Long Term Resident (LTR) Visa Explained
Thailand introduces a new 10-year long-term resident visa for foreigners, Thailand’s new ‘Long-Term Resident (LTR)’ visa, which offers multiple benefits for holders, including a 10-year visa (extendable) and permission to work in the kingdom.
Today we have compiled all the information you need to know in this video! “Long-Term Resident (LTR )” is a program that provides a range of tax and
non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ foreigners. This new visa program is
expected to attract new foreign residents, technologies, and talents contributing to domestic spending and investment while supporting economic growth. The Thai government has set the target of attracting one million wealthy or talented foreign residents into the country over the next five years.///
The new 10-year long-term resident visa was launched on September 1 st, to convert visitors into expats by offering benefits and tax breaks to attract foreigners from around the world. The new visa will allow selected non-Thais to stay in the kingdom for up to 10 years. Applications opened on Sept 1 and a PDF outlining
the qualifications and the qualifications and application procedure can be downloaded from the BoI website.
The new visa is only offered exclusively to four types of people.
First, it’s available to retirees over 50 with a large annual pension or proof of a stable high income.
Second, to those who have sunk at least US$1 million into investments and assets within the kingdom.
Third, the LTR visa will be offered to remote digital nomad workers, but only those employed by major corporations with large valuations.
And finally, Thailand hopes to snag experts in certain industries and the most skilled workers, recruiting them to training institutes, research centers, universities, big businesses, and government agencies.
Spouses and children under 20 years of age will also qualify for the same visa, and each LTR visa holder can have a maximum of four dependents.
The LTR visa holders will have privileges such as a 10-year renewable visa, fast track service at international airports in Thailand, a one-year report to the Immigration Bureau instead of every 90 days, multiple re-entry permits, permission to work in Thailand, and a 17% personal tax rate for highly skilled
professionals.
According to a prime minister advisor, the government announced the initial ideas for this visa a year ago and intends to draw at least one million of these rich and highly skilled expats the move to Thailand over the next five years.
Despite its rather exclusive target audience, the government believes the LTR visa will generate one trillion baht in annual revenues from these new rich expats
investing, buying properties, and spending loads of money in the country. With a sluggish 3.3% economic growth expected this year, the government hopes wealthy expats will drive a 4.2% growth next year, as tourism traditionally accounts for at least 12% of the gross domestic product (GDP) of Thailand.
The government also hopes, aside from a direct boost to the economy straight from expat pockets, the new LTR visa will lure enough talent to push Thailand to the forefront of emerging markets like electric vehicles, digital technology, and smart
electronics.
As for how to apply for the LTR visa, registration and submission of documents for the LTR Visa are completed online. Applicants will be advised within 20
working days of the result of the application.
Qualified applicants apply for the LTR Visa issuance at the Royal Thai Embassy, the Royal Thai Consulate Generals overseas, or Immigration offices in Thailand
within 60 days from the issuance date. A fee of 50,000 baht per person for the 10- year visa is required.
Applicants working in Thailand may collect digital work permits at the One Stop Service Centre for Visa and Work Permit or provincial labor offices. The digital
work permit costs 3,000 Baht per year to maintain. Further Assistance is also available through the Board of Investment website.
Even though the LTR visa sounds like a great alternative for many, there are some downsides. Although qualified foreigners can obtain a 10-year LTR visa, the visa will not be issued at one time. It is more appropriate to state that the LTR visa is issued for a maximum period of five years, extendible for another five-year
maximum provided the individual still qualifies at the time of the extension request.
LTR visa holders also do not enjoy any special privileges with respect to the ownership of land and real estate assets in Thailand. As is the case with other
foreigners, LTR visa holders can purchase freehold condominium units. for It also may be easier to obtain a tax residency certificate under an LTR visa as
compared to the Elite visa program, which is essentially a special tourist visa.
Ok, so now you decided you want the LTR visa but are not qualified for the visa? What’s the Alternative? The closest alternatives to the LTR are the SMART Visa and the Elite Visa.
The SMART Visa is aimed at investors and entrepreneurs and skilled workers, whereas the Elite Visa is for anyone who can afford the high price – the cheapest
category is 500,000 Baht. This is a significant step forward for Thailand. By providing simpler immigration processes, greater certainty for individuals and their families being warmly welcomed, will no doubt be attractive to ‘high potential’ individuals.
For business and Thai government sectors, the addition of highly skilled individuals and wealthy investors keen to buy property in Thailand will help to
achieve the country’s economic and technological goals.
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