File image for reference only

 

Thai business media has reported on one of the biggest shake ups yet to attract foreigners to come and live in Thailand.

 

The proposals given by the Tourism Authority of Thailand during a video conference with Thai premier Prayuth Chan-ocha at Government House yesterday would see four target groups be able to work in Thailand without a work permit, pay just 17% tax on local earnings, buy property and land, and stay for up to TEN years.

 

The proposals would allow certain well-heeled retirees to actually be able to work legally in Thailand and purchase land. 

 

The proposals are now being considered by the government.

 

The target groups are:

 

1 The wealthy, like millionaires

 

2 Those who want to work from Thailand for foreign companies eg Digital Nomads

 

3 Foreign retirees with pensions

 

4 Those with high skillsets and abilities

 

The aim is to attract one million people in the four groups. This will increase spending in Thailand, increase expertise and bring other economic benefits.

 

That's because these million people will spend ONE TRILLION baht - thats one million baht each a year on average.

 

In addition they will bring 800 billion baht in investment from 10,000 investors and 80,000 retirees.

 

And it doesn't end there. Thailand will collect 500 billion in tax from 400,000 people with high skills. 

 

Of course there are caveats, reported the media.

 

Group 1 The very wealthy:

 

These will have no age limit, come to Thailand frequently, be high earners, and have many investments and assets.

 

To qualify for a 10 year visa they will need to invest US$ 500,000 in Thai government bonds or real estate. 

 

They'll need at least $80,000 in earnings over the last two years and a million bucks in assets plus $100,000 in health insurance. 

 

So long as they have evidence of all this they'll get a ten year visa, be able to work with no work permit for 20 hours a week, pay no tax on foreign earnings just 17% on local earnings and be able to buy property including land. 

 

2 Those people working in Thailand for foreign companies

 

No age limit, but must be able to prove reliable income. 

 

They must be earning $80,000 for the last two years or $40,000 a year. They will be digital nomads or people close to retirement age. 

 

They must have qualifications of at least a bachelor's degree and five years experience as well as $100,000 in health insurance.

 

They would be nomads in stock trading at companies making at least 50 million dollars per year over three years or they would be working for corporations that make at least one billion dollars a year.

 

They will get a ten year visa, be able to work with no permit, pay just 17% tax on local earnings and be able to buy property and land. 

 

3 Retirees aged 50+

 

These people will have to invest $250,000 in government bonds or real estate. 

 

Have to show $80,000 in pension income over the last two years or $40,000 per year and have $100,000 in health insurance.

 

Providing they can show all the required evidence of their long standing pensions they will get ten year visas, can work 20 hours a week with no work permit, pay 17% tax only on local earnings and buy property and land.

 

4 Those with high skillsets

 

These would be workers in the industrial sector whose skills are required or they might be professors at universities. 

 

They will need to be earning similar amounts to those in the other three sections have the required health insurance, educational qualifications and work experience.

 

They will also get the 10 year visa and the other benifits of the other three groups. 

 

The Centre For Covid Situation  Administration and the cabinet will now be considering the proposals, said the media without further comment. 

 

-- © Copyright Thai Visa News 2021-06-05

 

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Always fun to read new TAT fantasies. 

The thing I don't see happening is "the right to buy land"     it was touted for the elite visa but soon dropped  PDQ same thing here I would say.

Indeed the land of smiles... everyday something unbelievable

 

Can we ban the use of "well heeled" phrase, it's an annoying thaivisa type phrase

19 minutes ago, webfact said:

3 Retirees aged 50+

 

Before anybody rushes into this scheme, they should pause and reflect just how Thailand has treated all the retirees with pensions who are living here during the vaccination programme. If your idea of paradise is to retire somewhere that the authorities regard you as less important than homeless people, and where they're happy to play fast and loose with your health, then yep, Thailand is for you.

A milllion millionaires/high skilled professionals/wealthy pensioners/workers at billion dollar companies.

What are they dreaming of at night?

I came to Thailand on the STV with the hopes to get the Smart Visa when they made the changes to that to enable foreign employment. But now I am here and they scrapped the Smart Visa changes and they have also scrapped the STV, so I am not even sure I will be able to stay the full 9 months. I earn almost $200k, presumably I am exactly the kind of person they want to attract and keep. However, reading the above, it says things like "They must have qualifications of at least a bachelor's degree" - I have no university experience, however I do have over 20 years of actual experience and the title of "VP of Engineering" to match. They also say "They would be nomads in stock trading at companies making at least 50 million dollars per year" - What the heck? You only want people who work in trading companies? I work in an IT company, and how does it even matter how much the company I work for makes if I earn enough?

