New plan will target retirees and the self-employed across the world to make Thailand their home and base for new business ventures.
The plan hopes to attract 1 million per year out of an estimated 200 million worldwide with a monthly income of ฿300,000 to ฿400,000 per month.
At last Friday’s meeting, officials in key agencies such as the Ministry of Labour, Immigration Bureau, Ministry of Commerce and business agencies were asked to review all laws impacting foreigners.
A radical new plan emerged last Friday at a meeting of the Centre for Economic Situation Administration (CESA) being pushed by Deputy PM Supattanapong Punmeechaow who is being advised by a former managing director of JP Morgan Bank in Thailand, Chayotid Kridakon, to open up the kingdom to expat foreigners and attract millions more of them to live and invest in Thailand.
This would spur on economic growth in the short term for the next six or seven years above 4% and in the long term, could be part of the basis for the kingdom’s vision of becoming a high-income economy powered by S Curve industries and entrepreneurship.
The new plans may see property ownership regulations liberalised allowing foreigners to own homes while making visa and work permit processes easier for those investing in the kingdom going forward.
A key adviser to Deputy Prime Minister Supattanapong Punmeechaow, on Wednesday, outlined a plan by the Thai government to attract up to one million foreigners with a high level of income to the kingdom to live each year under a new government initiative targeted with helping Thailand escape the middle-income trap which it is currently facing unless the economy is rejuvenated in the aftermath of the Covid-19 crisis which has seen the country’s GDP contract by up to 7%.
Mr Chayotid Kridakon, formerly a managing director with JP Morgan Thailand, revealed that the plan was discussed at last week’s meeting of the Centre for Economic Situation Administration (CESA) on Friday chaired by Prime Minister Prayut Chan ocha.