The Thailand government recently launched a new Long Term Resident Visa, aimed at attracting high net worth individuals or professionals who want to live in Thailand. The visa offers a bundle of tax and residence benefits for expats who meet the eligibility criteria.
This visa is a 10-year extension to the current five-year residence permit and is available to people who are in Thailand, or have relatives who live here. The scheme aims to attract one million high-potential foreigners, including wealthy global citizens and retirees, digital nomads, and highly educated professionals who want to settle in Thailand.
The LTR visa was introduced to stimulate the economy by drawing in high-potential, foreigners who are expected to contribute up to trillion baht to the GDP over the next five years. This will boost the country’s economic growth by bringing in new technologies and skills, and fuelling domestic spending.
To qualify for the visa, foreigners must have a minimum of USD 1 million in assets and an O Bank account balance. They must also have a valid passport, a medical certificate, and proof of funds for their relocation to Thailand.
In addition to the visa, the LTR program also provides other benefits and incentives that are aimed at attracting these expats to Thailand. These include a discount on personal income tax, the removal of the requirement to hire four Thai workers per foreigner, and streamlined regulations.
Qualifications and Requirements for the LTR Immigration Policy
The Long Term Resident Visa (LTR) is a special visa that allows qualified foreigners to stay in Thailand for up to ten years. Those who qualify can also bring along spouses and children to work in Thailand under the same visa conditions.
Those who qualify for the Long Term Resident Visa will need to register with the BOI VISA service and submit their application online with supporting documents. They will then receive an endorsement letter that can be submitted with their passport to get their visa stamped on it within 60 days.
For those who want to apply for an LTR visa, the following are the requirements that they must fulfill: a valid passport and a medical certificate from a recognized medical institution showing that the applicant is in good health. They must also provide evidence of sufficient funds to support their expenses and other needs.
They must also be able to provide documentation proving they are not subject to any prohibitive diseases such as leprosy, tuberculosis, elephantiasis, drug addiction, or the third stage of syphilis. In addition, they must also provide proof of employment and proof of their ability to pay for health insurance that is valid in Thailand.
These foreigners will be able to apply for a Thai long-term resident visa after paying a one-time fee of THB 50,000. They will be allowed to stay in Thailand for up to 10 years after submitting their application and receiving approval from the Ministry of Interior.
This is a great opportunity for those looking to make a home and lifestyle change in Thailand, but it’s important to understand the requirements that must be met to ensure that they are eligible to receive an LTR visa. It’s important to consult with a legal advisor before making an application, so that they can be certain that they will be able to live in Thailand without any problems or difficulties.