On The Long-Term Resident (LTR) Visa in Thailand
It’s 2022, an era of convenience. Despite the everlasting pandemic, its effects and long term impact on the economy, a lot of expats are still choosing to invest and leisure in Thailand. To invest, because of its available opportunities, advanced technology, relatively low minimum wage and accessibility. To leisure, because it is a country of rich heritage, culture and history, white sand beaches, beautiful temples, Michelin star level street food at affordable prices. Some short trips may turn into long term plans. To accommodate any long term plans, in addition to the options made available by the Immigration Department, the Board of Investment has introduced a “Long-Term Resident” or “LTR” visa. This visa accommodates four categories of high-potential foreigners, namely;
- Wealthy Global Citizens
- Wealthy Pensioners
- Work-from-Thailand Professionals
- Highly-Skilled Professionals
For the Wealthy Global Citizen category, candidates must possess assets valued at at least US $1 million, and have a personal income of at least US $80,000/year in the past two years or, if this income requirement is not met, hold a foreign investment of at least $500,000 in Thai government bonds or property.
For the Wealthy Pensioners category, only retired persons over the age of 50 will be eligible. Applicants must have a personal income of at least $80,000/year at the time of the application. This personal income requirement is reduced to $40,000/year if at least $250,000 is invested by the applicant in Thai government bonds, foreign direct investment or property.
Referring to the Work-from-Thailand Professionals category:
- candidates must be remote workers of listed companies, or private companies that have been operating for at least three years and have a combined revenue of at least $150 million over the past three years.
- the personal income requirement is the same, at $80,000/year for the past two years but this is reduced to $40,000/year if 1) the applicant has a master’s degree or above 2) owns intellectual property or 3) receives Series A funding.
- furthermore, candidates will need to have five years of work experience in fields related to their current job in the past 10 years.
Lastly, on the Highly-Skilled Professionals category:
- candidates must be working for businesses in target industries, Higher Education Institutions, research institutes, specialized training institutes or Thai government agencies in targeted industries.
- the personal income requirement is again $80,000/year in the past two years but reduced to $40,000/year in the past two years/before retirement if the candidate holds a master’s degree in a science/technology field or has ‘special expertise’ related to their job assignment in Thailand. If working for Thai government agencies, the minimum personal income requirement is waived.
- candidates must have at least five years of work experience in the targeted industries, unless they have a PhD in a relevant field or work for a Thai government agency.
Regardless of the category applied for, applicants will need to obtain health insurance that covers at least $50,000; social security benefits that cover treatment in Thailand; or have $100,000 or more deposited in a bank account for at least 12 months.
- All visa types are renewable up to 10 years (in two five year terms; renewable for a second term if qualifications are met)
- Visa holders are exempt from the 4 Thais to 1 foreigner ratio in order to work in Thailand
- Annual reporting instead of 90 days reporting
- Exemption from needing to apply for a re-entry permit
- Permission to work in Thailand, in the form of a Digital Work Permit
- For the Highly-Skilled Professionals category, a 17% personal income tax rate
- Fast-track at international airports in Thailand
Each visa holder can bring up to four dependents into the country with them (spouse/children, wherein children can be up to 20 years of age).
If you believe you are eligible to obtain an LTR Visa (Thailand), feel free to get in touch with our English speaking lawyers and we would be pleased to go over the details with you.