BadSpottedDog Posted November 19, 2020 Share Posted November 19, 2020 What is so difficult to understand!? Thailand is NOT going to draw ultra wealthy people! These people can spend LESS money investing in better tourist spots that don't have trash, traffic, high air pollution, & immigration problems!! Not going to happen! Also, why would investors want to put their money into a country that has made it SO DIFFICULT for people to even visit? Mind boggling. 2 Link to comment Share on other sites More sharing options...
Rawairat Posted November 19, 2020 Share Posted November 19, 2020 I am sure there is a lot of shady characters out there who could use this Link to comment Share on other sites More sharing options...
Popular Post Arkady Posted November 19, 2020 Popular Post Share Posted November 19, 2020 I remember a few months ago they said they were working on a measure to allow Elite cardholders to work on the visas and extensions of stay that they get. And now after months of work we have it. I naively thought it meant they would just issue a police order saying the prohibition against working on these visas no longer applies. Of course there are some people working in the Kingdom who might consider the Elite card, if it allowed them to work but they already have WPs. It doesn't sound like it will be a WP tied to the worker, rather than the job, allowing you to work anywhere regardless of the company's paid up capital and ratio of Thai to foreign workers. If it did, it might be marginally interesting to some but not many. This concept existed when WPs were first introduced in the early 70s. Anyone who had permanent residence and was in a job was given exemption from WPs for life, as long as they remained in the same profession. I guess most are retired, upgraded to citizenship or dead by now. I know one guy who has an Elite card because he likes the limousines and other fuss but has a job and a WP, so he doesn't need to use the visas. He says he will retire soon and will then use the Elite visas which is much less of a hassle than retirement extensions of stay. But, as it is, he says getting NON-B visas and WPs is no hassle to him at all. His company organises all of it through the one-stop service. Doing his WP through Elite card would probably be more of a hassle, as he would no longer be eligible for the one stop service and would have to renew his Elite visa every 90 days at Immigration and wherever the Elite WP will be done. I am pretty sure he would not take the Elite WP, even if it were offered free without the additional $1 m investment. Another issue is what would be the approval system of the $1m investment and what investments qualify. It will almost certainly be easier and quicker to get a WP through the normal channels than go through this process. Some will recall the amendment to the Land Code in 1999 that allowed foreigners investing 40 million baht in certain approved investments, such as special bank of Thailand funds and real estate funds, to buy 1 rai of residential land in specific zones in the country with approval on a case by case basis. 21 years have passed since that law came into effect and not a single foreigner purchase has ever been allowed. Those who tried found that the approved investments did not exist. Even if they did they would have had to find a seller who could wait months to complete the sale while waiting for the approval. It was another Thai smoke and mirrors job. The bureaucrats didn't like the law passed by parliament and made sure that it would not work but it was great PR to trumpet about liberalising land ownership for foreigners. 3 Link to comment Share on other sites More sharing options...
berrec Posted November 19, 2020 Share Posted November 19, 2020 1 Link to comment Share on other sites More sharing options...
Popular Post simon43 Posted November 19, 2020 Popular Post Share Posted November 19, 2020 1 hour ago, khunpa said: Yes, Portugal is an option. But does it has ladyboy GOGO bars and great Som Tam stalls? I think not! Thank heavens for that! Portugal, I'm on my way..... 1 3 Link to comment Share on other sites More sharing options...
cjinchiangrai Posted November 19, 2020 Share Posted November 19, 2020 I would be happy just to be able to tutor the village kids in English and math. Have the elite, already invested several million in a house but risk my visa every time I help my niece with her homework. Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted November 19, 2020 Share Posted November 19, 2020 3 hours ago, Shuya said: Investing 1 Million USD for the privilege of paying 35% income tax. The best deal since Wirecard stock. ACCTUALLY 35% income tax is low compare to the west plus thai tax system is territorial so it might attract some wealthy people but coming free with any long term visa Link to comment Share on other sites More sharing options...
SupermarineS6B Posted November 19, 2020 Share Posted November 19, 2020 Oooooh, how kind........ Just a million bucks........ Tell me this person's not Anutins family........ he spouts the same verbal.......... (can't say it) ...... 1 Link to comment Share on other sites More sharing options...
khunpa Posted November 19, 2020 Share Posted November 19, 2020 (edited) 9 minutes ago, simon43 said: Thank heavens for that! Portugal, I'm on my way..... I am staying. Nothing beats sitting on a rock-hard floor eating a great big spicy portion of Som Tam with your lady boy friend while discussing the world situation. Portugal and all other places suck! A million USD is a bargain. Edited November 19, 2020 by khunpa 1 Link to comment Share on other sites More sharing options...
