Thailand 10-Year Visa Program: What To Expect
Thailand has launched a new long-term visa program that will allow wealthy investors to stay in the country for 10 years. The program is part of a new government stimulus package as the country seeks measures for its pandemic-wounded economy.
This long-term visa would be offered to investors as well as highly-skilled professionals and digital nomads from abroad.
The details of the program should follow soon, Here is what we know so far:
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According to the announcements;
- If you have at least $1 million in assets and a minimum of $80,000 income over a period of two years, you’ll be considered wealthy and can be eligible for the program;
- If you’re a pensioner, your minimum pension should be $80,000 during the last two years (plus $1 million in assets);
- If you’re a digital nomad, you’ll need to submit proof of a minimum income of $80,000 during the last two years (plus $1 million in assets).
Benefits of Thailand 10-Year Visa Scheme
This new long-term visa will generate many benefits. Let’s quickly analyze those.
- You will get “automatic work permits”
- If you’re working for a foreign company remotely, you’ll be exempted from taxes on your global income
- Taxes on foreign ownership of property and land will be exempted
- You’ll be allowed to bring your spouse and children to Thailand
- You’ll not be required to report to Thai immigration authorities every 90 days like before
Objectives of the Program
With this scheme, the Thai government aims to generate funds for its tourism-dependent economy. The Thai economy has witnessed severe losses following the global pandemic.
The government foresees that the program will attract over one million wealthy foreigners within five years. The program is also expected to generate $30 billion in spending, $24 billion in investment, and $8 million in tax collections.
There you have it. We’ve given you the latest news on the program and hope to update you once we have more details. Meanwhile, for further reading, you can refer to our Chiang Mai for digital nomads guide.
Have you ever been to Thailand? Have you ever planned on living there? Let us know…We’d be happy to hear about your experience.