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The long-stay visa will be given to four primary target groups, namely well-off retirees, wealthy global citizens, rich professionals working in the Kingdom, and highly-skilled professionals.

An ad-hoc committee to manage investment acceleration prepared the wealth foreigner plan.

The proposal is, however, being set back by the Finance Ministry because of the 17 percent personal income tax on local earnings that have not yet been resolved, insisting the tax cut will affect the revenue collection of the government.

To be eligible for the programme, affluent retirees must be aged 50 and over, must receive USD40,000 annual income, must have USD250,000 investment in real estate or government bonds, and must have USD100,000 health insurance.

Under the proposed measures, rich global citizens with no limitation on age are required to invest at least USD500,000 in government bonds or property or foreign direct investment; have at least USD80,000 in income over the last two years and have USD1 million in assets and USD100,000 in health insurance.

Professionals working in Thailand — either in the digital sector or as an employee of a huge corporation — must be close to the retirement age, must receive at least USD40,000 a year income, and must have USD100,000 health insurance.

As with wealthy people, retirees would get a 10-year visa and be allowed to buy property and land, work 20 hours a week without a work permit and pay a 17% tax rate on local earnings.

Source Bangkok Post