Book Smart or Street Smart: How SMART is Your Thai Visa?

I was in Thailand earlier this year and while browsing through the TV channels at the hotel, I found one of the news programs heavily advertising “Thailand 4.0.” Thailand 4.0 is an economic model aimed at moving the country into an economy based on Smart Industries, Smart Cities, and Smart People. Aside from unlocking Smartphones with fingerprints and decreasing the volume of Smart TVs through voice command, there are now all sorts of Smart things, and it’s no wonder that Thailand also came up with their SMART Visa.

The SMART Visa seeks to attract foreign workers and investors into Thailand to contribute to its developing economy. Some of the SMART Visas categories are summarized in the table below.

It is important to note that anyone applying for the SMART Visa must do so with evidence that they are supporting one of the country’s targeted industries, including:

• Next-Generation Automotive;
• Smart Electronics;
• Affluent, Medical and Wellness Tourism;
• Agriculture and Biotechnology;
• Food for the Future;
• Automation and Robotics;
• Aviation and Logistics;
• Biofuels and Biochemicals;
• Digital; or
• Medical Hub.

The new SMART Visa appears to be another alternative pushed by the BOI, with an ostensibly streamlined application process and a publicized processing time of 30 business days for a work permit (of up to 4 years’ validity), as compared to the current regular application track, which can take up to 40 business days for a work permit (of only 1-2 years’ validity). Existing holders of a regular work permit and visa in Thailand will also be familiar with the tedious 90-day report, which is expected to be replaced by a yearly report for a SMART Visa holder. These are just two examples of the benefits that make it evident why companies and individuals would flock to this new visa option.