Rich Chinese second only to wealthy Americans in bidding for Thailand’s new 10-year work visas

US nationals accounted for 20 per cent of applications for the new visas, followed by China at 15 per cent and Britain at 10 per cent, officials said

Thailand is targeting US$27.4 billion in economic benefits annually from the new entrants, by way of investments and property purchases

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A tuk-tuk driver waits for customers on Yaowarat Road in the Chinatown area of Bangkok earlier this month. ‘We have a friendly environment and are open to work with foreigners,’ an official said. Photo: AFP

Published: 11:01am, 14 Sep 2022

While not exactly the rush it was hoping for, Thailand is seeing applications trickle in for its new visa programme targeted at rich foreigners with officials viewing it as a sign of more to come.

Around 400 people have sought the visa within the first 12 days of it being rolled out, with pensioners making up 40 per cent of the applications, Narit Therdsteerasukdi, deputy secretary general of Thailand’s Board of Investment, said in an interview in Bangkok.

Applicants for the work-from-Thailand pass accounted for 30 per cent, while the remaining was split between highly-skilled professionals and wealthy global citizens, he said. The programme is being promoted not just to foreigners outside Thailand, but also to the estimated 300,000 expats already living in the country using other entry permits.

A woman goes up an escalator to access the ‘BTS Skytrain’ in Bangkok. Thailand is looking to boost economic activity by making it easier for high-net-worth individuals to live and work in the country. Photo: AFP

Unlike nearby Singapore’s focus on attracting talent to fill gaps in the top layer of the labour market and drive innovation, Thailand’s visa programme differs in its scope. The country, touted as the “Land of Smiles”, looks to boost economic activity by making it easier for high-net-worth individuals to live and work there.

The government is targeting 1 trillion baht (US$27.4 billion) equivalent of economic benefits annually by way of investment and purchase of properties by the new entrants.

“We also have a friendly environment and are open to work with foreigners,” Narit said, adding that US nationals accounted for 20 per cent of the visa applications, followed by China at 15 per cent and Britain 10 per cent, he said. “The cost of living here is low.”

The visa programme 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.

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