BangkokPost-Feb 2
The government has vowed to woo affluent foreigners for lengthy stays, specifically aiming for the wealthy, retirees, remote workers and experts, with the aim of boosting the economy and investment in the country. The government’s ad hoc committee on new investment privileges for foreigners chaired by ML Chayotid Kridakorn, personal adviser to Deputy Prime Minister Supattanapong Punmeechaow, proposed that the new privileges cover a long-term visa for up to 10 years as well as land and property ownership, as it hopes to attract more than a million qualified people to Thailand over a five-year period. But the Centre for Economic Situation Administration (CESA) chaired by Prime Minister Prayut Chan-o-cha on Jan 21 decided to put the brakes on proposals to increase foreign ownership quotas for condominiums from 49% and expand property leasehold rights for foreigners from 30 years to 50 years. Nonetheless, the center agreed in principle to a proposal to allow foreigners to hold land ownership of one rai for residential purposes. With only long-stay visas for 10 years agreed upon, questions arise as to whether Thailand’s remaining privileges to woo wealthy foreigners will be sufficiently effective and attractive. In addition to the long-term visa, these foreign experts should be entitled to income tax incentives provided by the Revenue Department as their contribution would be a boon for the country’s economy. Read more at: https://www.bangkokpost.com/business/2257475/long-stay-visa-becomes-sole-enticement
