News Forum - Cabinet approves measure to entice “high potential” foreigners to Thailand

[Paco]

I am here 18 years.. and they  NEVER made it more easier or thought about to remove the useless 90 days check in ir even make an easier visa for people under 50 or Freelancers. And someone that now walks in they roll out the red carpet... what a cock suckers... of course people hate the idiots that make such a bullshit? Where is my easy Freelancers visa??? Because what was made was made in 2 days and useless nobody wants it. Funny how a Thai gets in a foreign country a 5 year visa and most of you still with a stupid 1 year visa... nothing ever been made easier only more nonsense... I remember they needed to know where you drink a beer, your Facebook, where you shop. Etc. All that nonsense 3 copies of each.. nonsense and the list go on, Thailand should ease up a bit and have some respect for the people that live here a long time, but nothing disgusting money wolves... 

Edited September 14, 2021 by Paco

[AdvocatusDiaboli]

2 hours ago, a3tsw said:

Subject to Status.

Terms & Conditions Apply.

... (so many it will make ones head spin)

Thailand has just ordered 8 times the normal of A4 reams of paper to meet the requirements they are planning to stipulate. You will have to provide your own pen though.

[JohninDublin]

3 hours ago, Thaiger said:

The cabinet has approved a measure to entice “high potential” foreigners, such as wealthy retirees and specialists, to spend a prolonged period in Thailand. The measure is a bid to promote foreign investment and to improve the struggling economy. The 4 groups that the government hopes to attract to Thailand are high income earners, foreign retirees, experts in different fields, and people who want to use Thailand as their base of work. Government spokesperson Thanakorn Wangboonkongchana says Thailand is setting a target goal of getting 1 million of these high potential foreigners over the next 5 years. The expectation is […]

The post Cabinet approves measure to entice “high potential” foreigners to Thailand appeared first on Thaiger News.

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Speaking purely for myself, if I were inclined to take up permanent residence, the issue most likely to decide this, is the total lack of security and protection afforded to the financial interests of foreigners. Land ownership rights are non-existent as are home-ownership outside of a lease or a condo. Open a business and you need a 51% Thai shareholder who might not have invested a bean in the business. I understand if you acquire residency rights through marriage, they expire on divorce or bereavement.

The real problem when you hear these suggestion from BKK, is that anything they give you can be taken back on a whim or change of gov. Imagine a populist politician linking rising house prices to foreign ownership, and he gets into power on the back of that. 

They probably wouldn't want me anyway, but if they did, nothing short of permanent and irrevocable guarantees would tempt me to relocate under any of these schemes.

One suggestion that might want to consider is the scheme adopted by the Irish Gov in the late 80's and early 90's where foreigners were invited to invest £1 million (Irish Pounds) about €1.1 mill in "pet projects" from the gov, and were given full Irish Citizenship in exchange, as well as a return on their investment. The first part does afford a lot of the guarantees that I would want, but I am not to sure if I invested €1 mill in Thai gov projects, I would ever see that again.

[AdvocatusDiaboli]

2 hours ago, Jason said:

They really don't have any idea about anything, except  how to prosecute wars.

They don’t as they never have.

[Stardust]

1 hour ago, MrStretch said:

This is the second time in a year they have floated these ideas.

They really don't know what they're talking about.  If they changed land ownership rules and allow foreigners to own land, soon they won't own their own country.  It has been one of the few laws that has left them in control.

Dropping the rule that a new company must hire at least 4 Thai nationals will also bite them in the ass, as better-run, more efficient enterprises will begin without Thais, so they can maintain their efficient operations and will outgun and outrun their local competitors. 

They really don't want 1 million well-off foreigners, because it would create a subclass they won't be able to understand or handle.

These idiots need to follow the old king's vision and stop looking outside of Thailand to make Thailand profitable and concentrate more on creating a self-sustaining economy, with a look toward green industry and more efficient agriculture.

As long as Thailand's leaders believe that only foreign money will save them, they will forever be moving in a direction that places  them beneath those that have that money.

You really think Thailand can exist as an usland in a global market. I guess you never had to do something with economy. Education and skilled people otherwise they loose and end up as one of the poorest countries in the world. What you are saying is the opposite of developpment and back to pick up coconuts. I am sure the young generation in Thailand will not share your ideas and the educated or intelligent Thais would say what a crap. This backwards not forward and this country went already 7 years backwards and is now on their knees. How much more shall the Thais suffer? When it is enough? And without a better education they will not even survive in agriculture, because in this field they lost a lot, too, the last years.

[Bob20]

8 minutes ago, Paco said:

I am here 18 years.. and they  NEVER made it more easier or thought about to remove the useless 90 days check in ir even make an easier visa for people under 50 or Freelancers. And someone that now walks in they roll out the red carpet... ehat a cock suckers

Don't worry. There were an estimated 3.5-4m foreigners in Thailand. Now with the pandemic probably a lot less. They'll never get 1m extra very wealthy ones to use such a scheme in 5 years under the current circumstances. But they may lose more if it doesn't improve soon.

