Thailand’s new visa program has been receiving applications from wealthy foreigners, with officials viewing it as a promising indication that more will follow.
According to Narit Therdsteerasukdi, Deputy Secretary-General of the Board of Investment (BOI), pensioners have so far made up 40% of applications while those applying for the work pass comprised 30%. The remaining 30% were skilled professionals and wealthy global citizens.
The new visa program aims to attract both foreigners and expats already residing in the kingdom under other permits while the majority of the applicants are Americans and Chinese. The government hopes to generate 1 trillion baht in annual economic benefits via investment and property purchases.
Under the program, visitors receive a 10-year renewable, multiple-entry visa. They can also seek employment while being eligible for tax breaks and a 17% cap on personal income tax for highly-skilled professionals, with benefits extended to their spouse and children. (NNT)
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