There are several visa choices available to foreign nationals residing in Southeast Asia, including the finest long-term visas for skilled workers.
Countries in Southeast Asia are gradually opening their doors to wealthy and highly educated foreign workers. Countries provide a warm welcome to wealthy foreigners, stating, “Our doors are open to you.”
However, why do the nations that make up the ASEAN economic union want foreigners to settle there?
Long-term visa (LTR) prospects can be attributed to various factors, including economic growth, real estate investment, and ease of business establishment. However, the primary cause is the pandemic. Southeast Asia’s emerging markets have had a poor stop to their expansion since the pandemic began.
For instance, Singapore, a financial center of Southeast Asia, has historically attracted a large number of foreign workers to its city-state due to its low tax rate and function as a regional hub for many businesses, as per Bloomberg.com. However, a large number of foreigners—roughly 30% of Singapore’s population—left the country in 2021, marking the largest exodus of skilled workers since 2010.
The figures above show how developing nations like Malaysia and Thailand are making adjustments to entice highly qualified foreign workers back. Every nation is making a concerted effort to outdo one other in promoting their best long-term visas.
The ability to work remotely without restriction
During the epidemic, the phrase “remote working” became extremely popular. Workers learn they may work from any location with a reliable internet connection, including their homes. Some of the greatest nations in Southeast Asia for remote work offer exceptional work-life balance. There are additional incentives attached to these new long-term visas issued by the region.
The additional incentives for the three aforementioned countries include job, education, and business establishment.
Malaysia
Malaysia offers two long-term visa programs to foreign nationals who wish to reside in the ancient nation. “Malaysia My Second Home” (MM2H) visas are the first category. Foreign nationals having a deposit of one million ringgit and a monthly income of RM 40,000 (USD 8,786) are eligible for the visa program.
The “Premium Visa Program,” which will take effect on September 1, 2022, is the new visa program. Countries with diplomatic links to Malaysia are eligible to apply for this visa program. The Immigration Department of Malaysia stated that “the schema is open for global typhoons.”
The conditions for the “Premier Visa Program” apply to foreign nationals who earn at least 480,000 ringgit or USD 105,300 annually. One million ringgit must also be deposited into local bank accounts. Expats are required to use half of the deposit for either real estate or education after receiving a one-year visa.
Singapore
The city-state is well-equipped with first-rate infrastructure, a fantastic culinary scene, and affordable taxes. A strong currency and a financial hub in the area are luring high net worth individuals and highly skilled workers along with their spouses with a new visa called the “Overseas Networks and Expertise” pass.
In the city-state, “Overseas Networks and Expertise” visas are given preference to highly talented individuals in the fields of research, technology, and athletics. Nonetheless, foreign nationals can apply for the five-year visa if their monthly gross salary is at least USD 21,500 or S$30,000. The visa program is valid for 20 years, unlike Malaysia.
Thailand
On August 31, 2022, the land of smiles, a culinary haven, stunning beaches, and a framed nightlife unveiled a new visa program. The new visa program for foreign nationals in Thailand requires them to invest at least USD 500,000 in government bonds or real estate. Second, foreigners with a minimum income of USD 50,000 who are retired and over 50. The last type of digital nomad is one that makes at least $80,000 per year working in the finance or technology sectors and has over five years of professional experience.