Doing business in Thailand / Business Residence
Thailand grants permanent residence to foreign investors, foreign experts or technicians and Thai nationals who have changed their citizenship in order to enable them to invest and transfer know-how and expertise into the kingdom. The Board of Investment is authorized to accept applications. The following guidelines apply:
Qualifications
The eligible applicant and his family members must not possess any traits which, under the Immigration Law, would disqualify them from permanent residence such as having been imprisoned for any offense except for petty offenses, having had a residence permit withdrawn, or having behaved in a manner which is regarded as dangerous to society or threatening to the public.
Investment
Foreign funds must be brought into the kingdom to invest in one of the following categories.
Direct Investment
Foreign investors must bring in not less than 10 million Baht to invest in a project which is new and is eligible for investment promotion under the Investment Promotion Act or in a project which meets the criteria set forth by the Committee for Granting Permanent Residence.
The project must benefit the country in the following ways:
1. Produce for export
2. Increase employment
3. Utilize indigenous raw materials
4. Locate in provincial areas
5. Encourage technology transfer to Thai nationals
Projects in the following categories will not be taken into consideration:
1. Those which are restricted under Proclamation No 281 of the former Revolutionary Council
2. Those which compete in such a way which destroys existing domestic businesses
3. Those which hinder the growth of existing domestic businesses or domestic businesses which have not yet been developed
For projects eligible for investment promotion and for which an application for promotional status has been submitted or for which investment promotion status has already been granted, investors must bring in funds before project operations start. Such investment must be in the form of a joint venture with a newly or already established company. This joint venture must economically benefit the project, for example, by assisting in export marketing or by bringing in appropriate technology.
Remitted funds must be invested in ordinary shares of the limited company which is set up to implement the approved project. The investor must hold more than 25 percent of the registered capital unless the size of the project exceeds 100 million Baht, excluding the cost of land and working capital. In the case the project exceeds 100 million Baht, the committee may relax the shareholding criteria.
Investors must maintain the above mentioned qualifications for at least three years from the date permanent residence is granted.
The investor can apply for permanent residence for himself and the following family members: spouse, parents, not more than 3 children who are unmarried and under 20 years old.
Indirect Investment in Securities
Foreign investors must bring in funds to buy special government bonds designated by the Ministry of Finance and the Bank of Thailand. The bonds shall not be transferred or redeemed for a minimum period of ten years. The amounts required of each individual are as follows:
Investor 8 million Baht; spouse 6 million Baht; unmarried children under 20 years old 2 million Baht per person
For approval, the Committee will take into consideration the documentation on the purchase of the bonds and the qualifications of the investor.
Experts or Technicians
The applicant must possess know-how or expertise that is in demand and will benefit the country. Educational or employment references certified by the Thai Embassy or Consulate must be submitted. In countries where there are neither a Thai Embassy nor a Consulate, the document must be certified by a notary public.
The applicant must submit documentation indicating that he/she has received an annual income of not less than 10,000 US Dollars.
The applicant must not be less than 25 years of age. Family members who may also be granted permanent residence in the kingdom include the spouse, parents and unmarried children under 20 years of age.
Former Thai Nationals
The applicant must possess know-how or expertise that is in demand and will benefit the country. Educational or employment background must be submitted.
The applicant must not be less than 20 years of age. Family members who may also be granted permanent residence in the kingdom include the spouse, parents and unmarried children under 20 years of age.
Evidence
The applicant must submit evidence to the effect that he/she does not have any criminal record and is free from diseases as laid down under the Immigration Law. The applicant must be approved by the Immigration Division and the National Security Council to ensure that he/she is not included in any prohibited category. The Board of Investment will act as a liaison in the examination process.
An investor must submit evidence that the investment funds have been transferred into the kingdom through the commercial banking system.
Withdrawal of Residence Permit
If it is later discovered that the person who has been granted permanent residence possesses qualities which are prohibited by the Immigration Law and which cannot be changed, the permanent residence permit will be withdrawn and the fees will not be returned.
Applications
Interested persons who wish to acquire permanent residence in the kingdom may submit an application directly at the Investment Services Center of the Board of Investment or at the Thai Embassy / Consulate or at any agency in foreign countries which is authorized by the Board of Investment. Two complete copies of the application form, BOI FORM PR-1 or for direct investors BOI FORM PR-2, must be submitted either in person or by an authorized agent, together with a medical examination record not older than three months certifying that the applicant is free from diseases prohibited by law (official guide line language), and official documentation issued by the authority where the applicant resides certifying that he/she has never been prosecuted except for petty offenses or non-criminal negligence.
In case of a direct investment, complete details of the project must be submitted together with the application form. All applicants must pay an application fee of 2,000 Baht.
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