Work and Stay at luxury property Bangkok Thailand
The biggest shake-up in years in foreign ownership and work permit/ visas is on the way. Proposals by the Tourism Authority of Thailand made to the Prime Minister at the Government House have set out four target groups. The target groups would be able to work in Thailand without a work permit. They would also pay just seventeen percent tax on local earning, have the right to buy luxury property Bangkok, and be able to stay for up to ten years.
Target Groups for luxury property Bangkok
These proposals are being considered by the government and the targets groups are as follows:
- Highly skilled individuals with Specific Abilities
- Digital Nomads
- Foreign retirees
- The Wealthy
From the four groups, TAT aims to attract one million people. They believe that this will increase expertise and the economic benefits of spending locally. TAT believes that these one million people will bring an extra one trillion baht. The target market is expected to spend a minimum of one million baht per year at luxury property Bangkok. Much higher than that is the reality with wealthy investors enjoying branded residences in Bangkok such as Four Seasons Private Residences, Chao Phraya, The Residences at Sindhorn Kempinski, and The Residences at Mandarin Oriental. People are ready to invest, when Thailand reopens once again the money will follow.
Highly Skilled Individuals with Specific Abilities
Industry workers, medical skills, professors, and other skilled areas at luxury property Bangkok. Expat packages have appeared to decrease in recent years but in reality, the ex-pat packages are as strong as ever. Whilst the overall salary has remained similar, this amount appears smaller owing to the strong baht. That being said, ex-pat packages often offer schooling, housing, drivers, maids, and many other extras with the package.
Digital Nomads
People within this group must be earning at least eighty thousand dollars in the last two years or forty thousand dollars per year. The target group will be digital nomads or people close to retirement age. All long-term visitors will be expected to have a one hundred thousand dollar health insurance coverage.
Foreign Retirees
In order to apply for a long term visa, retirees will have to invest two hundred and fifty thousand dollars in government bonds or real estate. If they cannot do that, they can show the same earnings as the digital nomads from their pensions. Providing they can show all of the required evidence, they will be eligible for the ten year visa.
The Wealthy
To qualify for this group you must be a high earner. There will be no age limit but you must invest five hundred thousand dollars in either real estate or Government bonds. This group will need to show the same earnings but also one million dollars worth of assets in order to be eligible for the visa.
Conclusion
As the Cabinet will now be considering the details of this proposalof luxury property Bangkok, NPP Realty and Consultants will wait to comment on these matters until items are confirmed officially. That being said, the new regulations would be a welcome stimulus for the property market and tourism market combined.