The Thai cabinet approved 2 trillion baht in stimulus to attract one million wealthy foreigners. These measures aim to promote foreign direct investment by offering long-term visas and tax benefits to “high potential” foreigners and easing some limitations on foreigners owning property and land in the long run.
Thanakorn Wangboonkongchana, the government’s spokesman, said that on Tuesday (September 14), Thailand’s cabinet has approved measures to attract foreign investors to stay long term in the country in an effort to boost foreign direct investment (FDI) and to revive the economy after COVID-19.
This plan will target four wealthy groups: wealthy global citizens, wealthy retirees, work-from-Thailand professionals, and highly skilled professionals. They will be granted various privileges such as a ten-year visa or smart visa with no need to notify Thai authorities every 90 days, foreign income tax exemption, and land and real estate ownership and rentership rights.
Thanakorn added that the government will amend laws and regulations regarding property ownership and foreign employment in accordance with these measures. The requirement that four Thai citizens be employed for every foreigner hired will be abolished.
The Office of the National Economic and Social Development Council expects Thailand’s investment would be increased by 800 billion baht plus 270 billion baht in additional tax collection between 2022-2026.
Asia Plus Securities (ASPS) believes these stimulus plans will boost transportation, industrial estate and hospital stocks, such as WHA, AMATA, JWD, BH, BDMS and PR9.