 

Meanwhile, I can easily move to Ecuador and actually buy land and live there permanently and feel like it's my home as long as I make $800/mo (Rentista visa). I want to feel like this my home Thailand, I do not feel welcome here and I am worried I will need to leave soon as the STV isn't eligible for COVID extensions. I am 38 so I am not eligible for the retirement visa for another 12 years. I am not going to set 600k baht on fire getting an elite visa either, I think the fact I live here and spend 30000k baht a month on rent, hire a cleaner for 3600 baht a month and pay for groceries and e.t.c. should be enough.

Edited June 5, 20215 yr by rhomber
Missing word

What happens when the 10 years is up ?

7 minutes ago, Joe Farang said:

What happens when the 10 years is up ?

Reapply and throw another 500'000 USD into the Thai dept pot.

If you have properly done your ~400 90 day reports and likely a yearly "show funds" appointment, they might consider extension ????????

 

What a joke. A couple of countries where you can buy a passport (citizenship) for 500'000 USD or less.

With a few years wait and well behave this might even work in Switzerland to give a comparison.

No more hassle.

Edited June 5, 20215 yr by KhunBENQ

What would possess a wealthy, group 1 type, to even bother considering any of this????

 

If I were a dollar millionaire I wouldn't even be here.

Today on "Things that will never happen"

2 minutes ago, Shuya said:

Today on "Things that will never happen"

A thread better than any troll could create ????

And i propose that the TAT stop smoking that stuff that makes them hallucinate a lot lately, OR, give us some that stuff too...

And once again, absolutely nothing to the benefit of those married here with children.

 

It's all about the MONEY, never about the HUMANITY. 

Edited June 5, 20215 yr by WineOh

many millionaires left in plane loads in the last 2 months because they couldnt get vacs 

Is there any kind of competition for the joke of the year these days ?

Great, just great. If you think they cannot top it anymore, they just do it ????

The desperation level is soaring to new heights with this little wishlist of fanciful fantasies ..

Dream On as Aerosmith sang .. 

3 minutes ago, WineOh said:

And once again, absolutely nothing to the benefit of those married here with children.

 

It's all about the MONEY, never about the HUMANITY. 

Oh the humanity... this wouldn't be that amazing.. Many countries have similar things. Australia has  a business migration program where many chinese and indians come to Australia ..invest in a business for 5 years or so ..and then can become Australians

A post-Covid Vietnam would be wise to offer renewable retirement visas...

Could have fooled me that Thailand wants to attract another million expats to come live here. While life is generally good they sure do put up many barriers that could make it so much better.

21 minutes ago, Surelynot said:

If I were a dollar millionaire I wouldn't even be here.

Me neither, I'd be in Cambodia.

 

Imagine all the 50 cent beers you could buy with that! ???? 

Edited June 5, 20215 yr by WineOh

All these fantasy proposals.

TAT bosses must be really desperate.

 

Wonder when someone will come up with the idea to set up a Go-Fund-Me for Thailand ?

Don't need to come, just donate us!

target amount 1 trillion, no expiration date.

 

 

 

30 minutes ago, rhomber said:

Meanwhile, I can easily move to Ecuador and actually buy land and live there permanently and feel like it's my home as long as I make $800/mo (Rentista visa). I want to feel like this my home Thailand, I do not feel welcome here and I am worried I will need to leave soon as the STV isn't eligible for COVID extensions. I am 38 so I am not eligible for the retirement visa for another 12 years. I am not going to set 600k baht on fire getting an elite visa either, I think the fact I live here and spend 30000k baht a month on rent, hire a cleaner for 3600 baht a month and pay for groceries and e.t.c. should be enough.

 

Agreed .. isnt that the point going forward ? Countries will have to compete with each other for tourists and entrepreneurs. Thailand has a habit of flip flopping / changing the rules / not being reliable or offering a year on year sense of stability.  I wish them well and hope that they succeed but I just think that strong competition from countries like Vietnam or Columbia will be painful for them. 

This would be fantastic as long as they can apply it to historical purchases. I know plenty of people here with big rental property portfolio's. Fingers crossed. 

53 minutes ago, webfact said:

The proposals are now being considered by the government.

 

6 minutes ago, WineOh said:

Me neither, I'd be in Cambodia.

 

Imagine all the 50 cent beers you could buy with that! ???? 

Nothing is stopping you. Nobody cares for the 50 cent beer buyers anymore. The world has moved on. Cambodia first and then maybe India after Cambodia has had enough? 

????????????