Thailand, one of the world’s most important tourist destinations in Asia, is home to multinational corporations from all over the world. The country has launched a 10-year LTR (Long Term Resident) visa for expatriates with “high potential” and professionals who can work from anyplace starting from 1st of September 2022 . The objective is to make the nation more appealing as a regional hub for living and conducting business.
The new visa scheme is projected to attract expatriates with new skills, technologies, and residents who will increase domestic investment and expenditure while promoting economic growth. This program offers a variety of tax and non-tax benefits which will make the process of hiring foreigners easier and in the long term will strengthen the private business sector of Thailand.
The goal is to attract one million wealthy or skilled foreigners to the country in the next five years.
Based on Thailand Board of Investment;
The privileges offered to LTR Visa Holders:
- 10 years renewable visa. (Permission will be granted to stay in Thailand the first time for five years which can be extended for 5 more years if qualifications are met.)
- Exemption from 4 Thais to 1 foreigner employment requirement ratio.
- Fast Track Service at International Airports in Thailand.
- 90-day report extended to 1-year report and exemption of re-entry permit.
- Multiple re-entry permits.
- Permission to work in Thailand (Digital Work permit).
- 17% Personal income tax for Highly-skilled professionals.
- Tax exemption for overseas income.
- Immigration and work permit facilitation services at One Stop Service Center for Visa and Work Permit
Long Term Resident visas will be offered to four categories of foreigners: Wealthy Global Citizens, Wealthy Pensioners, Work-from-Thailand Professionals, and Highly-skilled Professions. Spouses and dependents of LTR visa holders will be qualified for the same visas.
Wealthy Global Citizens
- At least USD 1 million in assets
- Personal income of a minimum USD 80,000/year for the past two years
- Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property
- Health Insurance with at least USD50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit.
Wealthy Pensioners (Retirees aged 50 years and older who have an annual pension or stable income)
- Personal income at least USD 80,000/year at the time of application
- In case of personal income below USD 80,000/year but no less than USD 40,000/year, applicants must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai Property.
- Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit.
Work from Thailand Professional (Remote workers working for well-established overseas companies)
- Personal income of a minimum of USD 80,000/year in the past two years
- In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years, applicants must have a Master’s degree or above or own intellectual property or receive Series A funding
- Public company on a stock exchange or; Private company in operation for at least three years with combined revenue of at least USD 150 million in the last three years.
- At least 5 years of work experience in the relevant fields of the current employment over the past 10 years
- Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit
Highly Skilled Professional (Remote workers working for well-established overseas companies)
- Personal income of a minimum of USD 80,000/year in the past two years
- In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years or before retirement, applicants must have a Master’s degree or above in Science and Technology or special expertise relevant to the job assignment in Thailand.
- No minimum personal income for professionals working for Thai government agencies.
- Business in any targeted industries
- Higher education institution, research institution, specialized training institution, or Thai government agency
- At least 5 years of work experience in the targeted industries except for applicants with a PhD or above in the relevant fields of the targeted industries or applicants working for Thai government agencies
- Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit
Spouses and dependents (Spouse and Children under 20 years old of LTR Visa Holders (Maximum 4 dependents in total per one LTR Visa Holder)
- Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 25,000 deposit
- Must be the legal dependants (spouse and children). (Same-sex marriage or partnerships are not yet currently recognized by the law of Thailand)
Those who are looking for a long term residence in Thailand should not drop this opportunity.
Thailand, a destination of choice for vacation, working or living a happy and peaceful retirement.
For more information on Property investment and Health Insurance in Thailand, send FiddAsia Advisory Ltd. an email at contact@fiddasia.com to explore more alternatives . We guide you in your choice !
Sources: itr.boi.go.th
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