According to the recommendations of the BOI (Board of Investment), the government is determined to attract foreign nationals to buy real estate in Thailand.
The country introduces economic and investment incentives by attracting high-potential foreigners to Thailand. This will stimulate the economy by generating income, investment and expanding employment opportunities within the country.
The government focuses on 4 target groups, consisting of:
- Wealthy foreigners.
- Well-off pensioners.
- Groups wishing to work from Thailand (digital nomads).
- Highly qualified people.
Economic and investment incentives by attracting high-potential foreign citizens to Thailand for a long-term stay:
-
A long-term resident visa.
This is a new type of visa with simplified conditions. Visa holders will not need to notify about their stay in the country for more than 90 days.
-
Amendments to laws or regulations.
Amendments to laws or regulations on the life of foreigners in Thailand. Previously, there should have been 4 Thais per foreigner in the company, this rule will be changed for holders of a new type of visa.
The benefits that foreign nationals will receive:
- The visa is issued for 10 years, including dependents or spouse and children.
- Exemption from the need to report on being in the country every 90 days.
- Exemption from income tax for income from abroad.
What will not be changed:
- A foreigner can still own no more than 49% of the area in a condominium.
- The state did not support the extension of the lease right for foreigners from 30 to 50 years.
- A foreign national still cannot own land in Thailand.
The Office of the National Council for Economic and Social Development expects that these measures, which will be implemented within 5 fiscal years (2022-2026), will help:
- Increase the number of foreigners living in Thailand by ฿1 million.
- Increase economic income by ฿1 trillion.
- Increase domestic investment by ฿800 billion, boosting tax revenue by ฿270 billion.
- To provide Thailand with personnel with knowledge and experience in various fields for the business sector, which the Government seeks to promote by following the master plan under the National Strategy (2018-2037) on future industries and services.
After launching the online visa application, over 600 people have registered in the system, including 30% from the EU, 20% from the USA and 40% from Asian countries. 40% of applicants are pensioners.
The main goal is to fully restore the tourism sector and motivate foreign citizens to invest in the Thai economy.