LTR Visa is Now available for Long Term Residency

[Will B Good]

 

I’m now on Plan F.

 

Separate bank account back in the UK, into which my government (tax paid at source) pension goes.

 

Any money brought over to Thailand comes from that account and that account only……and I get a tax credit against anything the Thais try to stick me with here……any good????

[Pib]

1 hour ago, aldriglikvid said:

I'm currently on the Elite and I've been contemplating the LTR just to not face tax on remittances. Is it still the case that my transfers are exempt, on the LTR? 
 

No change.  This is a good Youtube by ExpatTaxThailand a company here in Thailand.  Around the 35:10 point they cover the tax exemption for a few minutes.

 

 

[Pib]

Bangkok Post 15 Jan 2025 version of the LTR requirements easing.   See weblink for full story...a partial quote also below.

 

https://www.bangkokpost.com/business/general/2940265/thailand-eases-visa-rules-for-professionals-wealthy-foreigners

PUBLISHED : 15 Jan 2025 at 12:40

WRITER: Bloomberg News

Thailand eases visa rules for professionals, wealthy foreigners
 

Thailand's cabinet this week approved changes to the nation’s visa rules to make it more attractive for skilled professionals, investors and wealthy foreigners to secure long-term residency permits.

 

The changes include the scrapping of a minimum annual income requirement for those seeking visas in the wealthy global citizens category and a reduction in the minimum revenue requirement of companies allowing employees to work from Thailand.

 

The long-term resident visa holders will also no longer face any restrictions on the number of dependents they can bring in, the Board of Investment (BOI), which oversees the program, said in a statement Wednesday. Parents and other legal dependents can reside with the visa-holders as opposed to just four dependents allowed earlier.

 

[Pib]

BOI publishes LTR stats every two months on their LTR website. Up until around mid 2024 the stats only reflected the number of "Applies" (a.k.a., Applications) but didn't say how many were Endorsed (a.k.a., Approved).  So a person didn't have any idea as to how many get Approved like for every 100 Applications 50 get Approved, etc. 

 

Then around mid 2024 BOI changed to reporting the number of Approved (Endorsed) applications but didn't reported how many Applications were submitted.  So, once again, a person didn't have any idea to what the Approval "rate" was....the percentage that got approved.

 

So, what I did was to take some LTR stats from the two charts at the bottom of the post....one that reported the number of Applications and then another that reported the number of Approvals but each covered a different period of time...one for 20 months and one for 27 months.  Put those stats in a spreadsheet, did a little extrapolation trying to make an apples-to-apples comparison from two different types of stat charts, and did a little more math in an attempt to determine the "Approval Rate"...the approximate percentage of Applications that cross the Approval finish line. 

 

Below is that data...a chart and the two BOI stats charts I used for the source data.    Turns out the Wealthy Pensioner LTR visa has an approx 59% approval rate, the Work From Thailand Professional a 31% approval rate, etc.  See the chart for all the LTR types.

 

 

 

 

 

Below chart just shows stats for the number of Applications over a 20 month period...does say how many were Approved.

 

Below chart shows how many Applications were Approved over a 27 month period but not the total number of Applications submitted.

 

 

 

[Pib]

8 hours ago, mran66 said:

 

 

BTW would you happen to know it the "10 mo remaining" insurance criteria is a hard core one? I've had same health insurance for many years but the renewal is in early April, thus only 3mo left before next renewal.

 

Wondering if this is a showstopper for  application until I renew, or long history with same insurance would be acceptable even with only 3mo left

BOI s hardcore on this issue and would ask for documentation showing you have at least 10 months left on a policy or documentation for self-insuring.    3 months will not hack it.  

 

Now BOI does have offer some flexibility in "some" special policies that do not show a policy end date like some government provided or sponsored policies.  An example would be the US Tricare for Life health insurance provided for US military retirees over 65.  Or some govt sponsor policies that may not show a policy end date because they are automatically renewed each year...but BOI will probably ask for a separate letter from the company saying such.  

