TAT proposes attracting a MILLION foreigners - work with no work permit, right to buy land - TEN Year stay. Thai Visa



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Thai business media has reported on one of the biggest shake ups yet to attract foreigners to come and live in Thailand.

 

The proposals given by the Tourism Authority of Thailand during a video conference with Thai premier Prayuth Chan-ocha at Government House yesterday would see four target groups be able to work in Thailand without a work permit, pay just 17% tax on local earnings, buy property and land, and stay for up to TEN years.

 

The proposals would allow certain well-heeled retirees to actually be able to work legally in Thailand and purchase land. 

 

The proposals are now being considered by the government.

 

The target groups are:

 

1 The wealthy, like millionaires

 

2 Those who want to work from Thailand for foreign companies eg Digital Nomads

 

3 Foreign retirees with pensions

 

4 Those with high skillsets and abilities

 

The aim is to attract one million people in the four groups. This will increase spending in Thailand, increase expertise and bring other economic benefits.

 

That's because these million people will spend ONE TRILLION baht - thats one million baht each a year on average.

 

In addition they will bring 800 billion baht in investment from 10,000 investors and 80,000 retirees.

 

And it doesn't end there. Thailand will collect 500 billion in tax from 400,000 people with high skills. 

 

Of course there are caveats, reported the media.

 

Group 1 The very wealthy:

 

These will have no age limit, come to Thailand frequently, be high earners, and have many investments and assets.

 

To qualify for a 10 year visa they will need to invest US$ 500,000 in Thai government bonds or real estate. 

 

They'll need at least $80,000 in earnings over the last two years and a million bucks in assets plus $100,000 in health insurance. 

 

So long as they have evidence of all this they'll get a ten year visa, be able to work with no work permit for 20 hours a week, pay no tax on foreign earnings just 17% on local earnings and be able to buy property including land. 

 

2 Those people working in Thailand for foreign companies

 

No age limit, but must be able to prove reliable income. 

 

They must be earning $80,000 for the last two years or $40,000 a year. They will be digital nomads or people close to retirement age. 

 

They must have qualifications of at least a bachelor's degree and five years experience as well as $100,000 in health insurance.

 

They would be nomads in stock trading at companies making at least 50 million dollars per year over three years or they would be working for corporations that make at least one billion dollars a year.

 

They will get a ten year visa, be able to work with no permit, pay just 17% tax on local earnings and be able to buy property and land. 

 

3 Retirees aged 50+

 

These people will have to invest $250,000 in government bonds or real estate. 

 

Have to show $80,000 in pension income over the last two years or $40,000 per year and have $100,000 in health insurance.

 

Providing they can show all the required evidence of their long standing pensions they will get ten year visas, can work 20 hours a week with no work permit, pay 17% tax only on local earnings and buy property and land.

 

4 Those with high skillsets

 

These would be workers in the industrial sector whose skills are required or they might be professors at universities. 

 

They will need to be earning similar amounts to those in the other three sections have the required health insurance, educational qualifications and work experience.

 

They will also get the 10 year visa and the other benifits of the other three groups. 

 

The Centre For Covid Situation  Administration and the cabinet will now be considering the proposals, said the media without further comment.