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Long Term Resident Visa available from September 2022
20/06/2022
Thailand has formally launched a new visa, known as a Long Term Resident Visa (LTR), which is due to begin in September 2022. The LTR was first introduced in September 2021 as a way to attract foreigners with “high capability or potential”.
The LTR allows foreigners to remain in Thailand for up to ten years and a total of four dependents (such as spouse and children) may be granted a visa as well.
Key points
- LTR will be available from September 2022
- Holders can stay in Thailand for 10 years
- Holders can also support a visa for dependents
- Special privileges available for holders
What are the advantages of the LTR?
LTR visa holders will be able to take advantage of several special privileges. For example:
- Holders are not required to report to Thai immigration authorities every 90 days
- Holders can enjoy a duty-free tax exemption.
- Holders benefit from an exemption regarding restrictions on foreign ownership of land in Thailand.
Who can apply for an LTR?
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 LTV.
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.
How much does the LTR cost?
When the project was first announced, the price was set at $100,000, however, in May 2022 the visa application fee was reduced by half, to $50,000.
What else should I be aware of?
It is important to note that pensioners and wealthy foreigners must meet one of the three following conditions for visa eligibility:
- Have an insurance policy valid for at least 10 months with a coverage value of USD 50,000 or more.
- Must hold a social security certificate that covers all medical expenses.
- Maintain a minimum of USD 100,000 in either a domestic or foreign bank account for the 12 months prior to the visa application.
Highly skilled workers must be able to produce an employment contract from a business located in Thailand or abroad. Applicants must also provide evidence that they have worked in the target industries for at least 5 of the proceeding 10 years prior to applying for the visa.
Exceptions may be granted for people who work in Thai state universities, specific state training institutes, government research institutes, or for those who hold a PhD.
How can our experts help?
Our team of immigration experts are on hand to help you make your Visa applications as smooth as possible. If you are in need of assistance with regards to staying in Thailand or working in Thailand, you can browse our Visa services here.
Belaws understands that the visas in Thailand can often be confusing, this is why our visa expert is available to help you identify and apply for the best visa for your situation.
In order to provide the most accurate and reliable advice for your needs, Thai Visa Belaws offers a visa Consultation Service with our visa expert.
During this consultation our visa expert will assess your current situation and needs and provide a solution for the most suitable visa or extension. Our visa expert has helped numerous clients and has a vast amount of experience and can help you come to a desirable outcome.
Please note that this article is for information purposes only and does not constitute legal advice.
The purpose of this call is to provide with you the necessary information to obtain a Visa for Thailand and outline how Thai Visa Belaws can assist you.
Thai Visa Belaws offers the following Visa services in Thailand: Visas (new applications and renewals), Work Permits and Extensions of Stay.
Based on your current situation and your future plans, we’ll advise you on the best options available to you.
The service is provided by a Thai immigration expert fluent in English.
USD 150
Up to 1 hour
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Legal consultation can be conducted in English, French or Thai
Legal consultations are handled by experienced lawyers from the relevant fields of practice
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