 

But to repeat, if your policy reflects start and end dates and the end date is not at least 10 months out from the LTR application date then BOI will ask for additional documentation...and your LTR application will just march-in-place, go nowhere until you provide the requested docs.

[Pib]

6 hours ago, mran66 said:

 

 

Okay, thanks.

 

Just noticed that passport validity date is also a consideration - my passport expires in November 9th, and was planning to renew it during summer when visiting home country. However, LTR says requirement is passport valid for 6mo at the time of visa issuance (not at time of application). Thus, I might need to get a new passport via embassy (and pay their ridiculous delivery fee...) if the application process incl making the appointment to get the stamp takes time. Insurance renewal on April 12, so really have only 3 weeks between 100% set of docs and the 6mo deadline.

 

Is the appointment usually soon after getting the application approved, or takes weeks from approval?

 

Any idea if I can file the initial application with my current passport, and then get a new passport during the application process so that when appear for the stamp I would have new blank passport (possibly with transferred non-O on it), OR is it better just to get new passport from embassy first, transfer my visa to it, and just file the application with that new passport?

 

Once the LTR is endorse d(approved) you have 60 days to complete the necessary actions to have the LTR visa actually issued....that is, stamped into your passport or issued by the e-visa process.   Failing to get it done within 60 days means you will have to start the application process from zero....start all over...unless BOI might possibly grant a waiver in your particular case like maybe you being on the international space station for the next 90 days.  😁

 

Once BOI endorses (approves) your application you can immediately make an appointment for issue of the visa at BOI immigration in Bangkok...plenty of appointments.  Heck, on a Friday afternoon I made my appointment for the following business day of Monday.  If not going the route of issue at Bangkok you can immediately start the process for issue via the e-visa system.  Just remember you have 60 days from the date of endorsement to get the visa actually issued....stamped into your passport so to speak.

[Briggsy]

3 hours ago, Will B Good said:

Separate bank account back in the UK, into which my government (tax paid at source) pension goes.

Are you referring to a UK state pension?

 

What mechanism is used to tax at source a UK state pension? I am aware that tax codes are set against company pensions, SIPPS withdrawals and annuities but I know of no way a UK state pension can be taxed at source. Could you elaborate?

[Schorsch0815]

Hi have an LTR WP visa. When I applied for the visa I gave on the BoI form the information on my spouse (Non-Thai and she's not living with me).

 

At the time I didn't request her to be listed as my dependent as she was still working abroad. 

 

Question:

- I wonder whether she now qualifies  as a dependent of mine under the BoI programme?

- Do I have to make further steps to have her listed as a LTR-WP dependent and to obtain the equivalent visa status?

- As my dependent, would she enjoy the same tax benefits (he has her own pension and income)

[mran66]

5 hours ago, Pib said:

No change.  This is a good Youtube by ExpatTaxThailand a company here in Thailand.  Around the 35:10 point they cover the tax exemption for a few minutes.

 

 

In this video at 27:00 he talks about misconceptions and states "crypto holdings and capital gains  can be used used as proof of income" as misconception.

 

Statement is somewhat vague as it could be interpreted to mean that capital gains could not be used as proof of income, though I assume he actually means crypto gains, not any capital gains as BOI web page clearly states "unearned or passive income includes, but are not limited to pension, rental, realized capital gain, dividend, and interest payments"  i.e capital gains can be used. Did not see crypto mentioned in BOI pages though maybe it is somewhere there.

 

Thus, I assume capital gains are OK as long as they are not from crypto trading(?)

[ukrules]

7 hours ago, mran66 said:

Thus, I assume capital gains are OK as long as they are not from crypto trading(?)

 

Lets say I sold a couple of million USD worth of Crypto last year, is this not real money?
 

[Will B Good]

15 hours ago, Briggsy said:

Are you referring to a UK state pension?

 

What mechanism is used to tax at source a UK state pension? I am aware that tax codes are set against company pensions, SIPPS withdrawals and annuities but I know of no way a UK state pension can be taxed at source. Could you elaborate?

