The Asia-Pacific region is home to 6.9 million high-net-worth individuals (HNWIs) with a combined wealth of $24 trillion. Thailand alone is expected to see its millionaire population surge by 24% by 2028, growing from 100,001 to 123,531 individuals. This growth places Thailand among the top 10 countries globally for millionaire expansion, outpacing many developed economies. In fact, the region has experienced the fastest wealth growth since 2008, with a remarkable 177% increase.
Intergenerational Wealth Transfer on the Horizon
A key trend highlighted in the report is the projected intergenerational wealth transfer, with approximately $83 trillion expected to change hands globally within the next two decades, equivalent to a year’s worth of global economic activity.
In Thailand, this transfer is set to increase significantly over the next five years. Around $9 trillion of this wealth is expected to be moved horizontally between spouses before being passed on to the next generation, potentially increasing wealth held by women due to their higher life expectancy.
Offshore wealth and tax reform
It comes as no surprise that Thailand’s high-net-worth individuals (HNWIs) are increasingly focusing on wealth preservation, a trend driven by recent tax reforms. The country employs a progressive personal income tax system, with rates ranging from 5% to 35%, depending on income.
Effective January 1, 2024, Thailand also introduced a new tax rule that subjects foreign-sourced income to Thai taxation if it is remitted into the country in the same or subsequent tax year. This policy shift has led many HNWIs to reconsider repatriating overseas earnings and prompted them to explore more favourable tax environments abroad. With 69.9% of their wealth already offshore, Thai HNWIs are expected to increase this proportion further in the coming year.
RCBI as a Strategic Solution
In response, many Thai families are seeking alternative residency options in tax-friendly jurisdictions. The Caribbean countries of St. Kitts & Nevis, Dominica, Saint Lucia, Antigua and Grenada, known for their quick citizenship processing and no residency requirement, offer visa-free access to over 130 countries. This makes it an attractive option for families seeking second citizenship, privacy, and tax benefits. The island also provides favourable banking conditions, with low transaction costs and privacy benefits for entrepreneurs and investors. Bank account opening in these countries is possible, applicants must acquire a passport, which can be obtained through investment in real estate or other qualifying contributions starting from USD 200,000.
In Europe, countries like Portugal, Malta, and Greece offer appealing residency by investment options. Portugal’s Golden Visa provides long-term residency with access to healthcare and education, and eligibility for citizenship after five years. This program requires a minimum investment of €200,000 as a capital transfer, granting residency in a stable European hub with visa-free access to 33 European countries, including the Schengen Zone. Similarly, Malta offers permanent residency through its residency program that involves real estate purchase or rental, combined with a non-refundable contribution and a charitable donation, making it ideal for HNWIs prioritizing EU mobility and stability.
Greece also offers residency through real estate investment, with a minimum investment of €250,000 in real estate, providing access to the Schengen Area and its supporting banking infrastructure. This program is highly attractive to investors seeking lifestyle upgrades and long-term property value.
Strategic Global Diversification
For Thailand’s high-net-worth individuals, residency and citizenship-by-investment (RCBI) programmes are more than a status symbol, they’re a safeguard against uncertainty. The top drivers include tax optimisation, financial diversification, risk management, global mobility, and succession planning.
A second citizenship or residency can open the door to world-class education for children, protect against currency volatility and shifting tax regimes, and provide a legal framework for holding assets across multiple jurisdictions. Visa-free travel and the right to reside abroad also create a vital safety net during periods of political or economic instability. Inheritance and wealth transfer become simpler and more secure, ensuring the next generation can access global opportunities without bureaucratic hurdles.
In today’s climate, the appeal of holding wealth offshore extends far beyond returns. It is about building resilience, securing your family’s future, accessing better healthcare and education, and enjoying the freedom to live, work, and invest anywhere in the world.
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