Thailand is currently host to over 56,000 foreign nationals holding approved visas and work permits. Among this group are about 50,000 foreign executives and experts engaged in investment promotion projects, as reported by the Board of Investment.
On June 4, 2024, Mr. Chai Wacharong, a spokesperson for the Prime Minister’s Office, announced that Prime Minister Srettha Thavisin’s initiatives to elevate Thailand’s competitiveness and transition towards a new economic model had resulted in this influx.
Various measures have been implemented to streamline visa applications, leading to more than 56,000 foreign nationals securing approved visas and work permits in Thailand. These include visas and work permits for foreign experts working under investment promotion projects, Long-Term Resident Visas (LTR Visas), and Smart Visas geared towards attracting high-skilled individuals and investors in priority industries through the One Stop Service Center.
Mr. Chai mentioned that the Board of Investment (BOI), in collaboration with the Immigration Bureau and the Ministry of Labor, has been diligent in assisting foreign nationals with specific skills, investors, and individuals seeking to work and reside in Thailand through the establishment of the One Start One Stop Investment Center.
This center offers a streamlined service eliminating the need to engage with multiple authorities and encompasses the online visa and work permit system known as SINGLE WINDOW.
According to BOI data, Thailand currently accommodates over 56,000 foreign nationals holding approved visas and work permits. This includes approximately 50,000 foreign executives and experts involved in investment promotion projects, over 4,000 LTR visa holders from countries like the United States, Russia, the United Kingdom, China, Germany, Japan, and France, and 2,170 smart visa holders and members of startup groups, primarily from the United States, Russia, the United Kingdom, Japan, and Germany.
The Long-Term Resident Visa (LTR visa) is a governmental initiative designed to attract four categories of high-potential foreigners to Thailand: Experts, remote workers, high-net-worth individuals, and retirees along with their dependents. These individuals can stay in Thailand for up to 10 years, enjoy unlimited entry and exit, and are permitted to work.
Income tax for highly skilled experts will be reduced to 17 percent, and the reporting frequency to the Immigration Department will transition from every 90 days to once annually. This visa has been granted to numerous experts and senior executives of prominent international organizations with investments or branches in Thailand.
Furthermore, the Cabinet has introduced a new visa category, the Destination Thailand Visa (DTV), targeting foreign nationals possessing skills to work remotely via digital platforms. These could include remote workers or digital nomads seeking to work and travel within Thailand. The DTV is expected to be launched in June to attract more highly skilled foreigners to work in Thailand.
Mr. Chai emphasized the Prime Minister’s commitment to fostering investment and enhancing Thailand’s competitive edge. He believes that continually refining and adjusting policies to align with current circumstances will be pivotal in attracting foreign talent in the long term, thereby driving investments in modern, future-oriented industries for Thailand’s maximum advantage.
