Four categories of tourists will be qualified for 10-year visas if they earn $80,000 a year and have $1 million in assets. Radhika Rao, a Singaporean economist, claimed that the pandemic altered workplace regulations and ushered in freedom of location and employment scope. Currently, nations are making an effort to profit from this by providing long-term residency with alluring incentives. We can achieve the 5-year 1 million target and 1 trillion baht domestic spending if we do this well. The program will also help Thailand promote smart devices, digital technology, and electric vehicles. With so many expats working in Thailand for extended periods of time, LTR has the longest validity duration, which satisfies a requirement. Work permits and visas, according to Vibeke Lyssand Leirvag, head of the Joint Foreign Chambers of Commerce in Thailand, have been the biggest barrier to business in Thailand over the past ten years. LTR provides a remedy.
According to Chayotid, the visa policy will result in $27 billion in annual investment and real estate purchases by new immigrants. The new approach would do away with the need for one-year work, retirement, or marriage permits, which necessitate numerous trips to local courts, attorneys’ offices, and banks. The long-term resident visa program will aid Thailand’s post-Covid-19 economic recovery, according to Duangjai Asawachintachit, secretary-general of the Board of Investment in Thailand. According to the Joint Foreign Chambers of Commerce, Thailand will become a more appealing country to live and work in thanks to the new visa policy. It has multiple entry points, a work permit, and up to four dependents are covered. The rule requiring four Thai employees for every one foreign employee will not apply to businesses employing these visas. “Host countries rely on such immigration to expand the pool of skilled workers and strengthen the economy through increased demand.”
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