Govt mulls visa rule overhaul for expats, tourists, investors

[PeteC]

Govt mulls visa rule overhaul for expats, tourists, investors

https://www.bangkokpost.com/thailand/ge ... -investors

The government could revamp immigration rules this year to make it easier for expats and long-term tourists to stay in the country, part of a strategy to boost investment and tourism revenue once the pandemic eases.

The proposed changes could mean foreigners would no longer have to file 90-day reports of their whereabouts -- a deeply deeply unpopular requirement, particularly now that the online filing system has been down for more than a month.

Expats trying to file online have been greeted with a flashy animation painting the immigration service in a glamorous light, followed by a simple text message that the system is "temporarily closed for maintenance". No further information is given, including when the system might be repaired. Hotel staff have also been frustated because the TM-30 reporting system has also been down.

“Immigration rules are the key pain point” for foreigners working in Thailand, Chayotid Kridakorn, 54, a former head of JPMorgan Securities (Thailand) who’s leading a government task force to smooth investment into Thailand, said in a phone interview from Bangkok. “We want to make it easier for foreigners to live and work in Thailand.”

Authorities contend that making it easier for foreign companies to bring in skilled workers and for western retirees to stay in Thailand will boost the economy, which suffered its biggest contraction in more than two decades last year. Gross domestic product growth won’t return to pre-Covid levels until the third quarter of 2022, according to the Bank of Thailand.

A detailed framework to boost investment and tourism will be proposed to the government’s economic panel within a month, Mr Chayotid said. Plans include improving regulations on immigration, visa applications and work permits for foreign experts, including relaxing the requirement for foreign workers to report their whereabouts to authorities every 90 days.

The framework also will include inducements for foreign investors such as corporate income-tax cuts, relaxed property-holding rules and incentives for retirees and start-up companies.

Retirees, Pensioners

Mr Chayotid, an adviser to Deputy Prime Minister Supattanapong Punmeechaow, said he aims to attract one million retirees or pensioners to Thailand in the next few years, who he claimed could contribute as much as 1.2 trillion baht to the economy each year.

Thailand has seen foreign direct investment tumble more than 50% in the past five years to about 361 billion baht in 2020 as investors were deterred by factors including periodic political uncertainties, low growth prospects due to an aging society and a labour shortage. Foreign tourist arrivals into Thailand plunged to 6.7 million last year, the lowest level in at least 12 years, after the country closed its borders to contain the pandemic.

Areas that need immediate improvement include visas and regulations that prevent Thailand from gaining more value from foreigners and foreign workers, Governor Sethaput Suthiwartnarueput said in a March speech that was posted recently on the central bank’s website.

Other points from the interview with Mr Chayotid:

The task force will talk to foreign manufacturers in Thailand, especially in the auto and electronic industries, about how to upgrade their technology or bring research and development functions to Thailand
The team will recommend the government offer more incentives and develop infrastructure for use of electric cars, which could encourage local producers to meet rising demand locally
The team will approach new investors when Thailand reopens its borders later this year

“If we don’t fix this now, it will be too late to upgrade our investment,” Mr Chayotid said. “We don’t want to be left behind and die with old technology.”

[handdrummer]

How do you change Thai thinking?
Throw money at it.

Re visas: Why does an unmarried person have to have twice as much money in a Thai bank than a married person? Do Thais think it's cheaper to be married than unmarried?

[derek60]

Sounds like a step in the right direction!

[STEVE G]

How do you change Thai thinking?
Throw money at it.

Re visas: Why does an unmarried person have to have twice as much money in a Thai bank than a married person? Do Thais think it's cheaper to be married than unmarried?

It's because being married to a Thai girl stops you spending money chasing all the others.

[buksida]

Nowhere in that article does it even mention marriage visas so nothing will change there.

But it would be nice not to have to waste half a day doing a three-hour round trip every three months to report that your address has been the same as it was for the last decade.

[handdrummer]

How do you change Thai thinking?
Throw money at it.

Re visas: Why does an unmarried person have to have twice as much money in a Thai bank than a married person? Do Thais think it's cheaper to be married than unmarried?

It's because being married to a Thai girl stops you spending money chasing all the others.

Not necessarily. But, maybe, that's why a married man needs less money in the bank, so he can have more cash to spend chasing all the others. After all, TIT.

[buksida]

Its the same requirement for child support visas (also not mentioned in the report). If anyone in their right mind thinks it is cheaper bringing up kids than being retired they've got a screw loose.

Not that I'm advocating raising the financial requirements to stay in lalaland for those busting a nut to do so rather than swanning around on golf courses or in bars.