Popular Post Burma Bill Posted November 19, 2020 Popular Post Share Posted November 19, 2020 8 hours ago, webfact said: Plan to grant work permits to foreigners who invest $1m clears first hurdle 4 Link to comment Share on other sites More sharing options...
Pancho Posted November 19, 2020 Share Posted November 19, 2020 I think it would be great fun to sit in on one of these creative meetings, think of the ideas that get passed over. Link to comment Share on other sites More sharing options...
Poilu Posted November 19, 2020 Share Posted November 19, 2020 2 hours ago, AlfHuy said: Go to Portugal, buy a 500,000 EUR house and get permanent residency. Maybe not a lot questions asked from where money came from. And 5 years after your purchase you qualify to apply for citizenship. That is a good deal. Link to comment Share on other sites More sharing options...
mr_lob Posted November 19, 2020 Share Posted November 19, 2020 ???????????? stop...STOOOOOPPP!!! it hurts too much ???????????????????????????????????????? 1 Link to comment Share on other sites More sharing options...
Jake72 Posted November 19, 2020 Share Posted November 19, 2020 I can't imagine people throwing around $1 million investments are in dire need of a work permit. 2 Link to comment Share on other sites More sharing options...
bkk6060 Posted November 19, 2020 Share Posted November 19, 2020 6 hours ago, scorecard said: Having big money doesn't automatically mean the person is capable of valuable contribution to society, nor does it mean that person wants to contribute, and it doesn't mean the person is an upstanding citizen. This is true. Like I have been saying Thais are not all about the money but about the integrity of the person.. 1 Link to comment Share on other sites More sharing options...
smew Posted November 19, 2020 Share Posted November 19, 2020 Yup.. invest or it should say lose and kiss your money good bye... Show me anyone in small business that succeeded in Thailand ....... impossible .. 1 Link to comment Share on other sites More sharing options...
Edina Posted November 19, 2020 Share Posted November 19, 2020 Thinking back to my days in Ireland, to prevent the brain drain the Irish government offered a tax free holiday for 10 years to companies that would come in and set up factories. Many Japanese firms took them up on the offer, with a proviso that they would be set up in areas where there was very little employment opportunities. Agreed Ireland is a smaller country than Thailand but now Ireland is reaping the benefits. Why not in Thailand ??????????????? 1 Link to comment Share on other sites More sharing options...
Popular Post natway09 Posted November 19, 2020 Popular Post Share Posted November 19, 2020 I just do not understand. Having worked & lived here for 30years the people who invest in Thailand most do just do not need a W/P. & if they do, can get one anyway. What would interest them is some guarantee some tenure, not the constant Immigration hurdles .Do they forget that as we live here we spend here? 3 Link to comment Share on other sites More sharing options...
Popular Post Pravda Posted November 19, 2020 Popular Post Share Posted November 19, 2020 I think I know what's happening here. Thai government employees enjoy reading Thai Visa during their morning coffee and watch Farang go ape$$$$ After they have a good laugh they have a 2 hour meeting trolling the next press release which will be picked up by TV News Team the very next day. It's really sad that so many of you fall for it every day. 4 Link to comment Share on other sites More sharing options...
Thaifly88 Posted November 19, 2020 Share Posted November 19, 2020 10 hours ago, webfact said: Plan to grant work permits to foreigners who invest $1m clears first hurdle By The Nation Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT) The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a plan to grant work permits to Elite Card holders who invest at least US$1 million in Thailand. To be eligible, Elite Card holders must invest the money for five years in Thai property or businesses. They must also have top-tier Elite Cards costing Bt1 million and valid for at least five years. The move is aimed at luring more foreign investment, said Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT). Wednesday’s CESA meeting, which was chaired by Prime Minister Prayut Chan-o-cha, assigned the TAT to consult with the Foreign and Interior ministries before forwarding the plan for Cabinet approval. The measure is expected to generate Bt31 billion – Bt1 billion from the sale of Elite cards and the rest from cardholders' investment in Thai assets. The meeting also endorsed the TAT’s plan to partner with Thai Airways and local hotels to offer tourism packages plus quarantine stays to foreign visitors. The packages will be offered from December 1 to March 31 next year, with a target of 2,000 visitors and Bt200 million in revenue per month. Source: https://www.nationthailand.com/business/30398174 -- © Copyright The Nation Thailand 2020-11-19 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Perhaps I am missing something , but why would you put US$1 mill into Thailand in order to receive a work permit ? Assuming that anyone with US$1 mill to allocate to this has plenty more, they would probably be living off their investment returns and not trying to get a WP in Thailand. Link to comment Share on other sites More sharing options...
