Thailand plans to introduce a 10-year visa in September to attract investors and skilled workers, including remote professionals, according to media reports.
The move is part of the country's efforts to attract one million people from advanced economies such as Japan within five years, Nikkei Asia writes. Thai officials expect the introduction of the new long-term visa to boost key sectors of the economy.
In an interview with the publication, Narit Therdsteerasukdi, deputy secretary general of the Thai Board of Investment (BOI), said the visa scheme specifically targets "foreign human resources with high potential and skills".
Applications will be accepted starting September 1, and successful applicants will receive a digital work permit.
Thailand is primarily looking for skilled professionals working for companies or research institutions operating in more than 10 technological and industrial categories. These include electronics, automotive, electric vehicles, biotechnology, medical, and defense.
Remote workers employed by foreign companies can also apply for the new visa and relocate to Thailand.
BOI, cited by Mashable SEA, considers the following five categories as eligible candidates:
- Global citizens (with assets of more than $1 million)
- Pensioners (over 50 years old and with stable income)
- Remote professionals (employees of established companies abroad who wish to relocate to and work from Thailand)
- Highly skilled professionals (experts working in Thai government agencies or Thailand-based business entities, research centers, higher education institutions, etc.)
- Dependents (spouses or children of long-stay visa holders, with a maximum of four persons allowed).
As reported, applicants (excluding dependents) must also show that they've earned an annual income of $80,000 in each of the last two years, or they must have an advanced degree or special qualification.
In addition, the applicant must have at least five years of experience in their relevant field of work, and their employer must have had total revenues of at least $150 million in the last three years.
Tax incentives
To make the visa initiative more attractive, the Thai government plans to reduce the personal income tax rate, which can be as high as 35%, to 17% for holders of the new long-term visa.
Meanwhile, companies will be exempted from the existing rule that there must be four Thai nationals for every foreign worker, which is in place to protect the local workforce.
This exemption is intended to make the visa initiative available to startups and small and medium-sized enterprises.
The new visa program is Thailand's third initiative targeting investors and highly skilled professionals.
One of the existing programs, known as the visa work permit facilitation program, has attracted about 50,000 professionals and executives from Japan, South Korea, China, and other countries over the past six decades.
The other program called the "Smart Visa Program", which allows a maximum stay of four years, was launched in 2018. About 1,200 people have received this visa, many of whom are investors or digital entrepreneurs from the U.S. and Europe.
The BOI's deputy secretary general expects applicants for the new long-term visa to come mainly from Japan, China, South Korea, Europe, and the United States.
Therdsteerasukdi told Nikkei Asia that visa holders will likely "spend an average of 1 million baht (about $28,000) per person." The board expects consumption and investment about 1 trillion baht ($28 billion) in total in the short term. Detailed projections of the initiative's economic impact aren't yet available.
Thailand's new long-term initiatives come at a time when competition is intensifying in the region to create new industries and strengthen supply chains. They're also expected to help rejuvenate the country's tourism sector, which suffered a setback during the coronavirus pandemic.
