Perhaps tired of the small, piecemeal steps to attract tourists while missing the big picture, the Tourism Authority of Thailand has come up with a comprehensive plan to give 4 target groups easy access to live, work and thrive in Thailand for a decade at a time. The sweeping proposal was presented to Prime Minister Prayut Chan-o-cha during a video conference yesterday. As the Center for Covid-19 Situation Administration and Cabinet review the proposal, the 10-year visa for key demographics is extremely preliminary at the moment, but would be a boon for many who wish to stay in Thailand for the long term. but the can’t navigate its complex and restrictive visa options.
The plan would allow some to work in Thailand without a work permit, buy land and property, pay a 17% tax rate on local income, and get a visa to stay for up to ten years . Take out our tourism money bingo cards: the 4 target groups of this proposal are the rich, digital nomads, retirees and highly skilled workers.
With the aim of attracting 1 million people, TAT plans 1,000 billion baht in revenue, as they target people who they believe will contribute at least 1 million baht per year to the local economy. They also expect an additional 800 billion baht to be invested in Thailand by 10,000 foreign investors and 80,000 retirees.
Besides the obvious economic benefit, Thailand hopes the 10-year visa plan will bring a brainstorm to the country, attracting experts and a wealth of knowledge, skills and abilities from highly skilled foreigners drawn to the news. less restrictive rules of conduct. Thailand. Of course, the government is also aiming for a profit in this area, projecting 500 billion baht in taxes on 400,000 skilled workers.
So what are the rules and qualifications? Here’s a breakdown for each of the target markets:
Thailand is not looking for the upper middle class here. They want millionaires. In US dollars, those interested must have $ 1 million in assets and $ 100,000 in health insurance. They must invest $ 500,000 in real estate or Thai government bonds and have at least $ 80,000 in income in the past 2 years.
Those who qualify would get a 10-year visa and be allowed to purchase property and land. They would be allowed to work 20 hours a week without a work permit. Foreign income would be tax exempt and local income would be taxed at 17%. There is no age limit, but a person must have investments, assets, living wages, and plans to travel frequently to Thailand.
Backpackers with laptop and blog, don’t hold your breath. This proposal is for employees of billion dollar companies or stock traders for companies that have traded at least US $ 50 million per year for the past 3 years. To be eligible, a person must have a bachelor’s degree and 5 years of experience, an income of $ 40,000 per year (or $ 80,000 in 2 years) and $ 100,000 in health insurance.
Thailand hopes to attract people near retirement age into this category, but there is no age limit. This category also gets a 10-year visa, can work without a permit, buy property and land, and a 17% local income tax rate.
Do you have a lot of money and gray hair? This one could be for you. The option would be open to anyone over the age of 50 with the same annual income of $ 40,000 (or $ 80,000 in 2 years) and $ 100,000 of health insurance. They will need to prove a long-term pension and invest $ 250,000 in government bonds or real estate.
As with the rich, retirees would get a 10-year visa and be allowed to buy property and land, work 20 hours a week without a work permit, and pay a 17% tax rate on local income.
To qualify for this category, a person should have some ability or skill that sets them apart and makes them of value to Thailand. University professors, specialized scientists or highly qualified workers in industrial or technological sectors would be included in this group.
They should pay the same $ 40,000 per year or $ 80,000 in 2 years as well as have $ 100,000 insurance as other target groups and be granted the same 10 year visa and other benefits as others. groups receive.
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