Plan to grant work permits to foreigners who invest $1m clears first hurdle

[BadSpottedDog]

What is so difficult to understand!? Thailand is NOT going to draw ultra wealthy people! These people can spend LESS money investing in better tourist spots that don't have trash, traffic, high air pollution, & immigration problems!! Not going to happen! 
Also, why would investors want to put their money into a country that has made it SO DIFFICULT for people to even visit? 

Mind boggling.

[Rawairat]

I am sure there is a lot of shady characters out there who could use this

[Arkady]

I remember a few months ago they said they were working on a measure to allow Elite cardholders to work on the visas and extensions of stay that they get. And now after months of work we have it.  I naively thought it meant they would just issue a police order saying the prohibition against working on these visas no longer applies.

 

Of course there are some people working in the Kingdom who might consider the Elite card, if it allowed them to work but they already have WPs.  It doesn't sound like it will be a WP tied to the worker, rather than the job, allowing you to work anywhere regardless of the company's paid up capital and ratio of Thai to foreign workers. If it did, it might be marginally interesting to some but not many. This concept existed when WPs were first introduced in the early 70s. Anyone who had permanent residence and was in a job was given exemption from WPs for life, as long as they remained in the same profession. I guess most are retired, upgraded to citizenship or dead by now.

 

I know one guy who has an Elite card because he likes the limousines and other fuss but has a job and a WP, so he doesn't need to use the visas. He says he will retire soon and will then use the Elite visas which is much less of a hassle than retirement extensions of stay.  But, as it is, he says getting NON-B visas and WPs is no hassle to him at all.  His company organises all of it through the one-stop service.  Doing his WP through Elite card would probably be more of a hassle, as he would no longer be eligible for the one stop service and would have to renew his Elite visa every 90 days at Immigration and wherever the Elite WP will be done.  I am pretty sure he would not take the Elite WP, even if it were offered free without the additional $1 m investment.

 

Another issue is what would be the approval system of the $1m investment and what investments qualify. It will almost certainly be easier and quicker to get a WP through the normal channels than go through this process.  Some will recall the amendment to the Land Code in 1999 that allowed foreigners investing 40 million baht in certain approved investments, such as special bank of Thailand funds and real estate funds, to buy 1 rai of residential land in specific zones in the country with approval on a case by case basis.  21 years have passed since that law came into effect and not a single foreigner purchase has ever been allowed. Those who tried found that the approved investments did not exist.  Even if they did they would have had to find a seller who could wait months to complete the sale while waiting for the approval.  It was another Thai smoke and mirrors job.  The bureaucrats didn't like the law passed by parliament and made sure that it would not work but it was great PR to trumpet about liberalising land ownership for foreigners.

[berrec]

 

 

[simon43]

1 hour ago, khunpa said:

 

Yes,  Portugal is an option. But does it has ladyboy GOGO bars and great Som Tam stalls? I think not!

Thank heavens for that!  Portugal, I'm on my way.....

[cjinchiangrai]

I would be happy just to be able to tutor the village kids in English and math. Have the elite, already invested several million in a house but risk my visa every time I help my niece with her homework.

[SCOTT FITZGERSLD]

3 hours ago, Shuya said:

Investing 1 Million USD for the privilege of paying 35% income tax. The best deal since Wirecard stock. 

ACCTUALLY 35% income tax is low compare to the west

plus thai tax system is territorial

so it might attract some wealthy people

but coming free with any long term visa

[SupermarineS6B]

Oooooh, how kind........ Just a million bucks........ Tell me this person's not Anutins family........ he spouts the same verbal.......... (can't say it)    ......

[khunpa]

9 minutes ago, simon43 said:

Thank heavens for that!  Portugal, I'm on my way.....

I am staying. Nothing beats sitting on a rock-hard floor eating a great big spicy portion of Som Tam with your lady boy friend while discussing the world situation.
 

Portugal and all other places suck! A million USD is a bargain.
 

Edited November 19, 2020 by khunpa

[Burma Bill]

8 hours ago, webfact said:

Plan to grant work permits to foreigners who invest $1m clears first hurdle

[Pancho]

I think it would be great fun to sit in on one of these creative meetings, think of the ideas that get passed over.

[Poilu]

2 hours ago, AlfHuy said:

Go to Portugal, buy a 500,000 EUR house and get permanent residency.

Maybe not a lot questions asked from where money came from.

And 5 years after your purchase you qualify to apply for citizenship. That is a good deal.

[mr_lob]

???????????? stop...STOOOOOPPP!!! it hurts too much ????????????????????????????????????????

[Jake72]

I can't imagine people throwing around $1 million investments are in dire need of a work permit.

[bkk6060]

6 hours ago, scorecard said:

Having big money doesn't automatically mean the person is capable of valuable contribution to society, nor does it mean that person wants to contribute, and it doesn't mean the person is an upstanding citizen.

This is true.

Like I have been saying Thais are not all about the money but about the integrity of the person..

[smew]

Yup.. invest or it should say lose and kiss your money good bye...

 

Show me anyone in small business that succeeded in Thailand ....... impossible ..   

[Edina]

Thinking back to my days in Ireland, to prevent the brain drain the Irish government offered a tax free holiday for 10 years  to companies that would come in and set up factories. Many Japanese firms took them up on the offer, with a proviso that they would be set up in areas where there was very little employment opportunities. Agreed Ireland is a smaller country than Thailand but now Ireland is reaping the benefits. Why not in Thailand ???????????????  

