May 30, 2022

It is expected that LTR Visa will become effective around September 2022 since currently LTR Visa (10 years) is not yet effective.  

Thailand is introducing a new visa called “Long-Term Resident (LTR)” which is a program that provides 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. Today, Thailand is already 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.

This new visa program is expected to attract new foreign residents, technologies and talents contributing to domestic spending and investment while supporting economic growth. The Thai government has set the target of attracting one million wealthy or talented foreign residents into the country over the next five years.

There will be four categories of LTR Visa as follows:
1. Wealthy Global Citizen
2. Wealthy Pensioner
3. Work-From-Thailand Professional (remote worker)
4. High-Skilled Professional 

There will be many privileges for LTR visa holders that will make living in Thailand long term easier and less bureaucratic. These privileges include: discounted personal income tax rate, the removal of the requirement for employers to hire four Thai citizens per foreigner, fast track at international airports, 1 year reporting to Immigration instead of 90 days, and the overall ease of regulations concerning foreign residents. The LTR Visa program makes the process of hiring foreigners easier and the foreign experts hired will strengthen the private business sector of Thailand.

For your consideration, below are drafted qualifications and criteria for Long Term Residence Visa: Wealthy Global Citizen, Wealthy Pensioner, Work-from-Thailand Professional and High-Skill Professional.

Wealthy Global Citizen

– Personal income of no less than $80,000/ year in the past 2 years before applying for the visa

– Directly invest in Thailand as an individual investor no less than $500,000 in at least one of the undermentioned items before applying for the visa:

a) Thai government bond issued by the Ministry of Finance with over 5 years of remaining maturity at the time of application

b) Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET) 

c) Investment in real estate (condominiums) 

– Net asset value of no less than $1 million USD at the time of application (excluding assets without proof of applicant’s ownership and assets without reliable market appraisal evidence e.g. artworks, amulets, cryptocurrencies, or memberships)

– Health insurance with a coverage of no less than $50,000 USD with the remaining maturity of no less than 10 months at the time of application or valid social security benefits which insures hospitalization and treatment in Thailand or deposit of no less than 100,000 USD in a bank account which has been held for at least 12 months at the time of application

Wealthy Pensioner

-50+ years of age who receives regular pension income

-Personal pension income of no less than $80,000/ year

-In case of personal income below $80,000 but no less than $40,000/year, applicants must have the investment of no less than $250,000 in any of the following:

a) Thai government bond issued by the Ministry of Finance with over 5 years of remaining maturity at the time of application

b) Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET) 

c) Investment in real estate (condominiums) 

-Health insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures hospitalization treatment in Thailand

Work-From-Thailand Professional

– Personal income of no less than $80,000/year in the past two years before applying for the visa. In case of annual personal income below $80,000 but no less than $40,000 in the past two years, applicants must have a master’s degree (or above), own intellectual property, or receive Series A funding

– Health insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures hospitalization treatment in Thailand.

– At least five years of working experience in the relevant field to the current employment.

– Current employer must have one of the following characteristics;

a) a public company listed on the stock exchange in any country

b) a private company that has been in operation for at least three years and has total combined revenue of more than $150 million in the last three years

High-Skill Professional

-High skilled professionals working in business in targeted industries in Thailand

-Experts in targeted industries, working for a Thai government agency or a higher education institution or a specialized training institution in Thailand

-Personal income of no less than $80,000/ year in the past 2 years

-In case of annual personal income below $80,000 but no less than $40,000 in the past 2 years, applicants must have science and technology master degree or above or have special high-skilled expertise relevant to the job assignment in Thailand

-No minimum personal income for experts working for a Thai government
agency or a state-owned higher education institution or a state-owned specialized training institution in Thailand

-Health insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures hospitalization treatment in Thailand

-At least 5 years of working experience in the targeted industries except for applicants working for a Thai government agency or a state-owned higher education institution or a state-owned specialized training an institution in Thailand or applicants with a doctorate degree

Visa Application and Issuance

1. Register and submit online an application for qualification endorsement for
   LTR Visa and supporting documents.
2. Within 20 working days after having received complete documents, applicants
   will be notified of the result.
3. 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.
4. 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 digital work permit.

Source: Smart Visa Unit