In order to attract talented workers and investors, Thailand plans to launch a new 10-year visa programme in September.

The 10-year visa scheme is part of an initiative to attract one million individuals from Japan and other advanced economies over the next few year. The purpose of the new long-term visa is to increase market competition in major industries, such as automobiles, electronics, and biotechnology.

Narit Therdsteerasukdi, Deputy Secretary-General of the Thai Board of Investment (BOI), indicated that the long-term resident visa is intended for “foreign human resources with high potential and skills” and that applications will be accepted beginning September 1.

Thailand needs specialists from companies or research institutions active in over 10 industrial or technological fields, including electric vehicles, electronics, medicine, and defence.

Applicants that are approved will be handed a digital work permit. The government would decrease the personal income tax rate, which may often reach 35 percent, for visa holders to 17 percent.

For new visa holders, companies will no longer be required to hire four Thai citizens for every foreign employee, a measure that was put in place to protect the domestic workers.

Thailand’s provision of new long-term visas coincides with a growth in regional competitiveness, allowing for the establishment of new supply chains and enterprises. The tourism industry, which was severely impacted by the Covid-19 outbreak, is among those supporting the new visa policy of the country.