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Long-Term Resident Visa (LTR) In Thailand

Long-Term Resident (LTR) Visa

What is the Long-Term Resident Visa (LTR) in Thailand?

Thailand is enhancing its appeal as a global hub for expatriates with the introduction of the Long-Term Resident Visa (LTR). This new visa aims to attract high-potential foreigners, including wealthy individuals, retirees, remote professionals, and highly skilled workers. Here’s a comprehensive overview of the benefits offered by the LTR Visa and its eligibility criteria.

 

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Eligibility Categories for the Long-Term Resident Visa (LTR)

The Long-Term Resident Visa caters to various groups, each with its own set of criteria:

1. Wealthy Global Citizens

  • Assets: Must hold at least USD 1 million in assets.
  • Income: Must have a personal income of at least USD 80,000 per year in the past 2 years.
  • Investment: Should have an investment of at least USD 500,000 in the government bonds, foreign direct investment, or property in Thailand.

2.  Wealthy Pensioners

  • Age: Must be 50 years or older.
  • Income: Must have a personal income of atleast USD 80,000 when applying. If the income is between USD 40,000 and USD 80,000 per year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or property in Thailand.

3. Work-from-Thailand Professionals

  • Employer: Must be employed by a well-established overseas company.
  • Income: Must have a personal income of at least USD 80,000 per year over the past two years. If the personal income is between USD 40,000 and USD 80,000 per year, the applicant must hold a Master’s degree or higher, own intellectual property, or have received Series A funding.
  • Experience: Must have at least five years of work experience in the relevant field over the past 10 years.

4. Highly Skilled Professionals

  • Field: Must be an expert in targeted industries or working for business entities, higher education institutions, research centers, specialized training institutions, or Thai government agencies.
  • Income: Must have a personal income of at least USD 80,000 per year. If the income is between USD 40,000 and USD 80,000 per year in the past two years, the applicant must hold a Master’s degree or higher in science and technology or special expertise relevant to the job assignment in Thailand.
  • Experience: Must have at least five years of work experience in the relevant fields of the current employment over the past 10 years. This requirement is waived for applicants with a PhD or above in the relevant fields or those working for Thai government agencies.

* Please keep in mind that all eligible categories mentioned above must have health insurance with at least USD 50,000 coverage, social security benefits covering treatment in Thailand, or a minimum deposit of USD 100,000.*

5. Dependants

  • Spouses and children under 20 years old of LTR visa holders can qualify for the same visa. A maximum of four dependents per LTR visa holder is allowed.

What are the key benefits of the Long-Term Resident Visa (LTR)?

The Long-Term Resident Visa (LTR)  Visa provides several advantages designed to make living and working in Thailand easier and more attractive:

1. 10-year stay in Thailand, which can be renewed, offering long-term residency stability (eligible for all categories).

2. Not subject to the requirement that businesses employ four Thai citizens for every foreign worker, simplifying the hiring process for companies (eligible for all categories excluding work from Thailand professionals).

3. Instead of the usual 90-day reporting to immigration authorities, LTR Visa holders need only report once a year and are exempt from obtaining re-entry permits (eligible for all categories).

4. Can use fast track services at international airports in Thailand, enhancing travel convenience (eligible for all categories).

5. Immigration and work permit processing is streamlined through a One Stop Service Center, reducing bureaucratic hurdles (eligible for all categories).

6. Enjoy tax exemptions on income earned abroad, offering significant financial benefits (eligible for all categories excluding highly-skilled professionals).

7. Includes the option for a digital work permit, facilitating easier and more modern work authorization (eligible for all categories excluding work from Thailand professionals).

8. Highly skilled professionals benefit from a reduced personal income tax rate of 17%, making Thailand an attractive place for top talent

What is the application process?

The application process for the Long-Term Resident Visa (LTR) involves several steps:

  1. Submit Online Application: Applicants need to register and submit their application for qualification endorsement online, along with supporting documents.
  2. Document Review: Authorities will verify the documents within 20 working days.
  3. Visa Issuance: Qualified individuals can then apply for the LTR Visa at Thai Embassies or Consulates abroad or at immigration offices in Thailand. The fee for the 10-year visa with multiple entries is 50,000 Baht.
  4. Obtain Digital Work Permit: Those intending to work in Thailand can acquire their digital work permit from the Department of Employment at the One Stop Service Center or at the Ministry of Labor, with an annual processing fee of 3,000 Baht.

Navigating the application process for the LTR Visa can be complex, but Benoit and Partners is here to help. Our team of experts can guide you through each step, ensuring that your application is complete and meets all necessary criteria. Contact Benoit and Partners today to learn more about how we can assist you in obtaining your Long-Term Resident Visa for Thailand