Thailand Long Term Resident Visa: Boosting Economy, Cultivating Talent

This initiative aims to enrich the kingdom with valuable business skills and expertise while bolstering long-term growth beyond traditional tourism sectors.

“Thailand is a tourism-dependent country but when tourists disappeared during Covid, we realised that we could no longer rely on short-term visitors and mass tourism. So we were determined to elevate tourism to attract high-quality and long-term tourists,” explained Narit Therdsteerasukdi, secretary-general of the Board of Investment (BOI), which runs the LTR programme.

The program launched on September 1, 2022, with a focus on wealthy individuals and professionals.

It offers a renewable 10-year visa along with exemptions from various immigration requirements, Tax benefits (PIT) from the Revenue Department, 90-day reporting requirement extended to a one-year report, and the re-entry permit requirement has been waived reporting to immigration, multiple reentry steps, and providing tax exemption on foreign income as well as tax cuts, among other benefits.

Four groups
Thailand aims to attract four distinct groups with the LTR visa:

1. Highly Skilled Professionals: These individuals will benefit from a reduced personal income tax rate of 17%.
2. Work from Thailand Professionals
3. Wealthy Global Citizens
4. Wealthy Pensioners: This category caters to retirees seeking a comfortable lifestyle in Thailand.

Requirements for LTR visa

To qualify for the LTR visa under the "High Skilled Professionals" category, applicants must demonstrate one of the following:

• Minimum average personal income requirement of US$80,000 (About 2.9 million baht) a year. 
• If average personal income is between US$40,000 (1.4 million baht) and US$80,000 (About 2.9 million baht), applicants must hold a master’s degree or higher in sciences and technology.
• Employment by contract in targeted industries or proof of expertise specified by BOI.
• Minimum 5 years' working experience in specified industries within the last 10 years, unless exempted by holding a PhD or working for Thai government agencies.
• Health insurance covering at least US$50,000 (About 1.8 million baht) receiving social security benefits in Thailand, or maintaining a bank balance of  US$100,000 (3.7 million baht) for 12 months required.

As for the "wealthy global citizen" category, applicants must demonstrate one of the following:

• Investment of at least US$500,000 (about 18.5 million baht) in Thai government bonds, foreign direct investment, or property (or a combination thereof).
• A minimum yearly income of $80,000 for the past two years.
• Total financial assets (domestic and foreign) valued at $1 million or more at the time of application.
• Applicants must have health insurance coverage of US$50,000 (at least 1.8 million baht) or be receiving social security benefits in Thailand or maintain a bank account balance of US$ 100,000 (at least 3.7 million) baht under their name for a minimum of 12 months.

Each type of LTR has different criterias that can be checked on ltr.boi.go.th.

Number of Applicants

The LTR visa has been popular, with about 7,000 applications submitted as of March this year. Wealthy Pensioners make up the largest applicant group (29.5%), followed by work-from-Thailand professionals (22.8%), Highly Skilled Professionals (19.2%), and Wealthy Global Citizens (6%).

Countries with the highest number of applications are the United States (1,166), Russia (888), and China (627).

Online application approval takes about 20 days, but this should be cut to just a few days in the coming months as the BOI streamlines the process by outsourcing the time consuming application process.

Building a talent ecosystem

The BOI estimates that LTR residents will contribute at least 1 million baht per person annually through spending alone, excluding investments, taxes, and expenses like education and healthcare.

As of March 2024, there were about 7,000 applicants, meaning Thailand can expect expenses on top of visa requirements of at least 1 million baht per person per year, totaling at least 7 billion baht of domestic consumption from LTR residents,” Narit said.

The influx of foreign professionals should also create a more attractive environment for other international talent. This, in turn, will benefit Thai professionals in areas like finance, marketing, and digital expertise. Ultimately, the LTR programme aims to foster technological know-how within Thai businesses, cultivate a robust business network, and stimulate investment and related industries.

“We realise that to boost creation of new industrial bases in Thailand, especially in the tech-based industry, manpower and skilled workforce is very important, so we want to attract foreign talents to live in Thailand and work here with Thai people,” Narit said. “This will help strengthen the talent pool in Thailand.”

Thailand's LTR visa is strategically designed to not only attract highly skilled professionals but also to establish the country as a preferred long-term residence destination.

This initiative aims to nurture a competitive environment, benefiting Thai professionals and positioning Thailand as a leading regional hub, alongside established centers like Singapore.

Singapore has attracted international talents for decades, with its world-class infrastructure, high levels of English proficiency and a strategic location in Southeast Asia luring highly skilled workers and international companies to set up their headquarters in the city-state. Singapore boasts 205,400 international workers with an Employment Pass, a work permit for foreign professionals who earn at least 5,000 Singaporean dollars per month, according to the Ministry of Manpower.