Thailand rolls out red carpet for wealthy foreign workers with 10-year visa, tax breaks

The government has set the target of attracting one million wealthy or top professionals to the country over the next five years

The scheme will also help draw workers to industries such as electric vehicles and digital technology that Thailand is focused on promoting

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Travellers wait to check in for flights at Bangkok airport. Photo: SOPA Images via ZUMA Press Wire/dpa

Published: 12:49pm, 1 Sep 2022

Thailand, called the “Land of Smiles,” is rolling out the red carpet for foreign workers, joining a bevy of countries looking to use the immigration route to boost their economies.

Top professionals, eligible high-net-worth individuals and retirees can start applying online from Thursday to stay for as long as 10 years in Thailand, according to Chayotid Kridakon, an adviser to Thailand’s Prime Minister Prayuth Chan-ocha.

The government has set the target of attracting one million wealthy or talented foreigners to the country over the next five years, he said at an event in Bangkok.

The new visa programme, unveiled more than a year earlier and launched formally on Wednesday, seeks to build on post-pandemic efforts to welcome back visitors to the Southeast Asian nation, where tourism accounts for some 12 per cent of gross domestic product.

The move to tap remote talent, which mirrors steps by countries including Singapore and the United Arab Emirates, is seen helping add value to an economy that’s expected to grow 3.3 per cent this year, the slowest pace in the region.

“The pandemic has disrupted workplace policies and introduced flexibility in terms of location as well as job scope, with few countries looking to capitalise on this shift by offering long-term residencies with attractive sops,” said Radhika Rao, an economist with DBS Bank Ltd. in Singapore.