Thailand is introducing a new LTR visa to boost economic recovery, investment and domestic spending in a sustainable way after the adverse impact of the Covid-19 pandemic on the Thai economy, particularly on the tourism sector. The government set a target with LTR to attract one million wealthy and talented foreign nationals into the country over the next five years.
What privileges will be offered to LTR visa holders?
- 10 years renewable visa
- Exemption from the “4 Thais to 1 Foreigner” employment requirement ratio
- Fast track service at International Airports in Thailand
- 90-day reporting extended to 1-year, and there being no requirement for a re-entry permit
- Permission to work in Thailand (Digital Work Permit)
- 17% Personal Income Tax for highly skilled professionals
Further information and guidelines have been published on the Board of Investment (“BOI”) website, and for ease of reference we have extracted relevant information which appears in the table below and which in some instances may require clarification from authorities concerned in the days and weeks ahead:
| Types of LTR Visa | Qualifications and requirements |
| Wealthy Global Citizens | Wealthy individuals holding at least USD 1 million in assets
· At least USD 1 million in assets · Personal income of a minimum of USD 80,000/ year in the past two years · Investment in Thailand of at least USD 500,000 in government bonds, direct investment or property · Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit |
| Wealthy Pensioners | Retirees of 50 year of age or more, with a stable annual pension or other income
· Personal income of at least USD 80,000/year at the time of application · In case of personal income below USD 80,000/ year but no less than USD 40,000/year, applicants must invest in Thailand at least USD 250,000 in government bonds, direct investment or property · Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit |
| Work-from-Thailand Professionals (Not for digital nomad) | Remote workers working for well-established overseas companies
· Personal income of a minimum of USD 80,000 / year in the past two years · In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years, applicants must have a master’s degree or above or own intellectual property or receive Series A funding · Employer is a public company traded on a stock exchange, or private company in operation for at least three years with combined revenue at least USD 150 million in the last three years · At least 5 years of work experience in the relevant fields of the current employment over the past 10 years · Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit |
| Highly Skilled Professionals | Professionals or experts in targeted industries working for business entities or higher education institutes or research centers or specialized training institutions in Thailand or Thai government agencies
· Personal income of a minimum of USD 80,000 / year in the past two years · In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years or before retirement, applicants must have a master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand · No minimum personal income for professionals working for Thai government agencies · Business in any targeted industries · Higher education institution, research institution, specialized training institution, or Thai government agency · At least 5 years of work experience in the targeted industries except for applicants with a PhD or above in the relevant fields of the targeted industries or applicants working for Thai government agencies · Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit |
NOTES: A spouse and children under 20 years old may be included within a LTR visa application (maximum 4 dependents per application). Health insurance requirements for each dependent are at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 25,000 deposit shown on the main applicant’s or the dependent’s bank account.
Health insurance requirements both for the main applicant and for dependents must remain for at least 10 months, and cash deposit requirements both for the main applicant and for dependents must be maintained for at least 12 months.
If an applicant already holds a valid visa, it must be cancelled when the LTR visa is endorsed in the passport. If the applicant holds a valid work permit, it must also be cancelled and a new work permit issued.
LTR visa applications will be accepted through the online portal https://ltr.boi.go.th/ from 1 September 2022 onwards. The procedures at the authorities concerned may take a few weeks.
If you have questions, please feel free to contact us at psl@pricesanond.com.
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This update is written for general information only. It does not constitute advice, and consultation with professional advisors is recommended.