 

No government pension…..I was employed by the MoD…..so it is taxed at source.

[Briggsy]

58 minutes ago, Will B Good said:

 

No government pension…..I was employed by the MoD…..so it is taxed at source.

Okay, civil service pension, that explains it. Thanks.

[mran66]

7 hours ago, ukrules said:

 

Lets say I sold a couple of million USD worth of Crypto last year, is this not real money?
 

 

I assume it is real. But according to that video, does not count as income towards LTR visa income requiment. True or not, no idea. Call to Boi needed again maybe if you plan to use your real usd for that purpose. 

[oldcpu]

8 hours ago, ukrules said:

 

Lets say I sold a couple of million USD worth of Crypto last year, is this not real money?
 

 

Any chance to setup a small company where you are the only employee (ie both CEO and Treasurer and Secretary).  Then hold an annual meeting in which you declare a dividend will be provided to the only employee (you). Document this officially in the annual meeting minutes.  Pay yourself regularly (every month) the dividend amount, depositing it in your bank account.  Your company can obtain this amount of money for the dividend payment by an appropriate conversion of part of your crypto currency to cash for the monthly dividend. 

 

Likely you would need ?? one year record of the regular dividend deposits into your foreign bank account, which, together with the annual meeting minutes, possibly could satisfy BoI ?

 

I am just speculating.  I know a few decades ago I once had a BVI (British Virgin Islands) company and a requirement to keep that company (in addition to the small annual fee) was I had to have an official meeting every year, with official minutes of the meeting, and send those minutes to the organization which setup various BVI companies (such as mine).   ...  So this IS all above board and legitimate if done properly (ie done legally) - paying taxes if and where required, of course (and don't pay where not required).

[Thailandbuckeye]

18 hours ago, Pib said:

BOI s hardcore on this issue and would ask for documentation showing you have at least 10 months left on a policy or documentation for self-insuring.    3 months will not hack it.  

 

Now BOI does have offer some flexibility in "some" special policies that do not show a policy end date like some government provided or sponsored policies.  An example would be the US Tricare for Life health insurance provided for US military retirees over 65.  Or some govt sponsor policies that may not show a policy end date because they are automatically renewed each year...but BOI will probably ask for a separate letter from the company saying such.  

 

But to repeat, if your policy reflects start and end dates and the end date is not at least 10 months out from the LTR application date then BOI will ask for additional documentation...and your LTR application will just march-in-place, go nowhere until you provide the requested docs.

 

[Thailandbuckeye]

I renewed my health insurance about 4 months early to meet the 10 month criteria using both policies. I recently was at BOI to change my passport and asked about the 10 month requirement for every year. The representative stated that it would be best to do the early renewal every year. She wasn’t sure if it would be looked at when the 5 year renewal came up.

 

I renewed early again this year and will continue to do the same every year. The insurance company came back in one day with the renewal rate, apparently very happy to take my money about 3 months early.

[ukrules]

53 minutes ago, oldcpu said:

 

Any chance to setup a small company where you are the only employee (ie both CEO and Treasurer and Secretary).  Then hold an annual meeting in which you declare a dividend will be provided to the only employee (you). Document this officially in the annual meeting minutes.  Pay yourself regularly (every month) the dividend amount, depositing it in your bank account. 

 

In truth I'm earning more than $80k a year anyway but it's not from a large company, in fact it's way more than $80k - more like $140-150k and that's on top of the lump sum that just sits there. I could earn more, perhaps a lot more by investing in various schemes but am not keen on investing in Thailand, how would that hit my ROI and I don't need a useless condo.

However there are no companies involved in my finances, just personal finance and payments into various accounts around the world.

They're all outside Thailand, I got a lump of cash which contributes to this 'earnings' via returns (non crypto at the moment) but it's not my only source of income.

 

Right now I'm on the 20 year Elite visa extension membership since I upgraded last year so that's money spent and gone, and forgotten about - consider it a negligible cost at the time. I get real value from that for the flexible visa and am currently spending less than 180 days per year in Thailand.

