Other BriefingsThailand Eases Requirements for Long-Term Resident Visas
Thailand’s Cabinet in January approved revisions to the requirements for long-term resident (LTR) visas, making it easier for wealthy individuals and remote workers to qualify. The changes are intended to attract more foreign residents to the country by lowering financial thresholds and removing restrictions that previously made the visa difficult to obtain.
Overview of the LTR Visa
Launched in September 2022, Thailand’s LTR visa program was designed to attract wealthy individuals, skilled professionals, and remote workers to boost domestic investment and economic growth. The Thai government aims to bring one million foreign residents into the country over five years.
LTR visa holders receive a 10-year visa, including for their spouses and children. They also enjoy multiple benefits such as:
- Fast-track service at international airports
- One-year reporting requirement instead of the usual 90 days
- Exemption from re-entry permit requirements
- 17 percent personal income tax rate for highly skilled professionals
- Work permit and immigration services through the One Stop Service Center
- Tax exemptions on overseas income
The LTR visa is available to four types of applicants: wealthy global citizens, wealthy pensioners, high-income remote workers, and highly skilled workers, as well as their dependents.
New requirements for the LTR visa
The revised rules reduce income requirements for “wealthy global citizens” and remote workers. Previously, wealthy global citizens needed to earn an annual income of at least US$80,000 for two consecutive years before applying. This requirement has now been removed.
Remote workers’ requirement that their employer must have had at least US$150 million in combined revenue over the last three years has been lowered to US$50 million. Other existing requirements for both categories remain unchanged.
While the personal income and educational requirements for highly skilled workers have not changed, the requirement to have at least five years of work experience in a relevant industry has been abolished. Additionally, the list of eligible industries has been expanded beyond STEM fields to include integrated innovation, development and sustainability, and disaster and risk management.
Another change is removing the cap on the number of dependents a single LTR visa holder can sponsor. Previously, one LTR visa holder could sponsor up to four dependents, but this limit has now been lifted.
The requirements for wealthy pensioners have not changed.
The table below summarizes the key changes to LTR visa requirements:
|
Candidate |
Previous requirement |
New requirement |
|
Wealthy Global Citizen |
– At least US$1 million in assets; – Personal annual income of at least US$80,000 in the past two years; and – Investment of at least US$500,000 in Thai government bonds, foreign direct investment, or Thai property. |
The requirement for personal annual income of at least US$80,000 in the last two years is abolished.
All other requirements remain unchanged.
|
|
Wealthy Pensioner |
– Personal annual income of at least US$80,000 /year at the time of application – In case personal annual income is below US$80,000 (but isn’t below US$40,000, investments of at least US$250,000 in Thai government bonds, foreign direct investment, or Thai property. |
Unchanged |
|
Remote workers |
– Personal annual income of at least US80,000 in the past two years; – In case personal annual income is below US$80,000 (but isn’t below US$40,000 in the last two years, applicants must have a Master’s degree or above, own intellectual property, or receive Series A funding; – Current employer must be listed on a stock exchange, or be a private company in operation for at least three years with combined revenue at least US$150 million in the last three years; and – At least five years of work experience in a field relevant to the current employment over the past 10 years. |
Revenue requirement for employers reduced from US$150 million to US$50 million in the last three years.
All other requirements remain unchanged.
|
|
Highly-skilled professionals |
– Personal annual income of at least US$80,000 in the past two years (professionals working for Thai government agencies are exempt); – In case personal annual income is below US$80,000 (but isn’t below US$40,000 in the last 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; – Current employer must be a business in any target sector; and – At least five years of work experience in the target sector, unless the applicant has a PhD or above in a relevant field of the target sector or works for a Thai government agency. |
The requirement of at least five years of experience within the target industry is removed.
The list of eligible industries expanded to non-STEM fields.
All other requirements remain unchanged.
|
In addition to the above requirements, applicants must have health insurance coverage of at least US$50,000, have social security benefits in Thailand, or have a deposit of at least US$100,000 in a bank account in the applicant’s name for at least 12 months.
All of the eligibility criteria must be maintained during the length of the visa, including investment amounts, employment status, bank account balances, and insurance coverage.
Revisions to the Smart Visa Program
Since LTR visas and certain Smart Visa categories have overlapping eligibility criteria, some Smart Visa types will be discontinued. However, the SMART-S visa for startup entrepreneurs establishing businesses in Thailand will remain, as there are no equivalent alternatives for startups under the LTR visa scheme.
Evaluating the success of the LTR visa
As Thailand seeks to position itself as a hub for skilled talent and international investment, the LTR visa program is expected to draw more expatriates and digital nomads. With the relaxation of financial and work experience requirements, the government hopes to enhance Thailand’s appeal as a long-term destination for high-income foreign residents.
About Us
ASEAN Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Jakarta, Indonesia; Singapore; Hanoi, Ho Chi Minh City, and Da Nang in Vietnam; besides our practices in China, Hong Kong SAR, India, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
Please contact us at asean@dezshira.com or visit our website at www.dezshira.com and for a complimentary subscription to ASEAN Briefing’s content products, please click here.
