Thread: Got USD1 Million in Spare Change?

Wealthy Americans, Chinese Top List of New Thai Visa Applicants

• US nationals account for 20% of 400 applications, Chinese 15%
• As a group, pensioners accounted for 40% of the applications

Phuket, Thailand. Photographer: Taylor Weidman/Bloomberg By Suttinee Yuvejwattana

September 14, 2022 at 4:00 AM GMT+7

While not exactly the rush it was hoping for, Thailand is seeing applications trickle in for its new visa program targeted at rich foreigners with officials viewing it as a sign of more to come.

Around 400 people have sought the visa within the first 12 days of it being rolled out, with pensioners making up 40% of the applications, Narit Therdsteerasukdi, deputy secretary-general of Thailand’s Board of Investment, said in an interview in Bangkok.

Applicants for the work-from-Thailand pass accounted for 30%, while the remaining was split between highly-skilled professionals and wealthy global citizens, he said. The program is being promoted not just to foreigners outside Thailand, but also to the estimated 300,000 expats already living in the country using other entry permits.

Unlike neighbor Singapore’s focus on attracting talent to fill gaps in the top layer of the labor market and drive innovation, Thailand’s visa program differs in its scope. The country, touted as the ‘Land of Smiles,’ looks to boost economic activity by making it easier for high net-worth individuals to live and work.

The government targets 1 trillion baht ($27.6 billion) equivalent of economic benefits annually by way of investment and purchase of properties by the new entrants.

“We also have a friendly environment and are open to work with foreigners,” Narit said, adding that US nationals accounted for 20% of the visa applications, followed by China at 15% and UK 10%, he said. “The cost of living here is low.”

The visa program seeks to build on post-pandemic efforts to welcome back visitors to the Southeast Asian nation, where tourism accounts for some 12% of gross domestic product.

The program grants visitors a 10-year renewable, multiple-entry visa. Its holders have permission to work and are eligible for tax breaks and a 17% ceiling on personal income tax for highly-skilled professionals, with benefits extended to spouse and children.
Narit said the government received 1,200 applications under a separate four-year smart visa program, targeted at foreign workers, since 2018.

Originally Posted by tomcat

Americans

Royal Thai Embassy, Washington D.C. Visa information

Wealthy Global Citizen - (Wealthy individuals holding at least USD 1 million in assets)

– At least USD 1 million in assets

– Personal income of a minimum of USD 80,000 / year in the past two years

– Investment of at least USD 500,000 in Thai government bonds, foreign direct investment or Thai property

________

Wealthy Pensioner - (Retirees aged 50 years and older who have an annual pension or stable income)

– Personal income of at least USD 80,000 / year at the time of application

– In case of personal income below USD 80,000 / year but no less than USD 40,000 / year, applicants must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai property

__________

Much easier and less risk…….

Non-Immigrant Visa Category “O-X” (long stay)

Purpose of Visit: This type of visa may be issued to applicants aged 50 years and over who wish to stay in Thailand for a period of not exceeding 10 year without the intention of working. Holder of this type of visa is allowed to stay in Thailand for 5 years each time (total 10 years). Employment of any kind is strictly prohibited.

Eligibility:
1. Applicant must be aged 50 years and over (on the day of submitting application)
2. Applicants must be nationals and passport holders of eligible countries, namely; Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherland, Norway, Sweden, Switzerland, United Kingdom, Canada and United States.
3. Applicant must have a bank deposit of no less than 3 million baht in Thailand or a bank deposit of no less than 1.8 million baht and annual income of no less than 1.2 million baht. Such amount must be maintained in bank deposit in full for at least one year, and keep at no less than 1.5 million baht thereafter.
4. Applicant must have a Thai health insurance for the duration of stay, with coverage for outpatient treatment of no less than 40,000 baht and inpatient treatment of no less than 400,000 baht
5. Applicant not prohibited from entering the Kingdom as provided by the Immigration Act B.E. 2522 (1979)
6. Having no criminal record in Thailand and the country of the applicant’s nationality and residence.
7. Not having prohibitive diseases (Leprosy, Tuberculosis, drug addiction, Elephantiasis, third phase of Syphilis) as indicated in the Ministerial Regulation No. 14 B.E. 2535