TAT latest: Elite card holders who buy a condo can stay "long term" and get work permit - but there's a catch

[NeoDinosaw]

4 hours ago, Nout said:

Income generated abroad is taxable

Not so

[Scot123]

People should and I'm sure many multi millionaires haven't forgotten the Duchman and his Thai wife.

[Surasak]

5 hours ago, Artisi said:

More wishful thinking, or was it fortune telling? 

If it was fortune telling, who sold him the crystal ball?

[ThailandRyan]

3 minutes ago, Scot123 said:

People should and I'm sure many multi millionaires haven't forgotten the Duchman and his Thai wife.

Killed and buried on there property by a jealous brother.  Wish you could just execute those types on the spot, jealoys family is not good.

[donnacha]

3 minutes ago, ThailandRyan said:

Wish you could just execute those types on the spot

We'll do a whip round and buy you a gun.

 

[spidermike007]

Total delusion. Invest alot of money in a collapsing condo market. Smart. 

 

Thailand needs courageous leadership. They don't have it. The army are major cowards. ANY person from ANY nation should be welcome starting tomorrow, if they are willing to subject themselves to a 14 day quarantine and pay excessive fees for that two week sentence. There is no downside or risk, and only upside for the nation. No groveling from a local consulate should be required. That is utter nonsense. A covid free letter and a booking at an approved hotel. Done. 

 

And for those investing big money here, free long term visas. Free elite membership. Home Immigration visits for visas and renewal. Tax holidays. If you want wealthy expats make some sacrifices. Lower the luxury taxes. Do something. Do anything. Just don't continue doing nothing. Timidity is so unappealing.

[ukrules]

6 hours ago, webfact said:

If the card holder subsequently invests $1 million (31 million baht) in Thailand in the following year they will be eligible for a long term stay and a work permit.

I've heard this before with the investment visa.

 

Didn't people have some issues when it's time to renew?

[Bim Smith]

I was a TE member and stayed long stay just getting extensions of stay each year without leaving so not much of incentive. Also TE are not issuing the visa inside the country from Amnesty. You have to leave and come back in as TE count this as overstay and in their words needs to cleared first so not sure why the big uptake in August and September was about. 

[hotchilli]

6 hours ago, webfact said:

If the card holder subsequently invests $1 million (31 million baht) in Thailand in the following year they will be eligible for a long term stay and a work permit.

So far detached from reality it's unbelievable.

[PEE TEE]

Soon be October the first not April the first 

[Cadan]

If you got a million$ Spare in thailand that’s the best retirement you can have. Why work ? 

[barney42bb]

Even Arthur Daley couldn’t flog this dodgy scheme to a mug punter... .. Just ask er indoors.

[bbabythai]

6 hours ago, BritManToo said:

Never been to a Thai beach that is good as any Viet beach.

Thai beaches are usually dirty and have bitey sandflies.

leave your bar stool at pattaya and try beaches along the rayong coast for example... Or head to the islands in the south. There are some stunning beaches. Ive never been bitten by a sandfly in thailand. 

[andux]

I have a feeling this new visa targets the same guys that send money to Isaan girls because their buffalos are sick.

 

 

[SupermarineS6B]

What more can you say........... La la land........  Completely destroyed a perfect runner all in the hope of robbing the rich.....   

[aussienam]

6 hours ago, BritManToo said:

Doubt anyone with $1M to play with would want to live in Thailand, or even holiday here more than once.

I certainly wouldn't.

 

I'd like to ask TAT ...... why do you think rich foreigners would want to live in Thailand? (or even holiday here?)

There are plenty of wealthy criminals in the world looking for places to launder their dirty money and carry on their low moral, debauched, cash-flashing narcissism in the open. South East Asia is a Mecca for criminals to come and live after their lives of crime. 

Live the life of luxury with your scummy mates and get an Elite Visa.  Invest in a few seedy businesses and you will be welcome with open arms.

The honest, hard working, tax paying, working and middle class folk like us, retired, are not wanted.  Retirees who can sleep straight at night perhaps, but we are treated like something of no use and barred from returning. Cannot even afford an Elite Visa? Ha! Go away you peasants.

[SupermarineS6B]

40 minutes ago, ThailandRyan said:

Killed and buried on there property by a jealous brother.  Wish you could just execute those types on the spot, jealoys family is not good.

Scotsman...... 

 

[steeb]

21 minutes ago, Bim Smith said:

I was a TE member and stayed long stay just getting extensions of stay each year without leaving so not much of incentive. Also TE are not issuing the visa inside the country from Amnesty. You have to leave and come back in as TE count this as overstay and in their words needs to cleared first so not sure why the big uptake in August and September was about. 