Getting an LTR could make things  little easier - less travel each year but do I need it - I don't know - for now I'm good - but it's always worth having options so I will keep my eye on this as we move forward.

Thanks for the input @oldcpu - offshore incorporation is something I've been looking into, I know it can be done but the whole offshore scene has changed a huge amount over the last decade or so, it's not what it was before.....

[oldcpu]

1 hour ago, ukrules said:

.... but am not keen on investing in Thailand, how would that hit my ROI and I don't need a useless condo.

 

That pretty much rules out the WGC for you then, as it requires a $500K US$ equiv investment in Thailand

 

1 hour ago, ukrules said:

However there are no companies involved in my finances, just personal finance and payments into various accounts around the world.

 

That is part of the point of setting up an offshore company located in a legal tax haven.  Dependent on where one resides, income from such a LEGAL offshore company might be taxable, or might not be taxable.  If on an LTR-WP, or LTR-WGC, or LTR-WFTP  visa, not taxable. 

 

But if not on those Thai visas, then if a Thai tax resident would likely need to pay Thai tax from the offshore company income (that you pay yourself) which is remitted to Thailand. There would likely also be no DTA (Double Tax Agreement)  for such a case.

 

For the year during the setup of the company (and associated 1st year of dividend payments) prior to going for an LTR-visa, I assume one would stay in no country long enough to be a tax resident.

 

And then when a Thai tax resident the Thai LTR-WP visa would help one legally optimise/minimize their tax situation.

 

 

1 hour ago, ukrules said:

 offshore incorporation is something I've been looking into, I know it can be done but the whole offshore scene has changed a huge amount over the last decade or so, it's not what it was before.....

 

Indeed - but a lot of what we read about in the press were in essence cases of illegal tax avoidance schemes using an offshore company.

 

There are perfectly legal ways to use such an offshore company, dependent on the laws of the country where one resides. ie follow the laws of the country where one resides.

 

If you are age 50 or older, and if you can provide a formal tracking of regular income (via your own company) then the LTR-Wealthy Pensioner may be the best visa for you.

 

Edit  : and if you are not 50 ... then simply travel ,and spend no more than 5 months in each country.  My experience  (in my 70s) is it is far easier to travel when one is in their 30s and 40s than it is when in one's 70s.

.

[SHA 2 BKK]

1 hour ago, ukrules said:

 

In truth I'm earning more than $80k a year anyway but it's not from a large company, in fact it's way more than $80k - more like $140-150k and that's on top of the lump sum that just sits there. I could earn more, perhaps a lot more by investing in various schemes but am not keen on investing in Thailand, how would that hit my ROI and I don't need a useless condo.

However there are no companies involved in my finances, just personal finance and payments into various accounts around the world.

They're all outside Thailand, I got a lump of cash which contributes to this 'earnings' via returns (non crypto at the moment) but it's not my only source of income.

 

Right now I'm on the 20 year Elite visa extension membership since I upgraded last year so that's money spent and gone, and forgotten about - consider it a negligible cost at the time. I get real value from that for the flexible visa and am currently spending less than 180 days per year in Thailand.

Getting an LTR could make things  little easier - less travel each year but do I need it - I don't know - for now I'm good - but it's always worth having options so I will keep my eye on this as we move forward.

Thanks for the input @oldcpu - offshore incorporation is something I've been looking into, I know it can be done but the whole offshore scene has changed a huge amount over the last decade or so, it's not what it was before.....

I have the LTR Wealthy Pensioner Visa (got it just as my 5 year Elite expired).   My family and I do live here permanently though.   No 90 day reports and previous my daughter had an ED Visa which meant the dreaded annual run to Cheang Wattana and different pieces of paper each year.  The LTR is perfect for us.  
 

Whilst I qualify through my Australian Government Service Pension (DTA Tax Free) I have an offshore company that looks after my investments.   Previous I operated BVIs but the changes saw me close them.   I’m a sole operator really so compliance time and effort is imperative.  
 

