Thai Cabinet approves new 10-year EEC visa
The Thai Cabinet has approved a new 10-year visa for the Eastern Economic Corridor (EEC), aiming to attract foreign professionals and boost investment in the region.
The cabinet approved a new 10-year visa for experts and executives working in the Eastern Economic Corridor (EEC).
Key takeaways
- The Thai cabinet has approved a new 10-year visa for experts working in the Eastern Economic Corridor (EEC).
- The new visa will be valid for 10 years, allowing executives and experts to enter and leave the country multiple times.
- The 4 visa types will be: (1) specialists (EEC Visa “S”), (2) executives (EEC Visa “E”), (3) professionals (EEC Visa “P”), and (4) spouses and dependents (EEC Visa “O”).
The initiative will seek to boost the development of various industries in the country promoted by workers from the Eastern Economic Corridor (EEC).
The new visa will be valid for 10 years, allowing executives and experts to enter and leave the country multiple times during an initial period of 5 years.
There will be different types of categories within the new visa program, which will be: (1) specialists (EEC Visa “S”), (2) executives (EEC Visa “E”), (3) professionals (EEC Visa “P”), and (4) spouses and dependents (EEC Visa “O”).
Deputy Government spokeswoman Rudklao Intawong Suwankiri explained that the new visa’s main objective is to attract professionals and specialists from various areas to work in the corridor.
Likewise, specialists and professionals working in the EEC within Thailand will be able to avail of an additional benefit of a 17% flat rate on income tax.
The new 10-year visa approved by the cabinet is specifically designed for experts and executives who are working within the Eastern Economic Corridor (EEC) in Thailand. The EEC is a special economic zone that spans three eastern provinces of Thailand – Chachoengsao, Chonburi, and Rayong – and is aimed at attracting foreign investment and promoting high-tech industries.
This long-term visa is intended to facilitate the stay of qualified individuals who are contributing to the development and growth of the EEC. It provides a more stable and extended period of residency for these professionals, allowing them to focus on their work and investments in the region without the need for frequent visa renewals.
The introduction of this visa reflects the Thai government’s commitment to attracting and retaining skilled workers and high-level talent in key economic areas, such as the EEC. It also demonstrates Thailand’s efforts to create a more favorable environment for foreign professionals and executives to engage in long-term business activities within the country.
The Eastern Economic Corridor (EEC) is a development initiative aimed at invigorating three Eastern provinces (Rayong, Chonburi, and Chachoengsao) covering 13,000 square kilometres. It focuses on fostering and strengthening 12 targeted sectors: next-generation automotives, intelligent electronics, high-value and medical tourism, advanced agriculture and biotechnology, food for the future, automation and robotics, aviation and logistics, biofuel and biochemical, digital, medical, and comprehensive healthcare, defense, and education and human resource development.
The Eastern Economic Corridor (EEC) is a significant development within Thailand’s economy, also aiming to enhance the eastern region’s status as a key economic zone within the ASEAN community.
The development of the Eastern Economic Corridor (EEC) in the Thai economy
The Eastern Economic Corridor (EEC) is a major development initiative by Thailand, aimed at revitalizing the economy of three eastern provinces—Chonburi, Rayong, and Chachoengsao.
It’s a special economic zone that focuses on driving investments in high-potential sectors such as digital technology, health and wellbeing, smart logistics, and decarbonization.
The EEC is part of Thailand’s “Thailand 4.0” economic model, which seeks to transform the country into an innovative, high-tech, and value-based economy.
The development of the EEC includes the construction of new infrastructure like high-speed trains, extensions of seaports, highways, and airports, as well as the promotion of investment through tax incentives and other benefits to targeted industries.
The project is expected to have a significant impact on the Thai economy by inducing cross-regional spillover, and potentially increasing the average household income.
Moreover, the EEC is envisioned to become a regional financial hub and a world-class smart city by 2037.
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