Board of Investment Actions according to Economic and Investment Stimulus Measures
On 10th May 2022, the Cabinet approved in principle a draft Regulation of Prime Minister Office on Setting up of Visa & Work Permit Service Center (No. ..) B.E. …. and a draft Announcement of Board of Investment on Rules and Conditions for Special Non-Immigrant Visa (Long Term Resident Visa: LTR) and a draft Announcement of Board of Investment on Rules and Conditions for Special Non-Immigrant Visa (Smart Visa) No. .. B.E. …. as proposed by the Board of Investment.
Key summary of the above-mentioned draft rules and regulations are as follows:
- LTR visa holders and their dependents including foreign cinematographer staffs as proposed by the Creative Economy Agency are allowed to use the service of this visa and work permit service center. The Board of Investment will be in charge of this service center.
- There are 4 types of foreigners who are eligible to apply for the LTR visa, i.e. wealthy global citizen, wealthy pensioner, work from Thailand professional and high skilled professional and their spouse and children.
- The applicant under the LTR visa is required to show a health insurance having coverage of not less than 50,000 USD and having period of coverage not less than 10 months or holding a Thai social security or money deposited in Thai or foreign account for not less than 12 months in the amount of not less than 100,000 USD. The applicant is also required to show a personal income at least such as average of 80,000 USD per year within 2 years. The employment or service contract with an entity in Thailand or overseas is required. The documents showing experiences of working in target industries no less than 5 years except the applicant who will work for educational institute or research or special coaching institute operated by Thai government or government authority or applicant who graduates in doctorate degree or equivalent.
- The applicant who would like to apply for a Smart Visa is required to be a specialist on science and technology in the target industries certified by the Strategic Talent Center or related organizations. There is a direct investment or through an investment company in the business from the applicant not less than 20 million THB in the industry using technology base for its manufacturing or service.
