Thailand's Strategic Visa Reform

 

According to the Board of Investment, more than 56,000 foreign nationals now have approved visas and work permits in Thailand, including 50,000 foreign executives and experts working under investment promotion projects.

On June 4, 2024, Mr. Chai Watcharong, Spokesperson of the Prime Minister's Office, announced that these numbers reflect Prime Minister Mr. Sretha Thavisin's efforts to enhance Thailand's competitiveness and transition to a new economic model.

Efforts to streamline visa applications have led to more than 56,000 foreign nationals having approved visas and work permits in Thailand. This includes visas for foreign experts in investment promotion projects, long-term resident visas (LTR visas), and Smart Visas, which attract highly skilled professionals and investors through one-stop service centers.

Mr Chai pointed out that the Board of Investment (BOI), in collaboration with the Bureau of Immigration and the Ministry of Labour, is constantly assisting foreign talents, investors and workers through the One Start One Stop Investment Centre (OSOS) at Chamchuri Square Building. This centre provides a one-stop service, eliminating the need to contact multiple officials, and includes an online visa and work permit system single window.

BOI data shows that more than 56,000 foreign nationals with approved visas and work permits live in Thailand. This group includes about 50,000 foreign executives and experts in investment projects, more than 4,000 LTR visa holders from countries such as the USA, Russia, the UK, China, Germany, Japan and France, and 2,170 Smart Visa holders and startup members, mainly from the USA, Russia, the UK, Japan and Germany.

The Long-Term Resident Visa (LTR Visa) aims to attract four categories of high-potential foreigners to Thailand: experts, remote workers, high net-worth individuals and retirees, as well as their dependents. They can stay in Thailand for up to 10 years, enjoy unlimited entry and exit, and are allowed to work. Additionally, income tax has been reduced to 17 percent for highly skilled experts, and the requirement to report to the Immigration Department has been reduced from every 90 days to once a year. Many experts and senior officials of major international organizations have already received this visa.

In addition, the Cabinet has introduced a new visa, the Destination Thailand Visa (DTV), which targets remote workers and digital nomads who want to live and work in Thailand. Expected to be launched in June, this visa aims to attract more skilled foreigners.

“The Prime Minister places great importance on attracting investment and improving Thailand’s competitiveness. He believes that constantly updating policies to suit current circumstances is key to attracting foreign talent in the long term, thereby stimulating investment in modern, future-oriented industries for the maximum benefit of Thailand,” Mr Chai concluded.