To entice visitors from other countries, Thailand could modify its LTR visa

The government anticipates that the enhanced LTR visa will attract one million individuals annually, thereby bolstering the economic recovery following Covid-19. The government anticipates a windfall of 1 trillion baht. 50,000 baht is not much money. As with all lovely things, there is a catch. Foreigners are required by the Thai government to jump through hoops and mount tall obstacles. Each group must satisfy the requirements. Foreigners who wish to reside in Thailand must possess $1 million in assets and earn $80,000 annually. They must also invest $500,000 in Thai real estate or other assets. Foreign retirees and specialists are need to earn $80,000 annually. These international specialists must have five years of industry experience. Foreigners who wish to work in Thailand must earn a minimum of $80,000 per year and have worked for at least five years in firms with $150 million in revenue over the previous three years. Visa provides coverage for up to four family members, including minors. When comparing Thailand’s options to those of other nations, one cannot help but conclude that the Thai government must work harder and lower the bar or risk losing potential residents to countries with superior packages. This month, the Philippines introduced the Special Investors Resident Visa (SIRV), which grants permanent residency to foreign investors who invest at least $75,000 USD. In contrast to Thailand, foreign investors in the Philippines are promptly granted residency. SIRV holders, their spouses, and their children may enter and exit the Philippines indefinitely.

Others? Cambodia’s Cambodia My Second Home visa grants citizenship to investors who invest $100,000. The applicant must make an investment with the Khmer Home Charity Association. The visa and Thai LTR permit employment. The 20-year Premium Visa in Malaysia costs $220,000. Malaysia My Second Home is available to anyone over 35 with financial assets of $320,000 and a monthly income of $8,600. In January 2019, Singapore will adopt the ONE Pass, a five-year visa program. Applicants must have a stable income of at least 700,000 baht per month and have worked abroad for at least one year. Those with outstanding accomplishments in the arts and culture, sports, science and technology, and education and research are eligible for the ONE Pass even if they do not meet the salary criterion.

Thailand is certain that its improved LTR visa would attract wealthy foreigners despite other nations’ more alluring offers. On September 1, Thailand issued an updated LTR visa, joining Cambodia, Singapore, Malaysia, and the Philippines. To lure international professionals, wealthy people, retirees, and laborers, the Thai government reduced the cost of a 10-year LTR visa from 100,000 baht to 50,000 baht.