The Thai government plans to attract investment through new immigration rules
The Thai government has revised the immigration regulations. The new document is designed to restore the economy. It is designed to make it easier for foreigners of certain categories to stay in the state.
First of all, immigration rules are aimed at attracting to Thailand citizens of other countries with high income, as well as highly skilled professionals. The government believes that these categories of non-residents will help boost the economy. Under the new rules, a foreigner may obtain a visa to stay in Thailand for 10 years. This also applies to family members of the applicant – spouses and children.
In addition to the visa, the foreigner also automatically receives a work permit, and the same amount of income tax applies to them as for Thai nationals. The applicant is exempt from paying tax on income that was not earned in the country. He is also subject to the ownership of the real estate and land.
It should be noted that only non-residents who participate in the government’s Eastern Economic Corridor project will be able to opt for a flat rate of income tax of 17%. The purpose of such favorable conditions, according to the officials, is to attract qualified specialists. According to the plan, more than a million such foreigners should move to the country within 5 years. In addition, they will be quite rich and will be able to spend in Thailand annually on average about one million baht per person, or more than one trillion baht over 5 years. At the same time, the country’s economy will receive about 800 billion baht through foreign investment, which is mandatory for a long-term visa. In addition, 270 billion baht will replenish the treasury in the form of taxes that non-residents must pay.
Thailand’s new immigration rules will be of interest primarily to wealthy foreigners who like to travel and have assets in various countries. In order for this category of applicants to obtain a visa, will need to invest in government bonds or real estate of 500 thousand dollars and above. In addition, their income over the past 2 years must not be less than $80 thousand a year. The applicant must also own assets, the total value of which starts from $1 million, and the minimum health insurance is $100 thousand dollars.
Another category of foreigners who may be interested in the conditions from the Thai government is wealthy retirees aged 50 years and older. Their annual income must be at least 40 thousand dollars per person. The investment threshold, in this case, is from 250 thousand dollars.