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Long-Term Resident (LTR) Visa Benefits
21/03/2024
The Long-Term Resident (LTR) Visa for Thailand is a program aimed at attracting high-potential individuals from around the world to live and do business in the country. This visa offers a wide range of tax and non-tax benefits, making Thailand an even more attractive destination for foreigners.
In this blog post, we will take a look at the details of the LTR Visa, including its different categories, qualifications and benefits.
Key points
- Holders of an LTR visa will be eligible for attractive benefits, including a discounted Personal Income Tax rate, exemption from being taxed when remitting income into Thailand, a Digital Work Permit, and reduced requirements for hiring foreign staff in Thailand.
- Ten years visa for Thailand.
- Holders can also support a visa for dependents.
- No more 90 days report requirements.
- Possibility to get a Work Permit (unlike Visa Elite).
What is the Long-Term Resident (LTR) Visa?
The LTR Visa, launched by the Thai government as part of its efforts to stimulate the economy and attract foreign investment, aims to encourage domestic spending, benefit business operators, and provide opportunities for individuals to generate income in Thailand. This program complements Thailand’s existing investment visa program, which offers long-term residency to foreign individuals who invest a minimum of USD 500,000 (approximately 10 million baht) in the country. Together, these initiatives aim to create a welcoming environment for foreign residents and investors, contributing to Thailand’s economic growth.
The LTR Visa is available to four categories of foreigners:
- Wealthy Global Citizens,
- Wealthy Pensioners,
- Work-from-Thailand Professionals, and
- Highly Skilled Professionals.
Spouses and dependents of LTR Visa holders also qualify for the same visa.
What are the Categories for the LTR Visa and Qualifications?
Foreign nationals who wish to stay in Thailand for an extended period of time can apply for a Long-Term Resident Visa (LTR). However, the eligibility requirements for an LTR visa vary depending on the purpose of the applicant’s stay and nationality.
The LTR is designed to attract high-potential foreigners to Thailand. For this visa, high-potential foreigners are divided into four groups:
- Rich global citizens
- Wealthy retirees
- Professionals working in Thailand
- Highly skilled workers
Rich Global Citizens
Qualifying individuals must have invested at least USD 500,000 in Thai property, Thai government bonds, or Foreign Direct Investment (FDI).
People who have earned at least USD 80,000 over the past 2 years and own a minimum of USD 1,000,000 in assets are also eligible for the LTR.
Wealthy Retirees
Qualifying individuals must have invested a minimum of USD 250,000 in Thai property or Thai government bonds. Additionally, they must have an annual pension of at least USD 40,000.
Applicants with a minimum annual pension of USD 80,000 are also eligible for the LTR.
Professionals Working in Thailand
Professionals Working in Thailand are broken down into two categories. Applicants from both categories must have earned a minimum of USD 80,000 over the past 2 years. However, individuals in category 1 must hold intellectual property rights, while those in category 2 must hold a class-A scholarship and have completed 5 years of research.
Highly Skilled Workers
Qualifying individuals must have earned at least USD 80,000 over the past two years.
Individuals who hold a Master’s Degree with relevant work experience in a target industry are also included in this class.
Spouses and Dependents
Spouses and children under 20 years old of LTR Visa holders can also qualify for the LTR Visa. Health insurance or social security benefits are necessary for dependents.
What are the Key Benefits of the LTR Visa?
The LTR Visa offers a range of privileges to holders, making living and working in Thailand more convenient and advantageous. Let’s explore some of the key privileges:
10 Years Extendable Visa
LTR Visa holders are granted a 10-year visa permission to stay in Thailand. The initial visa is valid for five years and can be extended for an additional five years if the qualifying criteria are met.
Exemption from Employment Requirement Ratio
LTR Visa holders are exempt from the requirement of having four Thai employees for every foreign employee (4:1). This exemption provides flexibility for businesses and encourages foreign investment.
Setting up a company in Thailand would be an attractive option for holders of an LTR who applied under the ‘Work From Thailand’ or ‘Highly Skilled Professionals’ options.
One of the drawbacks to forming a traditional company structure (Private Limited Company) in Thailand is the restrictions on hiring foreign staff. Typically, you must hire 4 Thai employees for each foreign staff member. This quota does not apply to LTR visa holders.
