Thailand approves long-term visa to attract wealthy foreigners

16-Sep-2021 Intellasia | BigNewsNetwork | 5:02 AM Print This Post

Thailand on Tuesday approved measures to attract long-term stay of high-potential foreigners, aiming to attract 1 million people in the next five years.

Government Spokesman Thanakorn Wangboonkongchana said the cabinet has approved in principle investment and economic stimulus measures to attract four target groups including global citizens, foreign retirees, remote workers who intend to work in Thailand and highly-skilled professionals.

One of the major measures is the introduction of a long-term resident visa, a new type of visa exclusively granted to high-potential foreign groups. Under this category, a number of privileges will be given, such as exemption of 90-day reports to immigration office, according to Thanakorn.

There are also some amendments to related laws or regulations, such as land ownership, exemption from foreign income tax, and exemption on the mandatory local hiring quota, the spokesman noted.

According to the Office of the National Economic and Social Development Council(NESDC), the implementation period of these measures would be five fiscal years (2022-2026), during which approximately 1 million foreign residents are expected, with the cash flow of 1 trillion Baht in the economic system, an increase of domestic investment by 800 billion Baht, and 270 billion Baht of tax income.

Thanakorn added that these measures will be reevaluated every five years. (1 US dollar equals 32.88 Baht)


Category: Thailand

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