BANGKOK – Thailand’s Deputy Prime Minister has announced introducing long-term visas for investors to attract Foreign Direct Investment, a move aimed at boosting the economy.
The official announced to introduce 10-year visas for investors engaging in specified businesses within the country’s industrial eastern region.
Phumtham Wechayachai unveiled the plan during a press briefing on Friday and said the visas would be introduced in the upcoming year to facilitate investors and ease existing restrictions.
Wechayachai elaborated that the government targets a substantial surge in actual investment, aiming for 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) within 2023-2027, a notable increase from the current annual investment of 75 billion baht.
This visa incentive will benefit employees, specialists, and executives engaged in modern, eco-friendly industries with an accompanying flat income tax rate of 17%.
The Eastern Economic Corridor is a major initiative of the authorities and it spans three provinces east of Bangkok, aimed at stimulating growth and attracting investments.
It bears mentioning that there was no mention of a Golden Visa by the authorities while highlighting the plans for the 10-year visa; however, long-term visas are generally termed as Golden Visas by countries like the United Aarab Emirates (UAE) and Portugal. The Golden Visas allow wealthy billionaires to get residency through investment though these types of visas have received criticism for also inviting criminals to the country.
The government of Portugal also faced flak for introducing and enticing wealthy individuals though its Golden Visa program; however, the government had to discontinue the program due to multiple reasons including the pressure from European Union and rising housing prices.
The government of Thailand is making efforts to attract tourists as well as investors to boost the economic growth which has slowed in the third quarter of the year; the authorities also relaxed visa rules for citizens from China and India.
