New visa scheme aims to attract about 1 trillion baht (S$38 billion) in new investments annually
As of September 1, 2022, eligible high net-worth individuals, top professionals and retirees are able to apply for a 10-year visa. This is part of the Thai government’s plan to attract one million talented or wealthy foreigners over the next five years.
The new visa program, called the long-term resident (LTR) visa programme, was announced by Chayotid Kridakon, an adviser to Thailand’s prime minister who formerly launched it after unveiling the scheme over a year ago. The move follows Singapore’s recent announcement of the launch of the Overseas Networks and Expertise Pass, will allow individuals with a fixed monthly salary of $30,000 and above to take on multiple jobs or set up a business.
The new ten-year visa is expected to generate economic activities equivalent to about 1 trillion baht (S$38 billion) per year thanks to new investments and property purchases. It is hoped that it will attract new investments into growing industries including electric vehicles, smart electronics and digital technology.
Thailand was hit hard by the COVID-19 pandemic as travel restrictions reduced the number of tourists – a huge industry for Thailand making up 12% of GDP. Thailand’s economy is expected to grow only 3.3% this year, one of the slowest rates in the region, and this forms part of Thailand’s post-pandemic growth strategy.
For more information on the new visa, as well as living and setting up a business in Thailand, contact Alpadis Group.