LTR Visa is Now available for Long Term Residency

[Northwest87]

One thing that was made very clear during the seminar is that the work-from-Thailand visa is for people who are employed and salaried full-time by large companies, so that's settled.

 

NW

[Northwest87]

9 hours ago, pepper402 said:

I have a few questions about the LTR:

·         Is this an “official” website, or a private company offering visa services:  https://ltr.boi.go.th/index.html

·         It looks like I can submit all of the documentation electronically and then I wait 20 days for “approval” must I then physically visit a Thai Embassy in Los Angeles or DC?  Is there an office I can visit in Phuket or Bangkok?

·         If I am submitting my information electronically, how do I submit my photo?  Do I just make a copy and send it?

Thanks in advance!

My understanding is that if you are approved at the pre-screening stage by the BOI, getting your visa issued is a simple formality after that because you have been pre-approved. You don't have to go physically to an embassy or consulate, all can be done by mail or email. If you're in Thailand, I don't know who actually issues the visa, but that should be even simpler than doing it from abroad.

NW

[mudcat]

If in Thailand take your passport and approval letter to Immigration for them to enter the visa.  It requires two empty pages, so I assume one page is  for the visa sticker and one for something else, maybe a re-entry permit.

 

Remember to wave goodbye to the IO. 

 

As discussed in the webinar, the annual report resets upon international travel, so the year in the kingdom counts from your return.  Unknown if there will be an online reporting page and  if one is still required to file TM28 after returning from travel.

 

 

[DjChris28]

48 minutes ago, mudcat said:

As discussed in the webinar, the annual report resets upon international travel, so the year in the kingdom counts from your return.  Unknown if there will be an online reporting page and  if one is still required to file TM28 after returning from travel.

 

 

So if we only go there for 6 months every year (I'd be avoiding the foreign employment income thailand tax after 180 days by staying as a non thai tax resident, that is why), i'd never technically have to do 1 year reporting every year. Is that what you mean?

[mudcat]

As I understand it - the sense I got from the BoI presenter is they want this to be a success - how they deal with the previous rent seekers in Immigration and the insurance companies remains to be seen; I am sure if it is successful they will be able to fend off the wolves who have had their bit of steak swiped.

[pepper402]

13 hours ago, ThailandRyan said:

 

This should be the number to call.

Thanks, Ryan.  I submitted a draft application via email for review.  I'll report back when I get a reply.  

[Misty]

15 hours ago, mudcat said:

As I understand it - the sense I got from the BoI presenter is they want this to be a success - how they deal with the previous rent seekers in Immigration and the insurance companies remains to be seen; I am sure if it is successful they will be able to fend off the wolves who have had their bit of steak swiped.

Does seem like the effort is real.  Thank heavens there may soon be alternatives to the existing problematic system.  This new program isn't perfect, but many issues are addressed. Should attract new folks who qualify. 

 

Also great news for existing visa/work permit holders - those who have been above board, i.e., never fed the wolves, but the wolves come sniffing nevertheless. Great to get away from them.

[mudcat]

A good option for those OA holders who can qualify; they are already 50-years old and have health insurance coverage.   Those with the 400K/40K will need to up their limits as they would have needed to do in any case upon extension, but they will now have the option obtaining of a major medical policy which provides >=USD 50,000 hospitalization cover.   In speaking with my carrier (Pacific Cross) it appears they will allow me to drop outpatient (which I never have used), increase my deductible should I choose, and move the renewal date to where there are 10-months of validity.  Together this will just about pay the one time application fee for the LTR.

 

Once the dust has settled we can stop parking a ThB 800,000 car in the garage and take it for a spin.

[ThailandRyan]

2 minutes ago, mudcat said:

A good option for those OA holders who can qualify; they are already 50-years old and have health insurance coverage.   Those with the 400K/40K will need to up their limits as they would have needed to do in any case upon extension, but they will now have the option obtaining of a major medical policy which provides >=USD 50,000 hospitalization cover.   In speaking with my carrier (Pacific Cross) it appears they will allow me to drop outpatient (which I never have used), increase my deductible should I choose, and move the renewal date to where there are 10-months of validity.  Together this will just about pay the one time application fee for the LTR.

 

Once the dust has settled we can stop parking a ThB 800,000 car in the garage and take it for a spin.

Removing the 800k from the Thai bank is the ultimate goal and being able to place it back into the real world where it can earn more than the paltry sum they have paid me in 4 years.......

