In early September, Thailand will launch a 10-year visa for workers with a high income-earning potential and top-notch skills.
According to Narit Therdsteerasukdi, Deputy Secretary General of the Thai Board of Investment, the visa targets professionals in the technology industry. The Thai government also encourages employees of international technology investment firms to apply for this new visa option.
Also called the digital nomad visa, this documentation allows highly skilled workers to stay in Thailand and promotes long-term residency for foreign nationals.
To cultivate a high-tech workforce, the digital nomad program delivers lower income tax rates than what high-income workers pay in the United States. The Thai 17% tax rate on income over $140,000 pales in comparison to the 35% tax rate levied on earned income in excess of $215,950 in the United States.
Applicants to the digital nomad visa program must meet specific criteria in order to receive the visa. The requirements include an income of at least $80,000 for the past two years, five years of relevant work experience and employment at a company that generated at least $150 million in revenue during the past three years.
The Thai government expects that each visa holder in the digital nomad program will add an additional $28,000 to the country’s local economy. The government also hopes that the program will encourage high-income earners to spend their money on housing, recreation and leisure activities during the years they reside in Thailand.
Thailand officials plan to issue at least 1,000 digital nomad visas.