The Thailand Board of Investment (BOI) announced that the Cabinet has approved updates to the Long-Term Resident (LTR) Visa program. The updated LTR Visa program aims to attract more highly skilled professionals, wealthy global citizens, retirees, and remote workers by offering a range of benefits, including tax incentives, simplified immigration procedures, and extended visa durations.
Key takeaways
- The LTR Visa program now offers broader eligibility, including expanded sectors for highly skilled professionals and no work experience requirements for some categories.
- The corporate revenue requirement for Work-from-Thailand Professionals has been reduced, and employees of multinational corporations can now qualify.
- Dependents’ rights have been expanded, and the Wealthy Global Citizens category now focuses on investments in Thailand rather than income.
These changes are aimed at facilitating access to a broader range of experts, investors, and executives, with the goal of enhancing the country’s foreign talent pool and further boosting its competitiveness.
The BOI is responsible for screening applicants for the LTR program, which was first launched in September 2022.
Successful applicants are granted a 10-year residence, access to a digital work permit, personal income tax privileges, and other benefits.
The LTR program targets four categories: Highly Skilled Professionals, Work-from-Thailand Professionals, Wealthy Global Citizens, and Wealthy Pensioners.
What changes have been approved?
The approved changes include expanding the list of target sectors for the Highly Skilled Professionals category, which is designed for talent and experts.
Initially focused on science, technology, and specific target industries, the list now includes a broader range of non-STEM fields, such as Development and Sustainability, Disaster and Risk Management, and Integrated Innovation.
The inclusion of educators in vocational and higher education across all disciplines will ensure valuable knowledge transfer to Thai students and professionals, thereby boosting the country’s competitiveness.
The requirement for a minimum of five years of work experience in a relevant field has been removed for applicants in both the Highly Skilled Professionals and Work-from-Thailand Professionals categories.
This change is aimed at reducing redundant requirements and increasing accessibility, allowing a wider range of high-potential applicants to contribute to Thailand’s key industries.
Two other changes have been made to streamline applications for the Work-from-Thailand Professionals category.
The corporate revenue requirement for overseas-based employers sponsoring an applicant has been lowered to a minimum of USD 50 million over the past three years, down from USD 150 million.
Additionally, employees of wholly owned subsidiaries of major multinational corporations are now eligible for the LTR, provided they can demonstrate financial stability through the parent company’s financial statements, rather than those of the subsidiary, as was previously required.
The minimum annual income requirement for applicants in the Wealthy Global Citizens category has been removed, with a stronger focus on cumulative wealth and investments in Thailand. This aligns with the goal of encouraging greater foreign investment in the country.
Lastly, the rights for dependents of the primary applicant in any of the four LTR categories have been expanded, with no limit on the number of dependents.
The rights of the principal LTR holder will now include parents and legal dependents, further enhancing Thailand’s appeal to families and ensuring a supportive and welcoming environment.
