Working group to review plans to allow foreigners in Thailand to buy land and work without work permits

[bikerbri]

I already jointly own a lot of land and two houses which are in my wife’s name and only a divorce will allow me to realize 50% of their value. If she dies before me her will, which is in the hands of my lawyer, states that as I am the only beneficiary, all the jointly owned assets will pass to me. Thai law gives me a year to sell the land.

[ExpatOne]

 

2 hours ago, fusion58 said:

 

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

They do in China.

Edited June 13, 2021 by ExpatOne

[Enzian]

Transferring money out of the country. Misterwhisper above alluded to difficulties doing so. What are they please? I deliberately put my 800,000 baht by the equivalent in US$ for Non-O into a Foreign Currency Deposit (FCD) account, at a pretty good Thai bank. I started the account with the required $US500 in cash, then brought it up with one large transfer engineered by my son in the US. I never touch it. Now say I decided to move myself out of the country for good, what would need to be done besides just doing the wire transfer in reverse? Anything?

[khunjeff]

2 hours ago, Misterwhisper said:

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. 

 

The same thing happened with the OX visa - it started off sounding good ("Ten year visa if you have health insurance and a pension of 100k baht!") - and then kept getting more and more requirements added and more and more advantages taken away, until finally it was such a poor value that no one was interested. It remains to be seen whether the Phuket Sandbox will meet the same fate...

[Andrew65]

7 minutes ago, Enzian said:

Transferring money out of the country. Misterwhisper above alluded to difficulties doing so. What are they please? I deliberately put my 800,000 baht by the equivalent in US$ for Non-O into a Foreign Currency Deposit (FCD) account, at a pretty good Thai bank. I started the account with the required $US500 in cash, then brought it up with one large transfer engineered by my son in the US. I never touch it. Now say I decided to move myself out of the country for good, what would need to be done besides just doing the wire transfer in reverse? Anything?

I transferred 800,000 Baht out of Thailand last year. The only requirement is to show that you have the same amount of money that originated outside Thailand. This is shown as 'FTT' in my Bangkok Bank book (I was able to show in an old bank book that I'd transferred 2.5 million Baht into Thailand in 2008). I think there might be a limit of 1 million Baht a month, officially.

Edited June 13, 2021 by Andrew65

[newnative]

     Six months to 'mull' the plans.  What a joke.  Could be done in 6 days if they were serious about the whole thing.  What's to 'mull'--the futility of the whole thing?  So six months goes by and then what?  Likely a report is issued to justify all the 6 months of expenses of the 'working group'.  Then what?  Likely nothing will happen--it will be shelved with all the other waste of time reports. 

   Instead of trying to attract a few millionaires, they should be trying to both keep and attract many more regular retirees and regular independent workers by making the visa process and requirements easier and eliminating all but the yearly extension of stays once you are here.  Automatic permanent residency after 5 years.

[chilli42]

2 hours ago, Karma80 said:

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.

Why is owning land here risky (more risky than our home countries) …. assuming you have unencumbered title (which I agree will never happen)? 

[hotchilli]

3 hours 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.

Just remember they want your money... not you.

Nothings changed until they give you free residency for life if you buy land/property.

A 10 year visa means nothing.

[spidermike007]

The term "working group" and anything to do with this administration is oxymoronic. Now, if they said "economic sabotage group", or tourism industry destruction committee", or "economic growth killers", that might have more credibility. 

Edited June 13, 2021 by spidermike007

[Thomas J]

48 minutes ago, Strongheart said:

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

I have no doubt of that.  If you look at many countries including the USA "everything is for sale" including national secrets, military technology and jobs. 

No longer to the leaders of countries seem to have the interests of their own country and citizens as their priority.  If enough money is funneled to those in power they would sell out their own family. 

 

[Jud Canada]

1 hour ago, MasterBaker said:

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

Ya we all know Pattaya is family capital of Thailand. Regarding the wealthy... I don't think so. It's more for the retired expat cheap beer and girlie bar pub slugs and  tourists looking for same. Sorry no offence meant.

Edited June 13, 2021 by Jud Canada

[barney42bb]

The Chinese have been buying up the nation as with many others for ages...While the Burmese and Cambodians supply the cheap labour without the need for permits.

[CLW]

The already introduced smart visa has failed (less than 600 people) and so will this scheme, if it ever materialises. 

