Several incentives approved to attract long-staying foreign investors, wealthy foreigners

[djayz]

What about those foreigners who have lived here for years, have families, jobs, cars, houses, etc., stay out of trouble, support the local community and are here for the long term, not just to move money about, invest and then do a runner as soon as things get ugly? 

 

[tomacht8]

The government guys should ask the Thai go go dance girls how to bait rich foreigners. Then maybe it works.

[khunpa]

1 hour ago, djayz said:

What about those foreigners who have lived here for years, have families, jobs, cars, houses, etc., stay out of trouble, support the local community and are here for the long term, not just to move money about, invest and then do a runner as soon as things get ugly? 

 

Those foreigners are not important as they only support the poor Thais. 
 

And nobody in power cares about the poor.

 

[webfact]

Cabinet approves long-term 10-year visa to attract foreigners

By Erich Parpart

 

 

The cabinet on Tuesday approved measures to attract foreign investors and experts to Thailand for a long-term stay with a 10-year visa.

 

Thanakorn Wangboonkongchana, the government’s spokesman, said that the measures should attract more than one million foreign investors and experts within five years, which should increase the amount of money spent in the economy by more than one trillion baht.

 

“This includes 800 billion baht from the expected increase in investment and 270 billion baht from the expected increase in tax collections,” he said.

 

Full story: https://www.thaienquirer.com/32668/cabinet-approves-long-term-10-year-visa-to-attract-foreigners/

 

-- © Copyright Thai Enquirer 2021-09-15

 

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[kiwikeith]

9 hours ago, Will B Good said:

Several incentives approved to attract poverty stricken UK expats trying to survive on one of the poorest OAP in the developed world.

 

That's the headline I'm waiting for.

One free beer a week from 7/11

[RichardColeman]

 

9 hours ago, snoop1130 said:

in line with the 20-year national strategic plan.

Assuming this 20 year plan does not work, do they just say OK let's have a new 20 year plan.

 

These people are complete fools. How about a 20 year plan reviewed every year and amended - not fly headlong into a complete 20 year disaster, only declared so after its finished !

 

 

[webfact]

Thailand approves plan to lure a million foreigners to aid economy

 

FILE PHOTO: A view of Bangkok's port along Chao Phraya River is photographed during sunset in Bangkok, Thailand, June 2, 2021. REUTERS/Athit Perawongmetha/File Photo

 

BANGKOK (Reuters) - Thailand on Tuesday approved measures to attract "high potential" foreigners, including by providing longer term visas and tax benefits, as the Southeast Asian country tries to boost its flagging economy.

 

The tourism-dependent economy has been hit hard by the impact of the coronavirus pandemic, with the tourism sector still struggling.

The government predicts growth of only 0.7% to 1.2% this year after a 6.1% contraction last year.

 

The new plan is expected to draw a million wealthy foreigners, including pensioners and skilled professionals, to Thailand between the 2022 to 2026 fiscal years, government spokesman Thanakorn Wangboonkongchana told a news briefing.

 

The proposal is expected to boost spending by 1 trillion baht ($30.36 billion), investment by 800 billion baht and tax revenue by 270 billion baht over the period, he said, adding the plan would be reviewed every five years.

 

Earlier, a government source had cited a figure of 1 trillion baht in spending per year.

The cabinet also approved 3.5 billion baht of projects including tourism, farm and labour skill development to support the rural economy, which will create about 36,000 jobs, said deputy government spokeswoman Traisulee Traisoranakul.

 

($1 = 32.94 baht)

 

(Reporting by Panarat Thepgumpanat and Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Martin Petty and Ed Davies)

 

-- © Copyright Reuters 2021-09-15

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[DaveSamutP]

9 hours ago, richard_smith237 said:

“Hey Noppachai.. look, big numbers, we can pay for our Mia-noi’s now’.... 

“Good Man, Thanakorn, lets make an announcement, we can start a ‘scheme’... later we can announce a hub, then once we have their money, we can announce a crack-down'

Best thing I think I've seen on here. Perfect representation of the country.

 

Announcement, scheme, hub to attract more to scheme, crack down.

[mokwit]

12 minutes ago, webfact said:

Thailand approves plan to lure a million foreigners to aid economy

Note: The use of the word "lure" rather than "attract" is in fact a correct translation.

[nausea]

3 minutes ago, DaveSamutP said:

Announcement, scheme, hub to attract more to scheme, crack down.

Cf. Malaysia. Thailand is missing a trick here - your initial conditions should be quite reasonable, then once you've baited the trap, and the gulls are committed to condos or whatever, you up the ante. In fact, I do wonder just who this new 10 year visa is aimed at, given the onerous qualifying conditions, though I could guess. One would think the legislators have some target market in mind, even if it's unstated, and probably miniscule. I'm assuming the justifying flim-flam given out for public consumption is just that, flim-flam, and nobody actually believes in it.

[Rampant Rabbit]

10 hours ago, Shuya said:

aka when hell freezes over

Better  still saying they actually have some principles.

[Rampant Rabbit]

10 hours ago, snoop1130 said:

in line with the 20-year national strategic plan.

no  plans to GET  OUT  then

[Rampant Rabbit]

1 hour ago, webfact said:

adding the plan would be reviewed every five years.

So they can then change  all the  rules without grandftahering in previous "victims" then eject them.

[mokwit]

27 minutes ago, nausea said:

Cf. Malaysia. Thailand is missing a trick here - your initial conditions should be quite reasonable, then once you've baited the trap, and the gulls are committed to condos or whatever, you up the ante. In fact, I do wonder just who this new 10 year visa is aimed at, given the onerous qualifying conditions, though I could guess. One would think the legislators have some target market in mind, even if it's unstated, and probably miniscule. I'm assuming the justifying flim-flam given out for public consumption is just that, flim-flam, and nobody actually believes in it.

