The Center for Economic Situation Administration (CESA) has agreed, in principle, amendments to granting a permanent residence permit and a smart visa to attract foreign business professionals, investors, executives, and entrepreneurs to invest in the country.
Government spokesman Anucha Burapachaisri announced yesterday, September 16, that the CESA is considering granting foreigners with a permanent residence permit to purchase and invest in condominium units without mortgaging, selling, or transferring the asset for five years after purchase, including to exempt the requirement of staying at least 3 years in Thailand before submitting the application.
The CESA has also broadened guidelines and target networks for granting a smart visa, which will cover those who want to develop start-ups or create jobs in fields other than science and technology. It also covers independent/freelance business experts who do not have a work contract in Thailand.
Holders of a smart visa will also be allowed to do jobs other than the one specified in the visa in some cases while work experience and educational background for high-ranking executives who are applying for a visa would also be more relaxed, according to the new guidelines.
The spokesman said that the improved amendments for foreign entrepreneurs are being introduced to be potentially applicable to the hardening business situation intensified by Covid-19.
He told the press: “A Smart Visa was first introduced in 2018 but when the Covid-19 pandemic began in the country, the Board of Investment of Thailand (BOI) had to propose a new framework for improving flexible conditions for foreign businessmen to acquire condominiums in Thailand.”
“The guidelines will be discussed with the BOI and the Ministry of Interior once again to revise and improve further possible conditions.”
It is important to remember these are approved in principle but not finalized, The Pattaya News notes.
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