Thailand Unveils 10-Year Visa to Attract Top Global Talent

[webfact]

 

In a bid to transform its Eastern Economic Corridor (EEC) into a bustling industrial hub, Thailand’s government has introduced a groundbreaking 10-year visa aimed at attracting top-tier professionals and experts from around the world.

 

The new EEC visa, endorsed by the Thai Cabinet, stands as a strategic move to draw skilled individuals into the country’s key industries, according to Deputy Government Spokeswoman, Rudklao Intawong Suwankiri.

 

Visa Perks and Tax Benefits

 

This innovative visa allows for a five-year stay with the possibility of extension, along with multiple entries, depending on the length of the employment contract. It's designed around four core categories: specialists, executives, professionals, and their families.

 

Adding to its allure, the government has introduced a competitive personal income tax cap of 17% for those who decide to live and work in the EEC. This figure is a significant reduction from Thailand’s existing top tax rate of 35%, highlighting the nation’s commitment to boosting its economic outlook.

 

 

“The EEC visa aims to enhance national competitiveness by promoting the country’s target industries. It is expected to attract global experts and contribute significantly to the development of the EEC,” said Rudklao.

 

Agricultural Advancements on the Horizon

 

In tandem with the introduction of the new visa, Prime Minister Srettha Thavisin has directed the Agriculture and Cooperatives Ministry to formulate an extensive plan to modernise Thailand’s agricultural infrastructure. The goal is to transform the nation into a leading agricultural and food production hub, potentially tripling local farmers’ incomes.

 

Government Spokesman Chai Wacharonke added that this directive aligns with Thailand's aspiration to become a global agricultural centre, enhancing food security worldwide. The detailed strategy is expected by month’s end, with rapid implementation to follow in June.

 

The comprehensive plan will focus on developing Thailand as a plant genetics centre, improving agricultural water management, promoting soil health, and using satellite technology to combat agricultural burning.

 

“Detailed project plans should be ready by the end of May, with substantial action commencing immediately thereafter,” said Chai.

 

Strengthening International Ties

 

Further cementing its agricultural ambitions, the Thai Cabinet has approved a memorandum of understanding to enhance agricultural collaboration with Saudi Arabia. This move underscores Thailand’s commitment to achieving its agricultural and economic goals on the international stage.

 

TOP Picture for reference only. Courtesy of Gwengoat via iStock

 

 

-- 2024-05-15

 

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[worgeordie]

4 minutes ago, webfact said:

This innovative visa allows for a five-year stay

Not really 10 year visa .....you might get an extension ....

 

regards Worgeordie

[JackGats]

I thought the LTR visa already catered to the same group.

[JoseThailand]

We all know what kind of global talent Thailand attracts..

 

 

 

 

[SymS]

How does it differ from the SMART visa?
It looks like more of the same...
 

[NoDisplayName]

1 hour ago, webfact said:

Adding to its allure, the government has introduced a competitive personal income tax cap of 17% for those who decide to live and work in the EEC. This figure is a significant reduction from Thailand’s existing top tax rate of 35%, highlighting the nation’s commitment to boosting its economic outlook.

 

Hmmmm.............they've reduced the top tax rate for income derived from Thai sources from 35% to 17%.

 

At the same time, they've instituted universal income tax whereby all income worldwide is subject to Thai tax........at 17% top tax rate.....for anyone deemed a resident for tax purposes.

 

Hub of consistency.

[JackGats]

10 minutes ago, NoDisplayName said:

 

...

 

At the same time, they've instituted universal income tax whereby all income worldwide is subject to Thai tax........at 17% top tax rate.....for anyone deemed a resident for tax purposes.

...

This is positively false. Universal income tax is precisely what the Thais haven't instituted. They've made this perfectly clear.

[Purdey]

They could spend the same money developing education to create smart people, but I guess foreigners don't vote for them

[TroubleandGrumpy]

Thailand has been losing out on a lot of potential business development over the last 10-15 years under the Junta and the prvious Govts.  Probably the best example being that Tesla chose Malaysia ahead of Indonesia for its SEAsia Regional HQ and Manufacturing, and Thailand was not even in the picture. 20 years ago that would not have been the case.  Thailand manufacturing and business devlopment from overseas has been going down for a while, and this Visa is IMO a reaction to the fact that not much 'development projects' are being committed to in the EEC - no where near as many as they said would happen when it was first announced. 

[jimgilly]

They should offer a 5 or 10 year visa to expats who are retired here and have the valid required funds for either a marriage or retirement visa but of course that will never happen.

[hotchilli]

3 hours ago, webfact said:

This innovative visa allows for a five-year stay with the possibility of extension, along with multiple entries, depending on the length of the employment contract. It's designed around four core categories: specialists, executives, professionals, and their families.

More strings attached to this than Srettha.

[NoDisplayName]

1 hour ago, JackGats said:

This is positively false. Universal income tax is precisely what the Thais haven't instituted. They've made this perfectly clear.

 

Have they?  From what I've seen, nothing has been made clear.

It appears all income worldwide is subject to tax.

But nobody knows yet how this is to be implemented.

