In September 2022, Thailand launched a new 10-year visa, known as a Long Term Resident Visa (LTRV), 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. The Long Term Resident Visa will allow them to stay and work in the territory for ten years, while enjoying several advantages.
What are the advantages of the LTRV?
In order to strengthen its attractiveness, Thailand guarantees numerous advantages to holders of this visa. Living in Thailand will be long term easier and less bureaucratic :
- 10 year renewable visa
- Exemption from 4 Thais to 1 foreigner employment requirement ratio
- Fast-Track Service at International airports in Thailand
- 1 year report to Immigration Bureau
- Multiple re-entry permit
- Permission to work in Thailand
- 17% Personal tax rate for highly skilled professionals
- Tax exemption for overseas income
- Immigration and work permit facilitation services at One StopService Center for Visa and Work Permit
Who can apply for an LTRV and what are the Requirements?
The LTRV is designed to attract high-potential foreigners to Thailand an targets four different groups of foreign individuals including:
1. Highly Skilled Professionals
- 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 Wealth Status & Investment Health Insurance Personal Income Current Employer Experience Health Insurance No minimum personal income for professionals working for Thai government agencies.
- Business or higher education institution, research institution, specialized training institution, or Thai government agency in any targeted industries.
- 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.
2. Work-from-Thailand Professionals
- 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.
- Public company 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.
3. Wealthy Pensioners
- 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 at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai 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
4. Wealthy Global Citizens
- At least USD 1 million in assets
- Personal income of a minimum of USD 80,000/year in the past 2 years
- Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property.
How much does the LTRV cost?
When the project was first announced, the price was set at $100,000, however, in May 2022 the visa application fee was reduced by half, to $50,000.
How to apply for the LTRV ?
1. Register and submit online an application for qualification endorsement for LTR Visa and supporting documents.
2. Within 20 working days after having received complete documents, applicants will be notified of the result.
3. Qualified applicants may proceed with applying for LTR Visa issuance at the Royal Thai Embassies/the Royal Thai Consulate Generals overseas or Immigration offices in Thailand within 60 days from the issuance date of the endorsement letter. The processing fee for the 10-year visa with multiple entry is 50,000 Baht per person.
4. Applicants who work in Thailand, may collect digital work permits at the Department of Employment at One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, Bangkok or provincial labor offices. The processing fee is 3,000 Baht per year to maintain digital work permit
Note that the new application for the Thailand LTR visas started on September 1, 2022.
If you have questions about the LTR visa or planning to reside in Thailand long-term and how to apply, you can book a consultation with one of our experts.