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

[newnative]

37 minutes ago, Sticky Rice Balls said:

I suppose is better than "spotted dick" but the thai pharm will sell you a cream for that!

 

Thailand always hoping for the "caviar" crowd..but ending up with the tuna fish gang ????

      I suppose I must be missing something but, for local economies, and local workers, wouldn't 100 regular members of the 'tuna fish gang' with regular retirement incomes be far better than 1 millionaire 'caviar' consuming resident?  The millionaire maybe buys 1 or 2 supercars so 1 or 2 car sales and servicing.  The 100 regular retirees buy lots more cars so lots more sales and servicing at a variety of car dealers.  Ditto for everything else, many more of everything--condos and homes, both sales and rentals, and using local services and local workers for personal grooming services, house cleaning, handyman repairs, laundries, health care, pool cleaning, gardening services, and supporting restaurants and lots of other businesses.

    So, Thailand is setting off on its quest to find a few millionaires.  As always, spouting impossible  pie-in-the-sky potential numbers which will be periodically greatly reduced.  Meanwhile, more meaningful numbers would likely be achieved with streamlining immigration rules and paperwork, relaxing the foreign quota rule on condo sales, allowing foreigners to purchase 1 plot of land with a maximum designated size, an optional foreigner health care plan to help keep older retirees here, and reducing many high taxes on items to a more reasonable figure.   

[Andycoops]

More mumbo jumbo drivel inline with all the previous garbage that attracted no one.

[crazykopite]

The floodgates are about to open or should I say pigs might fly when they say millionaires do they mean baht millionaires or £, $, € millionaires if it’s the latter then they are living in Fantasy Land !  

[spidermike007]

Top three incentives. Make some sacrifices. Lower luxury taxes and wine taxes. Then offer the kinds of services rich people want. Helicopter travel (the useless army would have to give up nearly exclusive use to the air) and high speed rail. The rich Chinese you want have 30,000 km of it. What do you think they think, when they arrive here and see that you have zero km. of it? Proud of yourselves?

 

 

 

 

[10baht]

18 hours ago, snoop1130 said:

Government spokesman Thanakorn Wangboonkongchana said that Thailand has set a target to attract as many as one million of these classes of foreigners in the next five years,

Aren't we all sick of this BS? 

[Scouse123]

18 hours ago, Gold Star said:

Before they can think of attracting more people to Thailand, they must stop pushing the existing foreigners away.  I'm ready to spend a lot more here on real estate and vehicles here, but am unsure due to the instability.  

 

First, they must stop the shifty and changing government policies, corruption, insane immigration requirements and reporting, questionable property ownership, difficulties getting money out of Thailand, government involvement preventing the delivery of proper health care, and many others to name a few.

Right,

 

Well to answer you, they won't be doing any of the above in the next 50 years.

 

Your move!

[fusion58]

18 hours ago, Caldera said:

I think Thailand has pretty much maxed out attracting all those foreigners who find Thailand attractive in one way or another.

 

Those who have wanted to stay have always found a way. Others cannot be lured in anywhere near the numbers they are dreaming up, no matter how much lipstick they put on the pig.

 

It's fascinating to watch. But really, for almost anyone who will meet their new criteria, there are better places.

That's the most obvious flaw in this pipe dream of theirs.

 

Why would these hypothetical well-heeled folks choose an underdeveloped banana republic like Thailand when there are so many other more attractive destinations in Asia?

[Will B Good]

9 hours ago, kiwikeith said:

One free beer a week from 7/11

That would swing it for me

[Dogmatix]

18 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"

A big lacking on detail here. 

 

Amending the Land Code or this is a big deal that will be fiercely resisted by most Thais inside and outside parliament. Maybe they will try what Thaksin tried for the elite card, ie set up a government nominee service to buy land (and sell it when privileges expire or the owners dies).  But even this was resisted on the grounds that acting as a nominee for foreigners was illegal no matter who did it.  

[tomacht8]

"To attract these high potential individuals, a new long-term resident visa or smart visa will be issued, under which they will be granted some privileges, such as not being required to notify Thai authorities every 90 days"

 

Interesting.

Those responsible have already realized that their reporting systems are pain in the a$$.

 

But the willingness to abolish unnecessary bureaucratic requirements is only there against extra money. Sad mindset.

