Welcome to Wissen Co Newsletter
Update on : Long-Term Resident Visa
In this issue, we provide to our clients, members of Chamber of Commerce, and friends up-to-date information and details regarding the new type of visa called “Long-Term Resident” visa or “LTR Visa”. This new visa is introduced to attract the ‘high-potential foreigners’ to live and do business in Thailand. In addition, the person who holds LTR Visa will receive a range of tax and non-tax benefits under the law. The new visa scheme will open for application on 1st September 2022.
This LTR Visa will be offered to four categories of foreigners which are:
- Wealthy Global Citizens: foreigners holding at least USD 1 million in assets;
- Wealthy Pensioner: retirees aged 50 years and older having an annual pension or stable income;
- Work-from-Thailand Professionals: remote workers working for well-established overseas companies; and
- High-skilled Professionals: professionals or experts in targeted industries working for business entities or higher education institutes or research centers or specialized training institutions in Thailand or Thai government agencies
In addition, the legal spouse and children under 20 years old of the foreigner holding LTR Visa is allowed to accompany the LTR Visa holder at maximum of 4 dependents per 1 LTR Visa holder.
The details of LTR Visa are described below:
|Wealthy Global Citizens||1. before the date of application, investing at least USD 500,000 in Thai government bonds having remaining time to maturity at least 5 years from the application date, foreign direct investment or Thai property; and
2. having personal income of a minimum of USD 80,000 / year in the past two years; and
3. having at least USD 1 million in assets both in Thailand and overseas
|Wealthy Pensioner||1. aged 50 years and older on the date of application; and
2. having personal income or pension of a minimum of USD 80,000 / year at the date of application; or
3. In case of personal income or pension below USD 80,000 / year but no less than USD 40,000 / year, requiring investing at least USD 250,000 in Thai government bonds having remaining time to maturity at least 5 years from the application date, foreign direct investment, or Thai property
|Work-from-Thailand Professionals||1. having personal income of a minimum of USD 80,000 / year in the past two years; or
2. In case of personal income below USD 80,000 / year but no less than USD 40,000 / year, requiring obtaining a Master’s degree or above or own intellectual property or receive Series A funding; and
3. having at least 5 years of work experience in the relevant fields of the current employment over the past 10 years; and
4. having experience working for employer in overseas who is a public company on a stock exchange; or a private company in operation for at least 3 years with combined revenue at least USD 150 million in the last 3 years
|High-skilled Professionals||1. having employment contract or service contract with business operator in Thailand or business operator in overseas assigning the applicant to work in Thailand in targeted industries, e.g., modern automotive industry, digital industry, aviation industry, etc.; or with higher education institution, research institution, specialized training institution, or Thai government agency; and
2. having at least 5 years of work experience in the targeted industries in the past 10 years before the application date, except for applicants with a PhD or above in the relevant fields of the targeted industries or applicants working for Thai government agencies; and
3. having personal income of a minimum of USD 80,000 / year in the past two years before the application date; or
4. In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years before the date of application or before retirement, requiring obtaining a Master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand.
No minimum personal income for professionals working for Thai government agencies
Obtaining health insurance with at least USD 50,000 coverage having remaining protection period not less than 10 months from the date letter certifying qualifications issued; or having social security benefits insuring treatment in Thailand or money in deposit account both in Thailand and overseas at least USD 100,000 holding for at least 12 months up until the application date
There are many privileges provided to LTR Visa holder as follows:
- 10 years visa (5 years + 5 years)
- 90-day report extended to 1-year report and exemption of re-entry permit
- Permission to work in Thailand (Digital Work permit)
- 17% Personal income tax for High-skilled professionals
- Immigration and work permit facilitation services
In addition, for the company in Thailand who is employer of LTR Visa holder is exempted from 4 Thais to 1 foreigner employment requirement ratio.
The information provided in this newsletter is a summary of the new laws and regulations which has been announced. Please contact our lawyers or e-mail us if you have any further inquiry.
Mr. Wichien Harnpraween
Tel:+662 2592627 thru 9
Fax: +662 2592630