Thailand’s LTR Visa Targets High Potential Foreigners

Thailand aims to bring in 1 million “high potential” foreigners over the next 5 years. Applications can be submitted from September 1, 2022. Adjustment to the LTR visa, processing fee halved. Eligibility criteria relaxed and made more accommodating for foreign residents.

Initially launched in 2021, certain modifications have since then been made to the 10-year Long-Term Resident (LTR) visa. Thailand’s Long-Term Resident visa, also referred to as Thailand LTR visa, seeks to promote Thailand as a hub for doing business for foreigners that are “high potential”.

Beginning September 1, 2022, the Thailand Board of Investment (BOI) started accepting applications under the new 10-year Long-Term Resident (LTR) visa program. As per the LTR Visa Unit, the following categories of foreigners can apply -

Wealthy global citizens,
Wealthy pensioners,
Work-from-Thailand professionals, and
Highly-skilled professionals.

Home to many multinational corporations from across the world, Thailand is also among the prominent tourist destinations in Asia. Thailand presents itself as an attractive destination for professionals looking for work-from-anywhere opportunities. Bangkok is regarded to be among the best cities in the world for digital nomads.

Thailand Long-Term Resident (LTR) Visa
Status	Open for applications from September 1, 2022
Visa spaces available	1 million foreigners to be brought into Thailand in next 5 years
Entries permitted	Multiple entry
Duration of Stay	10 years Divided into two 5-year terms. Initial stay granted for a 5-year period, extendable for another 5 years. Total length of stay not to extend beyond 10 years.
Processing fee	THB 50,000 (INR 108,850 approx.) per person. This is a 1-time fee for a 10-year stay. Previously, THB 1,00,000 per person. The processing fee has been halved recently.
Who is eligible for Thailand’s new LTR visa?	4 categories of foreigners targeted - Foreigners with ‘special’ skills Foreign retirees High-income foreign individuals Foreigners that intend to work remotely based in Thailand
What if I want to stay longer?	Can apply for a Thailand work permit to remain in the country for a longer duration.
Can I bring my family along?	An LTR visa holder can get up to 4 family members - spouse, and children less than 20 years of age - to Thailand
Eligibility Criteria	Wealthy Global Citizens Minimum USD 1 million in assets Personal income of USD 80,000 (at least) per year within past 2 years Investment of at least USD 500,000 in Thailand Health insurance with a minimum of USD 50,000 coverage or social security benefits insuring treatment in Thailand or a minimum deposit of USD 100,000
	Wealthy Pensioner Retirees 50 years and above with either an annual pension or stable income. Personal income of 80,000 (at least) when applying If personal income less than USD 80,000 a year - but not less than USD 40,000 a year - must invest at least USD 250,000 in Thailand Health insurance with a minimum of USD 50,000 coverage or social security benefits insuring treatment in Thailand or a minimum deposit of USD 100,000
	Work-from Thailand Professionals Remote workers working for well-established companies overseas Personal income of USD 80,000 (at least) per year within the last 2 years If personal income less than USD 80,000 a year - but not less than USD 40,000 a year - in the last 2 years, must hold a Master’s degree or receive Series A funding or own intellectual property Either a public company listed on the stock exchange or a private company operational for a minimum of 3 years, with a combined revenue of a minimum of USD 150 million in the previous 3 years At least 5 years’ work experience in a relevant field of current employment across last 10 years Health insurance with a minimum of USD 50,000 coverage or social security benefits insuring treatment in Thailand or a minimum deposit of USD 100,000
	Highly-Skilled Professionals Professionals or experts in targeted industries Personal income of USD 80,000 (at least) a year within the last 2 years If personal income less than USD 80,000 - but not less than USD 40,000 a year - in the past 2 years or before retirement, must have Master’s degree or above in science and technology or possess special expertise relevant to the Thailand job assignment No minimum personal income for professionals working for Thai government agencies Business in any targeted industries (next-generation automotive industry, smart electronics industry, affluent tourism industry, digital industry etc.) Higher education institution, specialized training institution, research institution, or Thai government agency At least 5 years’ work experience in the targeted industries except for PhD applicants or those working for Thai government agencies Health insurance with a minimum of USD 50,000 coverage or social security benefits insuring treatment in Thailand or a minimum deposit of USD 100,000
What is the application process for a Thai LTR visa?	STEP 1: Register and submit an online application for getting qualifications and supporting documents endorsed
	STEP 2: Qualifications endorsement to be received within 20 calendar days of document submission.
	STEP 3: Applying for LTR visa at a Thailand Embassy/Consulate within 60 days of the issuance date of the endorsement letter.

The new and updated LTR visa program of Thailand is aimed at attracting new foreign residents, talents, and technologies to the country. The over 1 million foreigners projected to come into Thailand in the next 5 years will support economic growth and contribute to domestic spending and investment.

The LTR visa program will help move Thailand to the next level. According to M.L. Chayotid Kridakon, Thai Trade Representative and Advisor to the Prime Minister, “This represents a new approach to attract more long-term residents to Thailand ……….The LTR visa is an important component of the Better and Green Thailand 2030 scheme”.

As per Duangjai Asawachintachit, BOI Secretary-General, “Making the hiring of foreign talents easier will certainly enhance the country’s available talent tool and create more opportunities for technology and knowledge transfer to the Thai workforce.”

Thailand’s LTR Visa Targets High Potential Foreigners

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