[herfiehandbag]

2 hours ago, spidermike007 said:

Perhaps ex-pats should be given a bit more credit, in this formula? We do bring in alot of stable income.  Even the rural folks benefit. Alot of the nicer houses in the poorer farming areas were built with money from expats. Alot of trucks, cars and income is from expats. Countless business employing many. Most of us are honest, we do not beat our wives, we are not killers or criminals, and we bring alot to the table. To say we are insignificant, is a blatant misunderstanding of Thai economics. Thousands of hotels, restaurants, countless airlines and many tour companies, also benefit from us. An average ex-pat spends how much per month? I would say alot of us spend 50,000 to upwards of 100,000 baht a month. I know I do. No value in that? I know some live on less. However, since the average GDP of the nation is around $570, that means about 18,000 baht a month?

I think xenophobia is utterly rampant, in all segments of the government here, from the feds right on down to the local amphur. However, I do not think most Thai people are that way. I think most either like us, or are indifferent to us. Which I can handle. 

I think ex-pats should be treated with the kind of respect and acknowledgement we deserve. So, how about some positive changes?

"We have decided to change our policies, and we now realize how much you guys bring to the table. An immigration officer will now come to your home to renew your visa, to show our appreciation, of your continued support. You will only be required to sign one form, and we will give you a five year, multiple entry visa. Free of charge. And we will include a 10,000 baht voucher, good for any hotel in the country, for one year. Sound ok to you guys? Are we adapting to an ever changing world?"
 
Princely treatment. Now that we are utterly broke and on our knees as a nation, we want to thank you so much for helping to rescue our economy and our people. We appreciate it, and aim to show it for a change! We are past the era of thugs like the big joke. And we apologize for all of his abuse. We realize we have been moving the country backwards. And Covid has given us all some time to reflect. We are going to start changing things, and attempt to move the nation forward, instead of backwards. 

At which point in your dream you woke up!

 

As for your point about xenophobia, I think that it is intrinsically linked to uniforms. Those who wear them must realise in their heart of hearts how utterly superfluous and meaningless the badges medals and trinkets are. They also know that most falangs regard them as comic opera uniforms, with no actual significance. This upsets them - they lose face!

 

At my school on Mondays and important events the staff appear in uniforms, white shirts with naval style shoulder boards, medal ribbons and the inevitable parachute wings. It is quite surprising the change that comes over some of them - the most pleasant and cheerful chaps go into full on invade Poland mode!

Not all, but certainly the older ones.

[Dogmatix]

The thinking seems to assume there are million wealthy foreigners just waiting for this to tip the balance and persuade them to come here.  I think it makes no difference to well paid executives.  They come here when the opportunity is good and leave when it isn't any more or when a better opportunity presents elsewhere or they are just posted somewhere else.  These people are the vast majority of well heeled foreigners coming here and they just expect their HR departments to get visas and WPs for them which they can do without much trouble at the one stop service. They are not interested in submitted tons of personal financial information to get a different type of visa and they usually want to keep options open to move somewhere else.  Many some wealthy retirees would like this, especially in the unlikely event they get a viable way to own land but the numbers are likely to disappoint.   The wealthy crowd that own businesses and live in multiple countries are happy with the Elite Card and they prbably don't want an office and WP or to file for Thai income tax, unless they have businesses here which they are still not allowed to own under this proposal.  Digital nomads appreciate the anonymity and don't want to go through all this bureaucray and pay tax.  If they are wealthy, Elite Card is better for them too.  

 

It all sounds like a load of BS.  I note that there is mention of any market research that supports their projections of all the zillions foreigners are going to give them as a result of these regulations.

[KKr]

18 hours ago, richard_smith237 said:

They didn’t really think the numbers.. 

 

1 million foreigners.... 1 trillion baht over 5 years. 

 

Thats only 1 million baht per foreigner over 5 years. 

(1,000,000 foreigners x 1,000,000 baht = 1,000,000,000,000 Baht (1 trillion).

 

 

“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'

Great, so I qualify.
But as usual, those that already put millions and millions in real estate or in local business, are neither considered for this scheme, nor offered tax or other incentives.

[whitfield]

Perfect.  I qualify but there's an importa t detail missing.  How much does it cost?

[Will B Good]

1 minute ago, whitfield said:

Perfect.  I qualify but there's an importa t detail missing.  How much does it cost?

Exactly....here is an incentive, but it is going to cost you.

 

Thailand to a T

[spidermike007]

11 minutes ago, herfiehandbag said:

At which point in your dream you woke up!

