Work and Stay in Thailand
The biggest shake up in years in foreign ownership and work permit/ visas is on the way. Proposals by Tourism Authority of Thailand made to the Prime Minister at Government House has 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 property and land and be able to stay for up to ten years.
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 believe that these one million people will bring an extra one trillion baht. The target market are expected to spend a minimum of one million baht per year. 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. Expat packages have appeared to decrease in recent years but in reality the expat 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, expat packages often offer schooling, housing, drivers, maids and many other extras with the package.
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.
In order to apply for the 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.
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.
As the Cabinet will now be considering the details of this proposal, 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.