[crazykopite]

How about all those who have heavily invested in the cannabis industry only to see Tony and his sidekick to bring it to an end any major business that invests in Thailand need there head reading even the likes of Tesco sold up at the end of the day 

[natway09]

Tesla going to Malaysia maybe a good thing, it is a sinking ship along with Proton

[Skeptic7]

Another joke/scheme/sham. How many priors have there been which were the same with the same unsuccessful outcome. This place lost is lustre 15+ years ago. 

[HappyExpat57]

They might try and polish this turd of a story up with AI, but it's still the same nonsense that's been floating around for how many years now?

[StayinThailand2much]

What happened to the Elite Visa? - Oh, that's right... 😆 

[Srikcir]

LTR Visa offered by BOI. 

Permission to work in Thailand 

17% personal income tax for the highly-skilled professionals

Tax exemption for overseas income

 

[LivinLOS]

3 hours ago, JackGats said:

I thought the LTR visa already catered to the same group.

Agree the BOI visa seems to have some overlap here.. 

Rather than just throwing things at the wall to see what sticks, with different application routes and authorities in charge, clarifying and setting clear standards makes much more sense. 

[Longwood50]

3 hours ago, JoseThailand said:

We all know what kind of global talent Thailand attracts..

[ikke1959]

And with the strict labour laws and regulations about vaping and alcohol sales it is very attractive.....Surely add the hunt  by RTP for foreigners with hugh fines and scam by taxi, hospitals and tourist attractions and the high educated  talent will come for the wages they can earn here .....

[Ben Zioner]

1 hour ago, Srikcir said:

LTR Visa offered by BOI. 

Permission to work in Thailand 

17% personal income tax for the highly-skilled professionals

Tax exemption for overseas income

 

Yes it is an LTR/HSP, and they will probably reuse that framework, backed by jobs in the EEC. Makes sense.

[Ben Zioner]

2 hours ago, NoDisplayName said:

It appears all income worldwide is subject to tax.

You got it all wrong, Thailand taxes only the portion of one's worldwide income that is remitted to Thailand.

 

Which opens the door for nice tax avoidance schemes. Imagine how nice this can be for someone who transfers only a tenth, or less, of his income to the only country where he is tax resident. You see, TIT, so we have these new rules that look like we are collecting money for the underprivileged Thais, while we give a rock solid tax alibi to the super rich who spend most of their time in London, Davos, Cannes, Bavarian Alps, etc..

[Ben Zioner]

3 hours ago, jimgilly said:

They should offer a 5 or 10 year visa to expats who are retired here and have the valid required funds for either a marriage or retirement visa but of course that will never happen.

They have, it is called LTR/WP you can apply if you wish. 

[zzaa09]

1 hour ago, HappyExpat57 said:

They might try and polish this turd of a story up with AI, but it's still the same nonsense that's been floating around for how many years now?

Why not promote within. Instigate the ideals of nurturing and encouraging home grown talent. 

The only catch would be upgrading the educational systems and removing the general restraints that hamper any such progressive development.......and that's not gonna happen anytime soon.

 

Never mind.

[NoDisplayName]

36 minutes ago, Ben Zioner said:

You got it all wrong, Thailand taxes only the portion of one's worldwide income that is remitted to Thailand.

 

Which opens the door for nice tax avoidance schemes. Imagine how nice this can be for someone who transfers only a tenth, or less, of his income to the only country where he is tax resident. You see, TIT, so we have these new rules that look like we are collecting money for the underprivileged Thais, while we give a rock solid tax alibi to the super rich who spend most of their time in London, Davos, Cannes, Bavarian Alps, etc..

 

That's what we HAD.  The purpose of the rule change (or reverting to actually following the law as originally written?) was to capture the earnings of Thais working overseas, but expats would be caught as well.

 

Unless you've got a link to an actual government tax office directive, the rule is than an expat in Thailand >185 days is a resident for tax purposes and all income worldwide is taxable.  How they deal with tax treaties and pensions is unknown. 

 

I'm waiting with all the others to see how this plays out.

[bob smith]

Thailand - The hub of pointless visas.

 

bob.

[LivinLOS]

13 minutes ago, NoDisplayName said:

 

That's what we HAD.  The purpose of the rule change (or reverting to actually following the law as originally written?) was to capture the earnings of Thais working overseas, but expats would be caught as well.

 

Unless you've got a link to an actual government tax office directive, the rule is than an expat in Thailand >185 days is a resident for tax purposes and all income worldwide is taxable.  How they deal with tax treaties and pensions is unknown. 

 

I'm waiting with all the others to see how this plays out.

Only on remittance tho.. Anything left offshore remains there tax free. It is the imported portion which is taxable. 

[redwood1]

10 minutes ago, bob smith said:

Thailand - The hub of pointless visas.

 

bob.

 

Boy you got this right these top end visas are breeding like rabbits...There seems to be a new one every 18-24 months...

 

Lets see we have the Smart visas, This new visa, the LTR visa, the OX visa..........All of these were cooked up in the recent past.....

 

And not even a bone was thrown to the average retired expat..

[topt]

25 minutes ago, NoDisplayName said:

Unless you've got a link to an actual government tax office directive, the rule is than an expat in Thailand >185 days is a resident for tax purposes and all income worldwide is taxable. 

Why don't you show us the link that say's that since you are the only one claiming it......

And by the way it is 180 days or more, not 185

 

If you haven't already you may want to peruse this 

https://aseannow.com/topic/1324294-introduction-to-personal-income-tax-in-thailand/