Thailand recently made an announcement regarding changes to the Long-Term Resident (LTR) visa requirements, reducing the application fee to 50,000 Baht, half of the previous amount.
The reduction in the application fee is anticipated to encourage more qualified and skilled immigrants who may have been deterred by the previously higher fee (100,000 Baht). Interested individuals can now pay a one-time fee of 50,000 Baht to enjoy a 10-year stay in Thailand.
The Thai government plans to relax and accommodate the criteria for applicants. It has approved this modification in May 2022, and the measure will become effective 90 days after its official publication in the Royal Gazette.
Who is eligible for an LTR visa?
- Foreigners intending to work remotely from Thailand
- Foreign professionals with specialized skills
- High-income foreign individuals
- Foreign retirees
LTR visa holders are allowed to bring their legal spouse and children under the age of 20, up to a maximum of four family members.
This means that those seeking a “digital nomad” lifestyle can apply for the LTR visa and legally work in Thailand for up to 10 years, provided they meet the eligibility requirements.
Moreover, LTR visa holders are eligible to apply for work permits to engage in employment within the country.
Requirements for the LTR Visa Application
The specific requirements for the Thailand LTR visa application vary depending on the eligible groups:
- High-income foreign individuals and foreign retirees:
- Health insurance policy covering medical expenses in Thailand (minimum of USD 50,000) or evidence of savings (minimum of USD 100,000) in a Thai or overseas bank account for at least 12 months.
- Proof of personal income of at least USD 80,000 annually for the past two years.
- Assets totaling at least USD 1 million.
- Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property.
- Foreign working professionals:
- Employment contract or service agreement with a business in Thailand or abroad.
- Proof of work experience in one of the targeted industries for a minimum of five years within the past 10 years.
- Current employer must be a public company listed on the stock exchange or a private company operating for at least three years, with combined revenue of at least USD 150 million in the last three years.
- Personal income of at least USD 80,000 annually for the past two years (or a master’s degree or above, ownership of intellectual property, or Series A funding of at least USD 1 million for those with income between USD 40,000 and USD 80,000).
- Health insurance policy or savings as mentioned above.
- Foreign experts:
- Employment contract or service agreement with a business in Thailand or abroad.
- Proof of work experience in one of the targeted industries for a minimum of five years (except for applicants with a PhD or above in relevant fields).
- Personal income of at least USD 80,000 annually for the past two years (or a master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand for those with income between USD 40,000 and USD 80,000 before retirement).
- Health insurance policy or savings as mentioned above.
It is important to note that these requirements have been declared by the government, but changes may occur until all details and regulations are officially announced in writing.
Foreigners must submit their applications and supporting evidence to the Thailand Board of Investment (BOI). The 10-year visa is divided into two terms of five years each, with the option to extend for another five years. LTR visa holders and their dependents must report their residence status annually to the relevant government agency.
Once acquired, LTR visa holders can immediately engage in work without waiting for the issuance of a work permit. Work permits for professionals and specialists with employers are valid for a maximum of five years, extendable for an additional five years. Those without employers (self-employed individuals) can request a work permit for the desired term, not exceeding five years, also extendable for five more years. The work permit becomes void if the visa is terminated or expires.
LTR visa holders and their dependents have the option to apply for a change in visa type, following the measures and regulations issued by the immigration bureau. Failure to adhere to the regulations and conditions may result in the cancellation of the visa.