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Thailand received about 400 applications for its new long-term visa (LTR) program just 12 days after its launch on Sept. 1, according to a Bloomberg report.
U.S. nationals accounted for 20 percent of applications for a long-term visa to reside in Thailand, followed by China at 15 percent and the United Kingdom at 10 percent.
The new visa program launched on September 1, 2022 targets three main groups: high-net-worth retirees, remote workers, high-net-worth global citizens and highly skilled professionals. According to Thailand’s BOI officials, these groups accounted for 40%, 30%, 15% and 15% of requests, respectively.
The program is promoted not only to foreigners outside Thailand, but also to the approximately 300,000 expatriates already living there with other visas.
Tax breaks and 17% personal income tax cap
The long-term visa program allows you to obtain a renewable 10-year multiple-entry visa. Its holders are also authorized to work and are eligible for tax breaks and a 17% personal income tax cap.
But unlike Singapore’s visa program which aims to attract qualified individuals to fill gaps in the labor market and spur innovation, Thailand’s visa program seeks to boost economic activity by making it easier for wealthy expats to live and work.
The LTR visa is a program that has been designed to attract “high-potential” foreigners to Thailand, offering a visa valid for 10 years and a range of tax and non-tax benefits to holders.
The LTR visa is available for the following 4 groups:
- Wealthy global citizens
- High net worth retirees
- Professionals working in Thailand
- Highly skilled workers
LTR visa holders will be eligible for many benefits including:
- Special personal income tax (PIT) rate of 17% for highly qualified professionals. The current PIT rate for normal employees is taxed at a progressive rate (from 5 to 35%).
- Tax exemption for income abroad.
- Permission to work in Thailand. LTR holders will be eligible to receive a digital work permit.
- Exempted from the employment requirement ratio for employers to hire four Thai citizens per foreigner (eligible for a highly qualified professional who works for a Thai company in Thailand that is approved in the targeted industries).
- Use of the Fast Track service at eligible airports.