The Thai government recently announced that they are making some changes to the Long-Term Resident Visa (“LTR”) requirements intending to attract more foreign residents to come to Thailand.
Kindly note that although the Thai cabinet and the Board of Investment (BOI) approve of this new LTR visa, there still has not been any official announcement from the Immigration Department as yet. Therefore we are still awaiting final confirmation for the time being.
This article will detail some of the currently discussed criteria and requirements for different application categories to live, work, and do business in the country. There are four categories of eligible persons:
1. Wealthy global citizen
The following is required to be eligible as a “Wealthy global citizen”:
Personal Income of no less than $80,000 USD per year in the two years before applying for the visa.Directly invest in Thailand as an individual investor no less than $500,000 in at least one of the below items before applying for the visa:Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of application.Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET).Investment in real estate (condominiums)The net asset value should be no less than $1,000,000 at the time of application (excluding assets without proof of applicant’s ownership and assets without reliable market appraisal evidence such as artworks, amulets, cryptocurrencies, or memberships).Health insurance with coverage not less than $50,000 with a remaining maturity of no less than ten months at the time of application or valid social security benefits which insures for hospitalization and treatment in Thailand or a deposit not less than $100,000 in a bank account at least 12 months before completing the application.2. Wealthy Pensioner
The following is required to be eligible as a “Wealthy pensioner”:
50 Years of age or older and receives a regular pension income of no less than $80,000 per year.In case personal income is less than $80,000 but no less than $40,000 per year, applicants must have an investment not less than $250,000 in any of the following categories:Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of applicationInvestment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET)Investment in real estate (condominiums)Health insurance with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insurers hospitalization treatment in Thailand.3. Work-from-Thailand Professional
The following is required to be eligible as “work from Thailand professional”:
Before applying for the visa, personal income should be no less than $80,000 per year in the past two years leading up to the application. In case annual personal income is less than $80,000 but not less than $40,000 in the past two years, applicants must have a master’s degree (or above) and own intellectual property.Health insurance policy with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in Thailand.At least five years of working experience in the relevant field to the current employment.The current employer must have one of the following types:a public company listed on the stock exchange in any country, ora private company that has been in operation for at least three years and has a total combined revenue of more than $150 million in the last three years.
Highly-Skilled professionalThe following is required to be eligible as a “highly skilled professional”:
Highly skilled professionals working in business in targeted industries in Thailand.Experts in targeted industries, working for a Thai government agency or a higher education institution, or a specialized training institution in ThailandPersonal income of no less than $80,000 per year in the past two yearsIn case annual personal income is below $80,000 but no less than $40,000 in the past two years, applicants must have a science and technology master’s degree or above or have particular highly-skilled expertise relevant to the job assignment in ThailandNo minimum personal income for experts working for a Thai government agency or a state-owned higher education institution, or a state-owned specialized training institution in ThailandHeath insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in ThailandAt least five years of working experience in the targeted industries except for applicants working for a Thai government agency or a state-owned higher education institution or a state-owned specialized training institution in Thailand or applicants with a doctorateFor more information about our immigration or work permit services in Thailand, please visit www.franklegaltax.com/services/immigration-work-permits or contact us at [email protected]
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