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(?)