Exciting news for those eyeing a long-term stay in Thailand! The country has recently announced a significant adjustment to its Long-Term Resident (LTR) visa, cutting the application fee in half to just 50,000 Baht.
The LTR visa, designed to attract high-potential foreigners looking for extended stays in Thailand, is expected to see a surge in applications following this fee reduction. This move is part of Thailand's broader strategy to boost economic development and attract overseas investments, especially in the post-pandemic era.
Previously set at THB 100,000, the reduced fee of THB 50,000 for a 10-year stay is likely to appeal to a wider range of skilled professionals and investors. Moreover, the government plans to introduce more relaxed criteria to accommodate long-term visa holders, as per the Deputy Spokesperson of the Prime Minister’s Office.
This positive development was approved by the Cabinet in May 2022 and will take effect 90 days after its official publication in the Royal Gazette.
Stay tuned for further updates on Thailand's visa policies and opportunities for long-term residency!
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Who is Eligible for a Long-Term Resident (LTR) Visa in Thailand?
Introduced in 2021, Thailand's Long-Term Resident (LTR) visa is tailored for several specific groups of foreign individuals
High-income foreign individuals
Foreign retirees
Remote workers intending to base themselves in Thailand
Foreign professionals with specialized skills
Under the LTR visa, holders can bring up to 4 family members, including their legal spouse and children under 20 years old.
This visa is particularly attractive to those pursuing a 'digital nomad' lifestyle, as it grants the ability to legally work in Thailand for a duration of up to 10 years, contingent upon meeting the eligibility criteria.
Additionally, LTR visa holders have the option to apply for work permits, enabling them to engage in work activities within Thailand.
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Requirements for Long-Term Resident (LTR) Visa
The Long-Term Resident (LTR) visa is designed to cater to different groups of foreign individuals, each with specific eligibility criteria
1. High-Income Foreign Individuals and Foreign Retirees
Health Insurance or Savings
Applicants must provide proof of health insurance covering medical expenses in Thailand, with a minimum coverage of USD 50,000 for at least 10 months. Alternatively, they can show evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the application date.
Income and Assets
High-income individuals must demonstrate personal income of at least USD 80,000 annually for the past two years. They should also possess assets worth at least 1 million USD and invest a minimum of USD 500,000 in Thai government bonds, foreign direct investment, or Thai property.
2. High-Income Foreign Retirees
Health Insurance or Savings
Similar health insurance or savings requirements as high-income individuals.
Income and Investment
Retirees with high income need to prove an annual income of at least USD 80,000 at the time of application. For those with an income between USD 40,000 to USD 80,000 per year, they must invest at least USD 250,000 in specified areas such as Thai government bonds, foreign direct investment, or Thai property.
3. Foreign Working Professionals
Employment and Experience
Applicants should provide an employment contract or service agreement with a business in Thailand or abroad. They must have a minimum of 5 years of work experience in a targeted industry within the past 10 years.
Employer Criteria
The applicant's current employer must be a public company listed on a stock exchange or a private company operating for at least 3 years, with a combined revenue of at least USD 150 million in the last 3 years.
Income Requirements
Working professionals should demonstrate a personal income of at least USD 80,000 per year for the past two years. If their income falls between USD 40,000 to USD 80,000, they must meet specific qualifications or hold a Master’s degree, own intellectual property, or receive Series A funding of at least USD 1 million.
4. Foreign Experts
Employment and Qualifications
Similar employment and income requirements as working professionals. Foreign experts need to demonstrate work experience in a targeted industry for a minimum of 5 years, except for applicants with a PhD or above in relevant fields.
Income and Education
Applicants should have a personal income of at least USD 80,000 per year for the past two years. For those with income between USD 40,000 to USD 80,000 per year or before retirement, they must hold a Master’s degree or above in science and technology or possess special expertise relevant to the job assignment in Thailand.
Additionally, there is no minimum income requirement for foreign workers intending to work in specific sectors like government higher educational institutions, research centers, specialized training centers, or government agencies.
All applicants must meet the health insurance or savings requirements mentioned earlier.
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Other Conditions for Long-Term Resident (LTR) Visa
It's important to note that while the government has announced these conditions, changes may occur until all details and regulations are officially announced in writing.
1. Application Process
Foreigners must submit their application and provide supporting evidence to the Thailand Board of Investment (BOI).
2. Visa Duration
The 10-year LTR visa is divided into two 5-year terms. Initially, applicants are granted permission to stay for 5 years, which can be extended for an additional 5 years, totaling a maximum stay of 10 years.
3. Annual Reporting
LTR visa holders, along with their dependents (spouse and children), must annually report their residence status to the relevant government agency.
4. Work Permit
Upon acquiring the LTR visa and applying for a work permit, visa holders can start working immediately without waiting for the permit's issuance.
5. Work Permit Duration
For working professionals and specialists with employers, the work permit is issued for a maximum of 5 years, extendable for another 5 years. Those without employers (self-employed) can request a work permit for up to 5 years initially, extendable for an additional 5 years.
6. Work Permit and Visa
The work permit becomes void if the visa is terminated or expires.
7. Visa Type Change
LTR visa holders and dependents can apply to change their visa type as per immigration bureau measures and regulations.
8. Compliance and Consequences
Failure to adhere to the regulations and conditions may result in the cancellation of the LTR visa.
Please keep in mind that these conditions are subject to change, and it's advisable to stay updated with official announcements from relevant authorities.
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Summary of Thailand's LTR Visa
The Thailand Long-Term Resident (LTR) visa program has garnered significant interest since its inception, especially during its first year. The Thailand Board of Investment has been proactive in refining the application process to ensure a seamless experience for LTR visa holders. This initiative aligns with the Thai government's goal of attracting more foreign investment, indicating a long-term commitment to the program.
Under the LTR visa program, holders can relish the advantages of residing in Thailand for an extended period, making it an appealing option for those seeking long-term stays in the country.
If you have inquiries about the LTR visa or are considering Thailand as your long-term residence, feel free to contact us for a consultation. Stay informed and prepared for your journey to Thailand with our expert guidance and support.
Written by Warittha
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