Long term visa for Thailand
As Thailand continues to position itself as a global hub for living and doing business, the introduction of the Long-Term Resident (LTR) Visa stands out as a pivotal initiative. Aimed at attracting high-potential individuals, this 10-year visa offers a pathway for foreigners to make Thailand their long-term home, bringing with it a myriad of benefits and opportunities.
The Four Categories of LTR Visa Applicants
The LTR Visa is tailored for four distinct categories of individuals:
1.Wealthy Global Citizens: For those with assets exceeding USD 1 million, an annual income of at least USD 80,000 for the past two years, and a minimum investment of USD 500,000 in Thai government bonds, foreign direct investment, Thai property, or a combination.
2.Wealthy Pensioners: Geared towards retirees aged 50 and above with an annual pension or stable passive income. Those with a personal income ranging from USD 40,000 to USD 80,000 may also qualify with a minimum investment of USD 250,000.
3.Work-From-Thailand Professionals: Designed for remote workers of established overseas companies. An annual income of at least USD 80,000 for the past two years is required. Alternatively, applicants earning between USD 40,000 and USD 80,000 may be eligible with a Master’s degree or above, ownership of intellectual property, or Series A funding.
4.Highly-Skilled Professionals: Targeting professionals or experts in specific industries working for business entities, institutions, or government agencies in Thailand. The criteria include an annual income of at least USD 80,000 for the past two years, or between USD 40,000 and USD 80,000 with a Master’s degree or above in relevant fields.
Key Requirements and Conditions
1.Health Insurance: All applicants, regardless of category, must have health insurance with a minimum coverage of USD 50,000 or a deposit of USD 100,000 in a Thai bank account.
2.Family Inclusion: LTR Visa holders can bring up to four family members, including a legal spouse and children under the age of 20.
3.Spouses and Dependents: Legal dependents must have health insurance with at least USD 25,000 coverage. Children are eligible as dependents until the age of 20.
4.Visa Term Structure: The 10-year LTR Visa is divided into two terms of five years each. The initial permission to stay is granted for five years, extendable for an additional five years.
Application Process and Benefits
- Applicants submit their applications to the Thailand Board of Investment (BOI).
- Processing time typically ranges from 4 to 8 weeks, contingent on the strength of the application.
- LTR Visa holders under the “Highly-Skilled Professionals” category enjoy a discounted personal income tax rate of 17%.
- A digital work permit is issued simultaneously with the visa for certain categories, while others can apply after securing employment.
Recent Adjustments and Cost Reduction
In a bid to make the LTR Visa more accessible, the Thai government has halved the application fee to 50,000 Baht. This reduction is expected to attract a more diverse pool of highly skilled and qualified individuals, fostering economic growth and investment in the country.
Conclusion
As Thailand opens its doors wider to foreign residents, the LTR Visa emerges as a key enabler for a prolonged stay. Whether you are a retiree seeking tranquility, a remote worker embracing a digital nomad lifestyle, or a highly-skilled professional contributing to targeted industries, the LTR Visa offers a compelling opportunity to call Thailand home for an extended period. Keep in mind the ever-evolving nature of visa regulations, and for those considering this exciting venture, thorough research and consultation are key to a smooth and successful application process. Thailand’s Long-Term Resident Visa is not just a visa; it’s an invitation to be part of the vibrant tapestry of the Land of Smiles for years to come.