Changed rules for LTR (Long Term Resident) visas in Thailand

Introduction: In this article, we discuss recent changes to the conditions under which LTR (Long Term Resident) visas may be issued. LTR (Long term resident) visas have been offered since September 2022. All applications are submitted to and granted by the Board of Investment, rather than the Immigration Bureau.

There are four types of LTR visa outlined below.

All LTR applicants: are eligible to claim the following rights:

• A five year visa, followed by a second five year visa (subject to compliance with applicable requirements)
• Where the applicant works for a Thai company, a waiver from the usual rule that a company must employ four Thais for every foreigner employed
• Applicants need only report their address annually, instead of every 90 days
• A multiple re-entry visa is included
• Exemption from the requirement to obtain a work permit
• Use of the One Stop Service Centre to process the visa application

1. Wealthy foreigners: They must:

• have assets of at least US$1 million
• The requirement to have received personal income of at least US$80,000 a year for the previous two years has been abolished
• Have invested at least US$500,000 in Thai government bonds or real property in Thailand

2. Wealthy pensioners: There are no changes here. They must:

• Be aged 50 or more
• Have personal income of at least US$80,000 a year at the date of application OR
• Have income of at least US$40,000 a year and invest at least US$250,000 in Thai government bonds, foreign direct investment or real property in Thailand

3. Work from Thailand professionals: They must have:

• Personal income of at least US$80,000 a year for the last two years OR
• Had income of at least US$40,000 a year for the last two years
• A master’s degree or higher or own intellectual property or receive series A funding

     The employer of a Category 3 applicant must be:

• A public company listed on a stock exchange OR
• A private company in operation for at least three years with total revenue of at least US$50 million (the previous threshold was US$150 million) in the last three years;  
• Employees of wholly owned subsidiaries of major multinational companies are now eligible, provided that they can demonstrate financial stability through the parent company’s financial statements.

The requirement for an applicant under category 3 to have at least five years of experience in relevant fields of current employment during the last 10 years has been abolished.

4. Highly skilled professionals; Theymust have:

• Personal income of at least US$80,000 a year for the last two years OR
• Income of at least US$40,000 a year for the last two years, or before retirement
• A master’s degree or higher in science or technology or special expertise that is relevant (where the applicant works for a Thai government agency, no need to prove minimum personal income)

The employer of such a person must be:

• a Thai or foreign enterprise;
• a higher education institution, specialized training institution or
• a government agency in one of 14 specified fields. This list has been expanded to include: development and sustainability; disaster and risk management integrated innovation and educators in higher and vocational education in all disciplines. 

Experience: Applicants in category 4 must:

• The requirement for five years’ experience within the last 10 years in the targeted industry has been abolished
• Hold a doctorate or higher in the relevant fields in the targeted industry or be an applicant working for a Thai government agency

5.     Dependants: There are no longer any limitations on the number of dependants who may join with the principal applicant. Same sex unions are now recognized in Thailand, but the supporting rules have not yet been issued. 

Health insurance requirements: All applicants, their spouses and children must arrange health insurance cover of at least US$50,000 per person with approved insurers, or supply a deposit of at least US$100,000 per person.

Income tax concessions: The following income tax concessions are noteworthy:

• Highly skilled professionals are only required to pay income tax at a flat rate of 17%.
• Applicants in categories 1-3 are entitled to an income tax exemption for income derived from a post or business conducted abroad or arising from assets located abroad that have been brought into Thailand. Spouses and children are not entitled to this exemption.

Wissen and Co is a general corporate and commercial law firm.
For further information, please contact Stephen Frost by email at stephen.f@wissenandco.com or telephone (66) 2 259 2627-9.