BOI Seeks Private Businesses to Promote LTR Visa Program

[snoop1130]

 

BANGKOK (NNT) - The Board of Investment (BoI) is looking to enlist private firms to promote the Long-Term Resident (LTR) visa program aimed at wealthy pensioners and skilled foreign workers.

 

BoI Secretary-General Narit Therdsteerasukdi said these companies will work with government authorities to promote the initiative both locally and internationally to attract more prospective participants. He added that the move is part of efforts to draw more applications for the 10-year visas introduced in 2022.

 

The LTR visa program, which provides tax breaks and other financial incentives, is aimed at helping to attract one million applicants over the next five years. As of September 2022, about 2,800 foreigners have applied for visas. Pensioners accounted for 35% of applicants, followed by experienced professionals wishing to work remotely from Thailand and wealthy global individuals.

 

Collaborating with private firms to promote the program locally and globally also presents an opportunity for Thailand to increase its foreign investment and attract skilled professionals, along with high-net-worth individuals. The effectiveness of this campaign could represent a potential step towards strengthening the economy and making Thailand a more appealing destination for foreign investment.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230227103516870

 

-- © Copyright NNT 2023-02-27

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

[ThailandRyan]

I wonder what percentage of the pensioners converted from a Non-Imm O or O-A from within the country.  I know I did, as it made sense overall as far as the actual out of pocket costs, which included a ME re-entry permit for the 10 years as well as using the fast track service at the airport.  Only need to report once a year as well, and that also resets if you go and come......hopefully more will apply.  Two friends from the US are contemplating it right now. I applied when they first opened up the program and by Oct 6th I had the 10 year Visa, with the first 5 years stamped into my passport here in BKK at the BOI Immigration.  Many will say its a waste, but if you look at not having to do an annual extension of stay and traveling to the I/O, while also keeping 800K locked in the bank it is a win win, of course you have to be able to qualify.

[webfact]

Thailand’s Long Term Visa has very few take ups and needs a rethink

 

The Thai LTR (Long Term Residency) visa was introduced in September 2022, but the Board of Investment is currently looking for international investment firms to promote more golden eggs to be laid by wealthy foreigners. There are issues to solve.

 

Although Thailand promotes its version of LTR, other nations discontinue theirs. Because immigrants, particularly Chinese and Russians, have been utilizing their resident permits to purchase up desirable houses, causing inflation and making it impossible for less fortunate citizens to go on the property ladder, Portugal and Ireland recently cancelled their 10-year options.

The same sell-out accusations were voiced in Thailand last year, forcing the government to scrap any plans to let wealthy foreigners to purchase freehold homes or property in November. Only condominiums are permitted.

 

Alarm bells have also been sounding in Britain, where last year’s 2 million pound cash-LTR was canceled due to worries that Russian oligarchs and investment exiles were acquiring property in London.

 

Full story: https://bangkokone.news/thailands-long-term-visa-has-very-few-take-ups-and-needs-a-rethink/

 

-- © Copyright BANGKOK ONE NEWS 2023-02-28

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

[ukrules]

45 minutes ago, webfact said:

Russian oligarchs and investment exiles were acquiring property in London.

Anyone can buy anything they want in the UK, there's no limits and nobody cares.

 

You don't have to step foot in the country to do it either.

 

I read about a case involving an ex politician who bought/sold a property which was owned by a company in the Virgin Islands, the transaction was completed by selling the holding company so no stamp duty payment was required, caused quite the scandal a while back.

 

It's a free for all and always will be. Maybe they want to keep the Russians out but they definitely want their money.

 

Ah yes, I looked it up - it was Tony Blair and a 6.5 million pound office building owned by a Bahraini Minister  through a British Virgin Islands company, lol - they're all at it. Why would they ever stop it?

Edited February 27, 2023 by ukrules

[4MyEgo]

Said it was a waste of $'s from the outset, 2,800 applicants.....LOL, that said, do they know 20k baht a year gets you a one year extension with no trips to the IO, and those applying don't need 800k in the bank.....LOL

 

I'm not on the above extension, but Just saying.

