The Thai government wants one million wealthy expats to uproot and settle in the country over the next five years to revive the trillion baht economy.
The program was launched as ministers grapple with how to increase Thailand’s weak economic growth.
They expect expats to contribute at least one trillion baht (£23bn) to the Asia-Pacific nation’s GDP over the next five years.
Applications for long-term residency visas in Thailand opened on September 1.
The visa is an attractive package for expats, offering an extendable 10-year residency visa in addition to a work permit.
But the program is not open to everyone, and there are doubts that enough expats will beat the high bar to be accepted.
The visa is open to four types of expatriates:
- Wealthy expats with money and assets worth at least US$1 million
- Retirees with an annual income of USD 80.00
- Remote workers who can relocate to Thailand and who can prove that they have an annual income of at least $80,000 for the past two years, at least five years of work experience, and work for a company with a turnover of at least 150 million USD in the last three years
- Professionals earning at least USD 80,000 per year and having at least five years of work experience
The visa requirements also accept a spouse and up to three children under the age of 20.
Visa-eligible expats can enjoy a range of benefits, such as:
- A renewable 10-year visa
- Declaration to immigration reduced to once a year instead of every 90 days
- Expedited service at Thai airports
- Authorization to re-enter Thailand several times
- Authorization to work in Thailand
- Personal income tax rate reduced to 17% for highly skilled professionals
- Employment requirement ratio exemption of four Thais for one foreigner
Yuthasak Supasorn, Governor of the Tourism Authority of Thailand, said: “The new long-term resident visa aims to enhance Thailand’s attractiveness to ‘high-potential’ foreigners as a regional hub for living and to do business. role in promoting Thailand as a “Remote Worker Friendly” destination and help us tap into this targeted segment.
“It is expected to attract foreign talent and expertise that can contribute to domestic spending and support economic growth. With the long-term resident visa, the Thai government wants to bring one million rich and talented foreigners to Thailand over the next five years.
Long Term Thai Residence Visa FAQs
A Long Term Residency Visa (LTR VIsa) is a set of tax and residency benefits designed to entice wealthy expats to move to Thailand.
Yes, expats who qualify for the LTR visa are granted an initial five-year residency in Thailand, which can be extended for five to 15 years.
Thailand’s capital, Bangkok, is an international travel hub and the Asia-Pacific headquarters of many multinational corporations. Thailand is also a major tourist destination with many places of natural beauty.
Yes, real estate is an acceptable investment for expats moving to Thailand. Expats can choose to buy a freehold property or rent a property not less than ten years from the visa application date on the rental agreement. The property can be residential or commercial.
Yes, the LTR VIsa allows multiple returns to Thailand.
For more information on applying for an LTR VIsa, go to the website of the Thai tourist office.
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