Thailand has recently introduced the 10 year “Long-Term Resident (LTR) Visa”. This visa provides a range of tax and non-tax benefits and aims to make moving to Thailand even more attractive – to live, work and do business. The government is aiming to attract over one million foreign residents over the next five years with this visa.
Thailand is already appealing to digital nomads or ‘work from anywhere’ professionals.
According to the Board of Investment, “This new visa program is expected to attract new foreign residents, technologies and talents contributing to domestic spending and investment while supporting economic growth.”
What are the Categories for the LTR Visa?
- Work From Thailand Professionals or remote workers working for well-established companies overseas.
- Highly Skilled Professionals are experts in targeted industries working for business entities, higher education institutes, research centres, or specialized training institutions in Thailand or for Thai government agencies.
- Wealthy Global Citizens require at least USD 1 million in assets and investment in Thailand.
- Wealthy Pensioners and retirees aged 50 years and older with an annual pension or stable income.
- Dependants: Spouse and children under 20 years old of LTR visa holders are permitted with a maximum four dependants to one LTR visa holder
What are the Benefits and Privileges of the LTR Visa?
LTR visa holders will find living in Thailand less bureaucratic, the process of hiring foreigners under the LTR Visa will be more streamlined, and the acquisition of foreign experts will strengthen the private business sector. Here are some of the benefits:
- The 10-year renewable visa grants stay in Thailand for five years, and may be extended a further five years if qualifications are met
- Multiple re-entry permit
- Fast-Track Service at Thailand’s international airports
- 17% personal tax rate for highly skilled professionals
- Tax exemption for overseas income
- One year report to the Immigration Bureau (compared to every 90 days)
- Permission to work in Thailand (Digital Work Permit)
- Access to the One Stop Service Centre for immigration and work permit services
- For Business, the exemption from four Thais to one foreigner employment ratio
What are the Eligibility Criteria?
The criterion for each category is slightly different and clearly set out on the Board of Investment website.
What is the Application Process?
Registration and submission of documents for the LTR Visa is completed online. Applicants will be advised within 20 working days of the result of the application.
Qualified applicants apply for the LTR Visa issuance at the Royal Thai Embassy, the Royal Thai Consulate Generals overseas or Immigration offices in Thailand within 60 days from the issuance date. A fee of 50,000 baht per person for the 10-year visa is required.
Applicants working in Thailand, may collect digital work permits at the One Stop Service Centre for Visa and Work Permit or provincial labour offices. The digital work permit costs 3,000 Baht per year to maintain.
The LTR Visa is available from 1 September 2022. Further Assistance is also available through the Board of Investment website.
In Summary
This is a significant step forward for Thailand. By providing simpler immigration processes, greater certainty for individuals and their family staying in Thailand, easier transit in and out of Thailand, generous tax rates, and being warmly welcomed, will no doubt be attractive to ‘high potential’ individuals.
For business and Thai government sectors, the addition of highly skilled individuals and wealthy investors keen to buy property in Thailand, will help to achieve the country’s economic and technological goals.
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