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In an integrated effort aimed at bolstering the development of key sectors, Thailand’s Cabinet has approved an exclusive 10-year visa for executives and experts working in the Eastern Economic Corridor (EEC), Wego reports.
Thailand welcomes global “Talent Pool" :
The Cabinet’s acknowledgement of the 10-year EEC VISA for executives, specialists, and professionals today, including a reduction in personal income tax at a fixed rate of 17%. pic.twitter.com/SUtfHMNOXg— PR Thai Government (@prdthailand) May 14, 2024
The EEC visa is divided into four categories:
- EEC Visa ‘S’ – Specialists
- EEC Visa ‘E’ – Executives
- EEC Visa ‘P’ – Professionals
- EEC Visa ‘O’ – Spouses and Dependents
The newly announced EEC Visa offers a validity of 10 years, with the provision for multiple entries and exits. However, the visa’s validity will not exceed the duration of the employment contract.
In tandem with the visa announcement, the Thai government has also unveiled a significant incentive for investors residing and working in the EEC. They will now benefit from a reduced personal income tax rate fixed at 17%, a substantial advantage compared to the current progressive income tax in Thailand, which can reach up to 35%.
Deputy Government Spokeswoman Rudklao Intawong Suwankiri expressed optimism about the new initiative. She stated that the Kingdom of Thailand anticipates this venture to prosper as the EEC Visa is designed to promote the country’s various targeted industries and enhance competitiveness.
