Will Thailand’s Long Term Resident Visa work for you?

[webfact]

 

By Editor

 

At the March meeting of the Royal Coast Riviera Club, Mr. Luca Bernardinetti, CEO of Mahanakorn Partners Group, a company that specialises in visas for Thailand, presented a detailed description of the advantages, requirements and process related to Thailand’s recently introduced long-term resident (LTR) visa.

 

Almost 3,000 wealthy and/or skilled foreigners have applied for the LTR in the first four months, says government spokeswoman Traisulee Taisaranakul.  Traisulee said 2,920 foreigners had applied for LTR visas from the Board of Investment (BOI) between November 1 and February 28 this year.

 

The program authorises foreigners to remain in the country for up to ten years and a total of four dependents may be granted a visa as well, including a spouse and children under the age of 20.

 

The ten year LTR visa was introduced on November 1st last year to attract foreign talent and multinational firms to Thailand.  At the time it was anticipated that this initiative would attract 1 million new foreign residents over the first five years.  Although at the current rate of applications, it seems highly unlikely that forecast will be attained.

 

Of those who have applied, 195 are wealthy people, 1,011 are retirees, 771 are people who want to work in Thailand, 390 are skilled individuals, and 553 are dependants. The top three sources of applications were Europe (940 people), followed by the US (517) and China (325).

 

LTR visa holders enjoy several privileges. Holders are not required to report to Thai immigration authorities every 90 days and enjoy duty-free tax exemption. Additionally, long-term residents benefit from modified laws and regulations regarding working and foreigner-owned land in Thailand.

 

High-potential foreigners are placed into four applicant groups: wealthy global citizens, wealthy retirees, Work-from-Thailand Professionals, and highly skilled workers.

 

● Wealthy Global Citizen (LTR-W): Wealthy individuals holding at least USD 1 million in assets

● Wealthy Pensioner (LTR-P): Retirees aged 50 years and older who have an annual pension or stable income

● Work-from-Thailand Professional (LTR-T): Remote workers working for well-established overseas companies

● Highly-skilled Professional (LTR-H):  Professionals or experts in targeted industries working for business entities or higher education institutes or research centres in Thailand or Thai Government agencies

Additionally, the Dependants (LTR-O) visa refers to the spouse and children (under 20 years of age) of LTR visa holders (maximum 4 dependants per LTR visa holder).

 

Successfully applying for an LTR involves numerous steps and meeting multiple requirements.  It will take time, typically not less than 18 months, to prove the requirements are met, submit the necessary documentation and the go through a final review before an approval is obtained.

 

 

The documents required for each type of LTR visa vary and even within the same category, are considered on a case-by-case basis.   Across the country multiple seminars continue to be offered by immigration and visa consultants, typically recommending that receiving expert advice and support is the way to go, although self-managed applications have been successful.

 

Official Information Source: 

 

Expatriate Services Division, One Stop Service Center of Visa and Work Permit (OSS)

18th Floor, Chamchuri Square Building, Phayathai Road, Pathumwan, Bangkok 10330

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

Tel: +66 2209 1100 ext.1109-1110, E-mail: [email protected]

 

Source: https://royalcoastreview.com/2023/03/will-thailands-long-term-resident-visa-work-for-you/

 

-- © Copyright Royal Coast Review 2023-03-13

 

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[Bim Smith]

18 months for the approval process. I am surprised that many applied. Of course not all will be accepted either. What a waste of time.

[ExpatInCM]

Going to the "Official Website: https://ltr.boi.go.th/" link to learn more yields this message:

 

HTTP Error 503. The service is unavailable.

[Crossy]

1 minute ago, ExpatInCM said:

Going to the "Official Website: https://ltr.boi.go.th/" link to learn more yields this message:

 

HTTP Error 503. The service is unavailable.

 

Yup, great minds think alike, you beat me by 1 minute.

 

Pretty typical really ???? 

[Phil1964]

Another load of government <deleted> and spin. 1 million will use this route! Who dreams up these fantasy numbers in Thailand? 18 months application process to go live in a corrupt operation.

 

[Pdib]

“It will take time, typically not less than 18 months, to prove the requirements are met, submit the necessary documentation and the go through a final review before an approval is obtained.”

 

In my case (LTR-P) the entire process took all of three weeks from the date of submission of my application and all the documents until I had the 10 year LTR visa stamp in my passport.

[gk10012001]

1.  So the US embassy or Thai officials or some contracted company can't or won't check or verify a US citizen's income verification for the old income affidavit of only 2,000 USD a month but they are going to peek and poke for 1,000,000 USD in USA assets?

