Everything you need to know about Thailand’s new long-term resident visa

Thailand is opening up to the world post-COVID-19! From easing travel restrictions to issuing new long-term resident (LTR) visas for ‘high-potential’ foreigners, the country is ramping up efforts to boost its economy. According to the Board of Investment, the LTR visa applications will be open from 1st September 2022. The new program will provide a host of tax and non-tax benefits - making the country a regional hub for living and conducting business for ‘high-potential’ foreigners. Moreover, the new LTR visa program aims to attract one million wealthy or talented foreign expats into the country in the next five years.

If you are wondering who is eligible for the new LTR visa and what it offers, our friends at Pacific Prime will get you up to speed on the latest.

What are the benefits of the new LTR visa?

The new visa program offers many privileges for eligible foreigners that will make a long-term living in Thailand easy and hassle-free. Here is a list of some of the notable benefits:

●     Discounted personal tax rates

●     Ten years renewable visa

●     Digital work permit (permission to work in Thailand)

●     Exemption from employing four Thai citizens per foreigner rule

●     Fast track service at international airports in Thailand

●     Submit a 1-year report to immigration instead of once every 90 days

●     Immigration and work permit services will be provided at the same service center

Who can apply for Thailand’s new LTR visa and what are the requirements?

The new LTR visa will be offered to four different groups of ‘high-potential’ foreigners, namely, Wealthy Global Citizens, Wealthy Pensioners, Work from Thailand Professionals, and Highly-Skilled Professionals. Now, let’s take a closer look at the visa requirements for each group:

Wealthy Global Citizen

1. Must own USD $1 million in assets
2. Must show proof of personal income of at least USD $80,000 per year for the last two years
3. Directly invest a minimum of USD $500,000 in Thai government bonds, foreign direct investment, or acquire a property in Thailand
4. Own health insurance with a minimum coverage of USD $50,000 or social security benefits insuring treatment in Thailand or deposit at least USD $100,000

Wealthy Pensioner

1. Fifty years old or above with an annual pension or stable income
2. Must have a personal income of at least USD $80,000 per year at the time of application
3. In case of income less than USD $80,0000 but not less than USD $40,000 per year, applicants must invest at least USD $250,000 in Thai government bonds, foreign direct investment, or acquire a property in Thailand
4. Own health insurance with a minimum coverage of USD $50,000 or social security benefits insuring treatment in Thailand or deposit at least USD $100,000

Work from Thailand Professional

1. Must have a personal income of USD $80,000 per year for the last two years
2. In case of income, less than USD $80,0000 but not less than USD $40,000 per year, applicants must have a Master’s degree or above or own intellectual property, or have secured Series A funding
3. Must be employed by a public company or a private company that is older than three years with a revenue of at least USD $150 million
4. Must have at least 5 years of experience in the relevant field to the current employment.
5. Own health insurance with a minimum coverage of USD $50,000 or social security benefits insuring treatment in Thailand or deposit at least USD $100,000

Highly-Skilled Professional

1. Must have a personal income of USD $80,000 per year for the last two years
2. In case of income less than USD $80,0000 but not less than USD $40,000 per year, applicants must have a master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand
3. Professionals working for the Thai government have no minimum annual income requirement
4. Must be employed by business entities, higher education institutions, research centers, and specialized training institutions
5. Must have at least five years of experience in the relevant field to the current employment except for applicants working for a Thai government agency or applicants with a Ph.D. and above
6. Own health insurance with a minimum coverage of USD $50,000 or social security benefits insuring treatment in Thailand or deposit at least USD $100,000

Dependents

Foreigners eligible for the new LTR visa can bring along their families via dependent visa. Note that only spouses and children under the age of 20 can apply as dependents of an LTR visa holder. However, each LTR holder can only apply for four dependent visas.

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