As part of the efforts to revive the economy post-Covid-19, Thailand now offers a 10-year Thai visa for not only approved special visitors but also their spouses and children.
The move is an economic stimulus and investment promotion package to attract wealthy foreigners and highly skilled international professionals who will also get automatic work permits, the same rates of income tax as Thai citizens, tax exemption for income earned abroad, and ownership of properties and land.
“The government also expects these foreigners to spend on average a million baht per person per year while staying and working in Thailand, or about a trillion baht in the next five years in total,” government spokesman Thanakorn Wangboonkongchana said.
This long-term visa scheme is targeted to four groups:
- Wealthy Global Citizens
- Wealthy Pensioners
- Work-from-Thailand Professionals
- Highly skilled Professionals
Such groups would be required to invest at least US$500,000 (16.5 million baht) in Thai government bonds in the form of foreign direct investment (FDI) or in real estate, Thanakorn stated.
He added that the minimum income required for this group is US$80,000 per year for the past two years, while the required minimum value of assets owned is US$1 million and the minimum health insurance coverage required is US$100,000.
In 2003, Thailand started offering a Thai Elite Visa that aims to attract affluent visitors, businessmen, investors, and expats to stay in Thailand long-term. Additionally, Thai Elite Visa holders do not need to pay income taxes especially when the income was derived abroad. There are instances where a Thai Elite Visa holder may voluntarily pay income tax in Thailand.