Singapore did this with Hedge Funds - they made it a very free and easy place to set up a fund and then once they had attracted a fair few they then turned the regulatory screws. Pull this <deleted> and you are 'Patria non grata' in my book.

[mokwit]

Just now, Rampant Rabbit said:

So they can then change  all the  rules without grandftahering in previous "victims" then eject them.

Just the norm having things set up so they can pull the rug out from under you any time.

[dg1980]

top earners in, broke-ass dudes out ????

[inThailand]

These clowns don't get it. LOS is becoming less attractive every year. Soon the land of Indians and Chinese only. Good luck squeezing a dollar from any three of them. 

[smedly]

more delusional stupid nonsense 

 

I didn't even read the article only the headline - that's how confident I am in knowing it's a pile of dung

[jacko45k]

Just now, smedly said:

more delusional stupid nonsense 

 

I didn't even read the article only the headline - that's how confident I am in knowing it's a pile of dung

Frequently turned over dung at that!

[zyphodb]

13 hours ago, Almer said:

Im lacking in all there requirements, but i spend my pension here and keep out of trouble, and help the needy in the village if that counts for anything.

Nope, nothing at all...

[zyphodb]

13 hours ago, Will B Good said:

Several incentives approved to attract poverty stricken UK expats trying to survive on one of the poorest OAP in the developed world.

 

That's the headline I'm waiting for.

Don't hold your breath waiting...

[Orinoco]

13 hours ago, bang saen guy said:

Is this the Indians they are expecting by the millions 1 October?

That's a lot of suits, sir

[LawrenceN]

13 hours ago, Crossy said:

The problem is of course, that despite being a known "expert" (I hate that word - X is an unknown and a spurt is a drip under pressure) in my field and having been here since 2004 I don't fit any of their requirements.

 

Oh well, I'll just carry on as I have in the past.

You make a good point, if I'm reading between the lines correctly. They would attract just as much foreign currency, and spread the wealth more broadly, by amending their regulations to attract more of us regular Joes of modest means. My 90,000 thousand baht per month from pension funds goes into the local economy. Multiply that by 100 by getting Immigration out of the way, then they don't need the ten million investment by the rich guys. 

[malibukid]

great more "high quality" expats.  Thailand does not vet the current ones and just rubber stamps visas without a criminal background check.  so much for those pesky details.

[kiwikeith]

2 hours ago, mokwit said:

Just the norm having things set up so they can pull the rug out from under you any time.

My bet is on condo sales, I have a friend who sells property in Hua Hin, he thinks properties can still be sold at sky high prices.

Yet reports I hear from people in the know in BK , say property prices have fallen and plenty of bargains around. One of my friends who is a well known condo developer has closed shop and gone home and is waiting for the dust to settle b4 he returns.

 

So my bets on buy one, get a visa free, which has been around years, as far as lifting restrictions on ownership that would be good, but I would be looking at lifting restrictions on expats and retirees to encourage them in , not trying to fleece them at every turn with testing , paperwork and insurance fees and stupid 90 day reporting.

 

There are many properties for rent at present but my wife says, many are trying to get pre pandemic and high season rents, I tell her "these are the people with too much money".

These people are like the Banks, that take over a mortgage property then put a for sale sign on it, then a price on it which is above what it sold for, hoping to get the interest and loan fees and capital gain back.

 

The properties get overgrown and gutted but the Banks won't budge, they got too much money.

Many of these properties just rot away, but Mr Big Bank he do not worry.

 

[redwood1]

13 hours ago, johng said:

From the Thai PBS page   this old chestnut again !!

 

"Thanakorn said that laws and regulations regarding land ownership will also be amended to attract foreign investors"

They have been teasing frang with this land ownership carrot for decades and decades now......I would say about a 99.999% chance it will not happen....

 

[harada]

23 minutes ago, LawrenceN said:

You make a good point, if I'm reading between the lines correctly. They would attract just as much foreign currency, and spread the wealth more broadly, by amending their regulations to attract more of us regular Joes of modest means. My 90,000 thousand baht per month from pension funds goes into the local economy. Multiply that by 100 by getting Immigration out of the way, then they don't need the ten million investment by the rich guys. 

Naa, this sounds too sensible.

[newnative]

    As always, likely way too many cooks in the kitchen working on these 'incentives', the result being an un-tasty, overcooked, very expensive dish that will not be appealing to very many.  Pity they didn't work on improving the menu for their regular diners already here and already spending their money supporting lots of local economies.   They would have found that they would retain more of their current meat and potatoes customers and attract far more of these same valuable customers, rather than looking for a few, elusive, rich gourmands who are far more likely to dine elsewhere.

[starky]

Im loathe to bring it up again but what about those that live already and spend over a million baht a year?

  I also notice in a very sneaky change of wording that the Thailand elite visa is now selling itself as a way to get "residence" in Thailand which of course it does not.

[Sydebolle]

The newsletter headline said it all.
"Thailand approves plan to lure wealthy foreigners"

 

It sounds like a government-sponsored programme on how to cheat cash out of the dirty farang. What all these clowns have not understood yet is, that the wealthy alien (in this case mainly Chinese) are shopping around like mad. The first whining hotel owners have been crying that, unless a miracle happens, they would be forced to sell off their business to Chinese. 

Well, the Thais never managed anything really and this is just yet another example. The German post had to privatized and is now run by DHL, Swiss Airlines was mopped up by the German Lufthansa etc. 

The best thing is, that Thais return to their rice fields and the beauties go back working all over the soapies in Thailand; that's what they can manage and have done beautifully well over the last few decades .........