What is the Thailand 10-Year Visa?
The Thai Board of Investments recently rolled out a new Thailand 10-year Visa scheme to attract skilled labor and enhance global competitiveness. The program was touted by the Secretary-General of the Thai BOI, Narit Therdsteerasukdi, as a way to develop Thailand’s industries like EVs, Electronics, Medicine, and Defense.
The 10-year visa program comes with a number of perks for individuals with the appropriate qualifications and skills – not to mention the companies employing them.
What Are the Benefits of Thailand’s 10-Year Visa?
The most significant benefit to the visa holders is the ease and simplicity of holding a 10-year digital visa to the kingdom. However, the two most substantial benefits include:
1. A reduced tax rate of 17%
2. Elimination of four Thai per foreign employee rule
By waiving the regulations on the number of Thai employees for each foreign employee, the BOI hopes to make this especially attractive to smaller start-ups with fewer employees on the payroll.
The thinking of the Thai Board of Investments is twofold. Firstly, they want to provide an immediate economic shot in the arm from the visa application fees and money spent by the individual visa holders and their respective companies each year. Secondly, the Thai BOI would like to attract companies from their list of desired industries to set up shop in Thailand and help build up a robust and diverse economic portfolio to carry the country into the future.
How to Get a 10-Year Visa for Thailand?
Make no mistake, the new Thailand 10-year visa will not be handed out without a substantial vetting process by the Thai Board of Investments. SANS does not recommend applying for BOI programs by yourself but strongly suggests hiring a qualified firm. There is a good chance you will find the process complicated, timely and costly – especially if you make mistakes.
For companies and individuals fully prepared to make a long-term investment in Thailand, the expense of applying for this new 10-year visa program will pay for itself.
If you would like to learn more about our experience handling BOI applications at SANS and how we can assist you or your company with the 10-year visa, contact us. We have been Chiang Mai’s most trusted visa, accounting and business services firm for over 20 years.