Thailand expects 1 million new expats in next 5 years

The Nation/Asia News Network

BANGKOK — Allowing foreigners who invest at least 40 million baht (about US$1 million) to purchase property and land will bring up to 1 trillion baht and 1 million new expat residents in the next five years, the government said on Friday.

The plan, which is part of measures to boost the Thai economy, would also attract 8 billion baht in land/property investment, government spokesman Thanakorn Wangboonkongchana said.

Meanwhile, it would add an estimated 270 billion baht in tax revenue between 2022 and 2026, he added. To be eligible, foreigners must invest 40 million baht for at least three years.

The plan is in addition to the Interior Ministry’s move to grant long-term stays for four groups of foreigners — wealthy people, retirees, freelancers based in Thailand, and those with special skills.

The ministry’s Department of Lands is drafting a ministerial decree to set conditions for allowing foreigners to own up to 1 rai of land for residential purposes, Thanakorn said on Friday.

The major condition is a minimum investment of 40 million baht for at least three years in specified sectors, including infrastructure funds and property trusts.

“This is an important measure to boost the Thai economy and investment by attracting foreigners with high potential from around the world,” he said.

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