Incentives to Invest
The Thai government passed a resolution in September 2021 introducing immigration, tax, and land ownership incentives aimed at foreign investors and skilled professionals. The incentives are part of an effort to stimulate Thailand’s economy which was negatively affected by the pandemic.
The incentives are related to three categories—immigration, tax and real estate.
Immigration
Qualified applicants can obtain a long-term resident visa of 10 years to live in Thailand. The visa will also include their spouses and children and will also be issued with an automatic work permit. Unlike other Thai visas, those on long-term resident visas will not have to submit written notices to relevant authorities to stay longer than 90 days in the country.
Tax
Applicants who qualify will benefit from the same income tax rates as Thai citiczens, and also some tax exemptions for income earned overseas. They can also apply for a 17% income tax rate in accordance with the Eastern Economic Corridor scheme.
Real Estate
Incentives are being introduced to relax restrictions on foreign ownership and rent of land and property.
One of the new rules includes raising the foreign ownership ration for condominiums from 49% to 80%.
The incentives will be overseen by Thailand’s Office of National Economic and Social Development Council. They will be in place for five fiscal years from 2022-2026, at which point authorities will evaluate their performance and decide whether to extend them, which means that now is the ideal time to invest in the Thailand property market.
An economy set to bounce back
Thailands economy was heavily impacted by Covid 19, as the country relies so heavily on tourism. However, it’s still the 2nd largest economy in South East Asia.
The economy is predicted to expand by 2.9% in 2022, which is one percent slower than expected in December 2021. However, as the bottlenecks in supply ease, and tourism recovers further, experts predict that the current account will return to positive territory in 2023.
For investors this presents a true opportunity with market entry being affordable, but with a positive future outlook.
Affordable luxury property
One of the biggest draws for investors is the opportunity to acquire luxury property at an affordable price.
For example, at Grand Solaire, Pattaya, buyers can enjoy stunning apartments in a development which offers amenities such as VIP supercar parking, hotel style lobbies and hotel style dining and shopping facilities from just $79,900.
Unlike other countries where the pandemic bought a rush of property sales, in Thailand, the market slowed, resulting in some oversupply. This has provided an excellent opportunity for those wanting to take advantage of competitive prices before the market returns.
If you’re considering adding a property in Thailand to your portfolio, are looking for the perfect retirement property, or simply want a high quality holiday home, now may be one of the best times to invest in Thailand.
Love Thailand? Contact us today for more information on overseas real estate investment.