 

[Srikcir]

1 hour ago, ukrules said:

Anyone can buy anything they want in the UK, there's no limits and nobody cares.

 

You don't have to step foot in the country to do it either.

 

I read about a case involving an ex politician who bought/sold a property which was owned by a company in the Virgin Islands, the transaction was completed by selling the holding company so no stamp duty payment was required, caused quite the scandal a while back.

 

It's a free for all and always will be. Maybe they want to keep the Russians out but they definitely want their money.

 

Ah yes, I looked it up - it was Tony Blair and a 6.5 million pound office building owned by a Bahraini Minister  through a British Virgin Islands company, lol - they're all at it. Why would they ever stop it?

Same purchase freedom in the USA unless it can be proven in court that funds used came from illegal sources., ie. money laundering. With current sanctions on Russia, scrutiny of real estate purchases in the US by Russian oligarchs is likely. But otherwise no seller can discriminate according to nationality. 

[ikke1959]

Review the old ancient laws, and let people really be a part of the community without being forced to go to office for 90 days, adressconfirmations, etc etc...Volunteerwork should be possible,   n double pricings etc etc.....

[Andycoops]

Complete and utter clap trap again from these Muppets who are completely clueless when it comes to these schemes.

Every single one has failed but do they learn, no because Thailand is the world hub of no one fails..

 

[RichardColeman]

I bring over to Thailand via wise about 60,000 baht a month - or 720,000 a year. You would think that they would come up with some form of valid 10 years visa for family men that are using over seven million in 10 years in Thailand.

 

They are aiming too high and at the wrong people.

[Bangkok Barry]

They just don't get it, do they. They always believe that Thailand is the best place in the world to be and everyone should be be clamouring to stay there - at a cost, of course. Apart from the internet, almost none of the infrastructure is world-class, and anyone who spends 10 minutes on Google will know that the government and anyone in a uniform can't be trusted. There are plenty of alternatives for people.

[ThailandRyan]

1 hour ago, 4MyEgo said:

Said it was a waste of $'s from the outset, 2,800 applicants.....LOL, that said, do they know 20k baht a year gets you a one year extension with no trips to the IO, and those applying don't need 800k in the bank.....LOL

 

I'm not on the above extension, but Just saying.

 

So at 5k Thb a year for the 10 years, total of 50k Thb which includes a multiple re-entry permit, which is less than one would spend for an annual extension of stay with a re-entry permit for the same time frame, plus no driving to immigration every year and wasting your money by having it sitting idly in the bank, tell me how that's a waste of money for a pensioner that travels.  Plus instead of 90 days it's a once a year report, so again it's a win win for me.  I was spending 5700 baht a year on my OA extension of stay, so I am saving 7k Thb and moved my 800k money from my Thai bank back into an account in the US making 4% interest.

Edited February 28, 2023 by ThailandRyan

[zzaa09]

44 minutes ago, RichardColeman said:

I bring over to Thailand via wise about 60,000 baht a month - or 720,000 a year. You would think that they would come up with some form of valid 10 years visa for family men that are using over seven million in 10 years in Thailand.

 

They are aiming too high and at the wrong people.

Should this surprise you, knowing how they historically do things. 

Clusterphuck comes to mind.

[LivinLOS]

Allow online professionals who do not work for listed >150mil turnover giant corporations. 
Set a clean (high) min wage of funds imported and tax required. 
Let that tax and work permit contribute to citizenship process. 

You will get 1000s of signups, 'free' tax revenue, have younger working professionals with actual spending power. 

[LivinLOS]

1 hour ago, RichardColeman said:

I bring over to Thailand via wise about 60,000 baht a month - or 720,000 a year. You would think that they would come up with some form of valid 10 years visa for family men that are using over seven million in 10 years in Thailand.

 

They are aiming too high and at the wrong people.

LOL.. You think they care about 60k monthly retirees ?? 

[LivinLOS]

3 hours ago, ukrules said:

You don't have to step foot in the country to do it either.

Recently needed a new business account.. Downloaded an app to my phone, 30 seconds of verification.. Business account (even easier to get a personal one). All from Thailand. 

