Thailand is to attract wealthy foreigners with new visa programs
3 minutes read
The Thai government is developing a program to support the economy by attracting foreign investment. Thanks to this project, it is planned to attract a million wealthy foreigners who will reside in Thailand over the next five years. It is expected that foreigners will see the kingdom as an interesting destination for investment and business.
According to the government's strategy, the program will bring about one trillion Thai baht within five years. The application process opened in September 2022. Foreigners are granted a 10-year residence visa with the possibility of employment, the document can be extended upon expiry. Governor Supasorn of the Tourism Authority of Thailand says the state is looking to attract foreign talent and expertise from those interested. They will help businesses within the country and contribute to economic growth. Are you interested in the possibilities of obtaining Thai citizenship? Contact immigration specialists.
Who can apply for a long-term visa to live in Thailand
Applicants must meet one of four categories in order to receive a long-term visa.
- Stakeholders who own cash and assets of $1 million or more.
- Foreigners whose pension payments are at least $80,000.
- Remote workers whose company is located in Thailand. Applicants must have an annual income of at least $80,000 in the last two years. They should also have five years of experience and be employed by a company with an annual income of at least $150,000 over the past three years.
- Professionals earning $80,000 per year and having five years of experience.
Lawyer Benny Moafi (founder of the law firm Ratchada) believes that the government is interested in attracting high-income tourists and expats because Thailand's economy is directly dependent on tourism. He argues that there are many hotels in the country that are empty or going bankrupt. As a consequence, workers with low wages suffer because of lower incomes. This has a negative effect on other businesses as well, given the decreasing purchasing power of the population.
Despite the need for foreign investment, the government is considering cancelling the land acquisition program. The latter allows wealthy foreigners with long-term resident visas to buy land in exchange for investment. The main reason for the discussion on the cancellation of the program is considered to be the position of Thais, who do not see foreigners as part of their society.
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