Bubble Language School

a passport and a compass

The Long Term Resident Visa in Thailand

/ The Bubble Language School News / By

Introduction

Thailand is rolling out an enticing new visa known as the “Long-Term Resident (LTR) Visa”. The program is designed to lure high-potential individuals from around the globe by offering numerous tax and non-tax benefits, solidifying Thailand’s position as an attractive hub for both living and conducting business.

Today, the country is home to multinational corporations spanning various industries and is a premier tourist hotspot in Asia. The LTR Visa program is an innovative addition to these existing strengths, aimed at attracting foreign residents, novel technologies, and diverse talents. This is expected to stimulate domestic spending, promote investment, and bolster economic growth. The Thai government has set an ambitious target of attracting one million wealthy or talented foreign residents over the next five years, with the new visa playing a crucial role in this initiative.

Privileges Offered to LTR Visa Holders

The LTR Visa comes with an array of privileges:

  1. A renewable 10-year visa, initially granted for five years and extendable for another five years subject to qualifying conditions.
  2. An exemption from the conventional employment requirement ratio of four Thai nationals to one foreigner.
  3. Fast Track Service at international airports within Thailand.
  4. An extension of the 90-day report to a 1-year report, along with an exemption of re-entry permit.
  5. A multiple re-entry permit.
  6. Permission to work in Thailand via a digital work permit.
  7. A 17% personal income tax rate for highly-skilled professionals.
  8. Tax exemption for income earned overseas.
  9. Simplified immigration and work permit services at the One Stop Service Center for Visa and Work Permit.

Types of LTR Visa

The LTR Visa targets four specific categories of individuals, which are Wealthy Global Citizens, Wealthy Pensioners, Work-from-Thailand Professionals, and Highly-Skilled Professionals. Moreover, the spouses and dependents of LTR visa holders are also eligible for the same visas.

Eligibility for Wealthy Individuals

Wealthy individuals need to fulfill several criteria to qualify for the LTR Visa:

  • Hold at least USD 1 million in assets.
  • Have a personal income of at least USD 80,000 per year over the past two years.
  • Invest a minimum of USD 500,000 in Thai government bonds, foreign direct investment, or Thai property.
  • Hold health insurance with coverage of at least USD 50,000 or social security benefits ensuring treatment in Thailand, or deposit at least USD 100,000.

All the above requirements need to be met to be eligible for the Wealthy Global Citizens application.

For LTR Visa Types: Wealthy Pensioners, Work-from-Thailand Professionals, Highly-Skilled Professionals, and the Spouses and Dependents, see https://ltr.boi.go.th/

Application Process Overview

The application process for the LTR Visa entails several steps:

  1. Application Submission: Register online and submit an application for qualifications endorsement along with supporting documents.
  2. Qualifications Endorsement: After receipt of complete and valid documents, the application will be registered and forwarded for qualification endorsement by relevant agencies. The applicants will be notified of the endorsement result within 20 working days.
  3. Visa Issuance: Once approved, applicants will be asked to submit additional information for the pre-approval process. After pre-approval, they will receive the endorsement letter and can then schedule an appointment for LTR Visa issuance. The processing fee for the 10-year visa with multiple entries is 50,000 Baht per person.
  4. Work Permit Issuance: After receiving the LTR Visa, holders who wish to work for an entity in Thailand are required to apply for a work permit. Once approved, the LTR Visa holders can pick up their work permit at the Department of Employment at the One Stop Service Center for Visa and Work Permit. The processing fee to maintain the work permit is 3,000 Baht per year.

This initiative aims to make Thailand a more attractive destination for professionals and wealthy individuals from around the world. The comprehensive benefits of the LTR Visa, combined with Thailand’s cultural richness and economic opportunities, create a unique package for individuals seeking an optimal work-life balance.