[JimGant]

Quote

Their reply

To clarify "hospitalization and treatment", we do not specify if it is an inpatient hospitalization or outpatient treatment. We only need insurance that meets the $50,000 USD coverage which ensures hospitalization and treatment in Thailand. OR You can show 100,000 USD in a bank account (can be in Thailand or oversea) which has been held for at least 12 months at the time of application
which is acceptable as well.

From an earlier post by Mudman, I'm surprised this has not received more discussion. First, this 100,000 USD can be in your home country bank (earlier speculation was that it needed to be in a Thai bank -- WRONG). For me, this would be no big problem, as my savings account in the US has most of the risk free end of my retirement portfolio (until CD rates return to normalcy, but I suspect a rope of your CD accounts would be as acceptable as a savings account).

 

Anyway, my Tricare health insurance covers me totally, so if Thailand doesn't want to honor it, then this option would work nicely to meet Thai requirements. Just hope someone realizes this option should also extend to those of us currently squirming under the OA health insurance requirement.....

 

Oh, I've met the 80k $ "personal income" requirement the last two years, as I cashed in some non Roth IRA assets (self annuitized) in order to buy some large sticker items (in addition to my Air Force pension and Social Security). Taxable item, so my tax return would show an adjustable gross income above 80k $ (they've gotta be looking only at gross, as net would be too squirrely, what with alimony, car loans, gambling debts, in addition to taxes). So, would drawing down your IRA (provable on tax return), or drawing down your savings account; having an annual gift from Aunt Martha, whatever (not provable on tax return) be somehow provable and acceptable to Thai authorities....? Hmmmm.

[ThailandRyan]

40 minutes ago, JimGant said:

From an earlier post by Mudman, I'm surprised this has not received more discussion. First, this 100,000 USD can be in your home country bank (earlier speculation was that it needed to be in a Thai bank -- WRONG). For me, this would be no big problem, as my savings account in the US has most of the risk free end of my retirement portfolio (until CD rates return to normalcy, but I suspect a rope of your CD accounts would be as acceptable as a savings account).

 

Anyway, my Tricare health insurance covers me totally, so if Thailand doesn't want to honor it, then this option would work nicely to meet Thai requirements. Just hope someone realizes this option should also extend to those of us currently squirming under the OA health insurance requirement.....

 

Oh, I've met the 80k $ "personal income" requirement the last two years, as I cashed in some non Roth IRA assets (self annuitized) in order to buy some large sticker items (in addition to my Air Force pension and Social Security). Taxable item, so my tax return would show an adjustable gross income above 80k $ (they've gotta be looking only at gross, as net would be too squirrely, what with alimony, car loans, gambling debts, in addition to taxes). So, would drawing down your IRA (provable on tax return), or drawing down your savings account; having an annual gift from Aunt Martha, whatever (not provable on tax return) be somehow provable and acceptable to Thai authorities....? Hmmmm.

One wonders if a letter from your Pension provider showing your annualized income is enough or if they will request copies of the tax returns filed.  I supplied a Letter from my Pension fund which shows my lifetime pension start date and how much is received monthly.  As a defined benefit pension it will always rise and not decline based upon COLA's.

[ThailandRyan]

Just recieved an E-Mail back from the LTR unit

 

Dear xxxxxccc,

Received your email with thank you. We have just reviewed the attachments in your previous email. Please be informed that most of them are acceptable. However, for your health insurance you need to provide it with a remaining coverage period of at least 10 months as of the date of the letter of qualification endorsement issuance.    Nevertheless, please be informed that we are able to confirm only when the LTR initiative is officially launched. This is just a pre-application review.  At the beginning of September, please note that you will have to fill out an online application and upload supporting documents as well through our online application system. So, there is no need to send those to us again via email.

Kind regards, LTR Visa Unit

[JimGant]

2 hours ago, ThailandRyan said:

One wonders if a letter from your Pension provider showing your annualized income is enough or if they will request copies of the tax returns filed. 

Well, in my example, my military pension and Social Security could be demonstrated with paperwork generated at each of these agencies. However, my "self annuitized" IRA might not be so easily identified as a "personal income" stream -- but its necessary inclusion on my 1040 tax return, added to my military pension and Social Security, would definitely show it as an element of my "adjusted gross income," which, if more than $80,000, should be sufficient proof. Now, if I "self annuitized" my Roth IRA, I'd have no tax trail to show, since it's not taxable. That could be trickier to identify to Thai authorities.

