The Board of Investment has officially begun accepting applications for long-term resident (LTR) visas for wealthy and high-potential foreigners who are expected to make big contributions to the economy.
The visa offers a range of tax and non-tax benefits to attract new foreign residents, technologies and talents to stay or work in the country longer.
The LTR visa is available to four categories of foreigners:
- Wealthy global citizens
- Foreign retirees (wealthy pensioners)
- Work-from-Thailand professionals
- Highly skilled professionals – having personal income of not less than US$80,000 per year, are skillful in the target industry, and have not less than five years of work experience.
Check if you qualify for the LTR (HERE)!
Use the above LTR check to determine if you qualify (it takes 2 minutes).
LTR visa holders will have privileges such as a 10-year renewable visa, fast-track service at international airports in Thailand, a one-year report to the Immigration Bureau instead of every 90 days, multiple re-entry permits, permission to work in Thailand and a 17% personal tax rate for highly skilled professionals.
The administration has set the objective of luring one million affluent or talented foreigners to the nation during the next five years.
The visa initiative could generate economic activity equivalent to about 1 trillion baht annually by way of investment and the purchase of properties by the new entrants.
While wealthy expats already had access to a “pay to stay” visa programme under the Thailand Elite Card, the new initiative will spare professionals from dealing with one-year work, retirement or marriage permits that often require multiple trips to government offices, lawyers and fixed deposits in local banks.
This new visa regime will make Thailand an attractive place to work and buy a second home for global citizens.
Obtaining work permits and visas has been the most difficult challenge for foreign investors in Thailand. LTR provides a solution to this problem.