[HHTel]

Thailand’s new rules for retiree visas sound alarm bells

The Thai Cabinet has agreed the framework of a new visa policy which has been under consideration by government committees for most of 2021. The general idea is to lure well-heeled foreigners to have a base in the kingdom whilst enjoying a number of perks which include a 10 year permission to stay, the end of 90-day reporting, an attractive income tax structure and owning land outright. However, the devil – or devils – lurk in the detail. As always.



One of the eligible groups are “wealthy” retirees who are described as over 50 years and with an annual income of US$40,000, or US$250,000 in government bonds or ownership of real estate to the latter amount. At present retiree rules are very different. Ownership of property or of government assets doesn’t count, whilst the income rule is 800,000 baht in the bank or in foreign income shipped in monthly. That equates to only about US$25,000 and can sometimes be avoided if a friend loans you the cash.

The immediate question is whether current retirees will have to move to the new regulations or whether they will be protected on the rules as they are. It is possible, though by no means certain, that they will be “grandfathered”, that is able to retain one year renewable extensions of stay but without any of the new perks promised for the wealthier group. An earlier government statement last June suggested that comprehensive insurance, as well as Covid-related, would be required for “all” retirement-based visas and extensions of stay issued by Thai embassies abroad and by the immigration bureau here. Lots of detail still to come on those issues.

https://www.pattayamail.com/latestnews/ ... lls-371948

[HHTel]

To put that into perspective using the current framework, it would mean the 'money in the bank' would increase to 1.2 million baht and monthly income raised to 100,000 baht. A 50% increase all round.

Should the current values not be 'grandfathered', which I'm sure it will, I wonder how many expats will be able to meet the new financial requirements.

[Big Boy]

So long as the £ stays in the area it currently is I will manage with just a little bit to spare. However, what do they think it will achieve? If I transfer an extra 50% each month, it doesn't mean I'm going to start spending an extra 50%. What would I spend it on? I'm happy with my life the way it is.

The only thing I can see it achieving is driving more Farangs away. However, as HHTel says, they will most likely Grandfather existing visa holders.

[Dannie Boy]

The other important issue mentioned in the Pattaya news attachment is the reference to ALL retiree visa categories requiring medical insurance - not yet confirmed but the fact that it’s mentioned should be enough to make you somewhat concerned.
“An earlier government statement last June suggested that comprehensive insurance, as well as Covid-related, would be required for “all” retirement-based visas and extensions of stay issued by Thai embassies abroad and by the immigration bureau here”

Sent from my iPhone using Tapatalk

[handdrummer]

So long as the £ stays in the area it currently is I will manage with just a little bit to spare. However, what do they think it will achieve? If I transfer an extra 50% each month, it doesn't mean I'm going to start spending an extra 50%. What would I spend it on? I'm happy with my life the way it is.

The only thing I can see it achieving is driving more Farangs away. However, as HHTel says, they will most likely Grandfather existing visa holders.

It's not that they expect you to spend it, but if it's in a Thai bank, the bank can invest it and loan it out to make money.

The money that we presently keep in a Thai bank amounts to an interest-free loan to the bank.

[HHTel]

The money from a couple of hundred thousand expats is just a drop in the ocean financially. Not even worth a mention from the banks' point of view.

It's nothing to do with money. It's more about control.

[sateeb]

/\ Good to know that there is someone else out there that doesn't think us expats are keeping the Thai economy afloat.

[pitsch]

Thailand approves 10 year visas for foreigners, will relax laws on land ownership
Thailand’s Cabinet has approved what is arguably the biggest shake up regarding immigration policy and the rules on foreign land ownership in more than forty years.

On Tuesday (Sept 14) the Cabinet gave the green light for Thailand to offer 10 year visas in a bid to attract so-called ‘wealthy foreigners’ to relocate to the country.

Dr. Thanakorn Wangboonkongchana, a spokesman for the Prime Minister’s Office, disclosed that the Cabinet has approved in principle a host of economic and investment stimulus measures aimed at attracting high-potential foreigners to Thailand for long-term stay.

The government hopes the newly approved measures, which were first mooted back in April, will achieve three goals.

To attract more than 1 million foreigners to stay in Thailand as long term expats with a focus on targeting four specific groups:

2. To stimulate domestic spending by 800 billion baht as well as helping to generate 270 billion baht in additional tax revenue.

3. Enhance the expertise of workers in Thailand by attracting foreign specialist or ‘experts’ to settle in the country, which in turn will boost the Thai economy.

Huahintoday


Do they really think that 1 million expats will come and spend 1 trillion Baht?