On 14 September 2021, the Thai cabinet passed a resolution (“Cabinet Resolution”) proposed by the Centre for Economic Situation Administration (“CESA”) to incentivize foreign investment in Thailand through the issuance of new visa, tax, and foreign land ownership incentives. The CESA particularly aims to attract high net worth foreign nationals, who wish to invest in land and buildings, and who can meet these minimum qualifications:
1. Wealthy global citizens who:
2. Wealthy retirees who:
While the Cabinet Resolution provides a framework for the investment incentives proposed by the CESA, its implementation will be guided and directed by the Ministry of the Interior. Based on the Cabinet Resolution, the Ministry of Interior must report on the implementation of this framework (or progress thereof) within 90 days from 14 September 2021.
The cabinet had earlier indicated that it expects up to 1 million foreign nationals to relocate to Thailand through this incentive program. However, the practical implementation of these incentives to lure wealthy expats to Thailand’s shores will depend on final determinations by the Ministry of the Interior and the Thai cabinet. The final scope of the intended incentive program is expected to be clarified and put into practice at some stage in 2022 onward.
The information provided in this email is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
Senior Legal Adviser
Deputy Head of Regional Real Estate & Construction Practice