Ambitious plans to attract one million foreigners to become expats in Thailand and potentially allow them to own land, work without work permits and be granted 10 year visas have been put forward for discussion by a working group.

 

The plans being mulled aim to attract ‘wealthy’ foreigners to aid Thailand's post pandemic economic recovery. 

 

The plan is to attract a million foreigners with healthy bank balances and pension pots into Thailand where they will generate an estimated one trillion baht for the Thai economy.

 

The plans are being discussed by a working party headed by Mom Luang Chayothit Kridakorn, a ministerial aide to DPM Supattanapong Punmeechaow.

 

Bangkok Business News reported that the working group will have six months to iron out the details of the proposals. 

 

The story relates to that already reported last week and through the week on Thaivisa though the choice of wording for the four categories of foreigner was new.

 

To benefit from things like working with no permit, ten year visas, land purchase rights and low tax on local earnings foreigners would need to invest in real estate and government bonds. That would be half a million US dollars for the top level and 250,000 bucks for pensioners. 

 

They would also need to have good qualifications and work for companies with good credentials, especially well financed ones.

 

The names used by BBN were:

 

• Wealthy Global Citizens
• Wealthy Pensioners
• Work From Thailand Professionals (digital nomads)
• Highly Skilled Professionals

 

All of the above groups would be granted a number benefits from moving to Thailand including, visa validity 10 years, permission to work without a work permit, personal income tax charged on income in Thailand at a flat rate of 17% and the right of ownership/long-term lease of real estate (including land).

 

The proposals were first announced by the Tourism Authority of Thailand last month. 

 

 

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SURVEY: Is it time to let foreigners own land?

Have your say: https://forum.thaivisa.com/topic/1220310-survey-is-it-time-to-let-foreigners-own-land/

 

Lofty plans, it will be very hard sell to the people of this country, Thais are very proud people and guarded of their home-land to all of a sudden do all that, just see what draconian measures are they putting in place just to come to Phuket, so now all of a sudden allowed to own land, no work permits, what's next? easy Thai citizenship now?... 

It's just another committee for self-important big-wigs to mouth off 

& get free lunches.  LOS is the Land of Solicitors who are drawing big money from forming fake Companies with Thai shareholders. There are too many Audit firms accounting the books of these companies for this idea to ever get passed the 'mulling' stage.  Only dog-loving millionaires would consider Thailand with its reputation for fairness and anti-corruption.

23 minutes ago, Jonathan Fairfield said:

The plan is to attract a million foreigners with healthy bank balances…

 

…because everybody knows such individuals grow on trees. ????

33 minutes ago, Jonathan Fairfield said:

The plan is to attract a million foreigners with healthy bank balances and pension pots into Thailand where they will generate an estimated one trillion baht for the Thai economy.

 

The plan is to attract a million foreigners with healthy bank balances and pension pots into Thailand where they will generate plunder an estimated one trillion baht for the Thai economy.

They will mull it to death .....and the outcome will be the same...no way.

regards Worgeodie

OK, so now (within the short span of just 1 week) we have moved from....

 

"We want to attract up to 1 million wealthy foreigners by allowing them to buy land, work without permit and offering them a low income tax flat rate IF they bring substantial professional qualifications and have a minimum annual income of $80,000"

 

to...

 

"We want to attract up to 1 million wealthy foreigners by allowing them to buy land, work without permit and offering them a low income tax flat rate IF they bring substantial professional qualifications and have a minimum annual income of $80,000 AND invest up to half a million $ in government bonds or real estate."

 

And by next week - and as this "working group" deliberates in typical nationalistic fashion - there will be yet another adjustment. My guess is they are going to remove the right to purchase sacred Thai soil while probably cranking up the financial requirements.

 

And eventually that entire lofty plan will evaporate into nothingness because only very few "wealthy foreigners" are going to put up with untenable conditions designed to benefit Thailand only while giving almost nothing in return.

 

Then there is of course the problem with transferring funds OUT of the country. Thanks to Bank of Thailand regulations, It's a big, big inconvenience to even withdraw and transfer a minor amount of your own money - say $10,000 - without having to jump through hoops and providing reams of paperwork. 