I have instead opted to open a company in Labuan, Malaysia.   Provided income is only from Capital Gains it’s treated Tax Free.   I do have to spend about $US3k each year to keep the company in standing etc and one should visit the Island once a year for the AGM.

 

Quite unrelated to the topic I quite enjoy the place - it’s about 3 hours flight from KL.  Like Kanchanaburi - there is a Commonwealth War Cemetery in Labuan and my Great Uncle is buried there after he was killed in the liberation of Borneo in 1945.  
 

 

 

[Thailandbuckeye]

I have looked around on this site and haven’t seen anything lately on LTR, specifically WP regarding taxes. I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

 

Can  some of you please chime in on whether or not you are going to get a Thai Tax ID or not? Any other specifics would be appreciated.

 

Thank you,

TB
 

 

[oldcpu]

40 minutes ago, Thailandbuckeye said:

I have looked around on this site and haven’t seen anything lately on LTR, specifically WP regarding taxes. I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

 

Can  some of you please chime in on whether or not you are going to get a Thai Tax ID or not? Any other specifics would be appreciated.

 

Thank you,

TB
 

 

I am not getting a Thai tax ID.

 

I am on an LTR-WP.

 

I am also not bringing any money into Thaiand ( I previously brought in a lot when I was not a Thai tax resident and also brought in some prior to 1 Jan 2024 after becoming a Thai tax resident).

 

I also have a pink ID ( where in some cases this if activated can be a Thai tax ID) , albeit I don't believe that is relevant. 

[Pib]

I have a LTR WP visa.  I'm not filing this year as I didn’t remit any money in 2024, pension income exempted under Thai-US DTA, and Expat Tax Thailand confirmed during a free 15 minute consultation in my case no tax return is required since I have no assessable income for tax year 2024.   

 

I already have a Thai tax ID number from around 8 years ago when I filed for refund of bank interest withheld on some Thai bank "fixed" savings accounts where the bank by law withholds 15% tax on interest earned on fixed accounts.  After I stopped having fixed savings accts I didn't have need (nor requirement) to file in ensuring years because of no refund to claim or other assessable income.

[Ben Zioner]

2 hours ago, Thailandbuckeye said:

I have looked around on this site and haven’t seen anything lately on LTR, specifically WP regarding taxes. I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

 

Can  some of you please chime in on whether or not you are going to get a Thai Tax ID or not? Any other specifics would be appreciated.

 

Thank you,

TB
 

 

Actually I don't know...

 

But what these two Tax accountants told you makes sense, and i'd be tempted to do so as it makes the exemption bullet proof for any given year, with minimal risk for those who earn only pensions, which is my case.

 

Could you share who they are? feel free to PM if there are any forum rules against posting such info.

 

Thanks

[oldcpu]

3 hours ago, Thailandbuckeye said:

 I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

 

If I can use a comparison,  that strikes me as going out of one's way to wave a red flag in the face of a bull, when instead one can quietly and legally walk in a different direction.

 

Or another saying: Let sleeping dogs lie.

[Phillip9]

4 hours ago, Thailandbuckeye said:

I have looked around on this site and haven’t seen anything lately on LTR, specifically WP regarding taxes. I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

 

Most expat tax companies are just trying to scare gullible expats so they can get more business.  You can't trust them at all.

[mran66]

4 hours ago, oldcpu said:

I also not bringing any money into Thaiand ( I previously brought in a lot when I was not a Thai tax resident and also brought in some prior to 1 Jan 2024 after becoming a Thai tax resident).

 

3 hours ago, Pib said:

I already have a Thai tax ID number from around 8 years ago when I filed for refund of bank interest withheld on some Thai bank "fixed" savings accounts where the bank by law withholds 15% tax on interest earned on fixed accounts.  

