Thailand, once a dream destination for retirees and travelers, is now a hotspot for foreign investors and professionals. The recent changes in Thai laws have opened doors for investment in real estate more lucrative. Let’s explore how Thailand is becoming a foreign investor’s heaven.
Introduction to New Incentives
Thailand’s economy suffered due to COVID-19, leading to concessions for foreign investors. From 2022, high-earning residents from foreign countries can benefit from various incentives to aid Thailand’s recovery.
New Long-Term Stay Visa With Concessions 2022 Onwards
- Before 2022: 90-day stay, limited foreign staff hiring.
- After 2022: 10-year visa for eligible candidates, extended to spouses and children, with automatic work permits.
Tax Perks and Benefits from 2022
- Before 2022: Up to 35% tax for earnings over 4,000,000 Thai bahts.
- After 2022: Same income tax slabs as Thai citizens, plus exemptions for income earned abroad and a fixed 17% Personal Income Tax Rate.
Land and Property Ownership Concessions and Benefits
- Before 2022: Limited concessions and benefits to foreigners.
- After 2022: Relaxations on rent and foreign ownership of property and land, overseen by Thailand’s Office of National Economic and Social Development Council.
Who is Eligible?
- Wealthy Global Citizens: Income of US$80,000 and assets of US$1 million.
- Affluent Pensioners: Stable pension of US$40,000 and age above 50.
- Remote Working Professionals: Income of US$80,000 and 5 years of experience.
- Top Executives and Skilled Professionals: Income of US$80,000 or industry-specific earnings.
Goals of The Thai Government for Recovery
The Thai government aims to generate significant revenue through these initiatives, benefiting both foreigners and Thai citizens. Estimated revenue includes US$24.1 billion from investors, US$8.1 billion from personal income tax, and more.
Additional Relaxations for Foreigners Living In Thailand
Relaxed bans on alcohol sales, the “Sandbox Reopening” initiative, and reduced restrictions for tourists are part of the new benefits.
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