Thailand’s Board of Investment has started accepting applications from wealthy and high-potential foreigners who want to obtain long-term resident (LTR) visas.
Under the new visa scheme, expected to benefit the country’s economy, selected non-Thais could stay in the kingdom for up to 10 years, said Labor Minister Suchart Chomklin.
The application process officially opened on September 1, and applicants can download a PDF with instructions on the BoI website.
Mr. Suchart explained that the visa offers various tax and non-tax benefits to attract new foreign residents, talent and technology to stay or work in Thailand longer and contribute to the country.
Under the new scheme, applicants must have at least $1 million in assets and investments in Thailand and retirees aged over 50 with a monthly pension or stable income.
Remote foreign workers can also apply for a visa if they want to work from Thailand. However, they must be employees of well-established foreign companies that have recorded sales of at least $150 million during the last three years.
LTR visa holders’ spouses and children aged 20 and under also qualify for the same visa, but the limit is four dependents.
Some benefits entitled to LTR visa holders include 10-year renewable visas, fast-track service at international airports in Thailand, a work permit, and a one-year report to the Immigration Office instead of 90-day reports. Highly skilled professionals can also enjoy a 17% personal tax rate.
The visa initiative is expected to attract at least a million wealthy and talented foreigners to the country and boost economic activity over the next five years, adviser to the Prime Minister ML Chayotid Kridakon said.
According to the Joint Foreign Chambers of Commerce, the new visa regime will make Thailand an attractive place to work and buy a second home.
The current Thailand Elite Card gives wealthy ex-pats access to a pay-to-stay visa program. However, LTR visas eliminate the tedious and costly processes of obtaining one-year work, retirement, or marriage permits.
Joint Foreign Chambers of Commerce’s chairwoman Vibeke Lyssand Leirvag said: “Work permits and visas have been the biggest obstacle for all investors in Thailand for over a decade and LTR offers a solution.”
Meanwhile, in a separate development, the Labor Ministry has proposed to the cabinet to allow service centers that issue identity certificates (ICs) to Myanmar workers to extend their operations for two months.
