In Thailand, foreign qualified specialists and investors will be able to obtain a 10-years visa
Starting from September, it will become possible to get a visa for 10 years in Thailand. The eligible people are qualified specialists and investors from abroad. This decision was made by the local authorities in order to attract 1 million people from Japan and other countries with developed economies in the next 5 years. The issuing of this type of visa will increase competitiveness in such fields as biotechnology, electronics and mechanical engineering.
According to the words of Narit Terdstirasukdi, the deputy secretary general of the investment council of Thailand, the 10-years visa will be given to foreign workers with high skills and sufficient potential. The application process will begin on the 1st of September.
The peculiarities of these innovations
Thailand is in search of experts who work in organisations and research centres and specialise in more than 10 technological and industrial fields, like mechanical engineering, medicine, electronics and defence.
Those specialists, employed by foreign companies, who want to work remotely will get a chance to apply for this type of visa and move to Thailand. Besides this, the participation is also allowed to citizens who proved they have more than 1 million dollars in financial assets, and the retired over 50 years old with a stable income (including pension).
What are the advantages of a 10-years visa?
The candidates, who passed the selection successfully, will acquire the official digital work permit. Thai authorities are going to decrease the income taxation (up to 17%) for every visa holder. The taxation often reaches up to 35% of the income.
The organisations will be able to get around the law, which allows companies to employ only one foreigner for every 4 Thailand citizens. This exception is introduced in order to make the visa applicable for small and medium companies, as well as start-ups.
The prospects of the innovations
Narit Terdstirasukdi highlights that the applicants for acquery of new visas must come from China, South Korea, Japan, the USA and European countries. However, he didn’t precisely predict anything related to the economic consequences of the visa program.
Narit claimed that on average they are expecting to spend 1 million bahts from every new visa applicant. The authorities of Thailand forecast that the consuming and investment indicators will reach around 1 trillion bahts (27,6 billion dollars) in total in the short term.