There is talk about 10-year visas, owning land and property for wealthy foreigners. They need to attract foreigners with money, spending power and expertise to come and live in Thailand.
It suggested such a policy would help fight inequality in the country and boost domestic consumption.
The report says the CESA (its Thailand economic department) plans propose a 10-year visa to the Thai cabinet.
If that passes, wealthy foreigners, regardless of age – could be digital nomads, retirees could get a 10-year Thai visa. With that visa, they would be allowed to buy land; they can work without a work permit and pay 17% tax.
BTW, retirees already can get a 10-year retirement visa.
The proposal said foreigners must invest at least half a million USD in Thai government bonds or property or foreign direct investment. Also, made at least $80,000 in income for the last 2 years and have 1 million USD in assets and $100,000 in health insurance. Basically, they want foreign millionaires.
Again, I have heard this in the past; nothing new here.
If this passes, my prediction is, what will happen to this 10-year visa after 5-years when there are no more lockdown and travel restrictions? And Thailand gets 30 or 40 million tourists per year?
China becomes the world’s biggest economy, and all the wealthy Chinese are buying up the land. Are they going to be ok with that when much of the land is own by the Chinese?
The latest update on this, last month, this proposal didn’t pass the Thai cabinet. Mainly because of the 17% tax, which seems to be too low. Now wealthy foreigners pay 35%, so 17% is almost 50% of what they are currently paying in Tax.
Source: Bangkokpost Long-stay visas, EVs to help spur economy