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Thailand launched a new visa program for wealthy foreigners

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City of Thailand Launches New Visa Program for Wealthy Foreigners

Thailand will offer a new visa program for wealthy and talented foreigners, who are interested in long-term residency in the country. Official sources report, that the duration of the visa will be 10 years.

Right to a 10-year residency

The long-term visa program is one of the initiatives to support the Thai economy during the crisis period. It was announced earlier at a cabinet meeting that a package of measures to overcome the difficult economic situation was being prepared. According to government spokesman Thanakorn Wangbunkongchang, 10-year visas will be opened to wealthy foreigners, as well as professionals with high skills.

According to local media reports, the category of wealthy foreigners will include businessmen with assets worth 1,000,000 USD and a minimum total income over the past two years of 80,000 USD. Retirees who apply for visa will need to prove receipt of pension funds over the past 2 years in the amount of 80,000 USD.  The 2-year income of 80,000 USD should prove freelancers and professionals with high qualifications, relying on a long-term stay in Thailand.

Bonuses for wealthy foreigners

Thanakorn Wangbunkongchang has also announced that applicants for the new long-term visa will automatically receive work permits. Applicants, who work for foreign companies on a remote basis, will be exempt from income tax. For other applicants, the tax rates will be the same as for Thai nationals.

In addition, wealthy migrants will be exempt from taxes on foreign real estate and land. Holders of a 10-year visa will be able to come to Thailand with their spouses and children. They are also allowed not to check in with the Thai migration police every 90 days, as it was necessary to do before.

The goals of the Thai government

The main goal of the Thai government at the moment is to overcome the economic crisis, caused by the outflow of tourists due to the COVID-19 pandemic. Thanks to the new visa program, the authorities intend to attract about a million well-off foreigners to the country within 5 years.

Wangbunkongchang noted, that the new visa program will bring Thailand $30 billion in expenses, $800 billion in investments and $8 billion in tax revenue within a short period. The introduction of the long-term visa was preceded by the government's announcement in April 2021 of new steps to attract investment to the country.

As a reminder, Thailand launched the Smart Visa immigration program in 2018, which allowed foreigners who work in robotics and electronics to apply for a four-year visa.

Source: Uglobal immigration

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