The Board of Investment (BOI) has announced new conditions for the Smart Visa program for foreign experts.
As a reminder, the Smart Visa program was launched in February with the aim of attracting highly qualified professionals to work and invest in target industries within the Eastern Economic Corridor (EEC).
On November 6, 2018, the Cabinet approved the following changes to the program.
- Expansion of target industries.
The list of target sectors has been expanded to include alternative dispute resolution, human resource development in science and technology, renewable energy, and environmental management.
- Increased privileges and benefits for Smart Visa holders.
The Cabinet has instructed the Immigration Bureau to introduce fast-track immigration procedures for Smart Visa holders at all international airports in Thailand.
- Reduction of minimum income requirements.
The minimum required monthly income has been reduced to 100,000 baht for general experts and 50,000 baht for specialists working in local startups.
For highly skilled professionals and executives, the minimum monthly income must be at least 200,000 baht.
The BOI has also revised this requirement by allowing all income and bonuses of a foreigner to be included in the calculation.
In addition, startups are now allowed to receive local investments, and the minimum investment requirement has been reduced from 20 million baht to 5 million baht.
Smart Visas for startups will now be issued for six months, one year, or two years, whereas previously they were issued for one year with a possible two-year extension.
In 2018, the BOI planned to issue 1,000 Smart Visas.
The Smart Visa allows foreign experts to stay and work in Thailand for up to four years without obtaining a work permit from the Ministry of Labour.
Source: bangkokpost.com.