Thailand introduces low-tax 10-year visa for foreign professionals

Thailand will offer 10-year visas to foreign professionals residing in the country from September to boost the economy and foreign investment, government officials said.

Narit Therdsteerasukdi, deputy secretary-general of Thailand’s Board of Investment, said the visa is aimed at “high potential and skilled foreign talent”, especially those with expertise in automotive, electronics and biotechnology. said.

Long-term visas are also available for foreigners working remotely in Thailand, individuals with assets over $1 million, and retirees with stable pensions.

Eligible applicants will receive a digital work permit, personal income tax will be reduced from the current 35% to 17%, and businesses will be exempt from rules requiring the employment of local people.

Therdsteerasukdi said Thailand aims to attract 1 million people from Japan, South Korea, China, the United States and Europe through the scheme, which is expected to contribute $27.6 billion to the economy.

“We expect visa holders to spend one million baht (about $28,000) per person,” said Therdsteerasukdi. Nikkei Asia.

Land ownership for foreigners

The new long-term visa is part of Thailand’s efforts to boost its economy by attracting more expats. The interior ministry said last month it would draft rules to offer land titles to qualified foreigners.

Under the proposed scheme, foreigners will invest 40 million baht ($1 million) in Thailand over three years to qualify for land ownership, according to government spokesperson Thanakorn Wangboongkhonchana. There is a need.

Mr Thanakorn said the scheme would allow foreigners to purchase up to 1 rai (about 0.4 acres) of land. This includes tax benefits and his 10-year visa for skilled professionals and pensioners.

The scheme, which will be reviewed in five years, is expected to contribute 1 trillion baht (about $27 billion) to Thailand’s economy and increase investment by 800 billion baht ($21.8 billion).

However, local organizations are concerned that it could result in foreigners occupying more land in Thailand.

Sanan Angborkul, chairman of the Thai Chamber of Commerce, said the government should impose additional requirements when foreigners buy land, such as only allowing land purchases in designated areas.

“Privileged foreigners must purchase land and property directly and resell only to Thai citizens, and purchases must be made in designated zones,” Sanan said.

Under current law, foreigners can own up to 49% of Thai condominium buildings and rent land.

Aldogra Fredry


Aldgra Fredly is a Malaysia-based freelance writer covering Asia Pacific news for The Epoch Times.

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