Cabinet approves long-term visas to lure 1 million wealthy foreigners
The Cabinet on Tuesday approved new visa and tax measures to attract “high-potential” foreigners, in a bid to boost Thailand’s Covid-hit economy.
The goal is to attract one million wealthy foreigners within five years, generating about 1 trillion baht of spending, 800 billion baht of investment and 270 billion baht in tax income.
The new measures will offer long-term residency visas for four categories of foreigners: rich global citizens, wealthy retirees, professionals working in Thailand, and high-skilled workers.
To qualify as “rich global citizens”, foreigners must invest at least US$500,000 in Thai government bonds, Thai property or foreign direct investment, or have earned a minimum $80,000 in the past two years and hold at least $1 million in assets.
“Wealthy retirees” must either invest at least $250,000 in Thai government bonds/property and have a minimum annual pension of $40,000, or have a pension of least $80,000.
Professionals working in Thailand will qualify if they have earned at least $80,000 in the past two years and hold intellectual property or a class-A scholarship with five years of research.
High-skilled professionals must have earned a minimum $80,000 in the past two years, or have a master's and work experience in a targeted industry.
Spouses and dependents will also qualify for long-term visas.
Holders will also be exempted from the need to report to immigration authorities every 90 days.