Thailand has launched a new visa and tax measures to lure high-potential and wealthy foreigners to pave the tourism-dependent nation out of its economic contraction.
In light of this development, the Federal Government needs to be more aware Thailand’s new visa measure which will be a close contender to the Malaysia My Second Home (MM2H) programme.
“Thailand has recently introduced a new visa and tax measure to lure high-potential and wealthy foreigners to pave the tourism-dependent nation out of its economic contraction.
“Thailand’s stance with this new visa programme is very clear, they are driving foreign investments by encouraging top tier global communities to relocate to Thailand to ultimately aid their country’s economy,” said Penang State Executive Councillor for Tourism and Creative Economy, Yeoh Soon Hin in a press statement.
Meanwhile, he also welcomes the reactivation of MM2H after a year of suspension, he explained that MM2H has been an accessible visa scheme in nature since its inception and should not have such a significant bump in requirements.
“I understand that the Federal Government wants to target high-income participants with adequate capabilities with these new thresholds. But we also need to understand the gravity of MM2H in the international visa scheme landscape,”
“MM2H’s competitiveness stemmed from its friendly requirements. If we want to compete against Thailand’s new visa scheme, easing our MM2H requirement is a mandatory measure,” said Yeoh.
He also pointed out the strict MM2H requirements will also put Penang at a disadvantage as the state has been one of the preferred destinations for expatriates, especially having repeatedly received accolades from CNN, International Living and New York Post.
He called for the Home Minister Datuk Seri Hamzah Zainudin to hasten his response to the public dismay of MM2H, adding that this is a test to the Home Ministry following Prime Minister Ismail Sabri Yaakob’s pledge to prove achievements in his administration’s first 100 days.