Thailand is the latest country to introduce a digital nomad visa that could attract long-term residents.
The country is planning to open applications for a 10-year visa at the beginning of September in an effort to bring in “foreign human resources with high potential and skills,” according to Narit Therdsteerasukdi, deputy secretary general for the Thai Board of Investment.
While the visa is targeted at professionals from tech industries, employees from successful foreign companies are also welcome to apply.
As part of the program, digital nomads would see a lower tax rate than the U.S. of 17% for income over $140,000. In comparison, those who make between $215,950 and $539,900 in the U.S. are subjected to a 35% tax rate.
In order to be accepted into the program, professionals will have to meet the following requirements:
- Earn $80,000 per year for the last two years
- Have five years of experience
- Work for a company that has generated at least $150 million in revenue over the last three years
Thailand is joining the ranks of countries who are hoping to entice professionals to live, work, play and, perhaps more importantly, contribute to its economy. In fact, Therdsteerasukdi predicts that each visa holder could add $28,000 to the country’s local economy for a total of $27.6 billion.