Thailand Will Start Issuing 10-Year Visas To Investors, Pensioners And Specialists
From 2022, wealthy people and skilled professionals will be able to obtain long-term visas to Thailand by investment. New visa holders will be able to live and work in the country, as well as receive tax benefits.
Author •Albert Ioffe
Legal and Compliance Officer
Thailand Will Start Issuing 10-Year Visas To Investors, Pensioners And Specialists
The creation of a new category of investment visas has been approved by Thailand’s Cabinet. The program will run for five years, during which time the government plans to issue 90,000 visas to investors and attract more than a million specialists. If the initiative proves to be in demand, it will be extended.
90,000 visas
10-year visas to Thailand are planned to be issued to investors over five years
Thailand is seeking to attract more investors and specialists in various fields to help the country recover from the effects of the coronavirus pandemic. The government estimates that investors will add 800 billion baht, or $23.7 billion, to Thailand’s budget over five years.
Who can get a visa to Thailand for 10 years
Cosmopolitan investors who travel frequently and have assets in different countries. To obtain a visa, an investor needs to invest at least $500,000, or 16.5 million Thai Baht. Investments are allowed in Thai government bonds in a foreign direct investment format and Thai real estate.
$500,000
Minimum investment amount for investors
The investor’s annual income and the value of the assets in their possession are taken into account:
from $80,000 — annual income for the last two years before the visa application;
from $1 million — total value of assets in the investor’s possession.
The applicant also takes out medical insurance with coverage from $100,000.
Pensioners over the age of 50 also invest in Thai government bonds or real estate. But the amount invested for pensioners is half that of cosmopolitans — $250,000.
$250,000
Minimum investment amount for pensioners
The annual income of the applicant, e.g. in the form of pension payments, must be from $40,000 health insurance with coverage of $100,000 or more is compulsory.
Remote employees who want to move to live in Thailand. Such applicants are expected to continue working for an overseas company while living in Thailand. Remote employees do not need to invest in government bonds or real estate.
Highly qualified professionals who move to Thailand to work in priority sectors of the economy. This also includes university professors who teach subjects in the target industries.
Specialists must have at least five years of experience in their industry and an annual income of $40,000 or more. They also take out health insurance with coverage of $100,000 or more.
Family members of the main applicant. Together with an investor, pensioner or specialist, their spouse and minor children can be granted a long-term visa to Thailand.
Conditions for obtaining a visa to Thailand for 10 years
What a Thai long-stay visa provides
Free entry to Thailand. Russians can travel to Thailand without a visa if the stay is up to 30 days. A visa is required for longer stays.
In September 2021, only four provinces of Thailand are open to entry from abroad: Phuket, Krabi, Surat Thani and Phang Nga. But direct flights between Russia and Thailand have not yet been re-established: it is possible to reach Thailand with connections, for example in Singapore.
Holders of long-term visas to Thailand will be able to enter and leave any province without restrictions. However, coronavirus restrictions, such as PCR tests, will still have to be complied with.
Tax optimisation. If an investor plans to live in Thailand for more than 183 days per year, they can become a tax resident in the country. And if a professional takes a job in a Thai company, he or she is required to pay income tax in Thailand.
Holders of the new ten-year visa will be able to pay income tax on a progressive scale from 0 to 35%. However, tax will only be levied on income derived from a Thai source. Global income will not be taxed.
0 to 35%
Income tax in Thailand
If a professional is employed by a company in Thailand’s special economic zone, the Eastern Economic Corridor, they will pay income tax at a flat rate of 17%.
17%
Flat-rate personal income tax for Eastern Economic Corridor specialists
Thai taxpayers pay VAT at 7% and inheritance tax at 5% or 10%, depending on the degree of relatedness of the parties to the transaction. There is no wealth tax in Thailand.
There is a double taxation treaty between Russia and Thailand. Therefore, if a person is a tax resident of Thailand, but receives income from Russia, he pays taxes once in the country where he receives the income. Dividends are taxed at a rate of 15%, interest and royalties at a rate of 10%.
Convention on Avoidance of Double Taxation between Russia and Thailand of 23 September 1999
You will not have to obtain a permit to work in the country separately: specialists will receive it automatically with their visa for 10 years.
Ownership of the property and land in which the applicant is investing.
Relocation and holidays in Thailand. November to February is the best time to holiday in the country: the average air and water temperature is about +28°C. Therefore Russians often prefer to go to Thailand for the winter. In summer, on the other hand, the country is hot, on average up to +35°C. It can often rain.
Travelers appreciate Thailand for its beautiful beaches with white sand and clear blue water. Tourists also visit the ancient jungle town of Sukhothai and go elephant watching in Khao Yai National Park.
Thailand is the seventh most attractive country in the world for relocation. In 2019, 4.9 million immigrants permanently resided in Thailand.
The country also has a high level of health care. The UN has ranked Thailand sixth in the Global Health Security Index.
Maya Bay on Phi Phi Le has become a popular holiday destination since the release of the film 'The Beach' starring Leonardo DiCaprio
In which countries, it is possible to obtain citizenship or a residence permit by investment
Wealthy people choose to live, holiday and invest not only in Asia, but also in Southe Europe. In some of them, it is possible to obtain citizenship or a residence permit by investment. This includes the purchase of real estate.
Citizenship by investment is granted by Montenegro, while in Malta an investor can become a citizen by Naturalisation for Exceptional Services by Direct Investment
Montenegrin’s citizenship is granted for a mixed investment: a non-refundable contribution to a state fund and the purchase of real estate. The owners of Montenegrin passports can live, work and conduct business in the country, and travel visa-free to the Schengen countries, UAE and Singapore. But the investor program is only valid until the end of 2021.
Malta only grants citizenship to investors who pass a rigorous due diligence check and buy or rent property in the country. In this case, the applicant first obtains a residence permit and can apply for citizenship after a year or three years.
Maltese citizens travel visa-free to over 180 countries and can live, work and study in any EU country without restrictions.
Residence permits by investments — temporary or permanent — can be obtained in Portugal, Greece, Spain, as well as Malta and Cyprus.
Residence permit or permanent residence permit in EU Member States allows you to live, work, conduct business and study in your chosen country without restrictions. Residence permits and permanent residence permits can also be used instead of a Schengen visa to travel freely within the region.
Immigrant Invest helps investors obtain a second citizenship or residence permit by investment. If you want to become a citizen or resident of another country, seek advice from experts in investment programs.