[natway09]

I just do not understand. Having worked & lived here for 30years the people who invest in Thailand 

most do just do not need a W/P. & if they do, can get one anyway.

What would interest them is some guarantee some tenure, not the constant Immigration hurdles

.Do they forget that as we live here we spend here?

[Pravda]

I think I know what's happening here. 

 

Thai government employees enjoy reading Thai Visa during their morning coffee and watch Farang go ape$$$$

 

After they have a good laugh they have a 2 hour meeting trolling the next press release which will be picked up by TV News Team the very next day.  It's really sad that so many of you fall for it every day. 

 

 

[Thaifly88]

10 hours ago, webfact said:

Plan to grant work permits to foreigners who invest $1m clears first hurdle

By The Nation

 

Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT)

 

The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a plan to grant work permits to Elite Card holders who invest at least US$1 million in Thailand.

 

To be eligible, Elite Card holders must invest the money for five years in Thai property or businesses.

 

They must also have top-tier Elite Cards costing Bt1 million and valid for at least five years.

 

The move is aimed at luring more foreign investment, said Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT).

 

Wednesday’s CESA meeting, which was chaired by Prime Minister Prayut Chan-o-cha, assigned the TAT to consult with the Foreign and Interior ministries before forwarding the plan for Cabinet approval.

 

The measure is expected to generate Bt31 billion – Bt1 billion from the sale of Elite cards and the rest from cardholders' investment in Thai assets.

 

The meeting also endorsed the TAT’s plan to partner with Thai Airways and local hotels to offer tourism packages plus quarantine stays to foreign visitors.

 

The packages will be offered from December 1 to March 31 next year, with a target of 2,000 visitors and Bt200 million in revenue per month.

 

Source: https://www.nationthailand.com/business/30398174

 

-- © Copyright The Nation Thailand 2020-11-19

 

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Perhaps I am missing something , but why would you put US$1 mill into Thailand in order to receive a work permit ? Assuming that anyone with US$1 mill to allocate to this has plenty more, they would probably be living off their investment returns and not trying to get a WP in Thailand. 

[VBF]

9 hours ago, ukrules said:

I know it's early days but I'm going to go ahead and guess anyway - it will be anything between zero and perhaps 5 or 10.

I love an optimist ????

[RocketDog]

I just sold a bunch of my Google stock and was planning to blow at least a million of it on bargirls and drugs. 

 

This sounds like a much better investment even though I don't really want a work permit. Where do I sign up? Can I pay by check or does it have to be cash in a brown envelope? 

[ThailandRyan]

4 minutes ago, RocketDog said:

I just sold a bunch of my Google stock and was planning to blow at least a million of it on bargirls and drugs. 

 

This sounds like a much better investment even though I don't really want a work permit. Where do I sign up? Can I pay by check or does it have to be cash in a brown envelope? 

Can I use my Bitcoin as well.  It just so hard to use otherwise.

[wolf81]

I don't really see the point of the Work Permit.

 

If you've got 1.000.000 USD te spend on a programme like this, it might be cheaper in the long run to just setup some Thai business. Sure, you'd have to pay some Thai staff, but it'd take many years until you've spent the full 1.000.000 USD and perhaps your business could actually become successful and another source of income. 

 

Also, with the work permit you still need to work for some boss. If I'd have that kind of money to spend on some programme like this, the last thing I would want is work for another boss ... I'd rather do nothing. And that can easily be achieved using the investment visa that will only require you to invest 10.000.000 THB in Thailand. You can probably buy some stock and sell it again after 5 years or so. 

 

I guess it's an easy, if somewhat expensive, way to become an English teacher in some school in Nakhon Nowhere. 

Edited November 19, 2020 by wolf81

[KhaoYai]

12 hours ago, webfact said:

The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a plan to grant work permits to Elite Card holders who invest at least US$1 million in Thailand.

 

To be eligible, Elite Card holders must invest the money for five years in Thai property or businesses.

Or, if you're married to a Thai citizen you can simply invest whatever is necessary to start a business through a Thai Ltd company, not spend millions on an Elite card and not invest $1 million for 5 years.

 

Do they think the unmarried are so desperate to live in Thailand that they will commit what at the moment is over 30 million baht?

 

More from the Ministry of Crazy Ideas.

[geisha]

Thailand, please stop this nonsense, you are making your country into the laughing stock of the world.

[soalbundy]

If I was coming to Thailand with a million dollars why would I want to work?

[Pilotman]

3 hours ago, Edina said:

Thinking back to my days in Ireland, to prevent the brain drain the Irish government offered a tax free holiday for 10 years  to companies that would come in and set up factories. Many Japanese firms took them up on the offer, with a proviso that they would be set up in areas where there was very little employment opportunities. Agreed Ireland is a smaller country than Thailand but now Ireland is reaping the benefits. Why not in Thailand ???????????????  

Because Ireland, unlike Thailand, has the strong Rule  of Law that is upheld, a strong Court and Justice system and a  none corrupt administration  and Police force. The are as different as chalk and cheese. 

[Traubert]

7 hours ago, chilli42 said:

Correct.  The $1 million investment will be no barrier for well off Chinese who have been investing much more than this in Thailand anyway

The TV pundits say the Chinese are all skint.

 

They all follow the flag round Walking Street and eat noodles on the pavement.

[bipper]

Most countries offer tax benefits to get foreign investment in. Then this must be the way to get the good guys in and keep the bad guys out?

???????? 

 

I see a laundry in your future Mr. Yuthasak Sipasorn.

Edited November 19, 2020 by bipper
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