I was on the amnesty and got an Elite visa stuck in my passport at Chaeng Wattana yesterday.

[Bender Rodriguez]

loooooooooooool

 

start a business in thailand with a million dollar

 

when your money runs down to a million baht, it is time to go home

[KKr]

under investment board rules:

 

3.1 The minimum capital investment requirement of each project is 1 million baht (excluding cost of land and working capital) unless specified otherwise on the list of activities eligible for investment promotion that is attached to this announcement.

BoI incentives are rather interesting, has some one seen a comparison with Elite Visa ? if so, where ?

[FinChin67]

I could but I will not. However they do not like to get any feedback why not and act on it. I know few others too. Thailand is not the only country in the world with beaches and warm weather.

[Expat Tom]

I would suggest that the brain pool at in Bangkok do an in depth investigation into its competition for expat dollars. Thailand has a very VERY disadvantageous vias system for foreigners...well heeled or not. That is clearly when Thailand seldom makes the top ten list of places to visit and retire. There are lots of benefit to living here. Are are also lots of detractions. Foreigners cannot own a house "easily" in their own name and the visa system is a nightmare. 

[86Tiger]

1 hour ago, donnacha said:

I would not generally choose to invest in Thailand but it is somewhat unfair to characterize an investment as throwing the money away or, as some here are saying, buying a work permit.

My understanding is that, unlike the similar schemes in the past, you are not restricted to, say, buying a brand new condo from specific, overpriced developers. You are free to invest your 31 million baht into any combination of property and/or business. You can start a business, you can buy an existing business. You can spend some of it on a condo and the rest on a restaurant. You can buy a small block of condos to rent out while you keep the top floor for yourself etc.

If the economy is as screwed as I suspect it is, and if there are business owners currently hanging on in the belief that they are going to have a high season, it means that there will be a lot of fire-sales next year. It is conceivable that your million could pick up some relative bargains.

Certainly, buying at what is likely to be a low-point means that you will probably end up eventually cashing out your investment for more than you paid.
 

Consider that we could see taxes rising to 60 or 70% in some EU countries. That means a massive chunk coming out of the wage packet high-earners who may now be working remotely anyway. That is going to feel deeply unfair. It would mean even more being taken from the owners of online businesses.

A million dollars sounds like a lot but it really isn't. I thought I would feel elated when I made my first million but I actually felt broke. Many of my friends felt the same sense of disappointment, because you realize just how far you have to go before you can feel that you have made it. In Europe, a million is just an okay house in a good area.

So, yeah, I think a lot of people are going to go for this. It could be a very good deal if you are in that not-quite-rich category. Although I seem to be the only one here to think so, the Thai government are really onto something. It is a lot smarter and more subtle than I would ever have expected from them.

 

I whole heartily agree with your sentiment of a million not being what it seems.  It is just a good starting point.  But I need my money to work, not parked in an over built condo market.  It is way over built and a good number are of questionable quality.  If there are no tourists, no visitors and the economy is shot there is no need for all the condos on the market now.  Any projection you use estimates years before full recovery.  And all the while empty condos are deteriorating from lack of occupancy and maintenance.

 

If I got extra million lying around I don't need I can afford to speculate on something risky.  But I need growth not speculation.

 

Hard no from me.

 

 

[belfast3]

Every multi-millionaire's dream – a work permit to teach English in Thailand.

Secondly, anyone with $1m to invest is not stupid enough to invest it into a country that has locked out foreigners for the past 6 months and could potentially separate them from their investment at a moments notice.

[SupermarineS6B]

1 minute ago, belfast3 said:

Every multi-millionaire's dream – a work permit to teach English in Thailand.

Secondly, anyone with $1m to invest is not stupid enough to invest it into a country that has locked out foreigners for the past 6 months and could potentially separate them from their investment at a moments notice.

That's what scares me, that's why i only keep rent money in a Thai bank........  This lot could steal the lot at any minute and justify it...........  

[baansgr]

Gotta laugh at this one

[Caldera]

Another ludicrous proposal. If I invest $1M and want to work, I can already get a work permit through the regular channels. If I invest $1M and don't want to work, then guess what, I won't need a work permit.

[Seeall]

6 hours ago, Pattaya Spotter said:

The temples and beaches?

The trash on the beach is a sight to behold!

[ukrules]

20 minutes ago, steeb said:

I was on the amnesty and got an Elite visa stuck in my passport at Chaeng Wattana yesterday.

You're all set for at least the next 5 years then.

[Burma Bill]

7 hours ago, webfact said:

invests $1 million (31 million baht) in Thailand

Also quote:-

"most interest had come from visitors from China, America and Europe"

 

Money laundering????