Thailand’s new Long-Term Resident visa (LTR Visa) program commences from 1 September 2022 and will provide a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ foreigners.
The program recognises that Thailand is home to multinational corporations from all over the world and one of the most important tourist destinations in Asia.
Thailand presents itself as a very attractive location for “work from anywhere” professionals with Bangkok ranking the second best city in the world to take up the digital nomad lifestyle.
The Thai government expects the new visa program to attract new foreign residents, technologies and talents, contributing to domestic spending and investment while supporting economic growth.
The Thai government has set a target of attracting one million wealthy or talented foreign residents into the country over the next five years.
The processing fee for the 10-year LTR visa with multiple entry is 50,000 Baht per person.
LTR visa categories
LTR visas will be offered to four categories of foreigners:
- Wealthy Global Citizens – Wealthy individuals with no age requirement, holding at least USD 1 million in assets
- Wealthy Pensioners – Retirees aged 50 years and older who have an annual pension or stable income
- Work-from-Thailand Professionals – Remote workers working for well-established overseas companies
- Highly-Skilled Professionals – Professionals or experts in targeted industries working for business entities or higher education institutes, research centres or specialized training institutions in Thailand or Thai government agencies.
Spouses and children under 20 years of age of LTR visa holders will also qualify for the same visas, limited to a maximum of 4 dependents (spouse plus children) per one LTR visa holder.
Privileges offered
There are many privileges provided to LTR visa holders, with the aim of making living in Thailand long term easier and less bureaucratic. These privileges include:
- 10 years renewable visa. Permission will be granted to stay in in Thailand the first time for no more than five years. The period of stay can be extended for another 5 years if qualifications are met.
- Discounted personal income tax rate of 17% for Highly-Skilled Professionals.
- Permission to work in Thailand and the removal of the requirement for employers to hire four Thai citizens per foreigner, making the process of hiring foreigners easier.
- Fast track service at international airports in Thailand.
- 1 year reporting to Immigration instead of 90 days, and the overall ease of regulations concerning foreign residents.
- When travelling to and from Thailand the visa can be used an unlimited number of times without having to request a visa to re-enter the kingdom.
Targeted groups and qualifications
The criteria for qualification endorsement for an LTR Visa are summarised below
| Wealthy Global Citizen | Wealthy Pensioner |
|---|---|
| Wealthy individual with no age requirement | 50+years of age and has the status of a retiree at the date of application submission |
| Personal income of at least USD 80,000/ year on average in the past 2 years | Receiving pension and/or personal income of not less than USD 80,000 per year at the date of application submission |
| Evidence of investment in Thailand in the applicant’s name that has a value of not less than USD 500,000, in any of the following • Thai Government bonds with over 5 years of remaining maturity • Direct investment in a Thai limited company or a Thai public company or investment in a company which operates as a venture capital company or a private equity trust under the Thai SEC or certified by the relevant Thai government agency • Real estate | In case of pension and/or personal income below USD 80,000/year but not less than USD 40,000/year, applicants must have evidence of investment in Thailand in the applicant’s name that has a value of not less than USD 250,000, in any of the following: • Thai Government bonds with over 5 years of remaining maturity • Direct investment in a Thai limited company or a Thai public company or investment in a company which operates as a venture capital company or a private equity trust under the Thai SEC or certified by the relevant Thai government agency • Real estate |
| A health insurance policy covering medical expenses in Thailand of not less than USD 50,000 with a remaining coverage period of not less than 10 months at the time of issuing the visa qualification endorsement, or social security rights which cover medical expenses in Thailand, or deposits in accounts in Thailand or abroad of not less than USD100,000, which have been held for not less than twelve months | A health insurance policy covering medical expenses in Thailand of not less than USD 50,000 with a remaining coverage period of not less than 10 months at the time of issuing the visa qualification endorsement, or social security rights which cover medical expenses in Thailand, or deposits in accounts in Thailand or abroad of not less than USD100,000, which have been held for not less than twelve months. |
| Evidence of financial status, with assets that have a value capable of being assessed, including assets in and outside of Thailand, with a value not less USD 1 million at the time of the application. |
| Work-from-Thailand professional | High-skilled professional |
|---|---|
| Remote workers who works for an overseas employer | High skilled experts in targeted industries |
| Personal income on average of not less than USD 80,000/ year in the past 2 years or not less than USD 40,000/year in the past 2 years if they hold a master’s degree or above, possess intellectual property or have received Series A funding in a business of not less than USD 1 million | Personal income on average of not less than USD 80,000/ year in the past 2 years or not less than USD 40,000 in the past 2 years if they hold a master’s degree (or equivalent) or above or have special high-skilled expertise relevant to the job assignment in Thailand. In the case of a retired science and technology expert, they can show evidence of personal income on average of not less than USD 40,000/year for the 2 years prior to retirement. |
| A health insurance policy covering medical expenses in Thailand of not less than USD 50,000 with a remaining coverage period of not less than 10 months at the time of issuing the visa qualification endorsement, or social security rights which cover medical expenses in Thailand, or deposits in accounts in Thailand or abroad of not less than USD 100,000, which have been held for not less than twelve months. | A health insurance policy covering medical expenses in Thailand of not less than USD 50,000 with a remaining coverage period of not less than 10 months at the time of issuing the visa qualification endorsement, or social security rights which cover medical expenses in Thailand, or deposits in accounts in Thailand or abroad of not less than USD 100,000, which have been held for not less than twelve months. |
| At least 5 years work experience in a field relevant to the current employment in the last 10 years | At least 5 years work experience in the targeted industries in the last 10 years unless the applicant is working for a Thai government agency, state-owned higher education institution, research center or specialized training institution in Thailand or the applicant has a doctorate degree (or equivalent) or above |
| Current employer must have one of the following characteristics – A public company listed on the Stock Exchange in any country. – A private company that has been in operation for at least 3 years and has total combined revenue of more than USD 150 million in the last 3 years. | Experts working for a Thai government agency, state-owned higher education institution, research center or specialized training institution in Thailand are exempted from showing evidence of past income |
The targeted industries in the case of a High-Skilled Professional are:
(1) Next-generation automotive industry
(2) Smart electronics industry
(3) Quality tourism industry
(4) Agriculture and bio-technology industry
(5) Food processing industry with added value
(6) Robotics industry
(7) Aviation industry
(8) Boi-fuel and bio-chemical industries
(9) Digital industry
(10) Medical hub industry
(11) National defense industry
(12) Industries that directly and significantly contribute to the circular economy, such as the production of fuel from waste, water resource management, etc.
(13) Human resource development and industrial research and development goals
(14) other targeted industries in accordance with the 20-year national strategy, as determined by the Committee on Policy for National Competitive Enhancement for Targeted Industries.
Application procedures
- Register and submit online an application for qualification endorsement for LTR Visa and supporting documents.
- Within 20 working days after having received complete documents, applicants will be notified of the result.
- Qualified applicants may proceed with applying for LTR Visa issuance at the Royal Thai Embassies/the Royal Thai Consulate Generals overseas or Immigration offices in Thailand within 60 days from the issuance date of the endorsement letter. The processing fee for the 10-year visa with multiple entry is 50,000 Baht per person.
- Applicants who work in Thailand, may collect digital work permits at the Department of Employment at One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, Bangkok or provincial labour offices. The processing fee is 3,000 Baht per year to maintain a digital work permit.
