Targeted Industries for Long-Term Resident Visa have Changed

Ever since the Board of Investment (“BOI”) opened applications for the Long-Term Resident Visa (“LTR Visa”) on 1 September 2022 through the Measure to Stimulate the Economy and Investment by Attracting High-potential Foreigners to Thailand, there have been many applications received from both individual foreigners and foreign companies for the LTR Visa, especially from highly-skilled professionals (“Professionals”) in targeted industries.

To be considered under ‘Professionals’, the minimum general requirements is a personal income of at least USD 80,000 per year over the past two years, except for those working for Thai government agencies. In the case of Professionals who have a personal income of less than USD 80,000 but not lower than USD 40,000 per year over the past two years or before retirement, such Professionals must have at least a master’s degree in science and technology, or special expertise relevant to the job assignment in Thailand. In addition, Professionals must have at least five years of work experience in the targeted industries, except for applicants with a PhD or above in relevant fields of the targeted industries or applicants working for Thai government agencies. Moreover, the said eligible persons in all four groups are required to have health insurance with at least USD 50,000 coverage, social security benefits guaranteeing treatment in Thailand or at least USD 100,000 deposited in a bank account.

However, on 16 March 2023, the BOI announced the Amendments to the Qualifications, Criteria and Conditions for Long Term Resident Visa under the Measure to Stimulate the Economy and Investment by Attracting High-potential Foreigners to Thailand (“Announcement”); by repealing the former and prescribing the new targeted industries, as follows:

1. Former Targeted Industries
Modern vehicles, smart electronics, quality travel, agriculture and biotechnology, high value-added food processing, robots, aviation, fuel, biochemistry, digital healthcare, national defence, circular economy, human resource development and research, and development for targeted industries and other industries in line with the 20-year national strategy.

2. New Targeted Industries
Automotive industry, electronics industry, high net worth tourism industry, agriculture, food and biotechnology industry, transportation and logistics industry, automation and robotics industry, aviation, aerospace and space industry, biofuels and bio-chemical industry, petrochemical and chemical industry, digital industry, medical industry, national defence industry, direct and significant supporting industries for the circular economy, e.g fuel production from waste or water resource management, International Business Center (IBC is a company that provide services to its associated companies in overseas countries and/or in Thailand including international trade), other industries in which the foreign applicants for the qualification endorsement must work with special expertise in one or more of the following areas:

Research and development in targeted industries or technologies, such as biotechnology, nanotechnology, advanced material technology, digital technology;
Human resource development in science and technology at vocational or higher education levels;
Application of artificial intelligence (AI), automation and robotics in business operations;
Planning and development of digital systems to enhance business productivity and services;
Financial or marketing analyst or advisory services;
Environmental and energy management;
Management or advisory role in incubation programmes, acceleration programmes, innovation startup ecosystems;
Alternative dispute resolution services; and
Promotion and support of economic development, trade and investment by foreign chambers of commerce and organisations promoting trade and investment from foreign countries.

This Announcement has been in effect as of 16 March 2023.

This is intended merely to provide a regulatory overview and not to be comprehensive, nor to provide legal advice. Should you have any questions on this or on any other areas of law, please do not hesitate to contact:

Nuttaros Tangprasitti(Partner)
Tel: (66) 2-126-9100
E-mail: n.tangprasitti@nishimura.com

Siriwan Nopareporn(Attorney-at-Law)
Tel: (66) -2-126-9148
E-mail: s.nopareporn@nishimura.com

Authors

Nuttaros TANGPRASITTI

Partner
Bangkok

Nuttaros Tangprasitti specialises in corporate and commercial law. She regularly assists both international and domestic corporate clients (limited liability companies and partnerships, stock corporation in several industries) on the relevant laws of Thailand, which includes foreign direct investment, legal due diligence, M&A and cross-border M&A, joint venture, compliance, banking and finance. In addition to supporting clients on the above and a multitude of different legal formalities, she also has expertise in advising on various investment promotion policies of the Board of Investment (BOI), as well as compliance with foreign business, other laws on salient points for shareholders and joint venture agreements, which includes laws on immigration and foreign work under Thai law. Nuttaros speaks at many seminars and takes an active role in educating the clients on issues relevant to their businesses and her practice areas. She also writes various articles and newsletters on cutting-edge topics in several legal areas, which are widely distributed to existing and potential clients. Nuttaros aims to ensure the lawyers on her team are constantly developing and upgrading their skills, to ensure they meet or exceed the high professional standards of Nishimura & Asahi. She is committed to ensuring that both she and our firm deliver top-quality services to our clients and strong internal support for our colleagues. She recently began drafting a manual on several aspects of Thai law, as part of an “Investment promotion scheme,” and also wrote several newsletters on corporate law, and banking and finance laws. She also recently authored an article on the impact of Tax Reduction for Land and Buildings, which received excellent feedback from our clients, particularly those who are land and building owners. Nuttaros is committed to building a strong and progressive corporate and commercial practice, which also incorporates tax law, by adapting to new ideas in the legal industry.

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