Introduction:
Thailand has emerged as a leading destination for the world’s affluent individuals seeking new opportunities. To continue its push to attract high value individuals, Thailand’s Long-Term Resident (LTR) Visa program has become a key governmental initiative, presenting an enticing opportunity not merely to experience Thailand’s distinct culture and environs, but to immerse oneself fully in its inimitable way of life long-term.
The privileges on offer from the LTR extend beyond allowing the holder to stay in Thailand long term. The LTR offers a means of seeking fresh professional and personal opportunities on offer in Thailand.
Key Points
- The LTR Visa allows wealthy investors and global citizens to live and work in Thailand for 10 years, provided they meet specific financial requirements such as owning at least $1 million in assets, having an average annual income of $80,000 for the past two years, and investing at least $500,000 in Thailand.
- The required $1 million USD in personal assets can be made up of qualifying investments made solely in Thailand or a combination of the mandatory 500,000 USD investment in Thailand and at least 500,000 USD from assets held abroad.
- Key benefits of the LTR Visa include tax exemption for overseas income, eligibility for a Digital Work Permit, the ability to bring spouse and children as dependents, and faster immigration services.
- Required documents include evidence of income, assets, investments in Thailand, health insurance coverage of at least $50,000, and other supporting documents.
- The application process involves online submission, qualifications endorsement by relevant agencies, visa issuance, and work permit issuance (if applicable).
- LTR Visa holders can bring up to four family members (children under 20 and spouse) as dependents, subject to meeting additional requirements such as health insurance coverage.
What is the LTR Visa for Wealthy Investors?
Thailand has cemented its position as a leading destination for affluent global citizens seeking a place to settle down. This popularity is due to Thailand’s open approach to foreign investment and a strategic drive to attract skilled and wealthy individuals who can bring value to Thailand.
The Long-Term Resident (LTR) Visa, represents the Thai government’s approach to attract high value to individuals to Thailand to help encourage economic growth through foreign investment and expertise.
The LTR visa for Wealthy Global Citizens offers those who qualify a 10 year visa to live and work in Thailand while also enjoying a range of benefits not available to other visa types. The benefits on offer can greatly simplify and enhance the Thai experience for the holder, making their time in Thailand even more remarkable.
What are the Eligibility Requirements for the Long-Term Residency Visa for Wealthy Global Citizens?
The eligibility requirements for the LTR visa for Wealthy Global Citizens is as follows:
- Owning at least USD 1 million in assets under the applicant’s name.
- Please note, these assets can all be held in Thailand e.g. Thai real estate, owning a company or other qualifying investments such as government bonds;
- A combination of the mandatory USD 500,000 investment in Thailand and at least USD 500,000 in qualifying assets abroad can also be used.
- Minimum average personal income of USD 80,000 / year in the past two years;
- Combined investment in Thai government bonds OR direct investment in companies registered in Thailand OR Thai property of at least USD 500,000;
- Insured under a health insurance covering a minimum of USD 50,000 OR receiving social security benefits in Thailand OR deposit and maintain at least USD 100,000 in bank account balance under the applicant’s name during the past 12 months.
What are the Benefits of the Long-Term Residency Visa for Wealthy Investors?
The Long-Term Resident Visa category for wealthy global citizens offers many advantages to help facilitate living and working in Thailand. Examples include:
- A 10 year visa that offers the holder the ability to live in Thailand without having to renew their visa every year;
- Tax exemption for overseas income;
- Eligibility to apply for immigration and work permit services at One Stop Service Center for visa and work permit. The One Stop Service Center is a fast and efficient service that will allow holders of LTR visas to save a significant amount of time for immigration and work permit matters when compared to normal visa holders in Thailand;
- The ability to apply for a Digital Work Permit;
- The ability to bring spouse and children on dependent visas;
Please note that holders of the LTR for wealthy global citizens ARE NOT eligible for the flat personal income tax rate of 17%.
What Documents are Required when Applying for LTR Based on being a Wealthy Global Citizen?
When applying for an LTR visa based on being a Wealthy Global Citizen, applicants must be able to provide the following documentation.
Evidence of Income and/or Investment
Applicants must be able to provide evidence that they have the following:
- Earned USD 80,000 / year for 2 consecutive years.
