Thailand issues 10-year visas to ‘the richest citizens in the world’

Changes in Thailand

Thailand wants to attract the rich 1m and cash to remote workers who have been evicted by Covid-19 by issuing remote visas to foreigners who put $ 250,000- $ 500,000 into a home or government.

The visa application, unveiled by Prayuth Chan-ocha’s cabinet this week and in line with the change in the law, will appeal to “citizens of the world”, the wealthy retirees, the digital migrants working far away and professionals.

The launch of the visa scheme comes as the epidemic hits Thailand tourism activities, damaging business confidence and strikes baht, which is one of the worst money in Asia this year.

Thailand is also carefully launching its main island of Phuket and other restaurants to vaccinate foreigners, but officials agree that tourism will not return to the 40m trips recorded in 2019 in the near future.

To qualify for a 10-year visa, which includes relatives, the Thai government has said “the world’s richest citizens” must deposit at least $ 500,000 in pockets or locations and ensure a minimum wage of $ 80,000 a year. Retirees will need to invest at least $ 250,000 and earn at least $ 40,000 a year.

Bangkok plans to roll out the five-year trial plan from 2022. In the meantime, the government has said it expects an increase in Bt800bn ($ 24bn) in the country, as well as Bt270bn in additional tax revenue.

Thailand will join a number of other countries, including Antigua and Barbuda and Barbados, which provide tax and visa services to attract migrants and other high-income earners.

“We expect the world’s richest citizens, retirees and talented professionals to embrace this opportunity,” said Juckchai Boonyawat, Thailand’s senior official at Mercer, a consultant.

“That said, we need to keep an eye on how the government can change the laws on land and property taxes, as this is very important for foreigners who want to spend more time in Thailand.”

A government spokesman told the Financial Times that the plot would take place only after “legal and regulatory changes” took place.

A professional digital visa specialist described 10 years as a “game changer”, but added that its need to take into account the details, including whether it allows freelance workers to work for multiple clients, as opposed to a single employee, a location in Thailand .

“That’s the holy part of the digital nomad: getting a visa that is years old,” said Jeff Opdyke, editor of the Global Intelligence Letter.

In the hot summer year in Thailand, nutritious food, beaches, and reliable medical care have already attracted a large number of immigrants and retirees.

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“All of this [visa scheme] “It’s a good thing, but it still looks like this reform will really help bring back the government’s expectations,” Mercer’s Juckchai said.

However, some longtime outsiders have recently complained to the government about its response to the Covid-19 vaccine and the need to import from other countries.

Anutin Charnvirakul, Thailand’s deputy prime minister, angered some who came out at the beginning of the epidemic by calling “farangs” (whites) “” dirty “and not wearing masks. He later apologized for his remarks, which affected guests.

Twitter: @JohnReedwrites

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