Transcript of the above video:

As the title of this video suggests, we are discussing the prospect of Thai Work Permits on Retirement Visas. For those who are unaware, Thai Retirement Visas explicitly preclude the ability to work in Thailand; so those on a Retirement Visa in Thailand under rules as they currently sit are not allowed to work in Thailand. There have been some proposals which have come to my attention in a lot of different media sources and I am going to go through a lot of these sources here so you can see that it is coming from a lot of different places and there are a lot of different takes on this and we are going to do a deep dive into this.

Long story short, presently a Work Permit is not allowed with a Retirement Visa as of now. Now that may change but it remains to be seen. A recent article from Thai Visa, that is thaivisa.com, the article is titled: TAT Proposes Attracting a MILLION Foreigners, Work With No Work Permit, Right to Buy Land, TEN Year Stay. Quoting directly: "Thai Business Media has reported one of the biggest shake-ups yet to attract foreigners to come and live in Thailand. The proposals," (and let's be clear on this, "proposals", these are not rules yet), "the proposals given by the Tourism Authority of Thailand during a video conference with Thai Premiere Prayuth Chan-o-cha at Government House yesterday would see four target groups be able to work in Thailand without a Work Permit, pay just 17% tax on local earnings, buy property and land and stay for up to 10 years”.

We have done other videos contemporaneously with this one talking about the 10-year Visa as well as the ability to buy land but with respect to Work Permits, quoting further: "The proposals would allow certain well-heeled retirees to actually be able to work legally in Thailand." Quoting further from this: "These people would have to invest $250,000 in Government Bonds or real estate, show a minimum 80,000 in pension income over the last 2 years or 40,000 per year and have 100,000 in health insurance. Provided they can show all the required evidence of their longstanding pensions they will get 10-year visas and can work 20 hours a week with no Work Permit, pay 17% tax on any local earnings and buy property on land." So again this seems to be a modification of the prior Retirement well it still exists, the O-X Retirement Visa, the 10-year Retirement Visa. There is a lot thrown in here. 

One thing of note on this, again it is a proposal. I have some questions in my mind whether or not we will ultimately see this be promulgated as actual law, be brought in as actual regulation. For example this article from the Bangkok Post makes me question whether or not this will actually happen. Again, bangkokpost.com, the title is: Measures to Lure Wealthy Foreigners Hit Obstacle. Quoting directly: "Fresh investment measures including a sweeping plan to allow rich foreigners to enjoy a long stay visa for up to 10 years, own land and property and pay 17% personal income tax on local earnings are yet to be settled as the Finance Ministry is still resisting the thorny tax reduction proposal." So it is just one aspect of this that may actually drive this not actually going anywhere. Actually from another article, again, thaivisa.com, this article is titled: Working Group to Review Plans to Allow Foreigners in Thailand to Buy Land and work without Work Permits. Quoting directly: "All of the above groups would be granted a number of benefits from moving to Thailand including Visa validity 10 years, permission to work without a work permit, personal income tax charged on income in Thailand at a flat rate of 17% and right of ownership/long term lease of real estate including land. The proposals were first announced by the Tourism Authority of Thailand last month." Now again, as we have said and probably folks that watch this channel a lot probably will think I am a broken record here but Tourism Authority of Thailand is not the Ministry of Interior; it is not the Immigration Department; it is not the Ministry of Labour. All of them have to do with Work Permits and Visa regulations. A simple proposal by TAT is not necessarily going to be great evidence that this is going to change the rules regarding Work Permits for retirees.

To put a finer point on it, there is a good article in the Pattaya Mail, that is pattayamail.com, the article is titled:  Plans to Lure the Ultra Rich With Relaxed Immigration Rules Still Bogged Down and I couldn't put it better myself. Yes, definitely bogged down. Quoting directly: "The Thai Government's ad hoc committee to consider the future of Thai tourism yesterday presented a preliminary report to the Center for Economic Situation Administration”. Quoting directly: "The general premise is that mass tourism isn't coming back any time soon and that Thailand must seek to attract the world's richest business people, investors and retirees with tax and immigration bonuses for example high end retirees would qualify for a 10-year visa, be allowed to buy property on selected estates, work 20 hours a week without work permit and pay just 17% tax on local earnings but the qualifications are steep, (and this again I think is a key point here), an annual income of at least $40,000 US dollars plus investment Capital e.g. Government Bonds to the tune of $250,000." So retirees, presumably they can put in $250,000 US in bonds here in Thailand, May and I stress MAY because this is all proposed, be able to get a Work Permit on a Retirement Visa or be work authorized in retiree status." This article goes on to state "Critics argue that the recommendations are too complex to draw attraction." I think that is a fair point at least as they exist right now. Quoting further: "There already exists a rarely-used 10-year “X” Visa aimed at retirees and their families. Moreover several rival countries are willing to sell citizenship to investors with several hundred thousand dollars to spend on a second passport. No chance of Thailand following that route." Yes I think that is true. Thailand is not doing second citizenships anytime soon; buying into second citizenship. 

So what to take away from this overall situation is 1) this 10-year Retirement Visa kind of already exist as we discussed in another video on this channel. So putting that aside, what about the work authorization? Well it may be possible. We may ultimately see this. I think this is definitely more likely than the proposed land ownership rule changes which we have discussed in another video. I think that is relatively unlikely to happen because as noted you have to see laws in Parliament change the current law and that is a tall order. Now that stated, Work Permits on Retirement Visas, possible but as noted even in these proposals which are far from becoming actual rules that you can hang your hat on for actually getting documentation, travel documentation or status documentation here in Thailand with respect to Immigration, even these proposals seem to suggest that one would have to put in $250,000 in bonds here in Thailand and have at least an income of it sounds like $40,000 at a minimum. Now it doesn't sound like the income requirement is necessarily outside of most people's ability but $250,000 just parked in Government Bonds, I suspect that would be a tall order for the vast majority of people who would want to obtain the right to work on a Retirement Visa here in the Kingdom of Thailand. Now whether or not this ultimately comes to fruition remains to be seen but we will certainly keep you updated on this channel as the situation progresses.