Thailand Simplifies Long-Term Resident Visa Rules to Attract Global Talent

Thailand has revamped its long-term resident visa program, removing income requirements for wealthy citizens, broadening eligibility for skilled professionals, and offering more benefits.

Thailand has introduced significant changes to its long-term resident (LTR) visa program, making it more appealing to skilled workers, investors, and affluent foreigners. The move aims to position Thailand as a global hub for investment and talent while boosting its post-pandemic economy.

Understanding Long-Term Resident (LTR) Visa
A Long-Term Resident (LTR) Visa is a special 10-year residency program in Thailand designed for wealthy individuals, skilled professionals, retirees, and investors. It offers tax benefits, digital work permits, and flexible options for dependents.

Key Changes to Thailand’s LTR Visa Program

1. No Minimum Income Requirement
Applicants in the “Wealthy Global Citizens” category will no longer need to meet a minimum annual income threshold. Instead, the focus will shift to cumulative wealth and investment within Thailand, encouraging foreign investments.

2. Reduced Revenue Requirement for Companies
Foreign companies sponsoring visa applicants must meet a corporate revenue threshold of $50 million over the past three years, a significant reduction from the previous $150 million.

3. Increased Flexibility for Dependents
LTR visa holders can now bring unlimited dependents, including parents and other legal dependents. Earlier, only four dependents were allowed under the program.

4. Expanded Eligibility for Skilled Professionals
The program now welcomes highly skilled professionals in additional sectors, such as disaster and risk management and integrated innovation. These are in addition to the existing focus on science, technology, and other key industries.

5. Simplified Work Experience Requirements
Professionals are no longer required to have five years of work experience in a relevant field, easing the application process for top talent.

6. Eligibility for Subsidiary Employees
Employees of subsidiaries of multinational corporations are now eligible for the LTR visa, provided the parent company can demonstrate financial stability.

Benefits of Thailand’s LTR Visa
First launched in 2022, the Long-Term Resident Visa offers a 10-year residency, digital work permits, and personal income tax benefits, among other perks. More than 6,000 applicants have already availed of this facility, with Europeans making up the largest group.

The program is designed to attract high-net-worth individuals, retirees, and skilled professionals, strengthening Thailand’s economic growth and global competitiveness.

BOI’s Vision for an Inclusive Visa Program
The Board of Investment (BOI) emphasized that these updates aim to create a more inclusive and competitive visa program. “Smooth visa procedures are an essential part of our focus on the ease of doing business,” said Narit Therdsteerasukdi, BOI’s Secretary-General.

The changes align with Thailand’s strategic goal to attract foreign talent and investors by simplifying processes and offering more comprehensive benefits.

Conclusion
With these updates, Thailand continues to enhance its appeal as a prime destination for professionals and investors seeking long-term residency. The updated Long-Term Resident visa program makes Thailand more accessible and inclusive, attracting a new wave of global talent and investment and cementing its status as a top destination for living and working in Southeast Asia.

Source: https://travelobiz.com/thailand-simplifies-long-term-resident-visa-rules-to-attract-global-talent/