 

2.  18 months process?

 

3.  ● Wealthy Pensioner (LTR-P): Retirees aged 50 years and older who have.

an annual pension or stable income

 

How large a pension is needed?  would USA social security of $40,000 a year satisfy that?

[gk10012001]

If somebody met the listed requirements, it seems like the Thai Elite Visa would be a decent option also, and with few if any strings attached.  The eliminating the annoying and silly 90 day reporting would be nice, but the Elite folks in general will handle that as long as you are in a few cities and locales in Thailand.  And at the moment the Elite visas don't have any health insurance requirements.  Just some details to consider

[gk10012001]

Sorry but looking into the details it seems like a possible money grab.  50,000 baht application fee to start with.    Various Thai health insurance requirements.

 

For High-income Foreign Retirees:

Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.

High earners must have proof of personal income of at least USD 80,000 annually at the time of application

In case of having personal income only between USD 40,000 to USD 80,000/ year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct invest or Thai property

 

https://www.thaiembassy.com/thailand-visa/thailand-long-term-resident-ltr-visa

[spidermike007]

More hubris from the goons, who are constantly over estimating Thailand's appeal to the wealthy. Bangkok is not Monte Carlo. The wealthy have alot of options, and are less tolerant of nonsense. The goons just do not get it, and one would think only 195 applications from wealthy expats would amply demonstrate the lack of interest in the program. Many nations compete for these people and make the process far simpler. 

[ThailandRyan]

1 hour ago, Pdib said:

“It will take time, typically not less than 18 months, to prove the requirements are met, submit the necessary documentation and the go through a final review before an approval is obtained.”

 

In my case (LTR-P) the entire process took all of three weeks from the date of submission of my application and all the documents until I had the 10 year LTR visa stamp in my passport.

Yes the starting date of the program was September 1st not November 1st and the initial processing time was 20 days. Took me from September 2nd to October 6th when I had it stamped and in my passport. The 18 months is also wrong. Whomever wrote the OP got some wrong info.....

[ThailandRyan]

1 hour ago, gk10012001 said:

If somebody met the listed requirements, it seems like the Thai Elite Visa would be a decent option also, and with few if any strings attached.  The eliminating the annoying and silly 90 day reporting would be nice, but the Elite folks in general will handle that as long as you are in a few cities and locales in Thailand.  And at the moment the Elite visas don't have any health insurance requirements.  Just some details to consider

50k Thb versus 600K Th  up to 2 MThb to co sider as well....better value fir tge LTR if you qualify and you don't pay until its approved and then you pay the day they affix your visa to your passport,  for those that apply here in Thailand.

[thailand49]

First hand you can hand a nice brown envelope to the right hand.

[ThailandRyan]

1 hour ago, gk10012001 said:

Sorry but looking into the details it seems like a possible money grab.  50,000 baht application fee to start with.    Various Thai health insurance requirements.

 

For High-income Foreign Retirees:

Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.

High earners must have proof of personal income of at least USD 80,000 annually at the time of application

In case of having personal income only between USD 40,000 to USD 80,000/ year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct invest or Thai property

 

https://www.thaiembassy.com/thailand-visa/thailand-long-term-resident-ltr-visa

The 50k Thb is the fee for the entire 10 year visa, nothing more to be paid. Of course you need health insurance but your home health insurance does meet the requirements  much like Tri-care for those Vets from the US. 

 

Folks, there are no extra fees needed unless you want a work permit and then that's 3k a year.

[JCCR6]

From my understanding it’s still cancelled if you change jobs, but can’t find any solid answers on this. 

[SiSePuede419]

Yes!

 

If I was wealthy ????

[Andycoops]

Too many hoops to jump through and the financial requirements are out of touch with the real world, as well as no guarantee of actually being successful.

People with that sort of money must be desperate to wait 18 months to get an approval or not. 

[ThailandRyan]

1 minute ago, Andycoops said:

Too many hoops to jump through and the financial requirements are out of touch with the real world, as well as no guarantee of actually being successful.

People with that sort of money must be desperate to wait 18 months to get an approval or not. 

The OP is wrong, doesn't take 18 months, and really not that many hoops for a Pensioner if you qualify.

[zzaa09]

They sure do promote these things as if it's something extraordinary.

It's not.

[riverhigh]

Absolute rubbish, AGAIN. Did I read correctly, at least 18 months for a crappy visa. For 18 months there should be Thai citizenship or at least a permanent residence certificate. More nonsense from the delusional Thai hi-sos. 

