Thai cabinet approves new visa package to attract wealthy expats and digital nomads

The government is moving forward with a new visa package which targets wealthy expatriates, with the aim of injecting foreign money into an economy decimated by Covid-19. The package will include attractive perks, such as a 10-year visa that covers not only the individual, but also their spouse and children. It is also aimed in part at so-called digital nomads – people who want to conduct their business online while living in Thailand. And foreign ownership too.

According to government spokesman Thanakorn Wangboonkongchana, a Thai work permit is also included, with visa holders paying the same tax rate as Thai nationals. They will also be exempt from tax on income earned abroad and will have the right to own property and land.

Thanakorn adds that from next year, and over the next 5 years, the government believes it will attract over a million eligible people. So who will they be? According to a report from the Bangkok Post, the new package will be available for 4 categories of investors:

1. High net worth international travelers with assets in multiple countries. They will need to invest at least 500,000 USD (16.5 million baht) in government bonds, whether through foreign direct investment or real estate. They will also need to have earned at least $ 80,000 per year for the past 2 years and have assets worth at least $ 1 million. This group will also need to have health insurance coverage of at least $ 100,000.

2. Next come the wealthy retirees over 50, who will need a pension fund large enough to cover their living expenses in Thailand. They will also need to invest at least $ 250,000 in government bonds and have an income of at least $ 40,000 per year, as well as health insurance coverage of at least $ 100,000.

3. The third target group are digital nomads or employees of foreign companies who wish to work remotely from Thailand.

4. Finally, the package is also aimed at highly qualified professionals coming to work as experts in selected industries. This also includes university professors coming to Thailand to teach subjects important to these industries. They should have at least 5 years of relevant professional experience, a salary of at least 40,000 USD per year and health insurance coverage of at least 100,000 USD.

THE SOURCE: Bangkok Post

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