Thailand’s Smart Visa is considerably more than a conventional Visa T. It is divided into the following categories:
1. SMART Visa “T” for foreign professionals
2. For international investors, the SMART Visa “I”
3. “E” SMART Visa for foreign executives
4. SMART Visa “S” for international entrepreneurs in the technology sector
5. “O” SMART Visa for family members (dependants, spouse, and children)
Essentially, if you are a highly skilled worker, investor, executive, or startup entrepreneur looking to work and/or invest in one of the approved areas, you are eligible for a Thailand Smart Visa.
Type S Smart Visa
Smart Visa S is another option for long-term residence in Thailand for digital nomads. It is a 6-month visa created for foreigners who aim to establish a startup firm in Thailand or engage in startup promotional activities. It is renewable for a period of up to two years.
This visa is popular among entrepreneurs since it does not require a work permit to establish a firm. However, in order to be eligible for this visa, applicants must demonstrate a plan to establish a startup in Thailand in one of the categories listed above.
Alternatively, candidates must be involved in a startup-promoting activity or an activity comparable to a startup camp that has been approved by government bodies such as the Board of Investment and the National Innovation Agency.
Living and working in any country necessitates the payment of taxes. Taxes are paid by all Thai residents. If a digital nomad stays in the nation for more than 180 days in any tax calendar year, they are deemed “residents.”
Even non-residents who remain in Thailand for less than six months must pay taxes on income generated in Thailand. Please keep in mind that the first 150,000 baht ($4,600) is tax-free.
Thailand’s income tax for citizens, like US taxes, applies to worldwide income. As a result, Thai residents must pay income tax on earnings in Thailand as well as money transferred into the nation from outside sources. As a result, if you do not want to pay taxes on your overseas income, you should not send it to Thailand.
Rent is likely to be your largest expenditure in Thailand, particularly if you reside in a big city like Bangkok or a tourist area like Phuket or Pattaya. Indeed, many expats spend more than 30% of their monthly salary on rent alone.
Expect to hear varying responses when you ask fellow foreigners how much they pay for rent. Some people spend more than 50,000 baht per month in rent, while others pay less than 30,000 baht. There are also individuals who earn approximately 15,000 baht per month and those who earn less than 5,000 baht per month.
In other words, the cost of monthly rent varies greatly depending on criteria such as location, kind of home, and amenities provided.
If you wish to reduce your rent costs, consider answering the following questions:
1. Where do you wish to reside in Thailand? Are you interested in relocating to Bangkok, Chiang Mai, or Hua Hin? Or do you like to live on the fringes of the city? Do you prefer to settle in Isarn or another province?
2. Would you prefer to live in a condo or a townhouse? Do you want a studio, one-bedroom, two-bedroom, three-bedroom, or four-bedroom apartment? Do you want a completely equipped flat or will you furnish it yourself? Is there a gym or a swimming pool? How distant is the residence from the main thoroughfares?
Air conditioning accounts for a significant portion of Thailand’s power costs. Do you want to reduce your electricity bill? Then remember to turn it off before going to bed.
If you live alone in a condominium and leave the A/C on every night, your monthly bill should not exceed 1,500 baht.
If you live in a house and use two A/C units every night, your monthly electricity bill should be around 2,500 baht.
Finally, if you reside in a three-bedroom property with four A/C units operating around the clock, your bill may be between 5,000 and 8,000 baht.
Water is quite inexpensive in Thailand. Your monthly water cost should not exceed 100 baht if you live alone.
You may enjoy high-speed internet at home at 200 mbps speeds for roughly 600 baht each month.
It should be noted that this internet connection is high enough to stream shows and movies in HD or 4K on Netflix and other streaming services.
This is about what many people in Thailand pay for decent-to-excellent internet speeds. It’s the starting point for your home internet, and the speeds are more than adequate for your everyday needs.