Connect with us

Thailand

Cabinet approves measure to entice “high potential” foreigners to Thailand

Jack Arthur

Published

 on 

PHOTO: BaronessEast/Flickr

The cabinet has approved a measure to entice “high potential” foreigners, such as wealthy retirees and specialists, to spend a prolonged period in Thailand. The measure is a bid to promote foreign investment and to improve the struggling economy.

The 4 groups that the government hopes to attract to Thailand are high income earners, foreign retirees, experts in different fields, and people who want to use Thailand as their base of work. Government spokesperson Thanakorn Wangboonkongchana says Thailand is setting a target goal of getting 1 million of these high potential foreigners over the next 5 years. The expectation is that these foreigners will spend and invest enough over a 5 year period to inject 1 trillion baht into the Thai economy, specifically 800 billion in foreign investment and 270 billion in taxes. Thanakorn says foreign experts who are enticed by this measure will strengthen the private business sector.

In order to bring in these high potential individuals, the government plans to issue a new long term visa or smart visa. The visa will grant privileges like not having to notify Thai authorities every 90 days, also known as the 90 day report, an errand many residents have to run. Thanakorn adds that laws and regulations concerning land ownership will also be modified to attract foreign investors. He says other incentives include tax exemptions.

He went on to say that the requirement that dictates 4 Thai nationals have to be employed for every foreigner hired will also be removed. The plan is being further developed by the Board of Investment, the Interior and Labour ministries, the Royal Thai Police, the Finance Ministry and the National Economic and Social Development Council. The NESDC will assess the plan every 5 years and will review extending any of the incentives as they deem necessary.

SOURCE: Thai PBS

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Jack is from the USA, has a B.A. in English, and writes on a variety of topics. He lives in Thailand.

Follow Thaiger by email:

Philippines14 hours ago

ICC opens investigation into Philippines President Duterte

World14 hours ago

American general defends “clandestine” phone calls with China

Thailand14 hours ago

Countdown to October reopening; body of Koh Phi Phi resort manager found | Thailand News Today | September 16

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Visa15 hours ago

Hungarian woman arrested in Koh Samui for 10-year overstay

Thailand16 hours ago

Nakhon Si Thammarat reports Covid outbreak at prison

Guides16 hours ago

Most famous viewpoints in Phang Nga

image
Join the conversation on the Thaiger Talk forums today!
Blackpink16 hours ago

Blackpink’s Lisa causes sales frenzy for Buri Ram meatballs

Thailand17 hours ago

NACC ordered to disclose their findings regarding Deputy PM Prawit’s watch scandal

World17 hours ago

“Thai Taste Therapy” launched to promote Thai cuisine worldwide

Food18 hours ago

Food and drinks to stay away from in Thailand

Thailand18 hours ago

Ode to the Comments | Thaiger Bites | Ep. 19

Pattaya18 hours ago

Pattaya reopening likely to snub nightlife, favor other attractions

Thailand18 hours ago

Epidemiologists dispatched to Phuket to help curb the spread of Covid

Phuket19 hours ago

Phuket Vegetarian Festival gets “green light” to run from October 6 to 14

Coronavirus (Covid-19)19 hours ago

Thursday Covid Update: 13,897 new cases; provincial totals

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14 | Thaiger
Thailand3 days ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand7 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism7 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket7 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism7 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand7 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism7 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand8 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand8 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand8 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand8 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand8 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand8 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand8 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand8 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending