Are you qualified to get the new 4 year SMART Visa in Thailand?

[webfact]

 

If setting up a new home in Thailand’s tropical setting has crossed your mind, the SMART Visa might already be on your radar. Introduced by the Board of Investment, this visa has been on the scene since 2018, providing lots of benefits for many expats and their families. One of the main benefits is reducing the need for the usual tiresome paperwork. In essence, it’s designed to make life in Thailand much simpler and incredibly convenient.

 

 

by Cita Catellya

TOP PHOTO: Freepik

 

For global experts and investors, this SMART Visa is a big win. It allows you to stay in Thailand for four years. And guess what? You only need to check in once a year, bidding goodbye to the old 90-day reporting rule.

With the buzz surrounding this SMART Visa, you’re probably bubbling with questions. Who can apply for it? What are the steps involved in getting one? Don’t worry. We’re here to explain everything. We’ll answer all your questions and guide you through the entire process, making it as easy as, well, it should be.

 

What is the SMART Visa?

 

Thailand introduced a new visa type for foreign experts, executives, startup entrepreneurs, and investors on 1 February 2018, known as the SMART Visa. Recognising the potential of international talent to bolster Thailand’s targeted industries, the government introduced this specially designed visa. Furthermore, this initiative offers advantages that far outstrip those associated with regular Thai visas, assuming the eligibility criteria are met.

Created under the Thailand Board of Investment (BOI), the SMART Visa is designed to attract professionals with extensive expertise and investors who can inject funds into Thai companies. It’s worth noting, however, that the SMART Visa is not tailored for digital nomads or freelancers. Eligibility for this visa requires a level of commitment to the local economy, either through working in a Thai company or investing in one.

 

With the SMART Visa, Thailand is strategically positioning itself to attract a broader range of global talent and financial investment. This aligns with its overall goal of developing its priority industries, creating a mutually beneficial environment for both Thai companies and international workers or investors.

What are the targeted industries?

As mentioned above, the SMART Visa is designed to attract highly skilled experts, executives, startup entrepreneurs, and investors who want to work or invest in the targeted industries in Thailand. The industries are as follows:

 

Next-Generation Automotive
Affluent, Medical and Wellness Tourism
Smart Electronics
Agriculture and Biotechnology
Automation and Robotics
Food for the Future
Aviation and Logistics
Digital
Medical Hub
Biofuels and Biochemicals
Alternative Dispute Resolution
Environmental Management and Renewable Energy
Human Resource Development in Science and Technology

What are the benefits of the SMART Visa?

PHOTO: Freepik

The SMART Visa of Thailand, just as the name suggests, does bring a bundle of ‘smart’ benefits with it. Being eligible for this type of visa places you in a position to enjoy its rather appealing advantages, ones that clearly supersede those offered by regular Thai visas.

 

One of the highlighted benefits is the long-term validity of the visa. Unlike typical Thai visas that offer one to two years, the SMART Visa generously extends your stay in the country to a maximum of four years. Of course, this is contingent on your work or service contract’s duration.

 

The bureaucratic red tape is considerably simpler, too. There’s no longer a need to engage in the time-consuming process of applying for a Thai Work Permit if you’re associated with any of the eligible companies under this scheme.

 

Full story: https://thethaiger.com/guides/visa-information/are-you-qualified-to-get-the-new-4-year-smart-visa-in-thailand

 

-- © Copyright Thaiger 2023-08-09

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

[proton]

Cant see any costs quoted, so probably too much!

[simon43]

Bearing in mind the recent government announcement about building a spaceport etc, I find it curious that Thailand is not seeking foreign space/rocket experts.  Knowing what Thailand currently does in the space sector (builds the occasional Cubesat under the direction of Japanese engineers in Japan), there is no way that Thailand has homegrown skills to build a spaceport.

[simon43]

Just now, simon43 said:

Bearing in mind the recent government announcement about building a spaceport etc, I find it curious that Thailand is not seeking foreign space/rocket experts.  Knowing what Thailand currently does in the space sector (builds the occasional Cubesat under the direction of Japanese engineers in Japan), there is no way that Thailand has homegrown skills to build a spaceport.

Sorry - screwed up editing my previous post!

 

Perhaps it's because one is required to work for a Thai company, and there really are not any Thai space companies to work for!

[Geoffggi]

35 minutes ago, proton said:

Cant see any costs quoted, so probably too much!

It does in the attachment but as you so rightly said it costs too much to be realistic ...........LOL

[ikke1959]

Very expensive and not worth it... it is just a visa to collect money.. Work permits don't need to take a long time, it can be done the same day, but therefor there is a need of good computersoftware and connection with other sources as you have to copy everything over and over again. Every year again, instead of scanning the documents the first time.

