Integrity Legal

11th September 2013

It was recently announced that the Prime Minister of Thailand, Yingluck Shinawatra, believes that the Thai economy would improve notwithstanding economic slowdown around the world. In recent comments the Prime Minister noted that even though there have been signs of economic turmoil in more sophisticated economies such as the United States and the European Union, Asian nations have shown signs of growth. This growth is particularly noticeable, according to the Prime Minister, in those jurisdictions which comprise the Association of Southeast Asian Nations (ASEAN).

The Thai premier went on to note that the so-called “quantitative easing” measures implemented in the United States (as well as other jurisdictions) had created a situation in which capital began flowing into the Thai markets. The challenge for Thailand’s government requires seeing to it that such inflows are converted into investment in the Kingdom with tangible results. Furthermore, Thailand’s economy has been undergoing a sort of metamorphosis in recent years as the Kingdom’s largest export markets have been dealing with economic problems, Thai businesses have had to rely increasingly upon domestic demand for Thai products and services. This transition has caused a degree of hardship for some Thai businesses, especially those dependent upon exports. The Government appears to be seeking a way in which to adjust the current relationship between domestic revenue and revenue derived from exports.

On the issue of exports, it appears that the government in Thailand is attempting to implement policies which would allow for more exports to nations which border Thailand, while encouraging further trade relationships with the other ASEAN members. The Prime Minister apparently believes that Thai exports in the last six months of 2013 will outpace those in the first six months of the year.

Foreign tourists appear to be arriving in increasing numbers and it is hoped that foreign tourists will reach a total of 22 million in the year 2013. Foreign nationals living and working in Thailand may be pleased to note that the Permanent Residence quotas for 2013 have been announced. As in previous years, in 2013 the Royal Thai Immigration Police will be accepting Thai Permanent Residence applications from one hundred (100) individual foreign nationals from each country outside of Thailand. Also, the recent announcement regarding permanent residence applications noted that fifty (50) stateless persons will be eligible to apply to become permanent residents of Thailand. The annual quota noted above is imposed by immigration officials and represents the maximum number of applications which will be considered. Generally, Thai permanent residence applications are submitted during December with a final deadline coming before the start of the new year.


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