I think they got the title wrong,

 

It should be a Delusional working group, 

1 hour ago, Jonathan Fairfield said:

The names used by BBN were:

 

• Wealthy Global Citizens
• Wealthy Pensioners
• Work From Thailand Professionals (digital nomads)
• Highly Skilled Professionals

 

 

Sick of us lot then ah.

38 minutes ago, Jonathan Fairfield said:

To benefit from things like working with no permit, ten year visas, land purchase rights and low tax on local earnings foreigners would need to invest in real estate and government bonds.

Looking for a way to clear a bubble in real estate for condos with I will bet perhaps a carrot max of owning house capped on 100 sq-wah. Also they are already planning to offering government bonds to help raise money to clear the borrowing debt already in the ballerina Prayuth Junta trillions, but unless changed it looks to be 1.67% return with a term of 10 years. I bet in the end if they do not live on that property a certain amount of days per year then that will become null and void for the dirt portion. Also I read there is a clause that they have to travel to Thailand numerous times if not living here. Seems like a trap door unless you are filthy rich and can afford to write off all if lost. Piper dream for them again and a clear spit in the already here invested in house foreigners face who pour in millions every year.

Why would I want to own land here? Risky investment at best. Heavens forbid that they could lower their aspirations and realise that there is an actual lack of remote working visa options in Asia and now is the time to capitalise on that.

As those of us here already won't get a look in (assuming "something" comes out of this which I doubt) maybe its time to leave and come back later when they "want" us.

Few years ago some smart pants decided to attract wealthy and family tourists to Pattaya. We all know what happened. If i could think of any good reason for wealthy to move to Thailand instead of Bali or even Cambodia, i will let you know

1 hour ago, Jonathan Fairfield said:

The plan is to attract a million foreigners with healthy bank balances and pension pots into Thailand where they will generate an estimated one trillion baht for the Thai economy.

I presume that "foreigners with healthy bank balances and pension pots" have multiple attractive options around the World.

 

I recall a popular book "Retiring in Thailand" with the sub-title "Live in paradise for pennies on the dollar", compare this with the Thailand Migration Report 2019, which based on 2017 statistics states that there are circa 200,000 expats living in Thailand, of which 77,000 stays due to family (marriage, children, etc.), 73,000 due to retirement, and 50,000 because of investments. On top about 113,000 well educated foreigners have a work permit, bringing the total number of foreigners living in the nation up to 313,000 (not including migrant workers from neighboring countries).

 

A number of expats already living here spends one million baht, or much more, a year.

 

In my modest, but normally positive, view it's little hard to see it as an easy task to get an additional one million well-off foreigners and highly skilled professionals to settle in amazing Thailand, even they can be allowed to buy land if investing between 7.5 million baht and 15 million baht in property and government bonds...????

Most who meet the high financial bar being set could also go for a much lower bar, capitalize a business for 2M THB, work 3 years and then apply for permanent residency or citizenship. 

One of many proposals designed to "lure" wealthy foreigners here, none of which have worked (pre and post covid). 

The Elite Card started out with the promise of owning land as well. Then it got changed to something like "the company would own the land for you" then the whole "owning land" bit got dropped.

If they dropped the financial requirements to a realistic level, they might actually have a chance at attracting the numbers they hope for, but I seriously doubt they will ever attract a million "wealthy expats" that would spend a million baht a year each, even if they try to sell it exclusively to the Chinese.

They'd be lucky to get a 20th of the number(s) they are proposing and even then the devil would be in the details (as in how much land, type of visa, requirements to maintain it, etc).

Remember that other recent proposal, where they'd let "wealthy foreigners" buy land inside of "developed properties" so long as what was being bought was worth at least 10 mil baht ?
The total lack of people rushing to take up that offer must have caught the authorities by surprise. Maybe a few envelopes had to be returned as absolutely no one bought into that pie in the sky idea (which I don't think ever got official approval either).

And I think it would take an act of (insert favoured deity here) before Thailand starts letting foreigners to own land here. Even if the Chinese tell them to make it happen.

