Thailand Introduces 10 Year Visa Program For Foreign Investors
Thailand is aiming to entice foreign investment by unveiling a 10-year visa program tailored for investors targeting specific businesses in the country’s industrial eastern region, as stated by the deputy prime minister. Deputy Prime Minister Phumtham Wechayachai, in a press briefing, outlined that the visa initiative, set to commence next year, aims to simplify the investment process by relaxing government restrictions.
In conjunction with the visa program, the government has set an ambitious goal of achieving a total actual investment of 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) between 2023 and 2027, translating to an annual target of 100 billion baht, Wechayachai emphasized.
Currently, the EEC receives an annual actual investment of around 75 billion baht. To incentivize investments in modern, eco-friendly industries, the government is providing companies in these sectors the opportunity to bring in employees, specialists, executives, and professionals.
These individuals will qualify for an EEC work permit, a flat income tax rate of 17%, and a 10-year visa.
The EEC, spanning three provinces east of Bangkok, holds strategic importance in the government’s efforts to stimulate economic growth and attract investments, especially in high-tech industries.
Thailand’s economy, the second-largest in Southeast Asia, faced a lower-than-expected growth rate of 1.5% in the July-September quarter compared to the same period the previous year. This deceleration was attributed to sluggish exports and government spending, marking the country’s slowest growth rate this year.