Thailand’s Deputy Prime Minister Supattanapong Punmeechaow has told a press briefing that he is planning to propose to cabinet a plan to allow rich foreigners to own land to enjoy a 10 year long-stay visas.
According to Mr Supattanapong, the Centre for Economic Situation Administration (CESA) approved in principle on June 4 a scheme to offer long-stay visas to four groups of foreigners; rich global citizens; wealthy retirees; rich professionals working in Thailand, and highly skilled professionals.
These groups will be entitled to a visa of up to 10 years and have the ability to own land.
“Rich global citizens” has no age restrictions but this group is required to invest at least US$500,000 (16.35 million baht) in government bonds, property or foreign direct investment. They must also have at least $80,000 in income over the last two years and $1 million in assets.
Meanwhile, wealthy retirees are required to be 50 or over and have an annual income of $40,000 and invest $250,000 in government bonds or real estate.
For professionals interested in working from Thailand, which includes individuals who work remotely or employees of large companies that are close to retirement, they must have $40,000 per year in income with an educational background of a master’s degree or higher or rights in intellectual property and have five years experience in research.
Experts in digital services are required to work for SET-listed companies or work for at least three years in private companies which have an income of more than $50 million a year.
High-skilled professionals with no age limits are required to work in target industries or academic experts in universities or state agencies.