New regulations to attract the rich, retirees, remote workers, and experts got the thumbs up from the cabinet in a move to help boost the economy and investment in Thailand.
The new regulations will target foreigners with enormous wealth, wealthy pensioners, highly skilled professionals, and foreigners who want to work from Thailand.
The long-term resident (LTR) visas will be offered wherein the applicant can cover up to four family members including legal-aged children. This is according to the Interior Ministry while the qualifications will be set by the Board of Investment.
The visas will be valid for five years, renewable for up to five years, making the validity period capped at 10 years. An annual fee of 10,000 baht will be paid by the visa holders. They can then apply for a work permit.
Those who have their own business can seek work permits for up to five years and the permits can also be renewed for up to five years at a time.