Thailand has launched a 10-year Long Term Resident (LTR) visa scheme for high-potential foreigners. This visa will provide a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ foreigners, according to the Board of Investment (BOI).
The LTR visa is designed to attract new foreign residents, technologies and talents that contribute to domestic spending and investment while supporting economic growth in Thailand. The scheme will target four categories of foreigners, including wealthy global citizens and wealthy pensioners as well as remote workers for well-established overseas companies, according to the BOI.
To qualify for the LTR visa, applicants must have at least US$1 million in assets or a minimum personal income of USD 80,000 per year. In addition, they must have a Thai bank account and be at least 50 years of age with an annual pension or stable passive income.
This visa program has been created in response to the Thai government’s efforts to re-establish the country as an important international financial centre, and to boost the economy following a period of tight lockdown. Specifically, the LTR visa is designed to attract a new wave of skilled professionals who are willing to live in Thailand and work remotely for well-established overseas companies as long-term residents.
While the program has been praised for its many benefits, including fast-track services at international airports and an exemption from the ’four Thais-to-one foreigner’ quota for residency visas, it is also highly regulated by the immigration laws of Thailand, so it is important to understand the program thoroughly.
How to Apply for the LTR Visa
The application process for the LTR visa is similar to that of other Thailand residence visas. The applicant will need to fill out an online form and upload all necessary documents in support of the application. This is then sent to the Thailand Board of Investment for approval. Once the approval is received, applicants will receive a LTR Visa endorsement letter which they can then present to immigration officers upon entering the country.
Applicants must also provide evidence of the investment in property and low-yield Thai government bonds. In addition, the applicant must submit a medical certificate showing that they have no prohibitive diseases such as Leprosy, Tuberculosis, Elephantiasis and drug addiction. The medical certificate must not be issued for more than three months, and must be signed by a physician.
After the applicant has submitted the required documents, he or she will be notified of the result within 20 days. The applicant can then take the endorsement letter to immigration offices in Thailand to obtain a visa and digital work permit.
Although the Thailand LTR visa is a popular choice for expats and businesspeople, it has strict requirements and requires significant investment. For this reason, it is better to consider the Thailand Elite Visa, which offers fewer conditions and more privileges in exchange for a one-time fee.