Issues New Incentives to Attract Foreign Investors, Retirees and Professionals.

On September 14, 2021, Thailand’s Cabinet passed a resolution introducing immigration, tax, and land ownership incentives aimed at attracting foreign investors, wealthy pensioners, professionals who can work remotely from Thailand and highly skilled professionals. These incentives are part of an effort to stimulate the Thai economy, which has been severely impacted by the COVID-19 pandemic.

Qualified foreigners include:

1. Wealthy global citizens: i.e. individuals with at least $80,000 in income over the last two years and at least $1 million in assets. Further, they must have medical insurance covering at least $100,000 and invest at least $500,000 in Thai government bonds or real estate.
2. Wealthy pensioners: retired pensioners with a stable pension of at least $40,000 per year and aged 50 or older. They too must have medical insurance covering at least $100,000 and invest at least $250,000 in Thai government bonds or real estate.
3. Work from Thailand professionals: foreign professionals who work remotely from Thailand (often referred to as digital nomads), with at least $80,000 in income over the last two years and at least five years of work experience.
4. Highly skilled professionals: professionals with at least $80,000 in income over the last two years or $40,000 per year who work in targeted industries, including building infrastructure, logistical systems, and digital systems, or experts and researchers who work with state agencies or as university lecturers.

According to the measures, qualified applicants can receive three incentives as follows:

• A 10-year long-term resident visa to live in Thailand, including for their spouses and children as well as an automatic work permit;
• The same income tax rates as Thai citizens and tax exemptions for income earned abroad as well as a 17% fixed income tax rate
• Relaxed restrictions on foreign ownership and rent of land and property

• Type:

  • Entry and establishment (Ownership and control, Access to land)
  • Promotion and facilitation (Investment incentives, Other)

• Industry:

  • Not industry specific

• Sources:

  • Thailand-business-news, Thailand Issues New Incentives to Attract Wealthy global citizens and Retirees, https://www.thailand-business-news.com/investment/85932-thailand-issues-new-incentives-to-attract-wealthy-wealthy-global-citizens-and-retirees.html, 17 Nov 2021
  • Asean briefing, Thailand Issues New Incentives to Attract Foreign Investors, Professionals, and Retirees, https://www.aseanbriefing.com/news/thailand-issues-new-incentives-to-attract-foreign-investors-professionals-and-retirees/, 08 Nov 2021