Thailand has announced a new initiative to offer 10-year visas to investors engaging with specific businesses in the country’s industrial eastern region. This move, revealed by a deputy prime minister on Friday, aims to bolster foreign investment.
Set to commence next year, this visa scheme is part of the government’s broader strategy to simplify processes for investors. Phumtham Wechayachai, addressing the media, highlighted the plan’s role in easing existing restrictions.
A significant increase in actual investment is also part of the government’s objectives. They aim to channel 500 billion baht (equivalent to US$14.23 billion) into the Eastern Economic Corridor (EEC) over the period from 2023 to 2027.
This translates to an annual investment goal of 100 billion baht, as stated by Mr. Phumtham.
The EEC currently witnesses an annual investment influx of approximately 75 billion baht. This new policy is expected to substantially raise these figures.
Under this scheme, companies that invest in contemporary, eco-friendly industries will be allowed to bring in various personnel.
This includes employees, specialists, executives, and professionals, all of whom will be eligible for an EEC work permit. Additionally, they will benefit from a flat income tax rate of 17% and a 10-year visa, as per the government’s announcement.
The EEC encompasses three provinces situated to the east of Thailand’s capital, Bangkok. It stands as a key element in the government’s plan to stimulate economic growth and attract investment, especially in advanced technology sectors.
However, the country’s economy, the second-largest in Southeast Asia, has experienced slower growth. It recorded a lower-than-anticipated increase of just 1.5% in the July-September quarter compared to the previous year.
This slowdown, the most pronounced in 2023, is attributed to declining exports and limited government spending.