 

As for your point about xenophobia, I think that it is intrinsically linked to uniforms. Those who wear them must realise in their heart of hearts how utterly superfluous and meaningless the badges medals and trinkets are. They also know that most falangs regard them as comic opera uniforms, with no actual significance. This upsets them - they lose face!

 

At my school on Mondays and important events the staff appear in uniforms, white shirts with naval style shoulder boards, medal ribbons and the inevitable parachute wings. It is quite surprising the change that comes over some of them - the most pleasant and cheerful chaps go into full on invade Poland mode!

Not all, but certainly the older ones.

Amazing the difference 65 baht worth of ribbons and tin pins can make! Bizarre that they actually take themselves seriously. Sometimes I want to actually ask army, air force, or police officials just that. Do you guys actually think you are doing important work? Doesn't the fact that this administration is such a joke, and the laughing stock of planet earth embarrass you? 

[ThomasThBKK]

1 hour ago, newnative said:

      I suppose I must be missing something but, for local economies, and local workers, wouldn't 100 regular members of the 'tuna fish gang' with regular retirement incomes be far better than 1 millionaire 'caviar' consuming resident?  The millionaire maybe buys 1 or 2 supercars so 1 or 2 car sales and servicing.  The 100 regular retirees buy lots more cars so lots more sales and servicing at a variety of car dealers.  Ditto for everything else, many more of everything--condos and homes, both sales and rentals, and using local services and local workers for personal grooming services, house cleaning, handyman repairs, laundries, health care, pool cleaning, gardening services, and supporting restaurants and lots of other businesses.

    So, Thailand is setting off on its quest to find a few millionaires.  As always, spouting impossible  pie-in-the-sky potential numbers which will be periodically greatly reduced.  Meanwhile, more meaningful numbers would likely be achieved with streamlining immigration rules and paperwork, relaxing the foreign quota rule on condo sales, allowing foreigners to purchase 1 plot of land with a maximum designated size, an optional foreigner health care plan to help keep older retirees here, and reducing many high taxes on items to a more reasonable figure.   

They already have a visa, it's called retirement visa...

 

 

 

 

 

29 minutes ago, Dogmatix said:

A big lacking on detail here. 

 

Amending the Land Code or this is a big deal that will be fiercely resisted by most Thais inside and outside parliament. Maybe they will try what Thaksin tried for the elite card, ie set up a government nominee service to buy land (and sell it when privileges expire or the owners dies).  But even this was resisted on the grounds that acting as a nominee for foreigners was illegal no matter who did it.  

There are laws in place already that allows foreigner to own small parts of land, but never get used. 

 

 

Quote

Foreign investors who bring in capital investment of more than THB 40 million over a period of five consecutive years can own up to one rai of land (1,600 square meters) which the land can only be used for residential purposes. Before acquiring land, the foreign investor must obtain permission from the Minister of Interior.

Under section 96 bis of the Land Code, the following issues must be included in the Ministerial Regulations concerning the acquisition of land by foreigners:

• The type of business that the foreigner invests in must benefit the economy or society of the country or is an enterprise that the Board of Investment has declared to be a business eligible to apply for investment promotion under the Investment Promotion Act
• The land foreigners may acquire must be within Bangkok Metropolitan Administration, Pattaya City, Municipality or within the area designated to be a residential area under the Town Planning Act

 

 

Could just ammend these laws or actually use them... thais like to overcomplicate all sorts of stuff tho...

[khunPer]

Some will apply for a 10-year visa, but many with those qualifications and/or income might have several other attractive option to chose from; viewed through my glasses, I doubts the total number will be one million during five years...????

[spidermike007]

3 hours ago, Misty said:

Reportedly McKinsey & Co was one of the advisors to the Thai government on this program.  If so, I do hope they were paid up front, and not on a % take up basis.

You mean these guys actually solicited the help of foreigners, paid an outside expert, and admitted they do not know everything? Imagine the level of desperation that would compel them to do such a thing? 

[clokwise]

If they in any way make it easier for Chinese to own land in Thailand, you can expect property prices to skyrocket as they have in Vancouver, Sydney, etc, places where massive numbers of mainland Chinese dominate the property markets. Of course this is ideal if you are already a rich landowner in Thailand, but for the young working class in Thailand, many will no longer be able to afford their own home.

[WinterGael]

I have 3 brothers, all wealthy (entrepreneurs, property management and real estate, investments, etc.) Who have all been to Thailand at least once.  I wanted to start a business with my wife here, but not one of them would help me.  Why?

