Growing confidence in Thailand’s Eastern Economic Corridor (EEC) will attract growing numbers of foreigners keen to play a part in its widening scope. Mr Chula Sukmanop, secretary general of the EEC office, said the staff of foreign entities could apply for the 10-year LTR visa with automatic work permits as part of a one stop shop package. The visa also is open to retirees and global citizens but the advantages are less clear-cut to them.
The EEC was set up in 2017 to boost economic growth in Chonburi (including Pattaya), Rayong and Chachoengsao provinces and has already had US$50 billion in investment. Initially, S-curve industries including electric vehicles and smart electronics were targeted, but Mr Chulasaid that stage two would see diversification into robotics, 5G and digitilisation, medical services and aviation amongst others. US$65 billion is the new financial target.
Foreigners were entitled to the EEC incentive package, via the LTR visa, which would include freedom from corporate tax for 15 years and low or exempt rates of personal income tax. Families are welcome under the LTR scheme and there are favorable regulations relating to customs duties as well as freedom from immigration bureaucracy such as the unpopular 90-day reporting of address. Mr Chula added that building or factory permits and other licenses to operate could all be granted at the EEC office.
EEC funding has already benefitted the Pattaya area. Laem Chabang and Map Ta Phut Ports are undergoing massive updating and, in Pattaya City, a brand new port is under negotiation to allow cruise ships to dock directly at Bali Hai pier. Several nearby motorways were supported by the EEC and some beachfront projects have also received supplementary cash. Other initiatives include an EEC Smart City project, near Pattaya, and further transport improvements.
The LTR visa policy, which is run by the Board of Investment and not by the immigration bureau or foreign embassies, offers 10 years multiple entry stay to retirees and the global wealthy as well as business people. However, the key LTR advantage relates to tax incentives for investors and executives. Retirees and the idle rich have preferred the 5-20 years Elite visa which is simpler, although it does not include a work permit. The Board of Investment last December stated that about 2,700 applicants had expressed interest but did not say how many had actually progressed to completion.
