Thailand’s Cabinet has approved changes to certain categories of the Long Term Residence (LTR) visa, which offers indefinite stays and multiple entries for 10 years (structured as 5-year periods, renewable once). The LTR program, introduced in 2022 by the Board of Investment (BOI), aims to attract wealthy foreigners, retirees, and remote workers by offering tax benefits and streamlined residency processes. To boost the program’s popularity, the BOI has recommended relaxing some of the eligibility criteria.

Key Changes:

1.Wealthy Global Citizens:

   - The requirement to prove an annual income of at least US$80,000 has been removed.

   - Applicants must now demonstrate worldwide assets worth at least US$1 million and invest a minimum of US$500,000 in Thailand.

2.Remote Workers (Digital Nomads):

   - Companies sponsoring remote workers now need to have a reduced annual revenue threshold of US$50 million, down from US$150 million.

   - Digital nomads working directly with Thai clients still require a work permit.

3.Wealthy Pensioners:

   - The criteria for wealthy retirees aged over 50 remain unchanged, including the minimum annual income requirement of US$80,000.

   - Benefits include exemption from income tax on cash transferred to Thailand, no requirement to report addresses every three months, and no need for annual immigration re-registration. However, retirees must undergo an audit after five years.

Limited Appeal to General Expats:

Despite the reduced requirements, the LTR visa remains geared towards high-net-worth individuals, with significant financial thresholds that most expats are unable or unwilling to meet. As a result, these changes are unlikely to generate widespread interest among typical expat communities. The primary advantage of the LTR visa remains reduced income tax rates for business executives or entrepreneurs and a fast-tracked work permit process for those requiring one.

Other Notable Updates:

• The Cabinet has suspended most 4-year SMART visas, as they overlap with LTR visa benefits.
• An increase in the number of dependent relatives allowed to accompany LTR holders has been announced.
• The LTR enrolment fee remains at 50,000 baht, and applicants must secure mandatory medical insurance.

Immigration lawyer Jessataporn Bunnag commented, “There is now a choice of visas for expats, such as Elite or DTV. The LTR is really aimed at the super-rich or those needing a work permit that allows independent work without Thai colleagues.”

 

Source:
Pattaya Mail – Changes to Thailand’s 10-Year Visa Don’t Impact on Most Expats