Thai authorities have launched a ‘Smart Visa’ to encourage foreign investment in technology- and knowledge-based industries and attract foreign investors, IT specialists, and startup entrepreneurs. The visa is part of an effort to transform the Kingdom into an innovation hub and trigger economic development.
The visa program targets highly skilled workers and investors interested in contributing to innovative ‘S-Curve’ industries, including: next-generation automotive; smart electronics; upscale, medical, and wellness tourism; agriculture and biotechnology; food for the future; and more. Expats are expected to breathe new life into these sectors and help Thailand create competitive state-of-the-art products to meet the latest sustainability requirements.
Smart Visas will be available to industry professionals and investors residing in Phuket, Bangkok, Chiang Mai, as well as Rayong, Chonburi and Chachoengsao straddled by the Eastern Economic Corridor. There’s a catch, though: Applicants need to be able to prove that they will be an asset to the country.
The new Smart Visa program allows foreigners to stay in Thailand for four years with no work permit required, and the 90-day report to immigration authorities extended to one year.