Cabinet approves visa changes to woo wealthy foreigners

[Nereus]

Cabinet approves visa changes to woo wealthy foreigners

Give us the money:

https://www.bangkokpost.com/thailand/ge ... foreigners

The cabinet on Tuesday approved visa changes intended to attract affluent foreigners for lengthy stays, targeting the rich, retirees, remote workers and skilled professionals.

The purpose is to increase investment in the country and boost the economy.

Deputy government spokeswoman Rachada Dhnadirek said the new regulations were in two draft ministerial announcements submitted by the Interior Ministry and the Labour Ministry.

They target foreigners with enormous wealth, wealthy pensioners, foreigners who want to work remotely from Thailand, and highly skilled professionals.

The Interior Ministry proposals provide for long-term residence (LTR) visas, each for up to four family members including children up to 20 years old. The Board of Investment will set the qualifications of the applicants.

The visas will be valid for five years and renewable for up to five years. The total validity period is capped at 10 years. Visa holders will pay an annual fee of 10,000 baht and will report their residential address once a year.

After receiving the visa, the foreigners can apply for work permits.

They can request a change in the type of visa afterwards, in compliance with the rules of the Immigration Bureau.

The other change is from the Labour Ministry, Ms Rachada said.

It will allow foreigners to start working right away after filing their work permit requests, without having to wait for their work permits.

If they have employers, their work permits will be valid as long as their employment contracts last, but not more than five years. The work permits can be extended to meet their employment contracts, for up to five years at a time.

Foreigners who have their own business can seek work permits for up to five years and the permits can be renewed for up to five years each time.

Violation of any regulations under the ministerial announcements will result in cancellation of the visas and work permits.

Ms Rachada said the new visa regulations need to be formally announced by the two cabinet ministers. The prime minister wanted that to be soon.

[pitsch]

It says nothing about financial requirements for the 5 years visa.

[HHTel]

The Board of Investment will set the qualifications of the applicants.

[Dannie Boy]

I think it will rule out most on this forum!!

[handdrummer]

I think it will rule out most on this forum!!

Even if it didn't, why would you want to pay 10,000 bht a yr. for 5 years to live here?

[STEVE G]

I think it will rule out most on this forum!!

Even if it didn't, why would you want to pay 10,000 bht a yr. for 5 years to live here?

It might be interesting if it doesn't require locking up money in Thailand, if you could invest rather than just putting money in the bank.

[buksida]

Why? Because 10K is cheaper than what many people pay under the table per year to live here.

I would definitely be interested if the paperwork requirements and hassle were less than for a child support visa, and you didn't need millions tied up in the bank earning zero here ... but yeah, dream on.

Pushing the work permit thing, this just appears to be another stealth tax on foreigners as wp holders cannot renew them (or the visa) without proving they've paid income tax every year. I would imagine the number of foreigners renewing work permits (and paying tax) has plummeted during the two-year lockdown.

[europtimiste]

Stupid, why pay 10,000.00 if you are retired and don't need to work.

[Dannie Boy]

There are bound to be some financial requirements to qualify for this class of visa, but if by some miracle there wasn’t, having a visa valid for 5/10 years with only the need to report to immigration once a year, 10,000 Baht might be worth paying - I’d certainly consider it!!


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[Big Boy]

I'm obviously reading this differently to most i.e.

The cabinet on Tuesday approved visa changes intended to attract affluent foreigners for lengthy stays, targeting the rich, retirees, remote workers and skilled professionals.

I'm actually seeing this as a potential change to the Retirement Extension. OK, a 500% rise on what we are currently paying, but 10K/year shouldn't be too big a deal. About 1 big beer every 3rd day. If it means we only have to go through the renewal process once every 5 years instead of every year, and maybe no 90 day reports, I don't think I'd lose too much sleep.

[Dannie Boy]

The devil will be in the detail - I’d be very happy but very surprised if they only ask for 10,000 Baht a year and nothing else!!


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[migrant]

I'm obviously reading this differently to most i.e.

The cabinet on Tuesday approved visa changes intended to attract affluent foreigners for lengthy stays, targeting the rich, retirees, remote workers and skilled professionals.

I'm actually seeing this as a potential change to the Retirement Extension. OK, a 500% rise on what we are currently paying, but 10K/year shouldn't be too big a deal. About 1 big beer every 3rd day. If it means we only have to go through the renewal process once every 5 years instead of every year, and maybe no 90 day reports, I don't think I'd lose too much sleep.

Yes, I'd happily sign up for it.

[Dannie Boy]

Other than a few predictable people voicing rejection, I’m sure a lot of us would welcome a 5/10 year visa if we only had to pay 10k a year, but they mention “wealthy retirees” which to me infers they’ll be looking for something in addition, rather than a bunch of expats who quibble over paying an extra 50 Baht on a kg of pork!!


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[Big Boy]

Compared to your average Thai, being able to show 800K/year is very wealthy.

[Dannie Boy]

After years of making it difficult for people to retire here, I’m pretty certain there’s no way that they’re going to suddenly make it easy for your average retiree to have an easy route to a 5/10 year visa only reporting once a year to immigration - the Bangkok Post article includes the words “They target foreigners with enormous wealth, wealthy pensioners, foreigners who want to work remotely from Thailand, and highly skilled professionals.”

Anyway I’m sure the details will be out soon then we’ll know for sure, but at the moment, my glass is half empty!!