Thailand to rope in private firms to lure wealthy foreigners

THAILAND plans to enlist the services of private companies to boost response to its long-term resident visa programme targeted at highly-skilled foreign workers and wealthy pensioners.

The firms will assist government agencies to draw more applications for the 10-year resident visas unveiled last year, according to Narit Therdsteerasukdi, secretary-general of Thailand’s Board of Investment. They will also promote the programme locally and in other countries among prospective participants, he said.

Thai move to lure affluent foreigners with tax breaks and other financial incentives, which mirrors steps by countries including Singapore and the United Arab Emirates, is an attempt to bolster an economy that grew 2.6 per cent last year, the slowest pace in South-east Asia. The nation has set a target to attract one million such applicants over the next five years.

About 2,800 foreigners have sought the visas since the government rolled out the programme in September last year. Pensioners made up 35 per cent of the applicants, followed by professionals seeking to work remotely from Thailand and wealthy global citizens, Narit said. BLOOMBERG