Thailand looks into 10 year visa for the rich allowing land and property ownership

Thailand wants to attract the rich. A scheme to offer long-stay visas to wealthy and “highly skilled” foreigners is in the works. The visa would allow a stay of up to 10 years and foreigners would be able to own land and property in Thailand.

Deputy Prime Minister Supattanapong Punmeechaow plans to propose the visa plan to the Cabinet. So far, the scheme in principle has been approved by the Centre for Economic Situation Administration.

The visa scheme is targeted at 4 types of wealthy foreigners: rich “global citizens,” rich retirees, rich professionals working in Thailand, and highly skilled professionals.

To be considered a “rich global citizen,” the foreigner must invest at least 16.35 million baht, or US$500,000, in government bonds, property or foreign direct investment. They must have at least US$80,000 in income earned over the last 2 years and US$1 million in assets.

Rich retirees must be 50 years old or older. They must invest $250,000 in government bonds or real estate as well as have an annual income of at least US$40,000.

For those working in Thailand, to be eligible for the proposed long-stay visa, they must be close to retirement and have an annual income US$40,000. They must also have at least a master’s degree or rights in intellectual property with 5 years of experience in research.

The Thai government also wants to attract experts in digital services as well as high-skilled professionals who work in target industries and academic experts at universities or state agencies. Under the proposed visa scheme, the highly skilled professionals need to work at the company list under Stock Exchange Thailand or have worked for at least 3 years in a private company that has an income of more than US$50 million a year.

SOURCE: Bangkok Post