condo purchasers! convenient.

 

 

 

Edited September 17, 20205 yr by GeorgeCross

5 hours ago, bodga said:

they tried something  like this  years  ago if  you spent 3  million on a  condo   except  no permanent residence, I have 7  in my Wife's  name guess they wont  let me  be permanent then!

Later they  will change the rules leaving owners high and dry after theyve  suckered them in and theyve spent their  cash. just  like last time.

May be they should protect the ones already invested a lage sum before trying to bring more investors otherwise looks like they are scaming the new ones

5 hours ago, ukrules said:

I'd like to find out how many 'smart visas' have been issued since it was introduced...I suspect it's either zero or very close to zero.

 

I know 3 guys (all directors in a logistics company) who have these, 2 have 3 years & 1 4 years.

 

They come with all the usual BOI perks (fast track immigration etc)...

3 hours ago, RichardColeman said:

Gonna have more types of visa than tourists soon

Nominating for comment of the year

Maybe the qualifications put people off from this "smart visa"... At least for me, as an investor/entrepeneur, it does not interest one bit. I moved from China to Malaysia and did not consider Thailand for a second. The terms owning and operating a business in Thailand is not what we want, it's for them to fleece us out of our monies.

 

https://smart-visa.boi.go.th/smart/pages/smart_t.html#qualifications

 

Interesting character this talking head. 

https://in.reuters.com/finance/stocks/officer-profile/PTT.BK/2993854
https://www.nesdc.go.th/nesdb_en/ewt_w3c/main.php?filename=management
https://www.bloomberg.com/profile/person/20728598

I guess he need to open his mouth once in a while to earn his salary & perks.

Edited September 17, 20205 yr by FinChin67