I also recently opened a new Thai bank account.. In a bank I already hold a safe deposit box... Multi decade resident with yellow books etc.. No we want your marriage certs.. No go get a residence proof (but my yellow book).. When I got it all next person didn't want to see it.. Must have signed 20 pages to get a account, ATM card and online banking.. 2 visits, outside proofs and purchased items, and then at least 45 minutes sitting there while they shuffled papers.. Filed this.. Scanned that...  Thailand 4.0 ! 

[itsari]

9 minutes ago, LivinLOS said:

LOL.. You think they care about 60k monthly retirees ?? 

Perhaps Thailand should look at  how Toyota makes more money than Mercedes Benz 

[LivinLOS]

3 minutes ago, itsari said:

Perhaps Thailand should look at  how Toyota makes more money than Mercedes Benz 

They want less people spending more not more spending less.. 

All the nice perks are for the wealthy or high earners.. So it will always be. 60k a month is mia noi salary to those who make these decisions. 

[itsari]

3 minutes ago, LivinLOS said:

They want less people spending more not more spending less.. 

All the nice perks are for the wealthy or high earners.. So it will always be. 60k a month is mia noi salary to those who make these decisions. 

More spending by people with less creates more wealth . That is the  reason why the US became the largest consumer in the world 

[sandyf]

46 minutes ago, zzaa09 said:

Should this surprise you, knowing how they historically do things. 

Clusterphuck comes to mind.

But people are more than happy with the way things are done in Thailand, when it suits.

Hypocrites or what.

[NorthernRyland]

17 minutes ago, LivinLOS said:

They want less people spending more not more spending less.. 

But they're never going to get that. If wealthy people actually wanted to come here they would meet those requirements and have come already. Problem is they would rather be in some developed country with clean air and safe streets.

[Karma80]

The problem with it is the design. Because the work from Thailand remote criteria is so badly drawn up and ignores modern cross-border employment standards, you're effectively left with retirement and straight-out buy property investors in the main. So it actively encourages that, rather than people who would make their homes whilst working here.

 

 

 

[NorthernRyland]

3 hours ago, ukrules said:

Anyone can buy anything they want in the UK, there's no limits and nobody cares.

 

It's just as bad if not worse in the colonies across the pond. The government has zero regard whatsoever for young people trying to start their life. They'd rather let you sleep on the street than prevent random foreign investors from outbidding you on homes in the town you grew up in.

[NorthernRyland]

14 hours ago, ThailandRyan said:

I know I did, as it made sense overall as far as the actual out of pocket costs, which included a ME re-entry permit for the 10 years as well as using the fast track service at the airport

You're forgetting to mention the requirements. Wasn't it like 1 million USD in assets and earning 80k/year for a company grossing some huge amount of money? People that are considering leaving everything to move to SE Asia don't have that kind of money and thus they only got 2800 applicants, just as many of us predicated. 

[4MyEgo]

1 hour ago, ThailandRyan said:

So at 5k Thb a year for the 10 years, total of 50k Thb which includes a multiple re-entry permit, which is less than one would spend for an annual extension of stay with a re-entry permit for the same time frame, plus no driving to immigration every year and wasting your money by having it sitting idly in the bank, tell me how that's a waste of money for a pensioner that travels.  Plus instead of 90 days it's a once a year report, so again it's a win win for me.  I was spending 5700 baht a year on my OA extension of stay, so I am saving 7k Thb and moved my 800k money from my Thai bank back into an account in the US making 4% interest.

This was not designed for you or others living here, it was designed to attract foreigners not living here, however, as you fit the criteria and find it suitable to your needs, then all and good for you.

 

What you have to look at is it's intention, i.e. to attract foreigners not living here, you on the other hand are already here, which in my opinion, it's design has failed, as it only attracted you who is already living here.

 

How many of the 35% do you think are living here already, I know a bloke who also applied for it as he travels abroad a few times a year, so that's 2 so far.

 

If they want to attract high enders, they have to come up with better ideas than that, example, land ownership would be a major incentive, who knows, I would probably end up buying some land in a tourist area, meaning I would qualify to get this visa, regardless of me not using the multi entry permit as I only go abroad once every 2-3 years.