Thais in general seem to have something in their DNA to be too proud to just look what other countries doing and implement that 1:1. It always must be a special "Thai" solution. 

I would reckon a lot of digital nomads have gone to Malaysia and Indonesia as long as one don't mind the Islamic influence in these countries. Both have super easy regulations to enter and stay in the country for long time. So is Vietnam AFAIK.

[Somtamnication]

And the rest of us can go <deleted> ourselves. Thanks!

[timberpond]

4 minutes ago, CLW said:

The already introduced smart visa has failed (less than 600 people) and so will this scheme, if it ever materialises. 

Thais in general seem to have something in their DNA to be too proud to just look what other countries doing and implement that 1:1. It always must be a special "Thai" solution. 

I would reckon a lot of digital nomads have gone to Malaysia and Indonesia as long as one don't mind the Islamic influence in these countries. Both have super easy regulations to enter and stay in the country for long time. So is Vietnam AFAIK.

 

I ever spent 4 years in Malaysia with tourist visa. Every 30 days I just go to johor custom make an U-turn via Singapore and enter Malaysia again with 50 Ringgit in my passport. No question asked and always stamped with a smile.  

[timberpond]

3 minutes ago, Somtamnication said:

And the rest of us can go f ourselves. Thanks!

That's exactly how I felt too. Why don't look at what we could offer since we are already here?

Let us own an export business, open up special zone to own land for people already here more than 3 years continuously, fairly vaccinate us, encourage retirees to open business without the 4 thai workers requirement for the first year, etc.

 

What we already poured in and suffered through, seems in vain. Soi dog flees...  

[shackleton]

Where do they get these Pie in the sky ideas 

Everything evolves round how much money we can get out of foreigners who may want to reside retire ect here in Thailand 

Its a Non starter

[mfd101]

Just the usual Thai closed culture: ignorant of the outside world and its ways, its possibilities, its expectations, and unwillingness to learn.

[kynikoi]

A few days ago I posted a graphic of HNWI that are interested in leaving their countries. No surprise communist China led the pack.

 

Statista found approximately 45k in total millionaires (1-9m) that were looking to uproot. That statistic is for the entire world. 45k. So if Thailand could attract every one they'd be far short of their target.

 

The biggest 'thing' Thailand used to bring to the game was value. That is only somewhat true these days and one really needs to know how and where to find it. Further, once people start making serious money they have less need to sacrifice quality of life for raw value.

 

It's not that millionaires won't shop at Makro it's that they won't live in places like Philippines, Thailand, Indonesia because...why??!

 

Common dental and physicians services are really no less expensive. Dental is often more.

 

I think Thailand needs to ask itself one large, overarching question: precisely why will millionaires currently ok with being in their home countries uproot and move to a nation that has a history of coups, corruption and chaos. The answer can't be a dusky mom of two from Issarn.

 

Not only do I not see millionaires falling all over themselves to hassle visas, drivers licenses, etc I am a fairly typical expatriate and I'm totally fed up. I'm seriously thinking of leaving not buying land lol.

 

The way the covid pandemic has been handled will be never ending. The only respite will be when the economy literally crashes. Why would a multi millionaire want to deal with any of this? To be denied months for vaccine and most likely 60+.

 

There are one hundred reasons this will not work save for one thing...

 

Perhaps the jokers putting together this scheme are well aware of all this?? I think this program is looking to draw the darker elements out of China, developing nations and the third world. So, the truism for Florida holds for Thailand as well. A sunny place for shady people.

 

Chinese will smuggle money in, marry, get citizenship, start businesses both good and I'll and the wealth gap will continue to grow.

 

The days of me wanting to settle in are long gone. The best Thailand will ever get out of me is a bank balance of 1.4m and monthly income stream of 50-60k.

 

The article just rehashes the last rehash and that is Thailand asks everything and gives nothing. There is absolutely nothing I personally find remotely appealing in those pie in the sky ideas.

 

The double pricing is just so insulting. So, three 55yo millionaires take their Thai dates to Phnom Rung for the day. One guy says hey I'll pick up the tab no problem. Entrance fees are 1300b. The breakdown shows 1200b for the three farang. That is US10 more than entrance fee for a carload of people at US national parks. Over 60 are free.

 

Thailand is well past it's sell by date. Those in power should learn to catch falling knives so as to save the economy.