[smedly]

1 hour ago, webfact said:

Thailand introduced a new visa type for foreign experts, executives, startup entrepreneurs, and investors on 1 February 2018

As usual Thailand has is backwards, they should be paying these types of people to come here not charging them - 

[edwinchester]

"Eligibility for this visa requires a level of commitment to the local economy"

 

Which appears to be exactly what those on marriage and retirement extensions do year after year so why not, at the very least, extend the doing away of 90 day reporting for this group as it has been for those with the Smart Visa?

[mokwit]

Is this the IP transfer visa?

[BritTim]

The SMART visa can be useful for some people who qualify, but is really quite niche. For full details, see https://smart-visa.boi.go.th/smart/. Many who qualify for SMART visas might find the LTR (Long Term Resident) visa more attractive.

[Lacessit]

33 minutes ago, edwinchester said:

"Eligibility for this visa requires a level of commitment to the local economy"

 

Which appears to be exactly what those on marriage and retirement extensions do year after year so why not, at the very least, extend the doing away of 90 day reporting for this group as it has been for those with the Smart Visa?

You silly man, you're being logical.

[Thaindrew]

2 hours ago, simon43 said:

Bearing in mind the recent government announcement about building a spaceport etc, I find it curious that Thailand is not seeking foreign space/rocket experts.  Knowing what Thailand currently does in the space sector (builds the occasional Cubesat under the direction of Japanese engineers in Japan), there is no way that Thailand has homegrown skills to build a spaceport.

they won't build one, they will just allocate a budget which will get lost along the way ....

[jayboy]

36 minutes ago, edwinchester said:

"Eligibility for this visa requires a level of commitment to the local economy"

 

Which appears to be exactly what those on marriage and retirement extensions do year after year so why not, at the very least, extend the doing away of 90 day reporting for this group as it has been for those with the Smart Visa?

Many retired foreigners (mostly oldsters with limited finances) take this view - essentially that they are nobly bolstering the rural economy with purchase of pick up trucks, motor cycles, houses for their partners, and of course the endless flow of their pensions and savings. They believe this is somehow a significant contribution to the Thai economy.It really isn't and certainly the Thai authorities do not regard it as such.

[soalbundy]

2 hours ago, Geoffggi said:

It does in the attachment but as you so rightly said it costs too much to be realistic ...........LOL

Professional bribery expert isn't on the list of occupations.

[Ralf001]

Nice, will ask about it next time my extension due for renewal... pain in the butt having to renew every 2 years.

[hotchilli]

3 hours ago, webfact said:

Created under the Thailand Board of Investment (BOI), the SMART Visa is designed to attract professionals with extensive expertise and investors who can inject funds into Thai companies

Always the money trap.

[FinChin67]

[ThailandRyan]

1 hour ago, BritTim said:

The SMART visa can be useful for some people who qualify, but is really quite niche. For full details, see https://smart-visa.boi.go.th/smart/. Many who qualify for SMART visas might find the LTR (Long Term Resident) visa more attractive.

And for less money and a lo ger period of time. 10 year LTR. 50k Thb

[Pattaya57]

10 minutes ago, ThailandRyan said:

And for less money and a lo ger period of time. 10 year LTR. 50k Thb

Depending which country you apply. LTR in Australia is A$3000 which is 67,500 baht

 

Same with Smart visa, 10,000 baht per year fee is A$600 per year from Australia (13,500 baht)

 

Magic exchange rates it seems

 

[Polar Bear]

4 hours ago, webfact said:

One of the highlighted benefits is the long-term validity of the visa. Unlike typical Thai visas that offer one to two years, the SMART Visa generously extends your stay in the country to a maximum of four years. Of course, this is contingent on your work or service contract’s duration.

I have a SMART visa. We have to get extensions every year to prove that the work contract is still valid. 

There are advantages (no work permit, spouse can work, no 90 day reports, and BOI fast tracking the extension process), but overall I'd say it isn't worth the additional cost. 

Oh, I also get to use the priority lane at BKK on arrival, which helps to offset the time wasted because immigration staff never know how to process it. It always ends up with 3 of them crammed into the little cubicle trying to figure out what to put in the system.

[BadSpottedDog]

59 minutes ago, FinChin67 said:

is that 200,000 baht per month? I'm guessing it is, but "this is Thailand", so ...

[TallGuyJohninBKK]

1 hour ago, soalbundy said:

Professional bribery expert isn't on the list of occupations.

Should be!  ????

