Thailand, known for its vibrant culture, stunning landscapes, and bustling cities, is an attractive destination for expatriates and tourists alike. The Thai government has introduced the Long-Term Resident (LTR) Visa to further cement the country’s status as a regional hub for business and living. This visa program offers numerous benefits designed to attract wealthy individuals, retirees, remote workers, and highly skilled professionals to Thailand.
What is the LTR Visa?
The LTR Visa is a special visa program aimed at attracting ‘high-potential’ individuals by offering various tax and non-tax benefits. The program’s goal is to enhance Thailand’s appeal as a destination for living and doing business. With a target of attracting one million wealthy or talented foreign residents over the next five years, the LTR Visa is a cornerstone of Thailand’s strategy to boost domestic spending, investment, and economic growth.
Privileges of the LTR Visa
- 10-Year Renewable Visa: The initial five-year visa can be extended for another five years.
- Employment Flexibility: Exemption from the usual ratio requirement of four Thai employees to one foreigner.
- Fast Track Services: Expedite immigration processes at international airports.
- Reporting and Re-entry: 90-day reporting is extended to one year, and re-entry permits are granted.
- Work Permission: Includes a digital work permit.
- Tax Benefits: A flat 17% personal income tax rate for highly skilled professionals and tax exemption on overseas income.
- One Stop Service Center: Facilitated services for visa and work permit applications.
Types of LTR Visa
There are four main categories of LTR visas, each catering to different groups of individuals:
- Wealthy Global Citizens
To qualify as a Wealthy Global Citizen, applicants must:
– Hold at least USD 1 million in assets.
– Have a minimum average annual income of USD 80,000 over the past two years.
– Invest at least USD 500,000 in Thai government bonds, companies, or property.
-Maintain a health insurance policy covering at least USD 50,000 or have a Thai bank balance of USD 100,000 for the past 12 months.
- Wealthy Pensioners
Eligible retirees must:
– Be aged 50 years or older.
– Have a minimum passive income of USD 80,000 annually.
– If income is between USD 40,000 and USD 80,000, an additional investment of USD 250,000 in Thai assets is required.
– Maintain health insurance or a Thai bank balance of USD 100,000 for the past 12 months.
- Work-from-Thailand Professionals
Remote workers must:
– Have an average annual income of at least USD 80,000 for the past two years.
– Hold a contract with a company listed on a public stock exchange or a private firm operating for at least three years with a minimum revenue of USD 150 million.
– Possess at least five years of relevant work experience.
– Maintain health insurance or a Thai bank balance of USD 100,000 for the past 12 months.
- Highly Skilled Professionals
Professionals in targeted industries (i.e. automotive, electronics, affluent tourism, agricultural and biotechnology, transportation and logistics, automation and robotics, aviation, biofuels and biochemicals, digital, medical, defense, petrochemical and chemical, international business center) must:
– Earn an average annual income of at least USD 80,000 for the past two years.
– Be employed by companies in targeted industries or have a recognized expertise.
– Possess at least five years of relevant work experience unless they hold a PhD or work for a Thai government agency.
– Maintain health insurance or a Thai bank balance of USD 100,000 for the past 12 months.
Application Process
The application process for the LTR Visa involves several steps:
- Application Submission: Register and submit the application online, including all supporting documents.
- Qualifications Endorsement: Relevant agencies review the application, a process that can take up to 20 working days.
- Visa Issuance: Once approved, applicants are notified to provide additional documents for pre-approval. After pre-approval, applicants can obtain their visa from Thai embassies or consulates, or the One Stop Service Center in Bangkok.
- Work Permit Issuance: LTR Visa holders intending to work in Thailand must apply for a work permit. The application process takes 3-5 working days.
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