Partner Bangkok
"There are four (4) qualified categories and each has different required conditions and supporting documents."
The Board of Investment of Thailand (the “BOI”) has been empowered to issue guidelines, criteria and conditions for granting long-term resident visas (“LTR-VISA”) to qualified foreigners. There are four (4) qualified categories and each has different required conditions and supporting documents. The four categories are:
- Wealthy Global Citizen;
- Wealthy Pensioner;
- Work-from-Thailand Professional; and
- High-Skilled Professional.
The LTR-VISA offers a range of tax and non-tax benefits to attract qualified foreigners to apply for an LTR-VISA to reside in Thailand. Along with the BOI, the Revenue Department and the Immigration Bureau of Thailand have also issued guidelines to grant personal income tax reduction and 10-year visa stamps to qualified foreigners who are approved by the BOI for an LTR-VISA.
"The LTR-VISA offers a range of tax and non-tax benefits to attract qualified foreigners to apply for an LTR-VISA to reside in Thailand."
Key benefits:
- LTR-VISA holders and their spouses and children under 20 years old are granted permission to stay in Thailand for up to ten years, in two five-year periods with multiple re-entry permits. According to the current policy, before the lapse of ten years, qualified LTR-VISA holders may file renewal applications with the BOI to obtain an LTR-VISA for another ten years at each renewal;
- Qualified LTR-VISA holders working in the targeted industries are eligible to personal income tax reduction;
- The 90-day residency reporting requirement to the Immigration Bureau will no longer be required, the LTR-VISA holders and their spouses and children are required to file residency reports once a year instead;
- Work permits can be issued to LTR-VISA holders who work from Thailand, even if the employers of LTR-VISA holders do not have a legal presence in Thailand; and
- Eligible for fast-track services at international airports in Thailand.
Certain key qualifications of the four categories for the LTR-VISA are as follows:
1. Wealthy Global Citizen
1.1. Proof of investment in Thailand of at least US$500,000 before the date of application.
1.2. Proof of an average personal income of at least US$80,000 per annum in the last two years before the date of application.
1.3. Proof of of financial status showing assets aggregately in Thailand or overseas with a value of no less than US$1m as of the date of application.
2. Wealthy Pensioner
2.1. Being more than 50 years old and being a retiree at the date of application.
2.2. Proof of a pension and/or regular personal income of no less than US$80,000 per annum at the date of application or, in case pension and/or regular personal income is less than US$80,000 per annum but no less than US$40,000 per annum, the applicant must show proof of investment in Thailand of no less than US$250,000 before the date of application.
"LTR-VISA holders and their spouses and children under 20 years old are granted permission to stay in Thailand for up to ten years, in two five-year periods with multiple re-entry permits. According to the current policy, before the lapse of ten years, qualified LTR-VISA holders may file renewal applications with the BOI to obtain an LTR-VISA for another ten years at each renewal."
3. Work-from-Thailand Professional
3.1. Proof of an average personal income of no less than US$80,000 per annum in the last two years before the date of application or, in case average personal income is less than US$80,000 but no less than US$40,000 per annum in the last two years before the date of application, the applicant must meet a specific criterion as stipulated by the BOI, such as holding no less than a master’s degree, or owning intellectual property, or etc.
3.2. Proof of working with a qualified overseas employer such as a company listed in a stock exchange in any country, or a company that has been operating for no less than three (3) years and has aggregated income in the last three (3) years of no less than US$150m.
3.3. Proof of work experience for no less than five (5) years before the date of application.
4. High-Skilled Professional
4.1. Proof of employment or service agreements with businesses in Thailand or overseas with the assignment to perform work in Thailand or evidence of working with qualified institutions in Thailand within the targeted industries, for example, new-generation automobiles, quality tourism, comprehensive healthcare, biofuel and chemical fuel, robot, and aviation industries, etc..
4.2. Proof of a personal income of no less than US$80,000 per annum in the last two (2) years before the date of application or, in case average personal income is less than US$80,000 but no less than US$40,000 per annum in the last two years before the application date, the applicant must also possess the specific criterion as specified by the BOI.
4.3. Proof of work experience in the targeted industries for no less than five (5) years as of the date of the application, except those working with qualified institutions in Thailand or who possess a doctorate’s degree.
Furthermore, applicants for all of the above categories are required to present a proof of health insurance policy covering the entire course of their stay in Thailand, with coverage for hospitalisation treatment of no less than US$50,000 or other eligible types of medical coverage, or a deposit of at least US$100,000 in a bank account, whether in Thailand or abroad, no less than 12 months as of the date of application.
Disclaimer: Please note that the above information is provided as preliminary information only. It is not exhaustive information to be relied upon. Any interested foreigners are strongly recommended to further discuss and consult with a qualified legal counsel for complete information before they decide to proceed with LTR-VISA applications. The above information is provided based on the current guidelines issued by the competent government agencies as of the date hereof. Additional information or any changes could be introduced or issued as circumstances dictate without prior notice. If you are interested to learn more about the required conditions, terms and fees, or have any questions or require further advice or assistance, please do not hesitate to contact us at luir@wfw.com.
Key contacts
Partner Bangkok
Associate Bangkok
