Thailand attracts wealthy long-stay foreigners to foster economic development
The Thai Cabinet on January 18 approved new regulations aiming at attracting wealthy long-stay foreigners in a bid to boost economic development and investment in the country.
Maya Bay in Thailand (Photo courtesy of Hat Noppharat Thara-Mu Koh Phi Phi National Park)
Bangkok (VNA) - The Thai Cabinet on January 18 approved newregulations aiming at attracting wealthy long-stay foreigners in a bid to boosteconomic development and investment in the country.
According to Deputy Government Spokesperson RachadaDhnadirek, the Thai Government is targeting the wealthy people or pensioners,professionals who want to work from Thailand, and highly-skilled professionals.
All these people will be granted long-term residence visas,which are good for ten years but must be extended after the fifth year of theirstay in the nation, with the extension period to last for only another fiveyears.
Those who believe they are in one of these groups can applyfor a qualification certificate by providing evidence and relevantdocumentation to prove their status with the Thai Board of Investment (BOI) orThai embassies and consuls abroad.
Those who obtain the certificate can apply for long-termresidence visas for up to ten years for themselves and their escorts. The visafee is 10,000 baht (300 USD) per year for each applicant. They will be requiredto report to authorities once a year to confirm their place of residence.
With the certificate, foreign professionals who want to workfrom Thailand and highly-skilled professionals can apply for a work permit asspecial cases for economic development.
The work permit for a foreigner under an employment contractwill last as long as the duration of the employment contract, but not exceedingfive years. The permit can be extended in line with the contractual period, butnot more than five years. The work permit expires at the time of the expirationof the residence visa./.
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Maya Bay in Thailand (Photo courtesy of Hat Noppharat Thara-Mu Koh Phi Phi National Park) 
