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Thailand Simplifies Long-Term Visas To Attract Global Talent

The Thai cabinet this week approved modifications to the country’s visa regulations, aiming to attract skilled professionals, investors, and affluent foreigners by easing the process of obtaining long-term residency permits.

These changes eliminate the previous requirement for a minimum annual income for those applying under the wealthy global citizens category and lower the minimum revenue requirement for companies that employ individuals working from Thailand.

Additionally, holders of the long-term resident visa will now be able to bring an unlimited number of dependents, according to a statement released Wednesday by the Board of Investment (BOI), which manages this program.

The rule change also allows for the inclusion of parents and other legal dependents to reside with visa holders, expanding from the prior limit of just four dependents.

Introduced in 2022, the long-term resident visa in Thailand provides a 10-year residency, a digital work permit, personal income tax benefits, and other advantages, designed to stimulate economic growth in the post-pandemic period.

So far, the program has attracted over 6,000 applicants, with the majority coming from Europe.

BOI secretary-general Narit Therdsteerasukdi commented, “By ensuring a more inclusive and competitive approach, we believe these changes will further enhance Thailand’s position as a global hub for investment and high-potential talent.”

He added, “Smooth visa procedures are an essential part of our focus on the ease of doing business.”

The board has also decided to drop the annual income requirement for wealthy global citizens, focusing instead on verifying their overall wealth and investments in Thailand.

This initiative is part of a broader strategy to boost foreign investment in the country.

Key updates to the LTR visa program include:

– A reduction in the revenue requirement for foreign companies sponsoring visa candidates, now set at a minimum of US$50 million over the past three years, down from $150 million.

– Visa eligibility has been extended to employees of subsidiaries of large multinational corporations, contingent on demonstrating financial stability through the parent company’s financial reports.

– The program has broadened its scope to target highly skilled professionals in sectors such as disaster and risk management and integrated innovation, expanding beyond the previous focus on science, technology, and other specific industries.

– The new policy also removes the requirement for professionals to have a minimum of five years of work experience in their field.