Advertorial Calling all foreigners: Thailand approves new 10-year visa program

[ASEAN NOW Sales]

 

Do you fancy living in Thailand long term? Wondering what your visa options are? You might be in luck as the Thai Cabinet has recently approved a new 10-year visa program for high-net-worth individuals, highly skilled professionals, and retirees. If you think that might be you (even if you’re suffering from a bit of imposter syndrome), it’s worth considering this new visa. You don’t need to look far as our friends from Pacific Prime Thailand will summarize the requirements and details in this article.

 

Why has the cabinet introduced the new 10-year visa?

Let’s start with the context. As this new 10-year visa scheme is aimed at wealthy foreigners and skilled professionals, experts hope that it will help fill Thailand’s anticipated shortage of talent in the digital sector (including blockchain, data science, and artificial intelligence) and boost the Thai economy in the process.

 

Thanakorn Wangboonkongchana, a spokesperson for the government, said that Thailand forecasts over one million applicants over a five-year period, which is expected to inject approximately THB 800 billion in foreign investment and THB 270 billion in tax revenue to the Thai economy.

 

 

What are the benefits of the new 10-year visa?

There are a number of benefits when it comes to getting a 10-year visa. You won’t need to worry about visa matters for the next decade and will also receive other benefits such as foreign tax exemptions and eased regulations for property ownership. That being said, the specific details and benefits of the 10-year visas are still being drafted so nothing is set in stone yet.

Who is eligible for the new 10-year visa?

Are you excited to apply for the new 10-year visa? Hold your horses - you should first check whether you fall/are likely to fall in one of the below categories. In case you don’t fall in any of the below categories, you can also look into other Thailand visa options such as Non-immigrant visas, Elite visa, etc.

High-net-worth individuals

To qualify under the high-net-worth individual category, you’ll need to have an annual income or pension of at least USD 80,000 for the past two years. In addition to this, you’ll also need net assets of at least USD 1 million.

Highly skilled professionals

To qualify under the highly skilled professional category, you’ll need to have an annual income of at least USD 80,000 for the past two years and you must work in one of Thailand’s targeted industries. This includes infrastructure building, logistical systems, and digital systems.

Note: If you’re employed by an overseas company and wish to work from Thailand, you’ll also need to have more than five years of work experience.

Retirees

To qualify under the retiree category, you’ll need to be retired and have a monthly pension of at least THB 80,000. What’s more, you must not have previously invested in Thai government bonds of any kind.

 

Planning to live in Thailand? Remember to get insured.

 

Whether you’re planning to live in Thailand under the new 10-year visa program or any other visa program, it’s a good idea to secure access to the best healthcare the country has to offer. After all, your health and wellbeing are the most important thing in life and one that you shouldn’t take lightly.

 

To make sure you’re not drowning in hospital bills, you can look into a health insurance plan via Pacific Prime Thailand. They help you compare the best expat health insurance plans in Thailand (including those that may be required for your visa category such as long-stay visa insurance) and offer plenty of support throughout your insurance journey. Contact them today!