Long Term Resident Visas

[Tofer]

Just heard the news that the (LTR) long term 10 year renewable resident visas are back on track, possibly from September with, what I would consider, very reasonable terms, and real benefits.

 

I for one can't wait, and see it as a positive step forward to acknowledge the worth and investment of foreigners who have made a financial commitment to the country, and continue to do so with sufficient incomes / pensions to make a meaningful contribution to the Thai economy.

 

A step in the right direction, wouldn't you agree, considering;

 

1. 10 year duration for the reduced fee of only 50,000 Baht.
2. Annual, instead of 90 day, immigration reporting.
3. Exemption from re-entry visa permit requirements.
4. Renewable every 10 years.
5. Fast track entry points at the international airports.
6. Benefits for workers in the reduction of Thai to foreign ratio of employees.
7. One stop offices for immigration and employment / business bureaucracy.

[GroveHillWanderer]

Your post seems to imply the only financial requirement is to pay them 50,000 Baht for the visa.

 

However you don't mention the other financial requirements, which I reckon would be the major stumbling block for a lot of people (especially retirees).

 

You basically have to have a yearly income of $80,000 or more - either from a pension if you're retired or from work if you're not.

 

Alternatively if you're retired and don't meet the income level, you have to invest at least $250,000 in "Thai government bonds, foreign direct investment or Thai property."

 

Full details are on the link below - it's a lot more complicated than you make it sound.

 

Guide to Thailand's new long-term resident visa from 1 Sep 2022

Edited June 18, 2022 by GroveHillWanderer

[RedArmy]

Sounds like a bit of a white elephant for most of us.

[plus7]

Hi,

Earlier they mentioned waving taxes from the abroad income. Is it still in actual?

[Tofer]

2 hours ago, GroveHillWanderer said:

Your post seems to imply the only financial requirement is to pay them 50,000 Baht for the visa.

 

However you don't mention the other financial requirements, which I reckon would be the major stumbling block for a lot of people (especially retirees).

 

You basically have to have a yearly income of $80,000 or more - either from a pension if you're retired or from work if you're not.

 

Alternatively if you're retired and don't meet the income level, you have to invest at least $250,000 in "Thai government bonds, foreign direct investment or Thai property."

 

Full details are on the link below - it's a lot more complicated than you make it sound.

 

Guide to Thailand's new long-term resident visa from 1 Sep 2022

You've implied incorrectly, I'm well aware of the requirements to qualify. I was simply noting the benefits, which is what I was alluding to if you read my post carefully.

 

This visa option is clearly not targeted at most people, as it states "wealthy pensioners" etc, and the benefits make it worth the nominal additional cost for the visas, i.e. B5,000/ann, as opposed to B3,800/ann. if you want multi entry, and a much longer visa, assuming you satisfy the qualifications.

 

What's more, I wouldn't particularly consider the requirements would designate the applicant as "wealthy", in this day and age.

Edited June 18, 2022 by Tofer

[Mike Teavee]

3 hours ago, Tofer said:

I for one can't wait, and see it as a positive step forward to acknowledge the worth and investment of foreigners who have made a financial commitment to the country,

I view these things as just another option so as long as they don't displace any of the current visa options then it can only be a good thing (even if it's only relevant to a small minority). 

 

However, I haven't seen it mentioned that financial commitments already made will count towards any investment needed. E.g. I wouldn't be surprised that even if you have already bought a $500K Condo in your own name, you may still have to bring in an additional $500K to fulfil the requirement. 

 

 

NB I'm not saying this IS the case, it just seems to make more sense if the purpose is to get more foreign investment. 

 

 

[Etaoin Shrdlu]

I suspect that the "annual immigration report" is more like the annual extension of stay that those on B, O or O-A visas are required to obtain each year and probably would require re-documentation of income, investments, etc.

 

I doubt it would be as simple as filing the 90 day report of address.

