Permanent residency, changes to quarantine period – Government mulls strategies to revive economy

“The government is considering offering permanent residency to those buying condos in the Kingdom.”

Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. Permanent residency for some condo purchases, changes to the mandatory quarantine and incentives for foreign investment are all under discussion.

The Eastern Economic Corridor, the special economic zone covering the eastern provinces of Rayong, Chon Buri and Chachoengsao, continues to eye foreign investors with a number of large infrastructure projects in the pipeline.

One of those is a high-speed rail link between the 3 closest airports to Bangkok – U-Tapao, Don Mueang and Suvarnabhumi airports. Also in the works is a 290 billion baht project to develop U-Tapao Airport, with plans for a new, third terminal, and an aviation training centre, among other facilities. Last year Airbus pulled out of a multi billion baht joint project with Thai Airways to develop a maintenance hub for the region.

Supattanapong adds that the Board of Investment is considering a range of incentives to encourage foreign investors to purchase property in Thailand. The government is considering offering permanent residency to those buying condos in the Kingdom, provided they don’t mortgage, transfer, or sell the units within 5 years of purchase.

In relation to foreign arrivals, he says the government will clarify its plans on any further re-opening to tourists and investors, in addition to any potential reduction in quarantine. He adds that if the current 14 day quarantine period is to be reduced, this would only apply to those coming from countries considered “low risk” for Covid-19. It’s understood the Public Health Ministry is working on categorising countries into low, medium, and high risk, in order to determine the new mandatory quarantine period for international arrivals.

Officials are also considering how foreigners can be encouraged to up their spending from the current average of 50,000 baht per person to 100,000 baht. Since the closure of Thailand’s borders due to the Covid-19 pandemic, the country’s tourism sector, once welcoming around 40 million visitors a year and generating 3 trillion baht in revenue, has been decimated.

Meanwhile, the government continues to target domestic tourists and residents through a number of stimulus measures, including a recently announced co-payment scheme aimed at boosting spending.

SOURCE: Nation Thailand