On 13 January 2025, the Thai Cabinet resolved to revise the Smart Visa measures by retaining only the special temporary stay visa for foreign nationals who are startup entrepreneurs. The revision aims to decrease the complexity of conditions in the Long-Term Resident (LTR) Visa scheme and promote the LTR Visa as the primary visa for high-potential foreign nationals.
The Thai Cabinet assigned the Office of the Board of Investment (BOI) to issue a new notification prescribing the qualifications for those eligible to apply for a Smart Visa, in accordance with the criteria approved by the Thai Cabinet. In this regard, this BOI Notification No. Por. 5/2568 shall repeal the BOI Notification No. Por. 12/2561 dated 18 December 2561 regarding the qualifications, criteria, and conditions for the smart visa on the following issues:
1. Definition of Foreign Nationals
1.1 Foreign nationals who are startup entrepreneurs. In cases where the startup business has already been established in Thailand within a targeted industry sector, the list of targeted industries in accordance with the BOI Notification No. Por. 5/2566 dated 16 March 2023 regarding the Amendment of Criteria and Conditions for the Special Temporary Stay Visa shall be applied mutatis mutandis.
1.2 Dependents who are lawful spouses and legitimate children of the foreign nationals specified in 1.1.
2. Qualifications under the smart visa for Foreign Nationals who are seeking qualification endorsement:
2.1 Startup entrepreneurs who have been permitted to establish an enterprise in Thailand for a period not exceeding two years, subject to the following conditions:
2.1.1 The business must be established in Thailand and certified as a startup in a targeted industry by the relevant government agency.
2.1.2 The applicant must hold no less than 25% of the registered capital or must serve as a director of the company established and certified as mentioned in 2.1.1.
2.1.3 The applicant must have maintained a deposit in a bank account in Thailand or in the applicant’s country of nationality or residence of no less than 600,000 THB or equivalent, for a period of not less than 3 months as of the date of application submission.
In the case where rights are requested for lawful spouses and legitimate children, an additional deposit of not less than 180,000 THB or equivalent per person is required, also maintained for not less than 3 months as of the application date.
2.1.4 The applicant must possess a health insurance policy covering the entire period of stay in Thailand, including for the applicant, spouse, and legitimate children.
2.1.5 The applicant must not possess any prohibited characteristics under the Immigration Act.
2.2 Dependents who are lawful spouses and legitimate children under 1.1 must also not possess any prohibited characteristics under the Immigration Act.
3. Qualified foreign nationals shall be entitled to enter and temporarily stay in Thailand, and enjoy other rights as granted to specific categories of foreign nationals allowed entry under special circumstances. This applies to startup entrepreneurs whose businesses have already been established in Thailand and who must comply with the criteria, procedures, and conditions as prescribed by other relevant government agencies.
4. Foreign nationals qualified under 1.1 shall be granted permission to work in Thailand, provided the work is not prohibited for foreign nationals. Such work may be carried out without the need for a work permit under the law governing the management of foreign workers, for the duration of the authorized stay. In cases of changes or additions to the work undertaken, further endorsement must be obtained in accordance with applicable criteria.
5. Dependents under 1.2 who are lawful spouses shall be granted permission to work in the Kingdom, provided such work does not exceed the rights of the principal foreign national being accompanied.
Qualifications, criteria, and conditions of smart visa_Bangkok Global Law