After long discussions, the Cabinet is finalizing the Thai visa scheme for digital nomads. Last January, the Cabinet launched a 10-years visa for wealthy foreigners.
The initiative targets highly skilled professionals, wealthy government officials, and rich pensioners. The aim is to attract prosperous foreigners to promote a revival in condominium sales. However, exact rules and regulations are still in process. And the Labor and Foreign Affairs Ministry is working on the draft. Probably, the Thai visa scheme will include an immediate work permit.
Following the visa trend, the Thai visa scheme for digital nomads enriches the local economy. Applicants can pay 10,000 baht/year for the first five years. After that, they can extend their stay for five more years.
In addition, the visa scheme is a response to relaunch property sales in the area. During the pandemic, condo sales went drastically down. Before COVID, condo sales reached 450 billion baht. And in 2021, these sales dropped to 100 billion.
Last 2020, the Cabinet wanted to combine 5-10 year visas with a property purchase. The initial required investment was 10 million baht in condominiums or businesses. Finally, applicants had to enroll in an Elite Card program for 500,000 baht.
However, condo associations and real estate groups opposed these solutions. Rather than expensive tricks to provide visas, the gov should give easy access to the country, boosting the local economy. The Thai visa scheme for digital nomads is coming to life. And there will be plenty of opportunities for foreigners willing to invest in the area.