In a bid to rebuilding its tourism sector Thailand launched a new tax initiative and visa, known as a Long-Term Resident (LTR) visa in September 2021 to attract foreigners with “high capability or potential”. The program authorizes foreigners to remain in the country for up to ten years and a total of four dependents may be granted a visa as well, including a spouse and children under the age of 20.
LTR visa holders enjoy several privileges. Holders are not required to report to Thai immigration authorities every 90 days and enjoy duty-free tax exemption. Additionally, long-term residents benefit from modified laws and regulations regarding foreigner-owned land in Thailand.
High-potential foreigners are placed into four groups: wealthy global citizens, wealthy retirees, Work-from-Thailand Professionals, and highly skilled workers.
Wealthy global citizens are individuals who have invested at least 500,000 USD in Thai government bonds, Foreign Direct Investments (FDI), or Thai property. Individuals who have earned at least 80,000 USD per year for the past 2 years or hold a minimum of 1,000,000 USD in assets are also eligible.
Wealthy retirees are individuals who have invested a minimum of 250,000 USD in Thai property, FDI, or Thai government bonds and have an annual pension of at least 40,000 USD. Applicants with a minimum annual pension of 80,000 USD are also eligible for long-term residency.
Work-from-Thailand Professionals fall into two categories. Individuals in the first category must have earned a minimum of 80,000 USD per year for the past two years. Those in the second category must show that they earned a minimum of 40,000 USD per year for the past two years and have a master’s degree or above, own intellectual property, or receive series A funding.
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