The Long Term Resident Visa in Thailand is a new visa program that is aimed at attracting highly talented people from around the world. It is intended to boost the economy and strengthen Thailand’s private business sector.
The visa is available for a period of 10 years and allows the holder to work in the country. It also offers fast track services at airports and a reduced personal income tax rate of 17 percent. The visa also allows the holder and his/her spouse to apply for a work permit, and is exempted from the standard ratio requirement of 4 Thais to 1 foreigner.
Aside from the LTR visa, there are several other long-term residency options for those wanting to make Thailand their home. Depending on the situation, each option has its pros and cons, so it’s important to understand what’s best for you.
Non-Immigrant O Retirement Visas
These are the most popular long-term visas and are often referred to as simply “retirement visas.” They allow retirees over 50 to stay in Thailand for one year periods each. In addition to that, they also allow for a range of benefits, such as the ability to buy property and bring family members with you.
The Elite visa is a popular choice for those looking to live in Thailand for a long time, as it’s easy to obtain and offers numerous benefits. The Elite visa has a few key advantages over other long-term visas:
It doesn’t require 90-day reports or annual visa extensions; it comes with access to Airport Fast Track Service, which makes immigration easier and less stressful; it’s multi-entry so you can fly in and out of Thailand as often as you’d like without having to worry about re-entry permits.
Moreover, it comes with a government concierge service that can help you open a bank account, get a driver’s license, and handle your 90-day reports on your behalf. Lastly, you can take advantage of their 24/7 support center to answer any questions and help you with emergencies.
Wealthy Global Citizens
This category of LTR visa is available to global citizens from select countries who have a minimum annual income of 80 thousand dollars. In addition, they must also have a personal asset of at least one million dollars in order to qualify for this visa.
Other eligible categories include wealthy pensioners, work-from-Thailand professionals, and highly skilled professionals. These are the four main categories of LTR visas, and they each have their own requirements and criteria.
Wealthy pensioners must have a stable income and be at least 50 years old. They must also be a citizen of a qualifying country. They can invest in government bonds, make foreign direct investments, and/or purchase a property in Thailand.
Alternatively, they can invest in Thailand-based enterprises or in businesses that have established a presence in the country. They must also have a work experience of at least five years in the targeted industry.