[DodgerRodger]

4 hours ago, JimGant said:

From an earlier post by Mudman, I'm surprised this has not received more discussion. First, this 100,000 USD can be in your home country bank (earlier speculation was that it needed to be in a Thai bank -- WRONG). For me, this would be no big problem, as my savings account in the US has most of the risk free end of my retirement portfolio (until CD rates return to normalcy, but I suspect a rope of your CD accounts would be as acceptable as a savings account).

 

 

I emailed BOI on this aspect, asking about how they want proof, this is the reply (received within 4 days):

 

As regards the proof of a deposit account, a bank certificate or proof of funds (POF) certifying that you have the balance of cash deposits with the bank is required since the letter is used to verify that the applicant who claims to have the money actually has it. We will use foreign exchange rates from Fed (https://www.federalreserve.gov/releases/h10/current/) for your currency (GBP/USD). 

[JimGant]

28 minutes ago, DodgerRodger said:

As regards the proof of a deposit account, a bank certificate or proof of funds (POF) certifying that you have the balance of cash deposits with the bank is required since the letter is used to verify that the applicant who claims to have the money actually has it.

Huh? Monthly statements not good enough?

[stat]

On 7/9/2022 at 12:57 PM, jensmann said:

If I have a million dollar back home, I wouldn't be here. Simple...

Clearly you do not understand that a lot of rich people are here because of the tax system in Thailand.

[stat]

45 minutes ago, DodgerRodger said:

I emailed BOI on this aspect, asking about how they want proof, this is the reply (received within 4 days):

 

As regards the proof of a deposit account, a bank certificate or proof of funds (POF) certifying that you have the balance of cash deposits with the bank is required since the letter is used to verify that the applicant who claims to have the money actually has it. We will use foreign exchange rates from Fed (https://www.federalreserve.gov/releases/h10/current/) for your currency (GBP/USD). 

Anyone tried an Interactive Broker account bank statement? It states that on a given date you have xxx.xxx USD in liquidation value. Thanks!

[wtboatr]

On 8/19/2022 at 7:13 PM, Misty said:

 

It could be a misunderstanding, or that the presenter misspoke.  It's hard for me to see how someone could be a "retiree,"  but also be granted a digital work permit.

 

Will try to get clarification on this point from the BOI directly.  And if anyone else gets clarification, please post.

Receiving a pension does not necessarily equate to one being "retired" and no longer working.  A pension benefit is just a financial benefit, usually accrued from a lifetime of savings in a private, company, or government pension plan.  In the USA, one can receive a pension and continue to work legally.  This may not be the case in other countries with socialized retirement schemes.

 

I have a friend in the USA who collects 3 pensions and is still working at 70 years of age.  He collects social security, a union pension, and a company pension.

 

The LTR presenter definitely stated during the Zoom Conference that one who obtains an LTR Visa under the wealthy retiree path is entitled to a work permit in Thailand.  This is of utmost importance to me as the work permit and the paying of taxes provides a path to PR and Citizenship. 

 

Also, the presenter did not restrict the work permit to "digital work permits".  She simply said work permit.  My assumption is that the work permit is valid for all business endeavors with the exception of protected industries such as "umbrella making" and any profession that does not impact the Thai labor market.  I could be wrong on my assumptions as our information on this program is limited.

[Misty]

4 hours ago, wtboatr said:

Receiving a pension does not necessarily equate to one being "retired" and no longer working.  A pension benefit is just a financial benefit, usually accrued from a lifetime of savings in a private, company, or government pension plan.  In the USA, one can receive a pension and continue to work legally.  This may not be the case in other countries with socialized retirement schemes.

 

I have a friend in the USA who collects 3 pensions and is still working at 70 years of age.  He collects social security, a union pension, and a company pension.

 

The LTR presenter definitely stated during the Zoom Conference that one who obtains an LTR Visa under the wealthy retiree path is entitled to a work permit in Thailand.  This is of utmost importance to me as the work permit and the paying of taxes provides a path to PR and Citizenship. 

 

Also, the presenter did not restrict the work permit to "digital work permits".  She simply said work permit.  My assumption is that the work permit is valid for all business endeavors with the exception of protected industries such as "umbrella making" and any profession that does not impact the Thai labor market.  I could be wrong on my assumptions as our information on this program is limited.

Yes, further clarification will be helpful in some areas.  If you get anything in writing, please let us know.

