Thailand will soon begin offering a 10-year remote worker visa for digital nomads looking to reside in the country long-term, according to Nikkei Asia.
In addition to enjoying all of the beauty and affordable living Thailand offers, holders of the visa will also be able to take advantage of a lower flat personal income tax rate. Normally reaching as high as 35%, the reduced rate is just 17%.
The goal of the visa program is to entice one million investors and skilled workers to migrate to the country from locations like Japan, South Korea, the United States, Europe, and China over the next five years.
By introducing the long-term visa, Thailand also hopes to make more than 10 important “industrial or technological categories,” such as electronics, biotech, defense, and automobile, more competitive.
In an interview with Nikkei Asia, Narit Therdsteerasukdi, Thai Board of Investment Deputy secretary-general, said the visa aims to attract “foreign human resources with high potential and skills.”
He added that on average “we expect the visa holders to spend 1 million baht per person,” and that revenue from consumption and investment will total roughly 1 trillion baht ($27.6 billion) in the short-term.
In order to help make the program accessible for startups and smaller companies, the typical rule mandating the hiring of at least four Thai nationals per every foreign employee will not apply for holders of the new visa.
Applications for the program will be accepted starting September 1.
• Have made at least $80,000 per year for at least two years
• Have at least five years of experience in your field
• Be employed by a company with a three-year revenue of at least $150 million
• Individuals with financial assets of at least $1 million are also welcome to apply
• Retirees individuals age 50 or older with stable incomes such as pensions may also apply