Government tentatively approves visa amendments to bring in more investments

In an attempt to bring in future investments to the country, the government has tentatively approved amendments to the criteria of granting permanent residence and smart visas to foreigners. The Centre for Economic Situation Administration says the new amendments may allow foreigners who purchase condominium units under certain rules to gain permanent residency. Such stipulations, however, include applicants purchasing the properties without using a mortgage loan and not selling or transferring the properties for a period of 5 years after purchasing.

As for those foreigners who wish to develop start-ups or create jobs in fields away from science and technology, the amendments would decrease restrictions for granting such investors smart visas. It also could cover independent experts who do not have a work contract in Thailand and allow current smart visa holders to work other jobs that are not listed on the visa.

Originally, Thailand’s smart visa programme was created to attract skilled workers, executives, investors and entrepreneurs to work in specific industries. As the new amendments have been approved in principle, there is no word yet on when they will be made final.

SOURCE: The Nation Thailand

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