Smart Visa Making Long Stay In Thailand Easier
Smart Visa Making Long Stay In Thailand Easier
For the purpose of further promoting the Eastern Economic Corridor and a value-based, innovative, and technology-driven economy under the Thailand 4.0 policy, the Board of Investment (BOI) has launched the SMART Visa program on February 1, 2018. The program is designed to attract more science and technology experts, senior executives, investors, highly skilled professionals, and startup entrepreneurs to work or invest in Thailand in relation to the targeted industries. This article is to make a summary of the program and provide our preliminary observation.
Targeted Industries
The SMART Visa is designed for the targeted industries as announced by BOI under the Thailand 4.0 policy, namely:
- Medical
- Digital
- Aviation
- Wellness Tourism
- Agriculture
- Biochemicals
- Logistics
- Biofuels
- Robotics
- Biotechnology
- Food for the Future
- Automation
- Smart Electronics
- Next-Generation Automotive
Eligible People
The SMART visa is divided into five types:
- SMART “O” is reserved for the spouse and children of people who hold another type of SMART Visa
- SMART “S” is for foreign startups, entrepreneurs wishing to work in Thailand
- SMART “E” is for senior executives
- SMART “I” is for foreign investors
- SMART “T” is for highly skilled manpower and technical professionals
Privileges
There are some privileges accessible through a SMART visa that are not accessible through other types of Visas:
- Your spouse and children may work and live in Thailand without a work permit.
- You do not require a re-entry permit.
- You will not be required to report to the Immigration Bureau every 90 days, only once a year.
- SMART visa holders do not require any kind of other work permit.
- SMART visa Type T, I, and E may enjoy a longer term of stay (up to 4 years), which is renewable to an unlimited degree (not exceeding any remaining service contract or employment period)
- SMART visa Type S gets one year for their initial term, which can be renewed up to two years an unlimited amount of times
Qualifications for SMART visa
SMART S
- Within one year, SMART S holders must set up a company within one of the targeted industries with a minimum of 25% board membership or ownership.
- Participating in either/or obtaining either:
- an accelerator program, or
- endorsed incubation, or
- something similar.
- Joint venture
- endorsement by a relevant government agency in Thailand.
- Health insurance
- A fixed deposit of at least 600,000 baht, including a remaining maturity term of at least a year
SMART E
- Delivering services in the targeted industries or working for manufacturing and technology-based business.
- At least one year remaining on an employment or service contract in Thailand.
- A salary of at least 200,000 baht per month
- At least ten years of work experience and at least a bachelor’s degree
- High-level executives
SMART T
- Employed by companies in the targeted industries
- At least one year remaining on an employment or service contract in Thailand.
- A salary of at least 200,000 baht per month
- Science and technology experts
SMART I
- Minimum direct investment of 20 million baht
- Investing in companies using technology in manufacturing or delivering services and being in the targeted industries
Application Procedures for a SMART VISA
There are four steps in the SMART visa application procedure:
- All the required documents for an application can be submitted to the One-Stop Service Center for a Work permit and Visa applications (OSS) which is in Bangkok. Alternatively, the Consulate General or Royal Thai Embassy can also receive applications.
- Verification is confirmed through coordination between competent Thai government agencies and OSS.
- BOI issues an endorsement letter when verification is complete
- This endorsement letter can be used for a SMART visa application.
The qualification endorsement letter is issued once the process is complete, which takes around 30 working days from the day that the application is received by OSS.
SMART visa applicants can convert a non-immigrant type of visa to a SMART visa. They can also renew a SMART visa at the OSS. A renewal or conversion must meet the same requirements as an initial application.
Areas Where Improvement is Needed
The SMART Visa program is newly introduced to the market, and there remain some issues. First, some qualifications are not clearly defined (e.g., who are “experts” and who are “high-level executives”), leaving broad discretion to the officials, which will cause uncertainty to the applicants when planning their stay in Thailand. Second, some conditions are too burdensome. For example, the requirement for the fixed saving of 600,000 baht for at least one year may be unrealistic for startup entrepreneurs who are often short of cash. Third, the relatively long list of documents for the applications and the lengthy timeframe for processing deter attempts for application.
Aim of the Thailand SMART Visa
This is the type of visa designed to bring in highly skilled manpower, executives, investors, and startup entrepreneurs wishing to settle in Thailand. It serves to enhance Thailand’s attractiveness to investors in the country’s targeted industries: science and technology, environmental management, etc.
A Thailand smart visa is supposed to serve the Thai government by attracting a specific kind of worker who can add significantly to Thailand’s economy. Thailand wants to attract talents to industries called S curve industries that a SMART visa holder might invest in to meet requirements.
Conclusion
The SMART Visa offers a new option for high-quality foreigners to stay and work in Thailand more stably. Having said that, there is still room for improvement. In response to our consultation, OSS officials admitted that since the launch of the program in February 2018, no any application has been submitted yet, and that they are considering modifications in order to incentivize applications. Juslaws will keep a close follow-up on the modifications, if any, and post updates accordingly.
Frequently Asked Questions
What kind of people are the Thailand SMART Visa made for?
This is the type of visa designed to bring in highly skilled manpower, executives, investors, and startup entrepreneurs wishing to settle in Thailand. It serves to enhance Thailand’s attractiveness to investors in the country’s targeted industries: science and technology, environmental management, etc. These are called S Curve Industries, and SMART visa holders enhance Thailand’s attractiveness to the international economy. It is especially suited to individuals who want to work in a senior management position, are senior executives, or entrepreneurs wishing to work in Thailand without the need for a work permit. Thailand is in the process of drawing science professionals to the country with its SMART visa program.
What are the targeted industries for main SMART visa holders?
This type of visa specially functions to attract talents to the following targeted industries by eliminating the need for a work permit, simplifying the application process for the re-entry permit required, and much more. Some of the following targeted industries are reserved for the SMART visa unit: Medical, Automotive, Robotics, Wellness Tourism, Alternative Dispute Resolution, Environmental Management, and Smart Electronics. The full list can be found in this article under the heading: Targeted Industries.
How often do I need to report to the One-Stop Service Center if I have a Thailand SMART visa?
Thailand SMART Visa holders only need to report to the service center once a year, not once every 90-days. It is important that you have health insurance while in Thailand, as well as the appropriate international or local Thailand bank account. Thailand is in the process of drawing science and technology experts to the country, which means that now is the time to get a SMART visa! If you want to extend your SMART visa for two years, you will need to hold at least 25% of the company’s registered capital if you are an entrepreneur.
