April 25, 2022

🇹🇭 Overhaul of the ‘Smart-Visa‘ and a New Digital Nomad Visa Proposed 🏖

🇹🇭 Overhaul of the ‘Smart-Visa‘ and a New Digital Nomad Visa Proposed 🏖

Last year, the government also introduced the Smart Visa which has several categories but is geared towards earning income online while living as a tax resident and paying tax accordingly. It’s also expected that Thailand will introduce a digital nomad visa but one issue that hasn’t been resolved is how to overcome the Thai tax issue if a digital nomad resides in Thailand for less than the 182 days that is required to be a tax resident, while it will be difficult to check what money they may have withdrawn by an ATM card or spent using a card in the same calendar that it’s been earned. Having said that, many digital nomads might prefer to be taxed in Thailand than elsewhere as Thailand’s tax rate is relatively low and paying Thai tax can be evidence that they are Thai tax resident. We believe that being a Thai tax resident should be something to promote rather than worry about.

Currently, the “Smart-Visa” allows you to have obtain a work permit for 13 key sector industries. You can apply as:

  • Smart T (Talent) – Science and technology experts with salaries higher than THB 100,000 per month
  • Smart I (Investor) – Investment of 20 million baht
  • Smart E (Executive) – Bachelor degree or higher plus 10 years work experience, salaries higher than THB 200,000 per month
  • Smart S (Startup) – Technology-based startup entrepreneurs, Deposit of 600K baht held for 3 months minimum. Setup company within 1 year with at least 25% ownership
  • Smart O (Others) – Spouse and children of smart visa holders

The definition of “work” has changed. It no longer refers to a job in a certain place or location anymore. COVID-19 has led to the rise of Digital Nomads and is a globally recognized phenomenon where a person can travel around so long as they have an internet connection.

And of course, “Thailand” is one of the dream destinations for Digital Nomads, Bangkok, Chiang Mai, Koh Phangan and Phuket have been ranked as the most popular places of the ‘Nomad List’.

Countries around the world are now starting to see the advantages of welcoming digital nomads and have started to offer special visas which are tailored towards attracting them but in Thailand there lacks the regulatory framework to support the lifestyle forcing digital nomads to exist in a grey area when it comes to visas, availability of health services and social security, taxes, and opening a bank account.

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