BOI bets on the Implementation of Smart Visa
The Thailand Board of Investment (BOI) is confident that the newly launched “SMART Visa” will encourage more investment in technology- and knowledge-based industries, which have seen high growth rate in the past two years. The “SMART Visa” will make it easier for expatriate, foreign experts and investors to work and invest in Thailand long-term.
The SMART Visa is a new visa category issued to foreigners working or investing in technology-based production activities and services as well as in the 10 targeted (S-Curve) industries: namely next-generation automotive; smart electronics; affluent medical and wellness tourism; agricultural and biotechnology; food for the future; automation and robotics; aerospace; biofuels and biochemical; digital economy and medical hub.
The SMART Visa comprises four categories: 1) Talents in science and technology; 2) Investors; 3) Executives; and 4) Startup entrepreneurs. Applicants will need to have the qualifications required according to pre-set criteria and be certified by the concerned government agencies. The government agencies responsible for certifying these qualifications include the National Science and Technology Development Agency (NSTDA), the National Innovation Agency (Public Organization) and the Digital Economy Promotion Agency (DEPA).
The SMART Visa will also function as a Work Permit and the holder will receive various significant benefits. First, SMART Visa holders can stay in the country for up to four years. Second, they can report to the Immigration Department on a yearly basis instead of every 90 days as at present. Third, they can depart from and re-enter into the country without applying for re-entry permits. Fourth, they can contact the One Stop Service Center for Visa and Work Permit (OSS) at Chamchuri Square for their SMART Visa applications. In addition, SMART Visa holders' family members will also enjoy similar benefits.
Ms. Duangjai Asawachintachit, BOI’s Secretary General, is confident that high-skilled expats eligible for SMART Visa will include high-level executives or professionals with special expertise. By having these professionals long-term in the country, Thailand can benefit from the transfer of knowledge and the skill development of Thai labor, especially in areas where Thailand lacks specific skill sets and knowledge. The SMART Visa will therefore increase convenience for expats and promote the development of Thai human resource at the same time.