Edited June 13, 2021 by kynikoi

[AJR3RD]

OMG. Let people come to your country from around the world. Bring their skills and brainpower. Let 'em work. Build businesses. Pay taxes. Buy goods and services. Eventually (gasp!) become citizens! First thing, those millionaires are gonna take our food carts. Mix with our women. Dilute the gene pool. Bring their filthy ideas about Democracy and free enterprise and start trying to eliminate government corruption. Mark my words, soon, you'll be able to CRITICIZE the powers that be! They'll even be writing NEGATIVE REVIEWS of hotels with NO PRISON TIME! Yeah, no yeah. That can't work. Nip that one right in the bud. In fact, BUILD A WALL. A big, beautiful wall. The U.S. will pay for it.

[kynikoi]

I recall reading in Thai Enquirer that some big financial muckity muck stated that the situation now is worse than 97. He stated something to the affect that 97 was a shock and recovery where this has been and will be more systemic.

 

My mind immediately flashed to the real estate industry still a float. How? It really does defy the laws of economics at least what is visibly seen. Yet, this is the same market they expect money savvy multi millionaires to buy homes and condos for 25M++?? What a laff.

[kiwikeith]

4 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.

They forgot to say, they must be old ,divorced ready to meet a nice Thai girl and wear a T shirt with ATM written on it.

Or I have money but no Honey.

[BernieOnTour]

2 hours ago, Kerryd said:

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.

 

Actually, I assume, that’s what is most likely to happen.

 

We tend to apply our personal point of view and subconsciously translate „wealthy foreigners“ as being Farangs.

 

However, I bet, they are targeting the Chinese...

 

And the Chinese were already successful in Cambodia, especially Phnom Phen and Sihanoukville.

 

Not unlikely, those Thai working groups will further specify the land owning rules more „precisely“ and end up with some SEZs - Special Economic Zones- like in Cambodia.

[10baht]

5 hours 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.

What a plan!????????????????????????????????????????????????????????????????????????

[NeoDinosaw]

2 hours ago, Enzian said:

Transferring money out of the country. Misterwhisper above alluded to difficulties doing so. What are they please? I deliberately put my 800,000 baht by the equivalent in US$ for Non-O into a Foreign Currency Deposit (FCD) account, at a pretty good Thai bank. I started the account with the required $US500 in cash, then brought it up with one large transfer engineered by my son in the US. I never touch it. Now say I decided to move myself out of the country for good, what would need to be done besides just doing the wire transfer in reverse? Anything?

Ask your pretty good Thai Bank what the procedure is.......       then report back here please  - I'm sure many peole here would love to know 

 

[Presnock]

while all this is still just dreams and who really knows what will finally come out.  But what I would be the most concerned with seeing what the initial proposals are, is one will be granted a 10-year visa, can own property - what happens after the visa expires?  Will the individual still own the property? would the individual be allowed to sell the property to another foreigner?  Until those are clarified, I

don't think I would consider buying a house or land in Thailand.  Would think that if they can find 

enough "super-rich" people willing to buy the land, I am sure they would want some guarantees.

My opinion anyway.

 

[Uroller]

More fantasy ideas, make work committee’s that will achieve nothing????

[petedk]

1 hour ago, kynikoi said:

 

 

Chinese will smuggle money in, marry, get citizenship, start businesses both good and I'll and the wealth gap will continue to grow.

 

 

They are doing already.

 

I see the same Chinese gang (about 5 or 6 men) buying up houses and other property near here. They also own massage places (prostitutes), restaurants and transport companies. They then operate the whole lot together as a business. Rent out the houses to rich Chinese tourists for a month. The tourist buys girls, who in turn buy brand name handbags, perfume and jewellery, all food for the big parties they have is delivered from the same Chinese restaurant, all the Chinese gamblers guests that come drive Rolls Royces, Porches, Mercedes, BMWs and so on. It's one big operation where the money stays in Chinese hands.

[Misterwhisper]

How ironic that the parents, grandparents or great-grandparents of 80%+ of the people who concoct these delusional schemes with their fanciful financial requirements once arrived in this promised land as dirt-poor coolies from China, who (even if they tried) would have found it challenging to scrape together 2 (silver) dollars.

 

Yet they were permitted to work their way out of abject poverty by the then-Thais, whom they by now have largely assimilated and replaced by taking over entire sectors of the economy for themselves. 

[ricardofel]

Another joke......I would not invest another baht in Thailand....left 8 years ago, after 7 years here......best decision I made. Why oh why would wealthy farangs want to move to Thailand?