Thailand has recently been named as one of the best countries to invest in, and the best country to start a business in. We take a look at some factors that have made the country such an attractive place for business opportunities.
Thailand has recently been named as one of the best countries to invest in, and the best country to start a business in. With GDP growth rates hitting a high of 9.4% this decade, Thailand has been growing rapidly over the last few years, becoming a force to reckon with on the world stage.
We take a look at some of the factors that make Thailand such a great country for investment.
Located in the heart of Asia and as one of the founding members of ASEAN, Thailand serves as a gateway that connects ASEAN to the rest of the world. Through its numerous free trade agreements that promote free and fair trade, it has formed strong bilateral relations with major economies around the world, like India, China and Japan. This provides local and foreign investors alike with ample business opportunities that will bolster and grow the economy.
Thailand is also widely regarded as the most visited tourist destination in Asia and the world, attracting about 39 million tourists on average. This massive flow of human traffic provides real estate investors lucrative opportunities to capitalise on short- and long term-rental homes, especially near city centers and important transport networks like BTS stations.
The perfect combination of a relatively low cost of living and world-class infrastructure in major cities also make Thailand a retirement haven, for those looking for a change of scenery and pace.
The Thai government, over the last few years, has been launching policies that will help to boost productivity and boost short-to-medium term economic growth. Thailand 4.0 represents an amalgamation of the promotion of industrial transformation and the establishment of the Eastern Economic Corridor (EEC) in the country.
As a shift from the traditional industries like agriculture, ten new industries were identified as strong ad sustainable growth engines for the Thai economy, namely new-generation automotive technologies, smart electronics, medical and wellness tourism, agriculture and biotechnology, food for the future, manufacturing robotics, medical services and innovation, aviation and logistics, biofuels and biochemicals, and digital industries.
To realise its Thailand 4.0 vision, the government is undertaking major infrastructure upgrading investment projects. Major developments in the next 5 years include the building of a third international airport (U-Tapao), the expansion of the Laem Chabang seaport and the extension of land transport networks (high-speed trains, double-track railways and highways) in the EEC.
This helps to establish Thailand as a major transport and aviation hub. Coupled with advanced human resource initiatives and digital technologies, the impact of these infrastructure projects will be realised in the coming years.
The government’s comprehensive efforts to grow and advance Thailand’s economy have had a significant positive impact on the country’s real estate sector. According to Global Property Guide, house prices rose by 39.3% from 2008 to 2018, and by 5.3% in 2019 alone. Capital appreciation is set to continue as Thailand continues its transport infrastructure initiatives with new BTS stations and hubs.
Thailand shines among mature markets like Singapore, Hong Kong and China where costs are higher and returns lower in the real estate industry. Hence, the increase in demand from investors from these countries, coupled with the growth potential of the economy from the Thailand 4.0 initiatives, make Thailand a very attractive place for foreign real estate investment.
The government’s aggressive upgrading initiatives across the country have given rise to the increase in foreign investment and talent into the country. Through public-private partnerships for investment and infrastructure projects, the offering of tax incentives and the promotion of multi-tier visas, the government is attracting foreign talent from all over the world to complement and upgrade the local talent pool.
Tax laws in the real estate industry are friendly to foreign buyers. They are not required to pay additional foreign stamp duties and property taxes on top of the existing purchase taxes and fees.
The government of Thailand has taken extensive economic and political measures to ensure the attractiveness and potential of the country on the world stage. The social aspects of Thailand also have a big part to play in the popularity of Thailand among foreign investors, with their friendly demeanor, worldly traditions and hardworking natures. It comes as no surprise that Thailand continues to top the list of the best countries to invest and visit. If you would like to start on your investment journey in Thailand, feel free to drop us a line here.
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Communication and provision of various information relating to products and services of the Company and offer of any projects in which customers may be interested
Preparation of marketing plan and analysis, process, development and improvement of products and services of the Company
Transmission of information to any third party or business alliance of the Company in relation to products and/or services of the Company
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Personal data such as name, last name, gender, age, nationality, date of birth, marital status, address, occupation, place of work, postal code, email address, telephone number, credit card, personal income, car that you are driving.
Data on your interests such as products and services, hobbies, social networking activities, sports, travelling, etc.
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or through channel of the Company’s business partner / other service providers, e.g. Facebook, Instagram, Twitter, Tiktok, Line, etc., for the purpose of creation of your profile or agent. or
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8. Exceptions to the Confidentiality of Personal Data
9. Personal Data Retention