Fast-Track Service at International Airports
LTR Visa holders can enjoy fast-track service at international airports in Thailand, ensuring a smooth and efficient entry and exit process. Fast-Track services are available at the following airports in Thailand:
- Chiang Mai – Chiang Mai International Airport (CNX)
- Koh Samui – Samui International Airport (USM)
- Krabi – Krabi International Airport (KBV)
- Phuket – Phuket International Airport (HKT)
- Bangkok – Suvarnabhumi Airport (BKK)
1 Year Report of Residence and Re-entry Permit Exemption
Most visa holders in Thailand must submit a notification of their place of residence to the Thai Immigration Office every 90 days. This is not required for holders of the LTR who only need to do this report once per year.
Additionally, they are exempt from the requirement of obtaining a re-entry permit.
Permission to Work in Thailand
LTR Visa holders are granted permission to work in Thailand. Holders of the LTR and their dependents will be eligible to receive a Digital Work Permit.
Applicants must secure employment in Thailand before applying for the Digital Work Permit.
Immigration and Work Permit Facilitation Services
LTR Visa holders can access immigration and work permit facilitation services at the One Stop Service Center for Visa and Work Permit. This streamlines the process and reduces administrative burdens. This is a significant advantage when compared to other visa types (excluding BOI visas) who have to deal with local immigration offices, extensive document checks and long wait periods for the approval of the visa and/or extension.
What are the Tax Benefits for Long-Term Resident Visa Holders?
One of the key advantages of the LTR Visa program is the range of tax benefits it offers eligible individuals.
Highly-Skilled Professionals: 17% Flat Tax Rate
Highly-Skilled Professionals with the LTR Visa are entitled to a discounted personal income tax rate of 17%. This is a significant advantage, considering Thailand’s regular personal income tax rates range from 5% to 35%. To qualify for this special tax rate, the following conditions must be met:
- The individual must be an expert in targeted industries, working for business entities, higher education institutes, research centres, specialised training institutions in Thailand, or Thai government agencies.
- Earn assessable income under Section 40 (1) of the Revenue Code while performing duties for a company that satisfies the above criteria.
- File a personal income tax return (P.N.D. 95) for a tax year as required by the law;
- The employer can agree with the professional to withhold tax at a flat rate of 17%.
- If the foreign employee has been subject to withholding tax at a flat rate of 17%, they are exempt from including the income in their personal income tax return, provided they do not request a refund or credit for the tax paid.
- In cases where the foreigner has received assessable income subject to withholding tax under specific sections of the Revenue Code, they can treat the tax withheld as final tax and exclude the income from their personal income tax return.
If an employee fails to adhere to the rules, procedures, and conditions in any given tax year, they will not be eligible for income tax exemption in that specific tax year.
Foreign Sourced Income Tax Exemption
Wealthy Global Citizens, Wealthy Pensioners, and Work-from-Thailand Professionals LTR Visa holders are entitled to an income tax exemption for income derived from:
- business conducted abroad or
- assets located abroad that have been remitted into Thailand.
It’s important to note that the tax concessions provided by the LTR Visa program are subject to rules and conditions prescribed by the Revenue Department.
Please note that this exemption does not apply to Highly Skilled Professional LTR holders.
How can Belaws help?
For more information about the LTR visa in Thailand, why not talk to one of our experts now?
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Frequently asked questions
What is the LTR Visa Thailand?
The LTR Visa, or Long-Term Resident Visa, is a program introduced by the Thai government to attract high-potential foreigners to live, work, and invest in Thailand. It offers a variety of benefits including tax breaks, long visa validity, and streamlined immigration processes.
Is the LTR Visa the same as a Thailand investment visa, golden visa, or permanent residence visa?
The LTR Visa has some similarities to these other visa options, but it’s not exactly the same. Unlike permanent residence visas, the LTR is not a pathway to Thai citizenship. However, it does offer a long-term stay option with attractive benefits for certain foreign individuals.
Who can qualify for an LTR Visa?
The LTR Visa is divided into four categories:
- Wealthy Global Citizens: Must have significant investments in Thailand (property, bonds, or FDI) or a high net worth.
- Wealthy Pensioners: Must have a minimum annual pension and invest in Thai assets.
- Work-from-Thailand Professionals: Must have earned a high income in the past two years and potentially hold intellectual property rights.
- Highly Skilled Workers: Must have earned a high income in the past two years and possess qualifications in a targeted industry.
What are the benefits of the LTR Visa?
LTR Visa holders benefit from a 10-year visa validity with a chance to extend, exemption from some work permit requirements, fast-track airport immigration, and reduced reporting requirements to immigration. Additionally, some categories qualify for tax benefits such as a flat tax rate or exemption for foreign-sourced income.
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