Do you consider yourself to be rich? Respondents to Schwab’s 2021 Modern Wealth Survey said a net worth of $1.9 million qualifies a person as wealthy, but wealth is also for a great part in the eye of the beholder.
Indeed, the annual Schwab survey found that respondents are lowering the bar for what they consider wealthy. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million.
To apply for a Long-Term resident visa in Thailand you won’t have to go that far: a mere $1million should be enough, although it will also require to invest a significant part of those funds in Thailand.
What is a long-term resident visa?
Thailand is introducing a new visa called “Long-Term Resident (LTR) Visa” which is a program that provides a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ individuals.
Spouse and children under 20 years of age of an LTR visa holder also qualify (up to four dependants per visa holder).
Although pimped as a 10-year visa, the LTR visa is actually a 5 year visa renewable: the visa will be issued to stay in Thailand the first time for five years which can be extended for 5 more years if qualifications are still met. In short: if after 5 years you have spent all your money and end up bankrupt, you will have to leave.
What do you need?
- At least USD 1 million in assets
- Personal income of a minimum of USD 80,000/ year in the past two years
- Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property
- Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit
- Applicants must fulfill all of the above requirements to be eligible for Wealthy Global Citizens application
What do you get?
A 5-year renewable visa (up to 10 years)
10* years renewable visa Permission will be granted to stay in Thailand the first time for five years which can be extended for 5 more years if qualifications are met.
Fast Track Service at International Airports in Thailand
90-day report extended to 1-year
Foreign residents staying in Thailand on other visas (non-immigrant 1 year) have to report to the immigration every 90 days, if they haven’t left the country during this period of time.
Digital Work Permit Issuance
Applicants who work in Thailand, may collect digital work permits at the Department of Employment at One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, Bangkok or provincial labour offices. The processing fee is 3,000 Baht per year to maintain digital work permit.
Tax exemption for overseas income
Exemption from the four Thais to one foreigner employment requirement ratio
Yet another 10 year visa: the Non – Immigrant Visa “O – X” (Long Stay 10 years)
It is worth noting that if you don’t meet the aforementioned criteria, you still can apply for another 10-year visa which has been around since 2016: the Non – Immigrant Visa “O – X” (Long Stay 10 years)
On 22 November 2016, the Cabinet of Thailand approved new scheme which allows nationals from 14 countries to stay in Thailand for the maximum period of 10 years. In order to enjoy this new scheme, the applicants must apply for Non-Immigrant Visa “OX” (Long Stay) or so-called Non-OX Visa at the Royal Thai Embassy/Royal Thai Consulate-General (when applying outside Thailand) or the Immigration Bureau (when applying in Thailand).
The purpose of this type of visa is to promote long stay for foreign traveler to Thailand. Nationals from 14 countries with the age of 50 years old or over can apply for a multiple-entry Non-OX visa and stay in the Kingdom for the maximum period of 10 years (5 years according to visa validity plus an extension for another 5 years ).
The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand).
In accordance with the Notification of the Ministry of Interior Re: Authorization for Certain Groups of Aliens to Enter the Kingdom on an exceptional case on Long-Stay Purpose in accordance with the Cabinet Resolution, dated 22 November BE 2016 (2016) (effective from 11 August 2017), foreigners with the following qualifications and supporting documents may apply for a multiple-entry Non-OX visa:
Applicants’ qualifications
1. Age of 50 years old or over
2. Applicants must hold passport and nationality of (1) Japan (2) Australia (3) Denmark (4) Finland (5) France (6) Germany (7) Italy (8) Netherlands (9) Norway (10) Sweden ( 11) Switzerland (12) United Kingdom (13) Canada (14) United States of America
3. Financial qualifications
(a) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 3 million Baht; or
(b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year. Once the applicants enter Thailand, they must have accumulated money deposited in Thai bank located in Thailand not less than 3 million Baht within 1 year.
The money in (a) and (b) must be kept in bank account at least 1 year before withdrawing and, within another next year, the money must be left in the account with the amount of not less than 1.5 million Baht and can only. be spent in Thailand.
4. Applicants must have no forbidden diseases according to the Ministerial Regulation No. 14 (BE 2535) which include Leprosy, Tuberculosis, Elephantiasis, drug addiction and third stage of Syphilis.
5. Applicants must have Thai medical insurance during their stay in Thailand (per the approval of the Office of Insurance Commission) and medical claims for outpatient must not be less than 40,000 Baht, for inpatient must not be less than 400,000 Baht.
About the author
Bangkok Correspondent for Siam News Network. Editor at Thailand Business News