[oldcpu]

2 hours ago, TukTuk said:

 

Traffic issues, air pollution, rising costs, skeptical attitudes towards foreigner's in general. A gov't that never seems to want to do anything positive for the people except stuff their own pockets with corruption money 

Lol !

Reads like some North American cities I know only too well.  

Edited September 14, 2021 by oldcpu

[oldcpu]

44 minutes ago, JohninDubin said:

Speaking purely for myself, if I were inclined to take up permanent residence, the issue most likely to decide this, is the total lack of security and protection afforded to the financial interests of foreigners.

I think most foreigners who have been living here for decades, never officially took up residence - in that they are considered non-immigrants (or foreigners on work Visas, again not residents).

For the non-immigrants, who have been in Thailand for decades, most those I know have most of their money OUTSIDE of Thailand. Sure, they may have a few million baht in Thailand, but that is typically a small amount compared to what they have outside.  Hence financial security and financial protection is not an issue.

44 minutes ago, JohninDubin said:

Land ownership rights are non-existent as are home-ownership outside of a lease or a condo. Open a business and you need a 51% Thai shareholder who might not have invested a bean in the business. I understand if you acquire residency rights through marriage, they expire on divorce or bereavement.

As irritating as it can be, I think for preserving Thai control over their own country, and ensuring their own people are not priced too much out of the market, it actually makes sense for Thai people. 

If one removes the 51% requirement,  it could get ugly for the average Thai at the expensive of relatively wealthy foreigners coming in to the country

 

44 minutes ago, JohninDubin said:

One suggestion that might want to consider is the scheme adopted by the Irish Gov in the late 80's and early 90's where foreigners were invited to invest £1 million (Irish Pounds) about €1.1 mill in "pet projects" from the gov, and were given full Irish Citizenship in exchange, as well as a return on their investment. The first part does afford a lot of the guarantees that I would want, but I am not to sure if I invested €1 mill in Thai gov projects, I would ever see that again.

New Zealand and Australia also require significant amounts of money for foreigners to invest, before they allow foreigners to move into and reside in their country.

[poohy]

This new found  joy goes not come cheap i think i will pass ta very much!

Courtesy of Hua Hin news who are very excited about this it seems,

 

To attract more than 1 million foreigners to stay in Thailand as long term expats with a focus on targeting four specific groups:

a) ‘Rich’ global citizens would need to be able to prove income of at least $80,000 over the last two years and have $1 million in assets. They would also need to be able to invest at least 16 million baht in property or government bonds.

b) Digital nomads – or professionals working from Thailand – would need to be earning $80,000 for the last two years or $40,000 a year and would be self employed or employed by a company overseas but which are able to use Thailand as a location to work from. They would be able to ‘work’ in Thailand without needing a work permit. They would also need to show educational qualifications of a master’s degree or higher or at least five years experience in their field.

c) ‘Wealthy’ retirees – are defined as those who are aged 50 or over and who can invest 8 million baht in property or government baht, while also being able to show a minimum annual income of $40,000.

d) Highly skilled professionals from SET-listed companies or from a company with an annual income of more than $50 million.

 

[Marc26]

1 hour ago, JohninDubin said:

Speaking purely for myself, if I were inclined to take up permanent residence, the issue most likely to decide this, is the total lack of security and protection afforded to the financial interests of foreigners. Land ownership rights are non-existent as are home-ownership outside of a lease or a condo. Open a business and you need a 51% Thai shareholder who might not have invested a bean in the business. I understand if you acquire residency rights through marriage, they expire on divorce or bereavement.

The real problem when you hear these suggestion from BKK, is that anything they give you can be taken back on a whim or change of gov. Imagine a populist politician linking rising house prices to foreign ownership, and he gets into power on the back of that. 

They probably wouldn't want me anyway, but if they did, nothing short of permanent and irrevocable guarantees would tempt me to relocate under any of these schemes.

One suggestion that might want to consider is the scheme adopted by the Irish Gov in the late 80's and early 90's where foreigners were invited to invest £1 million (Irish Pounds) about €1.1 mill in "pet projects" from the gov, and were given full Irish Citizenship in exchange, as well as a return on their investment. The first part does afford a lot of the guarantees that I would want, but I am not to sure if I invested €1 mill in Thai gov projects, I would ever see that again.

I'd be worried about having any decent money in a Thai bank

My stepson got around 10k baht scammed out of his Thai Bank(Kasikorn, I think)

it has been such a hassle, having to get police involved, the bank being uncoorpative. Looks like it will be resolved but it's going on 2 months.