 

 

[ChrisKC]

1 hour ago, LivinLOS said:

LOL.. You think they care about 60k monthly retirees ?? 

Why shouldn't they with thousands upon thousands of them here already? 

[LivinLOS]

9 minutes ago, ChrisKC said:

Why shouldn't they with thousands upon thousands of them here already? 

Because it's poverty level. It's not even retirement extension qualifying. 

 

I can only imagine the howls next time they raise the requirements. I remember when it went from 200 to 800. Just wait for it to reset to 1.5mil on deposit. Been a very long time at 800, inflation has doubled cost of living since then.

[ThailandRyan]

1 hour ago, NorthernRyland said:

You're forgetting to mention the requirements. Wasn't it like 1 million USD in assets and earning 80k/year for a company grossing some huge amount of money? People that are considering leaving everything to move to SE Asia don't have that kind of money and thus they only got 2800 applicants, just as many of us predicated. 

Nope, for my LTRWP visa i just had to show I had an annual pension of 80k USD or more, as well as a Health Insurance policy which met the requirements.  After they reviewed my documents I was approved and had the LTR-P, or wealthy pensioner Visa.  I was verified and approved and only then did I pay my 50K Thb for the visa when I was stamped into my passport.

Edited February 28, 2023 by ThailandRyan

[NorthernRyland]

5 minutes ago, ThailandRyan said:

Nope, for my LTRWP visa i just had to show I had an annual pension of 80k USD or more, as well as a Health Insurance policy which met the requirements.  After they reviewed my documents I was approved and had the LTR-P, or wealthy pensioner Visa.  I was verified and approved and only then did I pay my 50K Thb for the visa when I was stamped into my passport.

With your pension you could afford to live in most places in the world so you're in a tiny minority right?

 

I think there was a steep gross revenue requirement and number of employees for businesses. Not even 200k THB/month income is enough for these people, they want the company to be large also.

 

Anyways the point still stands, this visa wasn't targeted at people who actually can or are willing to live in Thailand and it failed accordingly. The people writing these laws don't live in the real Thailand and so they have no idea what they're actually selling and how to price it.

[ThailandRyan]

11 minutes ago, NorthernRyland said:

With your pension you could afford to live in most places in the world so you're in a tiny minority right?

 

I think there was a steep gross revenue requirement and number of employees for businesses. Not even 200k THB/month income is enough for these people, they want the company to be large also.

 

Anyways the point still stands, this visa wasn't targeted at people who actually can or are willing to live in Thailand and it failed accordingly. The people writing these laws don't live in the real Thailand and so they have no idea what they're actually selling and how to price it.

Failed is a big word. I might be in the minority as far as my monetary value, yet there are many like me who live in Thailand and travel. Why buy an Elite Visa when this one does the job at a fraction of the cost, and with the savings gives more to spend in the country and elsewhere.  For those that can afford the visa or who don't work for a bigger company with the assets then there are other visas.  Folks like you are never happy when they roll out something which you are not able to obtain and then you call it a failure. True they may never reach the Intended goal but so be it. The Thai Elite Visa did not gain the traction they thought it would and neither did the SMART Visa, yet people still have them.

 

The LTR visa has 5 different categories and so saying that the "visa wasn't targeted at people who actually can or are willing to live in Thailand and it failed accordingly"  as you posted is incorrect.

Edited February 28, 2023 by ThailandRyan

[NorthernRyland]

3 minutes ago, ThailandRyan said:

The LTR visa has 5 different categories and so saying that the "visa wasn't targeted at people who actually can or are willing to live in Thailand and it failed accordingly"  as you posted is incorrect.

They got 2800 people in 12 months and that's not a failure? They say it needs a rethink even.

 

Just did a quick Google and they say the average pension in the UK is  £15,080. Quick calculations say at 80k USD you're making 4x the average of the UK. So fair enough this targets wealthy people but guess what, only 2800 showed up.

 

That's my point, wealthy people don't want to live in Thailand and the facts prove it.