On Tuesday 14th September 2021 the cabinet approved a 10 year, long term visa with which it is hoping to attract foreign investors.
The Government are hoping that the visa will attract more over the next five years, one million foreign investors and experts will arrive and contribute to the economy vastly.
The one trillion baht target is expected to be reached through increased investments and also other contributions made by the holders of the long term visa.
The long term visa hopes to attract people that are interested in Bangkok’s high end property market. With increasing inventory in the condominium market including ultra luxury properties such as Four Seasons Private Residences Bangkok at Chao Phraya River and The Residences at Mandarin Oriental The Residences at Mandarin Oriental
the real estate industry is also looking forward to a welcome boost to the economy. However, this time it isn’t just the condominium market that is excited.
Alongside the long-term visa there are several other benefits which means there may yet be a shift in the market:
10 year visa includes allocation for spouse and children.
Work permit included.
Exemption from foreign income tax.
Land and real estate ownership and rental rights.
Quota of four Thais for every one foreign employee not required.
With the addition of the family support stunning projects such as Welton on Rama 3 and Malton Private Residences deep in the heart of Sukhumvit, larger properties that are already rare are sure to have an increase in demand.
How are NPP Consultants so sure that this visa will support the super luxury market? The parameters set to apply for the visa are stringent meaning that the visa it isn’t accessible to all. Applicants must be from the following groups:
Highly Skilled Professionals: Targeted industries such as future services, infrastructure and logistic earning at least $80,000 over the past two years.
Work from Thailand: Professionals wishing to work with employers outside of Thailand. With more than five year’s experience and at least $80,000 over the past two years.
Pensioner: Aged above 50 with a stable pension of at least $80,000 over the past two years.
Wealthy Global Citizens: High income over $80,000 over the past two years and with a minimum of $1 million in assets.
The measures will be run by the Office of the National Economic and Social Development whilst working alongside the Board of Investment (BOI) further details will be released in the very near future. NPP will be ready to welcome and support all of its clients through all facets of their property purchase or rental.
NPP will look forward to welcoming its first clients on this visa in the very near future. Visas have been a long term challenge for individuals in Thailand and with this visa and support, the road to the future will be smoother.