Cabinet approves long-stay visa regulations as Thailand seeks more foreign investment

PHOTO: Flickr/Serge S.

As Thailand prepares to re-open without quarantine to select vaccinated tourists, 2 draft regulations related to long-stay visas have been approved in principle. According to a Bangkok Post report, the long-stay visa programme aims to attract 300 billion baht in foreign investment as the government tries to kick-start the economy.

Spokesperson Traisuree Taisaranakul says the Interior Ministry issued the draft regulations which Cabinet approved in principle yesterday. The first regulation relates to foreigners obtaining the Thai Privilege Card, under which the Elite Visa is granted. The second regulation would grant TPC holders an extended stay in Thailand for work purposes. Both regulations form the basis for the Flexible Plus Programme, under which foreign nationals would have to invest at least 30 million baht in exchange for a 1-year work permit.

The government is on a mission to attract wealthy foreign investors, who are being encouraged to invest in property, limited or public companies, and the stock market. The TPC would also be extended to their spouse and children under the age of 20, with the programme allowing them to exchange temporary visas for 5-year non-immigrant visas.

The Tourism Authority of Thailand predicts the programme could attract around 10,000 foreign investors, meaning around 300 billion baht for the Thai economy.

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SOURCE: Bangkok Post

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