 

I got the Thai tax ID some years ago as an US bank insisted I need to give one to them. Once I got it, I gave it to krungsri to avoid the withholding tax. I've never filed a tax return here as no taxable income (always sent matured capitalized income from overseas), neither bothered to file to claim back the small tax held from bank interest

 

Also transferred enough in late 2023 to have couple or years without need to transfer more and to have some time to see how the tax thingy will really go. One thing is for sure: I will not pay any substantial tax to thailand (99.x% of my overseas income is not taxed anywhere so it would be HEAVILY taxed here if assessed taxable in Thailand). If tax laws remain as today, just need to stay out of the country traveling for half a year every couple of years so that can send tax free that year by being non resident. If worldwide taxation would come some day, then probably need to set  up a more permanent residence to some other country so that can split time under 180 days a year as continuous traveling for 180 days a year  is probably too much for extended time

 

Now, if this LTR would work out, would save some hassle as it would fix all tax issues at one go. 

[oldcpu]

14 minutes ago, mran66 said:

Also transferred enough in late 2023 to have couple or years without need to transfer more and to have some time to see how the tax thingy will really go.

....

Now, if this LTR would work out, would save some hassle as it would fix all tax issues at one go. 

 

Dependent on how your income is structured, if not immediately structured the way BoI wants (to approve of an LTR visa), it reads like you may have a couple of years to re-structure your finances (if necessary and if OK by you) so to meet BoI LTR visa requirements and stay 100% legal in regards to taxation.

 

Best wishes in your efforts.

 

[JimGant]

7 hours ago, Thailandbuckeye said:

I have had two Expat Tax companies tell me I need to have the Tax ID and file basically a blank tax return with the LTR Visa attached.

And, of course, their minimum rate starts at 7500bt (the figure we've seen most advertised), which, I guess, is what they'd charge for a blank tax return. But, then, you'd need to pay another 8000bt to get a TIN.

 

There's no way TRD is interested in monies that aren't taxable. How do I know? Because there aren't any lines on the tax form to list such monies. No way do you have to file a tax return -- by law -- if you have no assessable income. And, per Royal Decree, you have none courtesy of your LTR visa [however, jury still out on whether or not such exempt income must not be from current tax year...].

 

Would it be possible to provide the names of these two Expat tax companies, so that they can be included on the shyster list.....? Thanx.

[JimGant]

5 hours ago, Ben Zioner said:

But what these two Tax accountants told you makes sense, and i'd be tempted to do so as it makes the exemption bullet proof for any given year,

Nonsense. Christ, it's already bullet proof, with that LTR visa in your passport, should TRD come knocking. Which they won't, if you're completely off their radar screen, 'cause you didn't file a blank tax return.

[stat]

On 1/15/2025 at 11:14 AM, Pib said:

Bangkok Post 15 Jan 2025 version of the LTR requirements easing.   See weblink for full story...a partial quote also below.

 

https://www.bangkokpost.com/business/general/2940265/thailand-eases-visa-rules-for-professionals-wealthy-foreigners

PUBLISHED : 15 Jan 2025 at 12:40

WRITER: Bloomberg News

Thailand eases visa rules for professionals, wealthy foreigners
 

Thailand's cabinet this week approved changes to the nation’s visa rules to make it more attractive for skilled professionals, investors and wealthy foreigners to secure long-term residency permits.

 

The changes include the scrapping of a minimum annual income requirement for those seeking visas in the wealthy global citizens category and a reduction in the minimum revenue requirement of companies allowing employees to work from Thailand.

 

The long-term resident visa holders will also no longer face any restrictions on the number of dependents they can bring in, the Board of Investment (BOI), which oversees the program, said in a statement Wednesday. Parents and other legal dependents can reside with the visa-holders as opposed to just four dependents allowed earlier.

 

Thanks for this great information!

 

This info is however not (yet) reflected on the website.

 

So what would be the new requirement, 1M USD for wealthy pensioner?

 

https://ltr.boi.go.th/

 

I was hoping for the 80K nonsense to be cut a long time ago. 1 M USD should be sufficient to cover all expenses for 5 years in Thailand 😉. They just demand 800K per year for the extension of stay so 1M USD should be enough.

 

Thanks again!