Long-stay visa has been approved by the cabinet
On 18 January 2022, the Cabinet passed its resolution on measures aimed at attracting wealthy long-stay foreigners to Thailand. The purpose is to increase investment into the country and boost the country’s economy.
The new regulations are in the Draft Notification proposed by the Ministry of Interior and the Ministry of Labor.
Long-term resident visa of up to 10 years and work permits for those who has met qualifications will be granted to four groups of foreigners as follows:
Wealthy global citizens
There are no age restrictions for “wealthy global citizen” but they must invest at least USD 500,000 in government bonds, property, or foreign direct investment. They must also have earned at least USD 80,000 in the last two years and have assets worth at least around USD 1 million.
Wealthy pensioner must be 50 ages or more, earn an income USD 40,000 each year, and invest USD 250,000 in government bonds or real estate.
Professionals interested in working from Thailand, including persons who work remotely or employees of large corporations nearing retirement, must earn USD 40,000 per year, have a master’s degree or higher, or intellectual property rights, and have five years of research experience.
Experts in digital products shall therefore engage for SET-listed businesses for at least three years in any of private companies with annual revenues of more than USD 50 million. To work in target industries or as academic specialists in universities or governmental agencies, high-skilled people with no age restrictions are necessary.
Legal Insight Vol. February 2022 of Bangkok Global Law
The PDF file can be downloaded via the link as set below.