Policies to attract wealthy tourists in Southeast Asia.

According to Bloomberg, Southeast Asian countries are sending the message: "If you're rich or have a high-paying job, we're always open." Governments are planning new visa programs targeting professionals, retirees, or wealthy individuals. They are trying to attract affluent people or wealthy "digital nomads" to their countries.

Following the pandemic, the trend of remote work among highly educated individuals has increased significantly. Many are willing to move to another country and live there for extended periods while still securing stable employment. This has drawn attention from many governments, which are modifying their visa programs to attract these wealthy individuals to their countries to spend their money.

"Malaysia sees what Thailand is doing and vice versa. I wouldn't be surprised if Indonesia and the Philippines also introduce new policies," said Philippe May, CEO of citizenship consulting firm EC Holdings (Singapore).

It's clear that Southeast Asian countries are "protecting" this wealthy and talented group. Some are given opportunities to live, study, work, or run businesses across borders. Furthermore, they are exempt from double taxation – a major headache for those living across borders.

Singapore

In August, Singapore announced a "cross-border network" program and "expert card" for high-earning foreigners and their spouses. Minister for Manpower Tan See Leng said they are targeting "rainmakers" in fields such as science, technology, and sports. The program will begin on January 1st next year.

Singapore's advantages include low taxes, political stability, and a strong currency. The country also boasts over 50 Michelin-starred restaurants and eateries. Those who enjoy the vibrant street food scene in Crazy Rich Asians will find everything here.

The requirement for those wishing to qualify for the "golden visa" is a minimum monthly salary of approximately $21,500 USD. However, if you achieve high levels of success in sports, arts, or science, you may still be accepted even if you don't meet the minimum salary. The visa is expected to last up to 5 years.

Malaysia

The country's "Special Visa" program was announced on September 1st. It targets wealthy individuals who wish to study, work, or run businesses in Malaysia. The Immigration Department says it aims to attract "global tycoons" from around the world, excluding Israel and countries that do not have diplomatic relations with Malaysia.

With a visa validity of up to 20 years, participants need to ensure they have a minimum annual overseas income of USD 105,300. They will have to deposit approximately USD 218,000 in a Malaysian bank. After one year, participants can use 50% of the money to cover tuition fees, medical expenses, or purchase real estate. It should be noted that this program does not guarantee the issuance of a Malaysian passport.

Thailand

This country is renowned for promoting tourism and cuisine to global visitors. If you wish to live in Thailand for an extended period, you can consider the visa program launched on August 31st. According to Bloomberg, Thailand aims to attract one million wealthy and talented individuals from abroad within the next five years. Narit Therdsteerasukdi, Deputy Secretary-General of the Thailand Board of Investment, stated that they had received approximately 400 applications by September 12th, primarily from retirees and migrant workers.

There are three groups eligible for this program. First, wealthy individuals who invest a minimum of $500,000 in assets such as Thai government bonds. Those with assets of at least one million USD and earning over $80,000 USD per year are also accepted. The second group consists of wealthy retirees aged 50 and above, with similar requirements.

Additionally, those in group two must ensure they have health insurance with coverage exceeding $50,000. Third are digital nomads and professionals with at least five years of experience in their field and an annual income of $80,000 or more. This visa type is valid for up to 10 years.

Anh Thi