Open details of foreign attractive packages Tax benefits – land ownership up to 5 years+
On September 14, 2021, a meeting of the Cabinet (Cabinet) approved measures to stimulate the economy and investment by attracting high-potential foreigners to Thailand. The details are as follows.
– Except that all holders of long-term resident visas and smart visas do not need to notify the competent official in writing if they stay in the country for more than ninety days.
-Allow the Ministry of Interior to study the guidelines for amending the laws related to land ownership.
– Holders of a long-term resident visa can work for employers both within the country and outside the country with permission to work automatically.
– The holder of a long-term resident visa is not subject to the criteria for considering issuing work permits regarding the determination that the employment of 1 foreigner must employ 4 Thai employees to work permanently.
– Reduce the import duty rate to facilitate and reduce the cost of bringing in wine, spirits and cigars by half for 5 years.
– Update the notification of the Customs Department relating to the customs procedures of the passengers brought in or exported out of the Kingdom with them at the airport for personal use or not. instead of considering the value of things
-Prepare and propose a draft royal decree issued under the Revenue Code to determine the personal income tax rate for holders of long-term resident visas in the Special Skills category. in comparison with the same tax measures in the Eastern Economic Corridor.
The Office of the Board of Investment (SAT) is responsible for implementing the measures. Consider setting up a service unit to support and invite high potential foreigners to become long-term residents in Thailand.
In this regard, the agencies responsible for the above will expedite the action within 90 days and report the progress of the results of the consideration through the NESDB to report to the Cabinet for further acknowledgment.
For issuing a long-term resident visa for high potential foreigners and want to be a long-term resident Determine the qualifications to consider applying for a visa according to the group of foreigners with high potential 4 types as follows:
1. Wealthy global citizen, a minimum investment of $500,000 in Thai government bonds. or foreign direct investment (FDI) or real estate investment and has a minimum salary or pension of $80,000 per year for the past two years, and a minimum of $1 million in assets
2. Foreign retirees (Wealthy pensioner) invest a minimum of US$250,000 in Thai government bonds. or foreign direct investment or invest in real estate and has a minimum pension of $40,000 per year, with a minimum pension of $80,000 per year (in case of no investment)
3. Groups who want to work from Thailand (Work-from-Thailand professional) has a personal income (eg salary and investment income) of USD 80,000 per year for the past 2 years or USD 40,000 per year if graduated with a master’s degree or higher. /Intellectual Property Ownership/A Series A funding and 5 years of work experience
4. Special skilled group A high-skilled professional has a personal income (salary, investment income, etc.) of $80,000 per year for the past two years, or $40,000 per year if you hold a master’s degree or higher. and have at least work experience 5 years in the target industry
while the main benefits that all 4 groups will receive
– The right to work with a visa
– Let your spouse and children get a dependent visa at the same time.
– Exemption from income tax on foreign income (including imported income in the same tax year)
except those with special skills High-skilled professionals enjoy the same main benefits as other types of expatriates, but are subject to personal income tax on their income in Thailand at a rate equivalent to the income tax rate received from employed workers in the Eastern Economic Corridor (EEC).
expected results Within 5 years (2022-2026)
1. Attracting 1,000,000 foreigners to migrate to live in the country
2. Increase the amount of money spent in the economy by 1 trillion baht.
3. Increase investment in the country 8 hundred billion baht
4. Increase income from tax collection by 2.7 billion baht.
However, the overall achievement is assessed every five years, and the deadline for tax benefits and land holdings is five years from the date the measure came into force. and to evaluate the achievement which can consider extending the enforcement period as appropriate
Source: ประชาชาติธุรกิจ by www.prachachat.net.
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