 

[edwinchester]

1 hour ago, jayboy said:

Many retired foreigners (mostly oldsters with limited finances) take this view - essentially that they are nobly bolstering the rural economy with purchase of pick up trucks, motor cycles, houses for their partners, and of course the endless flow of their pensions and savings. They believe this is somehow a significant contribution to the Thai economy.It really isn't and certainly the Thai authorities do not regard it as such.

My pension is significantly more than the 50k bht income required for a smart visa.

[TallGuyJohninBKK]

Hahahahaha... see below, particularly the latter part (from the OP report here):

 

"The cost for processing a Thai SMART Visa application is set at 10,000 THB annually. It’s important to remember that this amount could vary based on the local currency in the country where you are applying. Make sure to bring enough cash with you when you visit the Thai immigration office to apply for your SMART Visa. This is because some offices may not accept credit and debit cards or wire transfers."

 

Yes, make sure to bring PLENTY of cash with you when you go to visit your local Thai Immigration office!

 

[Polar Bear]

I pay 10k/year, refunded by the employer. I've never been asked for more, and it's BOI staff that do all the document submission and so on, so I barely see the immigration staff. That's in Bangkok.

[rjstorer50]

Be aware that the “SMART” visa is immediate DISQUALIFICATION for permanent residency (aka. Thai residence permit). So, do not consider applying for a SMART visa if you want to stay in Thailand long-term.

 

“Thailand introduced a new visa type for foreign experts, executives, startup entrepreneurs, and investors on 1 February 2018, known as the SMART Visa.” The (Gazetted) rules for a Thai residence permit were established ca. 1992 and did not take into account the SMART visa, or perhaps the SMART visa was purposefully designed to get the experts to leave when they had served their purpose? The first thing an immigration officer will ask you when applying for a Thai residence permit is “Where is your passport?” and they will look to see if you have been on a qualifying non-immigrant visa for the past 3 years (and you won’t have one because a SMART visa does not qualify for a residence permit). The second thing they will ask for (if applying in the working category) is your work permit, but you won’t have one either, or the work permit history will not qualify because a SMART visa does not require a work permit. This situation is unlikely to change because the government departments responsible can apparently not agree with each other sufficiently to change the rules (according to expert lawyers I consulted). The IO will not explain the reasons as such; but will ask if you can speak Thai (a discretionary factor), and if you are not fluent, will use this as an excuse to prevent eligibility on future applications unless your level of fluency changes substantially (in itself not qualifying).

 

After 7 years on a qualifying non-immigrant B visa and 3 years on a SMART-T visa, I applied for permanent residency and found I did not qualify; the experience at Chaeng wattana immigration was humiliating, to say the least. And I thought I was “SMART.” One of my life’s more stupid moves for not finding out in advance. I now hold a 10-year Long-Term Resident (LTR) visa for highly skilled professionals (gov. that is, working for a government-sponsored enterprise), which only requires an annual report if not leaving the country and requalification at 5 years. This visa avoids 90-day reports and the byzantine and drawn-out bureaucracy of applying for permanent residency. However, if the law changes and the LTR-HS(gov) becomes qualifying, I might consider that path, although I hold a legal “get out of jail free” card that I will not elaborate on here in this forum.

[kennw]

2 hours ago, Lacessit said:

You silly man, you're being logical.

So by exempting this group from the 90 reporting requirement they must have determined that they are a "no risk" group. I wonder how they determined that?

[BritScot]

2 hours ago, jayboy said:

Many retired foreigners (mostly oldsters with limited finances) take this view - essentially that they are nobly bolstering the rural economy with purchase of pick up trucks, motor cycles, houses for their partners, and of course the endless flow of their pensions and savings. They believe this is somehow a significant contribution to the Thai economy.It really isn't and certainly the Thai authorities do not regard it as such.

Nonsense, utter Nonsense!  Your assumption that retirement visa holders or married visa holders fit into your pigeon logic. First the minimum requirement is to give thai banks £10,000 - £20,000 of their money until they leave or die, they will spend millions in setting up their home (house 2 million up and vehicle 1 million up) so their initial investment into the Thai economy is about a minimum of £100,000 of foreign currency into thailand with minimum of £10,000 - £20,000 a year of more foreign currency every year. If you think this is peanuts and Thailand doesn't need it wow!!! Very twisted attitude. Think it's called being racist! 

[mokwit]

37 minutes ago, rjstorer50 said:

the SMART visa was purposefully designed to get the experts to leave when they had served their purpose?

Yep, IP transfer visa.

[mokwit]

6 minutes ago, BritScot said:

If you think this is peanuts and Thailand doesn't need it wow!!!

this is peanuts and Thailand doesn't need it