Thailand Visa question No. 329/21: What about the new 10 year visa?
Questioner: Frank R
Who knows more about the article that appeared in the Bangkok Post on September 15, which talks about a new 10-year visa when buying real estate over $500.000 or $250.000 if you are over 50?
This is the link: https://thethaiger.com/hot-news/visa/cabinet-approves-new-visa-package-to-lure-wealthy-expats-to-thailand
It is approved but I don't read anything about it anymore. The article gives the impression that real estate can be bought by name, but that also applies to a house. That's not clear. Now we can only buy a condominium and get it registered, but does that also apply to this new law? Who has the answer?
Reaction RonnyLatYa
I don't know if this is already in effect. Other than what has appeared in the media, I don't know anymore.
Can always take a while between approval and all details and conditions are recorded.
The proposal has been approved but it also says that “The plan is being further developed by the Board of Investment, the Interior and Labor ministries, the Royal Thai Police, the Finance Ministry and the National Economic and Social Development Council.” Some legislation etc. will also have to be amended.
One would indeed like to attract wealthy retirees with, among other things, an annual income of at least 40000 dollars, who invest 250 dollars and have a health insurance policy of 000 dollars. But I don't know more details either and we have to wait until they appear to know the right conditions.
The details are of course also important because do you have to keep that investment for 10 years, do you have to invest 10 250 again after 000 years, etc…
I think it will probably end up under SMART visa, because there are 3 other categories that people want to reach with it.
Perhaps there are readers who have already read more about it.
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No, you can always have a house in your name, but not the land.
You have to lease the land, max 30 years for the law. Possibly. extend afterwards.
However, when the lease is terminated, the land must be returned to its original state. Breaking down the house then?
Just read the article and still have many questions to ask.
For example, how much land would you be allowed to own and how is that filled in, should that be in a private company? And then after 10 years, everything gone? Or extension and will cost you more? How much does the visa cost?
Moreover, the investment is not the only requirement, income and possessions play a role as well as health insurance. Will this be checked every 10 years and will the visa expire in the event of a shortcoming?
Still reporting every 3 months? Even with an Elite visa you still have to register.
It would go into effect next year. As read now indeed a riddle.
With this sparse data, would it be clickbait to see how much it gets clicked?
If the Board of Investment gets involved, it will probably be for business purposes.
I will not be surprised that it is also a long-term business visa.