[RichardColeman]

They seem to be addressing every single visa variant possible, other than the one 99.99% of this forum want 

[F Groenen]

My LTR visa was issued within 2 months.

For the LTR-Work from Thailand visa;
 - No WP is issued, work is allowed without WP, as long as do not interact with any Thai company.
 - Under existing tax agreements, there is a tax liability for your employer. This must be removed, otherwise the visa is useless. Still waiting for clarification from BOI on this.

[F Groenen]

55 minutes ago, JCCR6 said:

From my understanding it’s still cancelled if you change jobs, but can’t find any solid answers on this. 

No clarity on this. The annual check with immigration supposedly only validate your residence and health insurance. Keep quiet about change of employer and keep the visa.

The LTR visa is renewed after 5 years. One would expect that your employment is validated at that time.

There are no refunds of the visa fee's, so if it is cancelled after 5 years, you paid 10,000 THB per year. Still not bad.

[Pedrogaz]

1 hour ago, thailand49 said:

First hand you can hand a nice brown envelope to the right hand.

Hey the old (worn out) brown envelope joke. Give it a rest won't ya? It's not even funny and I've heard it 50000 times at least.

[BE88]

3 hours ago, ExpatInCM said:

Going to the "Official Website: https://ltr.boi.go.th/" link to learn more yields this message:

 

HTTP Error 503. The service is unavailable.

It means nobody works in that office, just one day every 180 days????

 

[wealthychef]

4 hours ago, Bim Smith said:

18 months for the approval process. I am surprised that many applied. Of course not all will be accepted either. What a waste of time.

I would expect this is mostly corporate employees who spend money like it's nothing, or wealthy people that just are looking for a bit more convenience at any cost.  No normal person is going to do this and I assume that's by design.  

[sqwakvfr]

3 hours ago, gk10012001 said:

1.  So the US embassy or Thai officials or some contracted company can't or won't check or verify a US citizen's income verification for the old income affidavit of only 2,000 USD a month but they are going to peek and poke for 1,000,000 USD in USA assets?

 

2.  18 months process?

 

3.  ● Wealthy Pensioner (LTR-P): Retirees aged 50 years and older who have.

an annual pension or stable income

 

How large a pension is needed?  would USA social security of $40,000 a year satisfy that?

No.  This scheme ("Wealthy Pensioner") requires at least $80,000 income per year and I believe at least $250,000 in liquid assets.  If I made $80,000 in my pension Thailand would never be on my radar.  The other requirement is health insurance.  For my future visa possibilities the 5 year Elite Visa at 600,000 Baht($17,000+) seems like a more clear and minimal BS route.  It is a lot of money but the application process for the Elite seems like less of a hassle and less BS.

[Freddy42OZ]

4 hours ago, Bim Smith said:

18 months for the approval process. I am surprised that many applied. Of course not all will be accepted either. What a waste of time.

Not a waste of time for some people.  In 8 years my step-daughter won't be able to stay in Thailand as my dependent because she'll be 21.  At that point I would happily invest 1 million USD for her to be able to stay (assuming she was). 

The rule that kids cannot be dependents after they turn 21 is terrible as it means kids who've grown up here and no know other country have to leave not only Thailand but their home and their parents!

[ThailandRyan]

26 minutes ago, sqwakvfr said:

No.  This scheme ("Wealthy Pensioner") requires at least $80,000 income per year and I believe at least $250,000 in liquid assets.  If I made $80,000 in my pension Thailand would never be on my radar.  The other requirement is health insurance.  For my future visa possibilities the 5 year Elite Visa at 600,000 Baht($17,000+) seems like a more clear and minimal BS route.  It is a lot of money but the application process for the Elite seems like less of a hassle and less BS.

No liquid assets required for the Wealthy Pensioner...just your 80K USD annual pension and a insurance policy nothing more.

[JackGats]

I meet the requirements as a pensioner, but as with covid, the requirements regarding heath insurance are childish. I have worldwide coverage until I pass away, but I don't see my health insurance certifying my coverage is "at least 50k USD". Do the Thais understand how health insurance policies work? I get a percentage refund which differs according to the nature of the expense (dental, medications, vaccines, doctors fees, hospital, operation, ...).  The percentage may be as high as 100% and the total refund in one year may be turn out above 50 USD should I be seriously ill or have an accident. But there's no way my insurance is going to certify "we shall pay 50k USD on demand to any Thai hospital that needs the money". It simply doesn't work that way.

 

Does it say whether you recoup the application fee if you get rejected?