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Measures to lure wealthy foreigners hit obstacle

Mount Equity Group Tokyo, Japan > News > Real Estate > Measures to lure wealthy foreigners hit obstacle

The fresh investment measures including a sweeping plan to allow rich foreigners to enjoy a long-stay visa for up to 10 years, own land and property, and pay a 17% personal income tax on local earnings are yet to be settled, as the Finance Ministry is still resisting the thorny tax reduction proposal.

The government considers a number of investment measures to woo rich foreigners to Thailand. (Bangkok Post photo)

According to a source from Government House who requested anonymity, the fresh investment stimulus measures were proposed at a meeting of the Centre for Economic Situation Administration(Cesa), chaired by Prime Minister Gen Prayut Chan-o-cha, on Friday.

He said the Cesa meeting approved in principle the proposed measures but asked Deputy Prime Minister Supattanapong Punmeechaow to consult more related agencies, particularly about the tax reduction and related law improvement and resubmit at Cesa’s next meeting.

The proposed measures will be offered mainly to four target groups comprising rich global citizens, wealthy retirees, rich professionals who work from Thailand and highly-skilled professionals.

The measures were prepared by an ad-hoc committee to handle investment acceleration headed by Mr Supattanapong’s adviser, ML Chayotid Kridakorn, former senior country officer and managing director for