[OJAS]

6 hours ago, Tofer said:

I'm well aware of the requirements to qualify. I was simply noting the benefits, which is what I was alluding to if you read my post carefully

But I do think that it was slightly disingenuous of you to have only accentuated the pro's in your OP without even a passing mention of the con's. You may well be aware of all the requirements, but it would IMHO be foolish to assume that everyone reading your OP in isolation would similarly be aware - meaning that they could gain the misleading impression that obtaining this visa would be a walk in the park, as, indeed, I did before reading @GroveHillWanderer's reply.

 

[RedArmy]

55 minutes ago, OJAS said:

But I do think that it was slightly disingenuous of you to have only accentuated the pro's in your OP without even a passing mention of the con's. You may well be aware of all the requirements, but it would IMHO be foolish to assume that everyone reading your OP in isolation would similarly be aware - meaning that they could gain the misleading impression that obtaining this visa would be a walk in the park, as, indeed, I did before reading @GroveHillWanderer's reply.

 

I agree with you 100% brother - When i read the OP original post, i nearly creamed my pants - I was quickly brought back down to earth though & realised that this aint for your every day Joe Bloggs .

[Sparktrader]

Elite visa 500k. No other hassles

Cambodia $us300 no other hassles fly into thailand. In and out. 

 

250k us in bonds is a lot of dead money.

[bojo]

8 hours ago, Mike Teavee said:

I view these things as just another option so as long as they don't displace any of the current visa options then it can only be a good thing (even if it's only relevant to a small minority). 

 

However, I haven't seen it mentioned that financial commitments already made will count towards any investment needed. E.g. I wouldn't be surprised that even if you have already bought a $500K Condo in your own name, you may still have to bring in an additional $500K to fulfil the requirement. 

 

 

NB I'm not saying this IS the case, it just seems to make more sense if the purpose is to get more foreign investment. 

 

 

I would imagine it's in Thailand's interests to get a 10 year committment from 'wealthy individuals' and that all previous investments would count towards one's required investment........just a matter of changing visas hopefully........................................ Financially, with an upfront fee, the treasury's coffer will benefit too as some expats unfortunately won't out-live or stay the whole the 10 years........................................................

I also imagine the small print would require an updated annual fiscal statement to make sure one isn't flying below the radar having repatriated funds etc which begs the question, how much pain would one be subjected to in submitting that info!!..........................................................

[worldexpress]

9 hours ago, Sparktrader said:

Elite visa 500k. No other hassles

Cambodia $us300 no other hassles fly into thailand. In and out. 

 

250k us in bonds is a lot of dead money.

Elite for 500K? Where?

[ubonjoe]

4 minutes ago, worldexpress said:

Elite for 500K? Where?

That is an error. A basic 5 year Thai Elite visa is now 600k baht.

[CANSIAM]

I think the renewable 10 year O-X would be 'slightly' more attainable for most rather than the LTR

[Misty]

30 minutes ago, CANSIAM said:

I think the renewable 10 year O-X would be 'slightly' more attainable for most rather than the LTR

Yes, that could be the case for retirees.  But 3 of the 4 LTR categories not only allow the recipient to work, but apparently come with a work permit.  The LTR program is administered by the BOI and will have a one stop service element to it.

 

So for those who work and have endured the vageries (a polite word) of the current system for years of increasingly dysfunctional renewals, although not perfect, the LTR program could be a big step forward.

[Tofer]

11 hours ago, OJAS said:

But I do think that it was slightly disingenuous of you to have only accentuated the pro's in your OP without even a passing mention of the con's. You may well be aware of all the requirements, but it would IMHO be foolish to assume that everyone reading your OP in isolation would similarly be aware - meaning that they could gain the misleading impression that obtaining this visa would be a walk in the park, as, indeed, I did before reading @GroveHillWanderer's reply.

 

Fair comment. I also made inappropriate assumptions, that people were aware of this visa and it's generally required higher financial qualifications.