 

 At least 3 of the categories of the LTR visas comes with a special "digital work permit" which can be granted for periods up to 5 years and does not require 4 Thai employees per foreigner.  But it's conceivable that an LTR visa recipient could apply for a normal work permit, I suppose.  In that case would the normal rules apply - i.e., renew every year with tons of paperwork, and require 4 Thai employees.  I have that already. The digital version sounds much better to me.

 

The written Thai has been translated both as "retiree" and "pensioner".  If this category is more or less identical to the "Global Wealthy Citizen" program except for under 50s, that would be good to know. Might defeat the purpose of trying to attract investment, though.  It's hard to see why someone aged 50 or over would invest anything at all if they qualify for both and can also get a digital work permit as well, but as a retiree/pensioner.

[Northwest87]

19 hours ago, JimGant said:

Anyway, my Tricare health insurance covers me totally, so if Thailand doesn't want to honor it, then this option would work nicely to meet Thai requirements. Just hope someone realizes this option should also extend to those of us currently squirming under the OA health insurance requirement.....

 

 

I have the civilian equivalent (the so-called Foreign Service Plan) and I'm fully covered abroad; I can elect to switch every November and if I don't it gets renewed automatically into the current plan. I'm taking the plan with me in retirement and I'm wondering if that LTR 10-months remaining thingy applies to these plans. Technically, the plan doesn't end until or unless you decide to switch.  Are you under that system with Tricare?

NW

[connda]

On 7/8/2022 at 11:19 PM, CrossBones said:

I am wondering why there isnt much talk about this on this forum.

Because regardless of the marketing?  A Non-O is a simpler solution.

[Misty]

11 minutes ago, connda said:

Because regardless of the marketing?  A Non-O is a simpler solution.

Yes, definitely for some.  Unfortunately not for all.

 

[Lacrimas]

38 minutes ago, Misty said:

Yes, definitely for some.  Unfortunately not for all.

 

What is your problem with a simple Non O? the 800k in a bank? To me this whole thing is a travesty but feel free to indulge.

[pepper402]

15 minutes ago, Lacrimas said:

What is your problem with a simple Non O? the 800k in a bank? To me this whole thing is a travesty but feel free to indulge.

My incentive (and I might be looking at this incorrectly) is to be able to visit Thailand as often as I like and stay longer than 30 or 45 days if I want to without headache or bureaucracy.  

[Lacrimas]

11 minutes ago, pepper402 said:

My incentive (and I might be looking at this incorrectly) is to be able to visit Thailand as often as I like and stay longer than 30 or 45 days if I want to without headache or bureaucracy.  

If you are too young for a Non-O then I guess you have to look at the Wealthy Global Citizen or Work from Thailand professional because I guess that if you want to stay here you don't already work in Thailand. 

[mudcat]

For me there are a few advantages besides retrieving my 800K hostage account.  

 

1. I currently have OA compliant insurance, but with outpatient dropped my initial 50K application is covered after two years.  Outpatient is very expensive - dropping it receives a 20% discount over the stepped rate which really adds up as I get past 75-years old.

2. I resent immigration poking into my life and finances, I grin and bear it, but really resent it.

3. My government and U.S. Social Security combine to be in excess of $80K so the qualification and re-qualification at 5-years is simple compared to running around to banks for letters and waiting to been 'seen'.

4.  I am older and want as little to do with immigration as possible and hope that my wife can deal with the little remaining paperwork from LTR.

5. I appreciate the LTR visa functioning as the retirement is sometimes translated to 'end of life'.

 

 

[mudcat]

A further advantage I get from my limited interaction with the BoI LTR team  is that a LTR holder will be treated with respect as someone who is contributing to their country rather than someone who is treated with suspicion and contempt that many receive from Immigration officers - 

[ThailandRyan]

2 hours ago, connda said:

Because regardless of the marketing?  A Non-O is a simpler solution.

Might be simpler, but for those that can qualify as Wealthy pensioners 10 years for 50k Thb is a great deal. Plus I can remove my 800k from the bank here and invest it elsewhere. Easy to qualify for those that have the coin.

[Misty]

3 hours ago, Misty said:

Yes, definitely for some.  Unfortunately not for all.

 

 

2 hours ago, Lacrimas said:

What is your problem with a simple Non O? the 800k in a bank? To me this whole thing is a travesty but feel free to indulge.

I own and operate my own company.  I don't think I can do that with a simple Non O and Bt800k in a bank.

[Lacrimas]

19 minutes ago, Misty said:

 

I own and operate my own company.  I don't think I can do that with a simple Non O and Bt800k in a bank.

just operate it with a business extension and work permit then, what's the problem?