Digital nomads looking for a next destination can include Thailand in their list since it will soon offer a 10-year visa for remote workers.
The program expects to lure “foreign human resources with high potential and skills,” Narit Therdsteerasukdi, deputy secretary general for the Thai Board of Investment, told Nikkei Asia.
The visa is primarily intended for those working in high-tech fields such as electronics, biotechnology, and electric vehicles. However, the visa is also offered to employees of foreign companies who wish to work from Thailand, or what the visa calls “work-from-Thailand professionals.”
Visa holders would pay a lower tax rate of 17 percent, rather than the 35 percent levied on income above $140,000. (By comparison, in the United States, income between $215,950 and $539,900 is subject to a 35 percent tax rate.)
Thailand is the latest country to look for remote workers to bring in a fresh supply of visitors as the country struggle to rebuild and revitalize its industries in the aftermath of the COVID pandemic.
Similar to other “golden visa” programs that grant residency to wealthy foreigners, the visa will also be available to individuals with more than $1 million in assets or retirees on a fixed income.
Thailand plans to attract one million visitors from Japan, South Korea, China, the United States, and Europe. Therdsteerasukdi said he expects visa holders to contribute about $28,000 per person to the local economy, with the entire plan bringing in a total of $27.6 billion.
Requirements
Thailand’s Board of Investment documents give forth the conditions for becoming a “work-from-Thailand professional”
- Applicants must have earned $80,000 per year for at least two years (with few exceptions)
- Have at least five years of experience
- Work for a company with a three-year revenue of at least $150 million.