Countries in Southeast Asia’s Guest Posting program are beginning to make it easier for well-off, highly-qualified foreigners to relocate there. Governments let expats know that they are welcome by giving them a break on their taxes.
However, why are the nations of the ASEAN economic bloc so willing to welcome foreign workers?
Long-term visa (LTR) prospects can be linked back to the epidemic, but other factors, including economic growth, real estate investment, and the simplicity of starting a business, also play a role. In the wake of the pandemic’s outbreak, Southeast Asia’s growing markets have slowed significantly.
For instance, Bloomberg.com reports that Singapore has long been a popular destination for expatriates because of the country’s reputation as a tax haven and its standing as a regional headquarters for a variety of sectors. However, in 2021, a large number of expats left Singapore, the largest exodus of skilled workers since 2010, and equivalent to 30% of the country’s population.
The aforementioned statistics show how countries such as Thailand and Malaysia are adapting to entice back skilled expatriates.All three nations are trying to outdo one another in the promotion of their best long-term visas.
The Possibility of Working From Home
During the epidemic, the concept of working remotely rose to prominence. The workforce is becoming increasingly aware of the benefits of working remotely. Some of the best remote-working conditions may be found in Southeast Asian countries due to the excellent balance between work and personal life. Extra benefits are included in the new long-term visas being issued in the region.
The countries listed above offer extra incentives in the form of education, jobs, and starting a business.
Malaysian expatriates interested in settling in the country for an extended period of time can choose between two different long-term visa programs. There is a “Malaysia My Second Home” visa, which is the first option (MM2H). You need a monthly salary of RM 40,000 ($8,786) and a deposit of RM 1 million to qualify for the visa program.
The “Premium Visa Program” will replace the current visa system as of September 1, 2022. Countries without diplomatic relations with Malaysia are not eligible for this visa scheme. Malaysia’s Immigration Department reportedly said, “The schema is open for global typhoons.”
To qualify for the “Premier Visa Program,” foreign nationals must have an annual income of at least 480,000 ringgit (about USD 105,300). One million ringgit must also be deposited into local bank accounts. After a year on the visa, half of the deposit must be used on either education or property.
The city-state is a powerhouse, with a world-class culinary scene, cutting-edge infrastructure, and enviable tax rates. An attractive new visa, the “Overseas Networks and Expertise Pass,” is being offered to high-net-worth individuals and highly skilled workers, along with their spouses, in order to attract them to a regional financial center with a strong currency.
With its “Overseas Networks and Expertise” visa program, the city-state gives preference to highly qualified applicants in the fields of technology, science, and sports. However, the visa, which is valid for five years, is only available to foreigners whose monthly salaries meet a minimum criterion of USD 21,500, or S$30,000. In contrast to Malaysia, this visa program will last for a full two decades.
A new visa system was introduced to the country of smiles, a culinary paradise with magnificent beaches and fantastic nightlife. The new Thai visa program is aimed at foreigners who can afford to invest at least US$500,000 in Thai real estate or Thai government bonds. In addition, foreign nationals who are over the age of 50 and who have a minimum annual income of $50,000 are also Last but not least, a digital nomad with at least five years of professional experience in the technology or financial sector and an annual income of $80,000.