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Thailand - Long term visas for expats

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  1. #1

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    Thailand - Long term visas for expats

    An interesting day of development, this is big and possibly game changer if implemented as it claims..

    The measures include:
    • A 10-year “long-term resident visa,” also for spouse and children
    • A work permit
    • Exemption from foreign income tax
    • Land and real estate ownership and rentership rights
    • 90 days report not required
    • No quota of hiring four Thais for every one foreign employee
    https://www.thaienquirer.com/32668/c...ct-foreigners/


    The NESDC expected that measures implemented over five fiscal years (2022 to 2026) would draw one million foreigners with spending of around one trillion baht.

    https://www.bangkokpost.com/thailand...thy-foreigners
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  2. #2

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    Moved this out ... seems worthy of another discussion:


    The government has four targeted groups for this long-term visa scheme with the first group being wealthy global citizens who travel frequently and have assets in several countries, he said.

    To obtain a long-term Thai visa, this group would be required to invest at least US$500,000 (16.5 million baht) in Thai government bonds in the form of foreign direct investment (FDI) or in real estate, he said.

    The minimum income required for this group is US$80,000 per year for the past two years, while the required minimum value of assets owned is US$1 million and the minimum health insurance coverage required is US$100,000, he said.

    The second target group are wealthy pensioners who are at least 50 years of age with sufficient pensions to cover their costs of living in Thailand, he said.

    The people in this group are required to invest at least US$250,000 in Thai government bonds in the FDI format or in real estate, he said, adding that the minimum income required for the group is US$40,000 per person per year.


    The minimum health insurance package required for this group is also US$100,000 coverage per person, he said.
    From:

    https://www.bangkokpost.com/thailand...ce-rich-expats

  3. #3

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    Spending $500k on real estate in Thailand should buy something pretty nice.


  4. #4

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    I guess we will have to wait for final official words, various sources are throwing kind of conflicting info..

    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.

    https://www.thestar.com.my/aseanplus...thy-foreigners
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  5. #5

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    When reading about these schemes with their the long list of confusing requirements I wonder whether you can obtain the same level of surety living in Thailand just by paying US$1000 to the little shop next to your local immigration office, letting them handle everything on an annual basis, and keep the remaining US$499,999 somewhere where you can always get at it if you need it. It seems like less risk AND stress to me.

    Thailand has had investment visas in the past such as a 3M baht real estate investment scheme, the Thailand Elite scheme (which nearly collapsed during a regime change, but thankfully for participants managed to hang on), and others. No matter how much you invest, the rules always seem to be convoluted, confusing, subject to interpretation by any individual immigration office(r), and the entire scheme at risk of cancellation at any time.

    Better to pay as you go and keep your pennies in your own pocket I reckon. IMHO these schemes provide NOTHING like the surety we've enjoyed with HK PR so far.

    EDIT: I don't want to sound too negative, I guess we can always hope and be optimistic for improvement, but "buyer beware" for sure.

    Last edited by xhkge; 15-09-2021 at 11:00 AM.
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  6. #6

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    EDIT: I don't want to sound too negative, I guess we can always hope and be optimistic for improvement, but "buyer beware" for sure.
    The buyer beware thing is without doubt extremely important right now as govts are going to make some unusual changes to a lot of revenue streams, to make up for Covid cash shortfalls.

    (And I agree with your post in general - am a lot more cautious about Thailand and various aspects of living there, esp being ethnically Indian. Easier to blend into Malaysia in some ways...)
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  7. #7

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    Better to pay as you go and keep your pennies in your own pocket I reckon. IMHO these schemes provide NOTHING like the surety we've enjoyed with HK PR so far.
    On the whole i agree with your point on various current yearly retirement visas with minimum investment requirement vs long term expensive visas, in fact one of the main reasons Elite scheme failed because of co-existence of various schemes and most people not wanting to commit large investment in to long term visa..

    Though, i do think this time around its a major rehaul as they promised in April, including work permit and relaxation in purchase of landed property etc but then again it goes without saying final verdit will be only after how they implement this and what they do with existing schemes, co-existence of O-A/Elite etc will make this fail for sure..
    xhkge likes this.

  8. #8

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    Quote Originally Posted by ndt:

    Though, i do think this time around its a major rehaul as they promised in April, including work permit and relaxation in purchase of landed property etc but then again it goes without saying final verdit will be only after how they implement this and what they do with existing schemes, co-existence of O-A/Elite etc will make this fail for sure..
    The "Elite" scheme originally promised the ability to own 1 rai of land but this was quickly overturned. There seems to be a deeply ingrained cultural fear in Thailand about foreign ownership - the cynical part of me believes this is encouraged by the wealthy elite to protect and preserve their position. Just recently I read a report of someone raising the specter of the Chinese boogeyman swooping in to buy up large swathes of distressed property in Thailand due to the COVID crises. The irony of this fearmonger being clearly ethnically Chinese seemed to be lost on many, but certainly not on me .

    As Shri points out, things are changing all over the world as many countries try to make up revenue shortfalls. Wealth taxes, capital controls, and other schemes being mooted. Certainly wise to exercise caution in moving large sums of money between countries right now, particularly under the allure of it being "tax free" as that could change in a heartbeat.
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  9. #9

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    You can have a much better life by owning a company in a developed nation and write your expenses off


  10. #10

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    paying US$1000 to the little shop next to your local immigration office
    Looking for a long term visa at the moment, can you explain bit more?

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