VBF Posted November 19, 2020 Share Posted November 19, 2020 9 hours ago, ukrules said: I know it's early days but I'm going to go ahead and guess anyway - it will be anything between zero and perhaps 5 or 10. I love an optimist ???? Link to comment Share on other sites More sharing options...
RocketDog Posted November 19, 2020 Share Posted November 19, 2020 I just sold a bunch of my Google stock and was planning to blow at least a million of it on bargirls and drugs. This sounds like a much better investment even though I don't really want a work permit. Where do I sign up? Can I pay by check or does it have to be cash in a brown envelope? 1 Link to comment Share on other sites More sharing options...
ThailandRyan Posted November 19, 2020 Share Posted November 19, 2020 4 minutes ago, RocketDog said: I just sold a bunch of my Google stock and was planning to blow at least a million of it on bargirls and drugs. This sounds like a much better investment even though I don't really want a work permit. Where do I sign up? Can I pay by check or does it have to be cash in a brown envelope? Can I use my Bitcoin as well. It just so hard to use otherwise. 1 Link to comment Share on other sites More sharing options...
wolf81 Posted November 19, 2020 Share Posted November 19, 2020 (edited) I don't really see the point of the Work Permit. If you've got 1.000.000 USD te spend on a programme like this, it might be cheaper in the long run to just setup some Thai business. Sure, you'd have to pay some Thai staff, but it'd take many years until you've spent the full 1.000.000 USD and perhaps your business could actually become successful and another source of income. Also, with the work permit you still need to work for some boss. If I'd have that kind of money to spend on some programme like this, the last thing I would want is work for another boss ... I'd rather do nothing. And that can easily be achieved using the investment visa that will only require you to invest 10.000.000 THB in Thailand. You can probably buy some stock and sell it again after 5 years or so. I guess it's an easy, if somewhat expensive, way to become an English teacher in some school in Nakhon Nowhere. Edited November 19, 2020 by wolf81 Link to comment Share on other sites More sharing options...
KhaoYai Posted November 19, 2020 Share Posted November 19, 2020 12 hours ago, webfact said: The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a plan to grant work permits to Elite Card holders who invest at least US$1 million in Thailand. To be eligible, Elite Card holders must invest the money for five years in Thai property or businesses. Or, if you're married to a Thai citizen you can simply invest whatever is necessary to start a business through a Thai Ltd company, not spend millions on an Elite card and not invest $1 million for 5 years. Do they think the unmarried are so desperate to live in Thailand that they will commit what at the moment is over 30 million baht? More from the Ministry of Crazy Ideas. Link to comment Share on other sites More sharing options...
geisha Posted November 19, 2020 Share Posted November 19, 2020 Thailand, please stop this nonsense, you are making your country into the laughing stock of the world. Link to comment Share on other sites More sharing options...
soalbundy Posted November 19, 2020 Share Posted November 19, 2020 If I was coming to Thailand with a million dollars why would I want to work? 1 Link to comment Share on other sites More sharing options...
Pilotman Posted November 19, 2020 Share Posted November 19, 2020 3 hours ago, Edina said: Thinking back to my days in Ireland, to prevent the brain drain the Irish government offered a tax free holiday for 10 years to companies that would come in and set up factories. Many Japanese firms took them up on the offer, with a proviso that they would be set up in areas where there was very little employment opportunities. Agreed Ireland is a smaller country than Thailand but now Ireland is reaping the benefits. Why not in Thailand ??????????????? Because Ireland, unlike Thailand, has the strong Rule of Law that is upheld, a strong Court and Justice system and a none corrupt administration and Police force. The are as different as chalk and cheese. Link to comment Share on other sites More sharing options...
Traubert Posted November 19, 2020 Share Posted November 19, 2020 7 hours ago, chilli42 said: Correct. The $1 million investment will be no barrier for well off Chinese who have been investing much more than this in Thailand anyway The TV pundits say the Chinese are all skint. They all follow the flag round Walking Street and eat noodles on the pavement. Link to comment Share on other sites More sharing options...
bipper Posted November 19, 2020 Share Posted November 19, 2020 (edited) Most countries offer tax benefits to get foreign investment in. Then this must be the way to get the good guys in and keep the bad guys out? ???????? I see a laundry in your future Mr. Yuthasak Sipasorn. Edited November 19, 2020 by bipper Spelling Link to comment Share on other sites More sharing options...
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