Thailand has introduced a new long-term visa program. This 10-year visa will allow wealthy investors to stay in the country for 10 years. The initiative is part of a new government stimulus package aimed at helping the country recover from the effects of the pandemic.
If you’re an investor or a highly trained professional, you might be eligible for this long-term visa in Thailand.
The details should follow soon, but below are the available information that came from the authorities.
Criteria for Eligibility
According to the announcements, you’ll be considered wealthy and qualify for the program if you have at least $1 million in assets and a minimum of $80,000 in income over a two-year period.
If you’re a pensioner, you’ll need to provide proof of $80,000 in income (plus $1 million in assets) over the last two years; if you’re a digital nomad, you’ll need to show proof of $80,000 in income (plus $1 million in assets) over the last two years.
Advantages of Thailand 10-Year Visa Scheme
This new long-term visa will have numerous advantages for investors. Here are some of them:
- When you receive your residence card, you’ll also get a work permit automatically
- If you’re working for a foreign company remotely, you won’t have to pay taxes on your worldwide earnings.
- Foreign ownership of property and land will be free from taxes.
- Your spouse and children will be permitted to accompany you to Thailand.
- Unlike before, you would not be compelled to report to Thai immigration authorities every 90 days.
Thailand 10-Year Visa Program Objectives
The Thai government hopes to raise revenue for its tourism-dependent economy through this initiative. Within five years, the government expects the scheme to attract over one million wealthy foreigners. Additionally, the initiative is predicted to create $30 billion in spending, $24 billion in investment, and $8 million in tax revenue.