(CTN News) – Thailand is launching a 10-year visa next month to attract foreign experts.
Thai Board of Investment Deputy secretary-general Narit Therdsteerasukdi said about one million skilled workers would be needed to advance the nation’s economy, especially in the electric vehicle, electronics, medicine, and defense sectors.
Narit reported that they will begin accepting applications on September 1 for long-term resident visas for “foreign human resources with high potential and skills.”
The government announced that retirees with stable pensions can also apply, as well as people with assets over US$1 million.
Successful applicants benefit greatly. All visa holders will receive a digital work permit and personal income tax rates will be reduced to 17%.
Companies will no longer be required to hire four Thai nationals per foreign employee. Startups and small businesses can use the new visa scheme.
Thailand’s third visa for highly skilled professionals or investors.
With the Smart Visa program, you can stay for up to four years. US and European investors with digital skills are most likely to hold these visas.
According to Narit, Thailand’s economy will get an immediate short-term boost of about 1 trillion baht ($27.6 billion) from the new 10-year visa.
Visa holders should spend 1 million baht each.
Long-term visas will help Thailand create new industries and supply chains. During the Covid-19 outbreak, the kingdom suffered greatly. Thailand needs to develop more industries rather than rely solely on tourism.
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