 

They all agree on one thing, this is not a country to invest in.  One brother likes it a lot, but he would never live here because, "Everything is cheap... cheaply built, cheaply managed, cheaply run for one reason only, to get people like me to throw my money away here." Pretty much how they all feel, so not willing to lend me money.  If we move to Vietnam, yes; Cambodia or the Philippines, maybe.

 

None of them would ever consider retiring here. One is retiring to the Philippines. 

 

They tell me took.look around and see why some countries are worth doing business in and why some are not. Thailand used to be,but not anymore. So here are some of their issues:

 

1.  No stable, non corrupt, efficiently run government in decades.

2.  Money before quality (money is wanted, but poor quality return for investment.).

3.  Too much reliance on tourism detracts from reliance on industry and service (poor service overall).

4.  Thailand has become expensive from a real world point of view (such as highest wages in ASEAN; Bangkok one of the most expensive cities to live in; government's expectations on foreign investment and earnings too high).

 

I get the last one.  I'm a digital nomad. I know Thailand wants to be a hub for digital nomads, but they also expect a monthly income in excess of 80,000 baht per month.  I'm lucky if I can pull off an average of 30,000 baht a month, so live off my pension. (And I work hard...)

 

Thailand needs to rethink a lot of things, otherwise the only ones investing here will be the Chinese. I see a lot of Japanese companies pulling out.

[ChomDo]

And as usual all details missing so who knows what to expect and how to apply! I'm sure the digital nomad visa would interest many, but a lot more info is needed.

[ThomasThBKK]

18 minutes ago, clokwise said:

If they in any way make it easier for Chinese to own land in Thailand, you can expect property prices to skyrocket as they have in Vancouver, Sydney, etc, places where massive numbers of mainland Chinese dominate the property markets. Of course this is ideal if you are already a rich landowner in Thailand, but for the young working class in Thailand, many will no longer be able to afford their own home.

The only reason they buy RE there is to get a passport. 

Thailand offers none of this, and is entirely irrelevant to those kind of people.

 

 

[rainham]

I love all the abbreviations then the half price testing part 8000bht best part of £200 quid for tests i don't need I've been vaccinated. you can bet your life at least one of them will be positive so i have to spend another week locked up in a 50,000 bht prison getting ripped off for everything i eat and drink. So predictable i haven't seen my mrs for over 2 years but I'm not falling for that nonsense especially when i have to pay another 2 grand when i get back to the UK to isolate for 10 days thats gonna be at least 5 grand before i even book a flight.  i can't imagine anyone booking a holiday to Thailand  as things are .

[metisdead]

A post with an image that was copy and pasted from the Bangkok Post and the replies have been removed.

 

Posts using trolling images have been removed. 

[Scouse123]

5 hours ago, chilli42 said:

They really need to open a thesaurus and find a different word than “lure” it’s just too loaded with unintended meanings … even if lure is what they intend to do.

A better word would have been tempt, but that obviously wasn't mysterious enough. It's hard trying to dress up nothing.

 

Along with all the others they love to roll out, all to sound like they are giving foreigners a great deal, but when you break down the actual sentences or paragraphs, equally meaningless sound bytes and often, pure drivel.

[Scouse123]

8 minutes ago, rainham said:

I love all the abbreviations then the half price testing part 8000bht best part of £200 quid for tests i don't need I've been vaccinated. you can bet your life at least one of them will be positive so i have to spend another week locked up in a 50,000 bht prison getting ripped off for everything i eat and drink. So predictable i haven't seen my mrs for over 2 years but I'm not falling for that nonsense especially when i have to pay another 2 grand when i get back to the UK to isolate for 10 days thats gonna be at least 5 grand before i even book a flight.  i can't imagine anyone booking a holiday to Thailand  as things are .

That's exactly what I have told my family in the UK and why I will wait it out.

[dallen52]

And wealthy foreigners are saying..

In your dreams!!!

[rainham]

Why does Thailand  approach every thing as a possible money spinner ive got a drawer full of covid tests here free they are handing them out like smarties i heard they only cost a couple of quid to make and they are doing us a favour  charging nearly £70 each 

[herfiehandbag]

51 minutes ago, spidermike007 said:

You mean these guys actually solicited the help of foreigners, paid an outside expert, and admitted they do not know everything? Imagine the level of desperation that would compel them to do such a thing? 

Yes, all the traditional cash cows are gone, and they are hurting badly, desperately hunting for new ones...