Wouldn't want to deal with that in the 10's of thousands of dollars

[JackIsAGoodBoy]

Thai waitress living in US, UK or EU with permanent residency has more rights than rich foreigners in Thailand with Elite visas. She can own land, get a loan, form a company and do pretty much everything the actual citizens can do.

[JohninDublin]

2 hours ago, oldcpu said:

I think most foreigners who have been living here for decades, never officially took up residence - in that they are considered non-immigrants (or foreigners on work Visas, again not residents).

For the non-immigrants, who have been in Thailand for decades, most those I know have most of their money OUTSIDE of Thailand. Sure, they may have a few million baht in Thailand, but that is typically a small amount compared to what they have outside.  Hence financial security and financial protection is not an issue.

As irritating as it can be, I think for preserving Thai control over their own country, and ensuring their own people are not priced too much out of the market, it actually makes sense for Thai people. 

If one removes the 51% requirement,  it could get ugly for the average Thai at the expensive of relatively wealthy foreigners coming in to the country

New Zealand and Australia also require significant amounts of money for foreigners to invest, before they allow foreigners to move into and reside in their country.

You make some good points, but supposing I had both the resources and the will to get involved with these scheme, what security am I being offered that I will not not be subject to capricious or arbitrary confiscation of my assets? 

You mention NZ and OZ, I don't know what the thresholds are there, but a lot of these probs can be overcome by the thresholds that are set, For example, a minimum investment of say £1 mill GBP, and only one property can be bought say for a minimum of  THB 10 Mill. At that price, they are unlikely to be depriving too many of the locals of their breezeblock shacks. As for the 51% rule, why it is so inequitable in TH, is that in Western countries, there are laws against shareholder oppression which prevent majority shareholders riding roughshod over the minority. As I understand it, there are no such protections in TH. So in order to make yourself compliant, you may have to GIVE your "partner" 51% and then hope that he/she doesn't decide to rig the game entirely in their own favour.

The needs of both TH and the potential immigrant investors can largely be taken care of by sensible thresholds which would take care of the problems that are caused by "fast buck" speculators.

[Soidog]

6 hours ago, EdwardV said:

“Thanakorn adds that laws and regulations concerning land ownership will also be modified to attract foreign investors.” - what does that mean? The Devil is in the details. 

Probably means amazing things such as - Once the Alien has spent 10 million baht and invested another 50 million we will grant them the ability to own a piece of the central reservation along the Mittraphap road (no more than 20 metres long),   as long as they maintain it at their own cost. It’s all BS we know that already. 

[Soidog]

6 hours ago, TukTuk said:

I lived in Thailand for 10 years.

I qualify for this new plan.

However, I will not be moving back, ever.

Thailand has not improved one bit and every year it gets a little worse. Let's not even count Covid.

Traffic issues, air pollution, rising costs, skeptical attitudes towards foreigner's in general. A gov't that never seems to want to do anything positive for the people except stuff their own pockets with corruption money and then when they have enough, they move to the UK, Australia, Canada, USA.

Let's not get into the how cheap it is to live in a one room flat please. That is just not living.

Thailand is not some world class mecca many expats that have trapped themselves there make it out to be.

Retiring in Bangkok? Buying a condo in Bangkok? Noisy, dirty, polluted, bumper to bumper traffic, scams everywhere, the cost of western food higher than the west. Foolish idea. 

I want to retire somewhere clean, quiet, tranquil, where nature hasn't been destroyed with trash dumping and the water isn't filled with tons of plastic.

VISA issues are the least of any problem in Thailand.

I spend a fair amount of my time in Thailand and have done for more than 20 years. I’ve wasted a lot of my life hoping it would improve and their attitude towards foreigners would improve. Neither has changed in the positive direction in that time. I keep coming back as I have many friends in Thailand and it’s a break away from the cold and wet winters in Northern Europe. 
 

At the risk of offending a number of people I will say just this: Most foreigners are in Thailand for one reason and one reason only. They met a woman in Thailand or who was from Thailand. It certainly isn’t for the fine architecture, nice food or the warm weather. It’s a xenophobic country who see foreigners not as people, but as money to be exploited. It will never change and as and when I retire it won’t be to Thailand. It’s fine for a few weeks holiday to fill your boots and enjoy some of the natural beauty.   

[Soidog]

5 hours ago, DiJoDavO said:

If you look how many things that they thought was a great idea, have gone wrong.... Then they don't really understand foreigners.

They will never ask for advice from a foreigner. They don’t regard foreigners views as important. It always baffles me how little regard they have for our insight, experience and knowledge and yet they send their kids to our universities. Dress in our fashions. Fly our aircraft. Use our iPads and iPhones and most girls even want a Western nose! But ask for our opinion? That’s tantamount to treason.  

