Thailand Long-Term Resident (LTR) Visa

Thailand has recently announced the adjustment of the LTR (Long-Term Resident) visa requirement, halving the application fee to 50,000 Baht.

LTR visa is a Thailand long term visa designed to attract high potential foreigners who would like to relocate to Thailand long-term. This is believed to help boost economic development and stimulate overseas investment in the country, particularly in this post-pandemic phase. Through this special visa, the government hopes to bring in 1 million eligible foreigners over the next five years.

This reduction is expected to draw in more highly skilled and qualified immigrants who might have been hesitant to apply due to the previous application fee which is fairly high (THB 100,000). Now those interested will be able to pay a one-time fee of THB 50,000 for a 10-year stay in the Land of Smiles.

According to the Deputy Spokesperson of the Prime Minister’s Office, besides the cut to the visa fee, the other criteria will also become more relaxed and accommodating for the long term resident visa holders.

The announcement of the Cabinet approval for this modification was made in May 2022 and the measure will come into force 90 days after its official publication in the Royal Gazette.

Who is Eligible for an LTR Visa?

Initially launched in 2021, the long-term resident visa is targeted at four different groups of foreign individuals including:

• High-income foreign individuals
• Foreign retirees
• Foreigners intending to work remotely from Thailand
• Foreign professionals with “special” skills

The long term resident visa holder is permitted to bring along up to 4 family members including their legal spouse and children under the age of 20.

This means those who seek a ‘digital nomad’ lifestyle can apply for the LTR visa and work legally in Thailand for as long as 10 years if they meet the eligibility criteria.

Additionally, the long term resident visa holders will be able to apply for work permits to conduct work in the Kingdom.

What are the Requirements for Long-Term Resident Visa?

The eligible groups mentioned have different requirements for the LTR visa application.

1. High-income Foreign Individuals and Foreign Retirees

• Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.
• High earners must have proof of personal income of at least USD 80,000 annually during the period of 2 years prior to the application date
• Must have at least 1 million USD in assets
• Must have an investment of at least USD 500,000 in Thai government bonds, foreign direct investment or Thai property

2. High-income Foreign Retirees

• Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.
• High earners must have proof of personal income of at least USD 80,000 annually at the time of application
• In case of having personal income only between USD 40,000 to USD 80,000/ year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct invest or Thai property

3. Foreign Working Professionals

• Must produce an employment contract or service agreement entered with business in Thailand or abroad
• Foreign specialists must show proof of work experience in one of the targeted industries for a minimum of 5 years performed within 10 years of the application date.
• The current employer must be a public company on stock exchange or private company in operation for at least 3 years with combined revenue of at least USD 150 million in the last 3 years
• Personal income of a minimum of 80,000 USD/year in the past 2 years
• In case of having personal income only between USD 40,000 to USD 80,000/ year in the part 2 years, the applicant must have a Master’s degree or above or own intellectual property or receive Series A funding of no less than USD 1 million.
• Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.

4. Foreign Experts

• Must produce an employment contract or service agreement entered with business in Thailand or abroad
• Foreign specialists must show proof of work experience in one of the targeted industries for a minimum of 5 years except for applicants with a PhD or above in relevant fields
• Personal income of a minimum of 80,000 USD/year in the past 2 years
• In case of having personal income only between USD 40,000 to USD 80,000/ year in the past 2 years or before retirement, the applicant must have a Master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand
• No minimum income requirement for foreign workers who intend to conduct work in government higher educational institutions, research centers, specialized training centers, or government agencies.
• Must present a health insurance policy covering medical expenses in Thailand no less than USD 50,000. The remaining coverage period shall not be less than 10 months on the date of the application, OR provide evidence of savings of at least USD 100,000 held in a Thai or overseas bank account for no less than 12 months before the date of application.

 

Other Conditions for Long Term Resident Visa

These conditions have been declared by the government. However, changes may occur until all details and regulations are in place and officially announced in writing.

• Foreigners must submit the application and provide supporting evidence to Thailand Board of Investment or BOI.
• The 10-year visa is divided into two 5-year terms. Applicants will be granted the initial permission to stay in the country for 5 years which can be extended for 5 more years. The total length of stay shall not exceed 10 years.
• The LTR visa holders and followers (spouse and children) must report the status of their residence with the associated government agency, annually.
• Once acquired the visa and filed for a work permit application, LTR visa holders are allowed to conduct their work immediately without having to wait for the issuance of the permit.
• For working professionals and specialists with employers, the work permit will be issued for a maximum of 5 years and can be extended for additional 5 years. For those without employers (doing their own business), the work permit will be issued according to the term requested by the applicants but shall not be over 5 years and can be extended for additional 5 years.
• The work permit will be void once the visa is terminated or expired.
• The Long Term Resident visa holders and followers can apply to change the visa type according to the measures and regulations issued by the immigration bureau.
• In the case where the Long Term Resident visa holders and followers do not adhere to the regulations and conditions, their visas will be canceled.

Summary of LTR Visa Thailand

New applications for the Thailand LTR visas have been very popular during its first year. The Thailand Board of Investment has attempted to enhance the process to make a smoother process for long term resident LTR visa holders. Thai government agencies desire for more foreign investment into Thailand so we will see this program stay for long term resident visa holders. The LTR visa holder will enjoy the benefits of living in Thailand for the long term under this program.

If you have questions about the LTR visa or planning to reside in Thailand long-term, reach out to us for a consultation.