The Royal Thai Government plans to launch its long-term Thai visa programme in 2022. It will provide residency to affluent individuals who invest in the kingdom and high-earners with advanced talents. The Ministry of the Interior and the Ministry of Finance are in negotiations on the same. The negotiations are about modifying property ownership legislation to give such rights. These will be for up to 1 million people from around the world who will come to live, invest, and work in Thailand as part of the economy.
According to a government spokesperson, officials are speeding up the implementation of a plan to bring 1 million wealthy foreigners to Thailand by 2026. According to Ms. Ratchada Thanadirek, the new long-term visa will be available to people all over the world beginning in 2022.
This will involve immediate steps to reform Thailand’s severely restrictive property ownership regulations. However, existing regulations now ban foreigners from owning any land. Additionally, it prohibits controlling more than 50% of condominium buildings or businesses.
The initiatives in authorization from the cabinet, aim to generate more than THB 1 trillion per year by the end of 2026. Additionally, the implementations are subject to review by the National Economic and Social Development Council (NESDC).
Individuals or organizations capable of empowering the Thai economy will be eligible for a long-term Thai Visa. The group includes wealthy investors, retirees migrating to Thailand, highly educated and skilled individuals, and entrepreneurs.
Foreigners to Acquire Land and Property
According to a government spokesperson, talks between the Interior Ministry and the Finance Ministry are going on. The meets are on the issue of permitting these specifically designated foreigners to acquire land. Additionally, they are focussing on conditions that should be connected to the plan.
Ms. Ratchada indicates that the implementation of the scheme is likely to be in January 2022. Additionally, work is going on to address and resolve the land ownership issues for foreigners in Thailand.
She told reporters she couldn’t disclose any further specifics. However, there is speculation that under the new administration, spouses of Thai nationals may get some concessions.
The initiative also aims to bring THB 800 billion in additional investment into the kingdom each year. Additionally, it aims to collect THB 270 billion in additional income tax revenue from the new inhabitants.
According to a government spokeswoman, this is part of the National Strategy. Announcements on this were made in 2018 and intends to transform Thailand into a high-income economy by 2037.
The Target of the New Long-term Visa Scheme
If the new strategy succeeds, Thailand will be able to trace a more imaginative path to economic development. Moreover, the nation aims to depart from conventional thinking. The country already has a chronic inequality problem. A large portion of the population is still living off the land. Moreover, they are relying on migrant labor to power their construction, manufacturing, and export industries.
Thailand is pushing ahead with an ambitious plan to bring 1 million foreign residents to the nation between 2022 and 2026. This accounts for up to 6% of the country’s yearly GDP by the conclusion of the plan’s final year. The initiative includes major reforms to the country’s labor and property ownership laws. The National Economic and Social Development Council (NESDC) holds the responsibility to monitor the process after approving the regulations.
The Thai cabinet agreed in principle to a set of policies. These policies aim at recruiting up to one million high-income foreigners to live and work in Thailand over the next five years. Following cabinet, government spokesman Thanakorn Wangboonkongchana provides this additional information.
The Centre for Economic Situation Administration (CESA), under the aegis of Deputy Prime Minister Supattanapong Punmeechaow, is pushing for the initiative.
The Bottomline
Thailand’s Energy Minister and Deputy Prime Minister at the Centre for Economic Situation Administration (CESA) has a proposal. It emphasizes the need to attract foreigners with capital, spending power, and expertise to come and live in Thailand. Moreover, the World Bank urges the government to use the country’s latest database-driven platforms. These platforms were used to distribute economic aid during the COVID-19 crisis, as the foundation for launching a more ambitious social welfare programme aimed at the poor. It was a suggestion that such a programme would aid in the country’s fight against inequality and stimulate domestic consumption.
The Centre for Economic Situation Administration (CESA) is pushing ahead with plans with cabinet approval in June. It is to grant top foreigners a long-term 10-year visa in exchange for investment and valuable economic experience to help the Thai economy flourish. The new visas will also provide you with more freedom to own property. It comes as the World Bank has urged Thailand’s government to repurpose support infrastructure from the COVID-19 crisis. Furthermore, it aims to fund a more ambitious social security assistance programme for the country’s poorest citizens.
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