[JamesE]

7 hours ago, Stonker said:

Actually, apart from in the Senate, no more are than in any previous government.

Which speaks volumes all by itself.

[Soidog]

4 hours ago, oldcpu said:

As irritating as it can be, I think for preserving Thai control over their own country, and ensuring their own people are not priced too much out of the market, it actually makes sense for Thai people. 

If one removes the 51% requirement,  it could get ugly for the average Thai at the expensive of relatively wealthy foreigners coming in to the country

That is one way of viewing it. However ask yourself this. Look at the countries that do allow foreigners to own land and businesses. You know, places like the U.K., Australia, U.S, Japan, France, Germany, Canada and Italy. It’s no coincidence that these are all G7 nations. Each took the step back in their history to move forward and attract the smartest and most talented people on the planet to grow their country and develop the economy. Protectionism to the extent there is in Thailand is not to protect the rural poor from being priced out of the housing market. It’s to make sure foreigners don’t come in and take a slice of the pie from the Thai billionaires. The “Thailand is for Thais” mantra is just brainwashing so the rich can continue to use the poor as a large pool of in-house cheap Labour. Fire feed would want to introduce a decent minimum wage. Introduce rights for women. Stop slave Labour in fishing boats. That’s what they are protecting 

[JackIsAGoodBoy]

If Thai officials were as good in recycling garbage than in recycling ideas Thailand would have the cleanest beaches in the world. This old chestnut has been recycled ever since the 90's. Some mythical hoards of loose spending, rich foreigners supposedly coming in and gladly paying double, triple prices. 

That trick worked when Thailand was dirt poor and $100 was big money. Not so much anymore.

Edited September 14, 2021 by JackIsAGoodBoy

[Soidog]

4 hours ago, oldcpu said:

New Zealand and Australia also require significant amounts of money for foreigners to invest, before they allow foreigners to move into and reside in their country.

That’s simply not true. I personally know many people from the U.K. who have moved to Australia, ound a job, bought a house and eventually gained Austrian citizenship. However they want people who will contribute or who have skills they needs such as teachers, engineers, nurses etc. Not a bunch of retired people who will be a drain on resources. 

[Soidog]

3 hours ago, JackIsAGoodBoy said:

Thai waitress living in US, UK or EU with permanent residency has more rights than rich foreigners in Thailand with Elite visas. She can own land, get a loan, form a company and do pretty much everything the actual citizens can do.

Correct. It’s totally unacceptable in my view. If I was made PM I would insist on reciprocity of such things. If someone from the U.K. can’t own land or a business in Thailand then Thais can’t in the U.K.  I believe you can own land in the Philippines and so they would be allowed in the U.K.  It’s called fair and equitable. 

[Benroon]

7 hours ago, MrStretch said:

As long as Thailand's leaders believe that only foreign money will save them, they will forever be moving in a direction that places  them beneath those that have that money.

Very odd - every country in the world, including the richest ones, spend considerable time and money trying to attract foreign investment for all sorts of positive economic reasons, so why do you want to keep Thailand suppressed, always poor ? An insular government will only go in the direction you suggest, an outlooking government however gives themselves a chance.

Thailand badly needs foreign investment - its very basic economics.

[Benroon]

7 hours ago, DrPhibes said:

Soooo, I could come in build a business, buy a house with the land and 5 years later the government might decide to revoke my "special" status and I have fire sale my business and house and land?  Who would buy into this?

'might decide' - if you go through life worrying about what 'might' happen you're going to spend too much time looking over your shoulder. Life is short, shit might happen anywhere!

[Benroon]

5 hours ago, Marc26 said:

I'd be worried about having any decent money in a Thai bank

My stepson got around 10k baht scammed out of his Thai Bank(Kasikorn, I think)

it has been such a hassle, having to get police involved, the bank being uncoorpative. Looks like it will be resolved but it's going on 2 months.

Wouldn't want to deal with that in the 10's of thousands of dollars

British banks get scammed every day of the week for considerably more than that and if even a hint of negligence can be proved you won't get it back. 

So many people in Thailand like to think only bad things happen in Thailand!

 

[Soidog]

8 minutes ago, Benroon said:

So many people in Thailand like to think only bad things happen in Thailand!

I’m afraid it’s a case of “If the cap fits”…. Thailand has made its own reputation. Now it has to live by it. If they want to improve the reputation then there are plenty of places for them to start. 

[Benroon]

11 minutes ago, Soidog said:

I’m afraid it’s a case of “If the cap fits”…. Thailand has made its own reputation. Now it has to live by it. If they want to improve the reputation then there are plenty of places for them to start. 

I don't disagree but my point was every time there's a shocking murder/rape/embezzlemet, hordes of indignant westerners take to the streets (or forums) in states of abject shock like it never happens in their countries. I'm firmly in the 'if you don't like it f off' camp!