[Tofer]

18 hours ago, Mike Teavee said:

However, I haven't seen it mentioned that financial commitments already made will count towards any investment needed. E.g. I wouldn't be surprised that even if you have already bought a $500K Condo in your own name, you may still have to bring in an additional $500K to fulfil the requirement. 

I must confess I cannot say categorically that this isn't the case, however, in the Thaiger news report, they clearly state the investment sum must be proved "BEFORE" you apply.

[Tofer]

10 hours ago, Sparktrader said:

Elite visa 500k. No other hassles

Cambodia $us300 no other hassles fly into thailand. In and out. 

 

250k us in bonds is a lot of dead money.

The Elite visa fee, is exactly that, a fee payment for the application / membership, i.e. paid up / gone / lost.

 

Whereas the $250K is an investment, which you can, hopefully profit from, and withdraw at a later date.

 

 

[BonMot]

Guaranteed this visa will be nearly as much hassle as the retirement visa save for 90 day reporting. It's Thailand it must be so.

[Tofer]

10 hours ago, bojo said:

I also imagine the small print would require an updated annual fiscal statement to make sure one isn't flying below the radar having repatriated funds etc which begs the question, how much pain would one be subjected to in submitting that info!!..........................................................

Fair point, no mention of that as yet. But, I assume it can't be any worse than the current marriage visa extension requirements in terms of bureaucracy , and if all your documents are in order, it's just a copy and repeat exercise, hopefully.

 

I would agree, there would possibly be some mechanism to ensure that you are still invested in Thailand in the sums required.

 

Our investment is property, and we have no intention of selling unless we're made a ridiculous offer. But even then, we still own the remainder of our land in our chosen location, and would build ourselves another home, and will continue to qualify.

Edited June 19, 2022 by Tofer

[Sparktrader]

11 minutes ago, Tofer said:

The Elite visa fee, is exactly that, a fee payment for the application / membership, i.e. paid up / gone / lost.

 

Whereas the $250K is an investment, which you can, hopefully profit from, and withdraw at a later date.

 

 

500k baht is not much usd.

 

250k usd is a lot. Could be in shares going up 200%

[Sparktrader]

1 hour ago, ubonjoe said:

That is an error. A basic 5 year Thai Elite visa is now 600k baht.

Ok my mistake. Still a lot cheaper than 250k usd which is 8.5m baht.

 

 

[Sparktrader]

21 minutes ago, Tofer said:

The Elite visa fee, is exactly that, a fee payment for the application / membership, i.e. paid up / gone / lost.

 

Whereas the $250K is an investment, which you can, hopefully profit from, and withdraw at a later date.

 

 

Bonds go up and down with the yield.

[OJAS]

15 hours ago, RedArmy said:

I agree with you 100% brother - When i read the OP original post, i nearly creamed my pants - I was quickly brought back down to earth though & realised that this aint for your every day Joe Bloggs .

Yep, I thought your "white elephant" description was particularly apt!

 

[BritTim]

I wonder if there will be any agents who can inveigle this visa without meeting all the requirements.

[Tofer]

6 hours ago, Sparktrader said:

Bonds go up and down with the yield.

Property goes up, if you buy knowledgably, i.e. right time and right place.

[Tofer]

6 hours ago, Sparktrader said:

500k baht is not much usd.

No, but it's completely wiped out as a fee, gone, finished, never to be returned.

[Misty]

2 hours ago, BritTim said:

I wonder if there will be any agents who can inveigle this visa without meeting all the requirements.

Well, I guess this is Thailand after all.  But how open is the BOI to that kind of thing? 

[Misty]

13 minutes ago, Tofer said:

No, but it's completely wiped out as a fee, gone, finished, never to be returned.

And there's no work permit

[mudcat]

I await the details.

Does this free up the "car in the carport" 400,000/800,000 baht bank deposit?

Moving visa to a new passport same as moving an extension?

Does the USD 80,000 need to move to Thailand  and if so how much of it?