LTR Visa in Thailand: A New Option for Long-Term Residency

LTR Visa in Thailand: A New Option for Long-Term Residency

admin

2 months ago

Thailand is one of the most popular destinations for tourists and expatriates worldwide, known for its rich cultural diversity, delicious cuisine, and pleasant climate. In 2022, Thailand introduced a new type of visa to encourage foreigners to live and work in the country for an extended period. This visa is known as the "LTR Visa" (Long-Term Resident Visa). Let's explore the details of the LTR Visa.

What is the LTR Visa?

The LTR Visa, or Long-Term Resident Visa, is designed for foreigners who wish to reside in Thailand for a long period. It comes with specific conditions and benefits, such as opportunities for employment and investment in Thailand, access to top-tier medical services, partial exemption from personal income tax, and other tax benefits.

Types of LTR Visa

There are four main categories of the LTR Visa:

1. Wealthy Global Citizen

Suitable for investors with investments in Thailand, such as real estate or authorized businesses.

• Must have a total asset value of at least USD 1 million.
• Must have a personal income of at least USD 80,000 per year.
• Must invest at least USD 500,000 in Thailand.

2. Wealthy Pensioner

Suitable for individuals aged 50 and above who have sufficient income or savings to support their living expenses in Thailand.

• Must have a personal income of at least USD 80,000 per year.

3. Work-from-Thailand Professional

Suitable for individuals employed by overseas companies or organizations who wish to live in Thailand for the long term without needing to be physically present at the company’s location.

• Must have a personal income of at least USD 80,000 per year.
• Must have at least 5 years of work experience.
• Must be employed by a legally registered company with a revenue of no less than USD 150 million over the past 3 years.

4. Highly-Skilled Professional

   - Suitable for experts in specialized fields, such as science, technology, engineering, finance, or medicine, who have international work experience and wish to work in Thailand.

• Must have a personal income of at least USD 80,000 per year.
• Must have at least 5 years of work experience.
• Must possess expertise in a targeted industry.

Benefits for LTR Visa Holders

• The visa is valid for up to 10 years and can be renewed.
• Exemption from the requirement to employ 4 Thai nationals for every foreigner.
• Access to special "Fast Track" immigration lanes at international airports.
• Annual reporting instead of every 90 days, and no need for a re-entry permit.
• Permission to work in Thailand (Digital Work Permit).
• Personal income tax rate reduced to 17% for highly-skilled professionals.
• Up to 4 dependents allowed per visa holder.

Steps to Apply for an LTR Visa

1. Prepare Documents: Applicants must prepare the necessary documents, such as a passport, proof of income or savings, employment certification, or other documents based on the type of visa applied for.

2. Submit the Application: Applications can be submitted at the Immigration Office or online. In some cases, an appointment may be required. The application review process will be completed within 20 working days from the date of submission and the receipt of complete documents.

3. Issuance of the Visa: If the application is approved, the applicant can apply for the visa at the Thai Embassy or Consulate-General abroad within 60 days. A fee of THB 50,000 per person will be charged for a 10-year visa with multiple entry privileges.

Advantages of Holding an LTR Visa

• Stability in Residence: The LTR Visa allows foreigners to reside in Thailand for an extended period without frequent renewals.
• Tax Benefits: LTR Visa holders may enjoy partial exemptions from personal income tax and other tax benefits.
• Access to Medical Services: Visa holders can access medical services at top-tier hospitals in Thailand.

The LTR Visa is an excellent option for foreigners who wish to live and work in Thailand long-term, offering convenience and numerous benefits. This visa is a valuable tool for attracting foreign talent and resources that can support Thailand's economic development. Applying for the LTR Visa benefits not only the expatriates but also promotes Thailand as a hub for work, investment, and leisure for foreigners seeking to live in Southeast Asia. If you have secured your long-term residence visa but are still looking for a long-term residence, feel free to check out YOOHOO.

For more information, please visit links below

https://chiangmai.immigration.go.th/long-term-resident-visa-ltr-visa/#:~:text=LTR%20Visa%20%E0%B9%80%E0%B8%9B%E0%B9%87%E0%B8%99%E0%B8%A7%E0%B8%B5%E0%B8%8B%E0%B9%88%E0%B8%B2%E0%B8%9E%E0%B8%B3%E0%B8%99%E0%B8%B1%E0%B8%81,Source%20%3A%20BOI%20News

https://ltr.boi.go.th/documents/LTRbrochure_TH.pdf

0 Comment