About time, they thought about some foreign ownership, I doubt if it will ever happen 

Wealthy farangs are welcomed even to come without vaccines won’t be problem if you can pay enough because the virus works under the government and its  very smart and selective so it won’t attack the wealthy ones it only dangerous to the naive and poor ones. 

They have not got a clue, there is no way they are going to attract rich pensioners. Most expats do not like having 800,000 baht tied up just for their visa. 1 million can be mentioned but in reality it will be a lot less. Mainly the reason being is what I have already quoted. But if they made some of the illegal activities legal, like gambling and the services you normally get in bars then that would certainly be a good start.

I have thought the Thai government was wise in restricting land ownership to Thai citizens only.  The influx of money from wealthier countries like China would unquestionably cause the prices to rise which is good for the existing home owner but will likely price the native Thai out of ever owning a reasonable home. 

As for jobs.  I suppose if Thailand has a need for certain skill sets that it does not have domestically it makes some sense.,  However if the jobs are available and there are sufficient Thai people with those skill sets, why would you bring in foreigners to fill them.  That is particularly true today when Covid has already destroyed so many jobs. 

Or do they expect the Thai tourism to rebound and there will be foreigners staffing the tour busses, island ferries, and tourist attraction concessions. 

2 hours ago, ezzra said:

Lofty plans, it will be very hard sell to the people of this country, Thais are very proud people and guarded of their home-land to all of a sudden do all that, just see what draconian measures are they putting in place just to come to Phuket, so now all of a sudden allowed to own land, no work permits, what's next? easy Thai citizenship now?... 

The present Junta couldn't care less about what the average Thai person thinks. This is a plan to sell out Thailand to the Chinese.

20 minutes ago, Desire2016 said:

About time, they thought about some foreign ownership, I doubt if it will ever happen 

I don't doubt it for one minute. This will bring a huge wave of Chinese who will buy up a large chunk of Thailand.

9 minutes ago, Thomas J said:

I have thought the Thai government was wise in restricting land ownership to Thai citizens only.  The influx of money from wealthier countries like China would unquestionably cause the prices to rise which is good for the existing home owner but will likely price the native Thai out of ever owning a reasonable home. 

As for jobs.  I suppose if Thailand has a need for certain skill sets that it does not have domestically it makes some sense.,  However if the jobs are available and there are sufficient Thai people with those skill sets, why would you bring in foreigners to fill them.  That is particularly true today when Covid has already destroyed so many jobs. 

Or do they expect the Thai tourism to rebound and there will be foreigners staffing the tour busses, island ferries, and tourist attraction concessions. 

You are right about the Thai government. However, the present Junta is not a legitimate government. They are pandering to the Chinese and now they will sell out Thailand to them.

2 hours ago, Phuketshrew said:

 

The plan is to attract a million foreigners with healthy bank balances and pension pots into Thailand where they will generate plunder an estimated one trillion baht for the Thai economy.

And here I thought they didn't like us? Healthy bank balances, what does that mean? Bank balances without covid? What happen to Tourism did you give up on that one?

3 hours ago, Jonathan Fairfield said:

• Wealthy Global Citizens
• Wealthy Pensioners
• Work From Thailand Professionals (digital nomads)
• Highly Skilled Professionals

 

Scraped the bottom with your fat stubby little fingers and looking for new revenue streams eh?

 

Thai workers will be replaced with people from poorer countries (Cambodia, Laos etc). The same thing happened in the UK, employers will just replace their workers with oned from poorer countries. In my home town, the biggest employer now has 80% of their work force from eastern Europe, it used to be almost 100% local people (I know someone who's worked there for 30+ years).

Greece has quite a sensible approach at least on paper. You need a work permit to get a job .But he real estate investment gives you the ability to open a business or work for yourself.

I find it frustrating not being legally able to rent rooms or Airbnb type activity. I f I have a surplus of fruit or veg I can't sell it ,my wife can't sell her art etc. I'd probably have two full time Thais working for us on our property if I could legally make some income from it.

 

Will never happen as we're in the "promised land by the chosen people" and they want to make crystal clear on who-is-who on the banana boat! 

If you have a load of money we would like some of it, more the merrier! 

Welcome to Thailand.