Thailand next month is launching a new 10-year visa to attract foreign experts to the country to boost industry and commerce.
The Thai Board of Investment Deputy secretary-general Narit Therdsteerasukdi revealed the kingdom is looking to invite about one million skilled workers to develop and advance the nation’s economy, particularly in the electric vehicle, electronics, medicine, and defense industry.
Narit reported that the long-term resident visa is aimed at “foreign human resources with high potential and skills,” adding they will accept applications from September 1.
The government made it known that people with assets of more than US$1 million can also apply, as can retirees who have a stable pension.
The benefits to successful applicants are huge. They will be rewarded with a digital work permit while personal income tax rates will be reduced to 17% for all visa holders.
Rules requiring companies to hire four Thai nationals per foreign employee will be scrapped. This is designed to make the new visa scheme usable for small and medium size companies as well as startups.
This is Thailand’s third visa targeting highly skilled professionals or investors.
The Smart Visa program, which debuted in 2018 offers a maximum four-year stay. Most of these visa holders are investors with digital skills from the US, and Europe.
Narit believes the new 10-year visa will attract people from Japan, South Korea, China, the US, and Europe, adding Thailand’s economy will get an immediate short-term boost of about 1 trillion baht ($27.6 billion).
“We expect the visa holders to spend 1 million baht per person.”
Thailand has introduced the new long-term visas so it can help the nation create new industries and supply chains. It’s been repeated many times that the kingdom suffered greatly because of the Covid-19 outbreak. So, Thailand needs to be more self-sufficient instead of relying on its tourism industry and create more industries.
SOURCE: Nikkei Asia