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Will the LTR visa’s benefits tempt foreigners to contribute to the economy?

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The government expects the LTR visa to generate 1 trillion baht in annual earnings from wealthy expats investing, purchasing real estate, and spending money in the nation, despite its limited target market. Given that tourism accounts for at least 12% of Thailand’s GDP, the government anticipates that affluent expats will propel 4.2% economic development in 2019. The 10-year long-term resident visa went into effect on Thursday with the intention of turning tourists into expats by providing benefits and tax incentives. They have stated that they only want wealthy foreigners to use the LTR visa and relocate to Thailand. In addition to a yearly immigration check-in, numerous re-entry permits, a 10-year renewable visa, the opportunity to work in Thailand while holding the visa, a 17% tax rate, and fast track options at international airports, the program also includes a yearly immigration check-in. The new LTR visa, in the opinion of the government, will draw sufficient knowledge to propel Thailand to the forefront of emerging markets including electric vehicles, digital technology, and smart products. A person who falls under one of these four categories may apply for a visa for their spouse, up to four dependents per LTR visa, as well as children under the age of 20. According to an advisor to the prime minister, the government presented the initial concepts for this visa a year ago and intends to entice at least one million wealthy and highly skilled expats to Thailand over the following five years.

The new visa is available to four people. It is first and foremost for retirees over 50 with a sizable pension or steady high-income. Next, those who have made a $1 million investment in the kingdom. Third, remote digital nomads working for reputable companies will be qualified for the LTR visa. Thailand is looking for qualified candidates to fill positions at training facilities, research facilities, universities, businesses, and governmental organizations. A one-stop visa option for 5-20 years is Thailand Elite.

One Comment

  1. Cheap Charlie. September 10, 2022

    Wow the Thai government really know how to belittle us expats who’ve contributed to the Thai economy for years!! As a result of our incomes into Thailand over the years 25% of money held in Thai banks belongs to… expats.
    Not rich , not wealthy, but never the less we have contributed trillions into their economy… and we are left with difficulties getting YEARLY visa renewals which I will add is a pain in the ass. And they make it that way.

    Thanks Prayut for the recognition that we are not really welcome unless we are pound or US millionaires… again… wow … I’m totally lost for words!!!

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