Thailand’s bid to attract high-net-worth individuals and technical specialists with 10-year visas to boost the country’s economy has been approved by the Cabinet on Tuesday. While specific conditions and requirements are still being drafted, a few details have been provided to the public:
- High-net-worth individuals are required to have an income or pension of at least USD 80,000 per year for the past two years along with net assets of at least USD 1 million.
- Retirees under this scheme must have a pension of at least THB 80,000 per month and should not have previously invested in Thai government bonds.
- Highly skilled professionals are required to earn an annual income of at least USD 80,000 for the last two years and must work in one of Thailand’s targeted industries such as infrastructure building, logistical systems, and digital systems. Those employed by overseas companies who wish to work from Thailand must have more than five years of work experience.
These measures are aimed at attracting four primary groups of foreigners; wealthy individuals, high-income retirees, highly skilled professionals, and high-income workers who want to be based in Thailand. The scheme provides other benefits such as foreign tax exemptions and changed regulations on foreign property ownership to spur investment into Thailand’s real estate market.
The regulations for this initiative are still being drafted. This means that details currently known about the 10-year visa scheme and its relevant incentives may be subject to further changes. Silk Legal will continue to monitor regulations and provide further information when available.
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