What is the LTR Visa?
Who Can Apply?
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Wealthy Global Citizens: For those with significant assets (at least $1 million USD), but the previous requirement for a personal income of $80,000 USD per year has been abolished.
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Wealthy Pensioners: Retirees over 50 with a steady pension or passive income (minimum $80,000 USD/year).
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Work-from-Thailand Professionals: Remote workers whose foreign employers now need to show $50 million USD in annual revenue over the last three years, down from $150 million.
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Highly Skilled Professionals: Experts or professionals in targeted industries like science, technology, or education, with at least five years of experience.
Key Updates and Benefits
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Extended Stay: Offers an initial stay of five years, extendable for another five, totaling 10 years.
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Tax Incentives: Highly Skilled Professionals enjoy a 17% personal income tax rate on Thai earnings. Other categories are exempt from Thai income tax on foreign-sourced income remitted into Thailand.
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Work Permits: LTR holders can apply for work permits without the 4:1 Thai to foreigner employee ratio requirement.
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Immigration Benefits: Visa holders report to immigration once a year instead of every 90 days, with exemptions from re-entry permits and access to fast-track services at airports.
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Health Insurance: Still requires coverage of at least $50,000 USD or proof of equivalent social security benefits. This is a strict requirement.
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Dependents: The cap on dependents has been removed; now, LTR holders can bring an unlimited number of dependents, including parents and children.
Application Process
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Qualification Endorsement: Documents are submitted online to the Board of Investment (BOI) for endorsement, taking about 20 working days.
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Visa Issuance: After endorsement, apply for the visa at a Thai embassy/consulate or within Thailand at an Immigration office within 60 days.
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Fees: The visa fee remains at 50,000 THB per person in Thailand, though costs might differ if processed abroad.
Changes in Visa Landscape
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The Smart Visa categories have been largely phased out, with only the startup business owner category remaining, to simplify visa options for potential long-term residents.
Potential Changes in Taxation
Why These Changes Matter
These updates aim to make Thailand a more appealing destination for long-term expatriates, potentially enhancing local economies through increased spending, investment, and attraction of global talent. It’s part of a broader strategy to position Thailand as a hub for both business and retirement in Southeast Asia.
Consider reaching out to Anglo Siam Legal for assistance with any problems you may have had or questions regarding visas and related questions.
Contact Anglo Siam Legal
Call Them: 0610184790
Visit Them: 565/103-104, Moo 10, Nongprue sub-district, Opposite Big C South Pattaya
