Policy to attract rich tourists in Southeast Asia

According to Bloomberg, countries in Southeast Asia are sending a message: "If you are rich or have a high-paying job, our doors are always open." Governments are planning new visa programs aimed at professionals, retirees or wealthy groups. They are trying to attract rich people or "digital nomads" to their countries.

After the pandemic, the trend of remote work among educated people is increasing significantly. Many people are willing to move to another country and live for a long time but still have stable jobs. That has caught the attention of many governments. They are changing visa programs to attract these rich people to their countries to spend money.

"Malaysia sees what Thailand is doing and vice versa. I would not be surprised if Indonesia and the Philippines also come up with new policies," said Philippe May, CEO of citizenship consultancy EC Holdings (Singapore).

It is easy to see how Southeast Asian countries are “protecting” this group of rich and talented people. Some are given the opportunity to live, study, work or run businesses across borders. In addition, they are not subject to double taxation – a headache for those who live across borders.

Singapore

In August, Singapore announced a “cross-border network” and “professional pass” program for high-earning foreigners and their spouses. Tan See Leng, Minister for Manpower, said it was targeting “rainmakers” in fields such as science, technology and sports. The program will start on January 1 next year.

Singapore's advantages include low taxes, political stability and a strong currency. The country also has more than 50 Michelin-starred restaurants and eateries. Fans of the vibrant street food scene featured in Crazy Rich Asians will find it all here.

The condition for those who want to enjoy the "golden visa" policy is a minimum monthly salary of about 21,500 USD. However, if you have achieved high achievements in sports, arts and science, you are still accepted even if you do not meet the minimum salary. The visa is expected to last up to 5 years.

Malaysia

The country’s “Special Visa” program, announced on September 1, is aimed at wealthy individuals who want to study, work or run businesses in Malaysia. The country’s Immigration Department says it wants to attract “global tycoons” from around the world, excluding Israel and countries that do not have diplomatic relations with Malaysia.

With a visa valid for up to 20 years, participants need to ensure they have a minimum annual income from abroad of $105,300. They will have to deposit around $218,000 in a Malaysian bank. After one year, participants can use 50% of the money to pay for education, medical procedures or buy real estate. It should be noted that this program does not involve the issuance of a Malaysian passport.

Thailand

The country is known for promoting tourism and cuisine to global visitors. If you want to live in Thailand for a long time, you can refer to the visa program that the country launched on August 31. According to Bloomberg, Thailand's goal is to attract 1 million rich and talented people from abroad in the next 5 years. Narit Therdsteerasukdi, deputy secretary-general of the Board of Investment of Thailand, said they had received about 400 applications by September 12, mainly from retirees and remote workers.

There are three groups that qualify for the program. First, wealthy individuals who invest at least $500,000 in assets such as Thai government bonds. Those who own assets of at least $1 million and earn over $80,000 a year are also eligible. The second group is wealthy retirees aged 50 and above with the same requirements as above.

In addition, people in group two need to ensure they have health insurance with a coverage of over $50,000. Third are digital nomads and professionals with at least five years of work experience in their field, with an annual income of $80,000 or more. The validity of this type of visa is up to 10 years.

Mr. Thi