Thailand Introduces 10-year Visa | Starting in 2022
Category : Thailand Property News | Posted On 2022-01-25 00:00:00
Thailand Introduces 10-year Visa starting in 2022
The recent global pandemic has been disastrous for Thailand's economy which shrank by -6.1% (GDP) in 2020. This has created an opportunity for the Thai government to re-think many of its current policies and make some changes. We feel that these are welcome changes.
One such change that will come out of this new legislation is the introduction of a 10-year visa that will focus on four groups; Wealthy global citizens, wealthy pensioners, work-from-Thailand professionals, and highly skilled professionals. This is a move to hasten post-pandemic economic recovery but also to move the country forward.
This is part of an economic stimulus package to encourage direct foreign investment from wealthy and highly skilled professionals. The new 10-year visa will include spouses and children and was approved by the Thai cabinet in Q4 2021 to come into effect in 2022.
The Thailand Board of Investment (BOI) will set up a new center to implement and administer the program which also includes tax and land ownership benefits for these four targeted groups of eligible foreigners.
Also included in the stimulus package:
- 10-year Thai visa for approved foreigners and their spouses and children.
- Automatic work permit issuance
- Income tax rates to match Thai citizens
- Tax exemptions for income earned abroad
- 17% fixed income tax rate for approved foreigners in the Eastern Economic Corridor (EEC)
- Relaxation of restrictions on foreign ownership of land and property (although details are lacking)
This is great news for Thailand and fantastic news for foreigners as the Thai government expects more than 1 million qualified foreigners to be attracted to the program within the next 5 years beginning in 2022. Under the program, Thailand is forecasting that each foreign family will contribute a million baht per year to the Thai economy in living expenses and approximately 270B baht in taxes as a whole. On top of this, the government expects to raise 800B baht in investments from these four groups to meet the visa requirements.
More about this can be found here: Bangkok Post