Thailand approves plans to attract 1 million wealthy foreigners

Government spokesman Thanakorn Wangboonkongchana said the cabinet today approved in principle to attract long-stay foreigners including wealthy global citizens, retirees, remote workers and high-skilled professionals.

"The government expects these groups to generate 1 trillion baht from 2022 to 2026. It also provides 800 billion baht in investment and 270 billion baht in tax collection," he said during a press conference here today.

Thanakorn said the measures include offering long-term visas to "high-potential" foreigners who would be exempted from reporting to immigration authorities every 90 days.

Other measures include revisions of provisions which enable foreigners to own property and land, foreigners permitted to work for domestic-based and foreign-based employers as well as enjoy tax and customs exemption, he said.

"The cabinet also approved Office of the National Economic and Social Development Council (NESDC) proposal to evaluate the plan every five years. Tax benefits and land ownership will expire after five years," he said.

He added that measures that prove beneficial to the country may be extended.

Meanwhile, the cabinet also approved 946 million baht for Thai Red Cross Society to purchase 1 million doses of Moderna COVID-19 vaccine.

Deputy government spokeswoman Traisulee Traisaranakul said the vaccine would be administered to high-risk and vulnerable group for free.

Bangkok Post reported that Zuellig Pharma, Moderna's authorised dealer in Thailand, charged 940 baht (RM127) per dose for the vaccine. With the transport cost of 26.75 baht (RM3.60) per dose, the price per dose of the vaccine is 966.75 (RM130.60) baht.