- Financial evidence showing a deposit of no less than 100,000 USD (or 25,000 USD in case of dependents only) has been made which has been held for no less than 12 months at the time of application.
- Examples of accepted forms of evidence include:
- Personal income tax returns,
- Bank statements obtained from your bank
- Pay slips from your employer
- Documents showing income earned from passive income such as income such as interest, royalties or rental incomes etc.
- Made an investment in Thailand of at least 500,000 USD.
- Copy of a Thai Government Bond with the remaining maturity of no less than 5 years in applicant’s name OR
- Securities Business License from the Securities and Exchange Commission in case of investing in venture company OR,
- Thai Company’s shareholder list (Bor.Or.Jor. 5, not more than 3 months old) OR,
- Evidence of property investment in Thailand.
- For freehold property, a copy of the certificate of ownership of apartment/condo in the applicant’s name (Or.Chor. 2) AND a copy of the sale and purchase agreement of the condominium unit (Or.Chor. 16 or 23) issued by the Department of Land.
- For leasehold, a copy of the leasehold agreement issued by the Department of Land.
- For investment in other forms of property such as owning a villa or a land lease, an official sale and purchase agreement which indicates the purchase value of the property OR/AND the land deed which states your name as the owner of the Usufruct property right or leaser.
- Have personal assets of at least 1,000,000 USD (this can be from qualifying assets held in Thailand OR assets held in their home country OR a combination of assets including the 500,000 USD invested in Thailand and further 500,000 USD from abroad).
- Publicly traded stock and mutual fund, OR
- Private and commercial real estate and land. OR
- Gold in gold account.
- All evidence provided must be in English or Thai language only. If the proof is submitted in another language, a notarized translation will be required.
- Please note, the evidence of having Global Assets of not less than 1 million USD, cryptocurrencies, token, amulets, arts, designer items, watches and jewellery will not be accepted as forms of proof.
Health Insurance
International health insurance (travel insurance is unacceptable) policy covering entire course of stay in Thailand, with coverage for hospitalisation treatment of no less than 50,000 USD and the remaining period of no less than 10 months OR,
It is important to note that health insurance must come from a provider contained in the list of approved brokers by Immigration Bureau (Thai company or a broker that operates in Thailand).
A signed Foreign-Insurance Certificate form is required. Please note, this form must be signed by an authorised signatory from the broker or the insurance company.
This form must state:
- the full name of the policy holder,
- passport no,
- nationality and
- policy start/end date for the applicant.
What is the Application Process for the LTR Visa for Wealthy Global Citizens?
The application process for the LTR visa for Wealthy Global Citizens requires completing the following stages:
Application Submission
Applicants are required to register and submit online an application for the qualification endorsement. This will require the applicant to upload all required supporting documents.
Qualifications Endorsement
After the BOI has received all the required documents, the application will be registered and sent for the qualifications endorsement by the relevant government agencies (such as Immigration, Thailand’s Board of Investment, Department of Consular Affairs, etc.).
Applicants will be notified of the result for the qualifications endorsement within 20 working days. Please note that the processing time may take longer if additional documents are required by any of the reviewing agencies.
Please also note that any decision made by the government agency regarding the LTR Visa qualification endorsement result is considered final and binding.
Visa Issuance
Once the application and qualification endorsement has been approved, applicants will be required to submit additional information and documents for the pre-approval process, which takes 1-3 working days (processing time might take longer if additional documents are requested).
Oncebe issued with their qualifications endorsement letter. This letter can be used to apply for the LTR Visa issuance at the Royal Thai Embassies/the Royal Thai Consulate Generals overseas or One Stop Service for Visa and Work Permit Center (Bangkok). Applications must be made within 60 days from the issuance date of the letter.
Work Permit Issuance
LTR Visa holders who work for a Thai company are required to apply for a work permit immediately after receiving their LTR Visa or before they begin work with a Thai company.
The process takes 3-5 working days (processing time might take longer if additional documents are requested).
Once the work permit request is approved, LTR Visa holders can make an appointment to collect the work permit at the Department of Employment at One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, Bangkok.
While the work permit request is still in process, LTR Visa holders are temporarily allowed to work in Thailand without the work permit.
Please note, Work permits are not required for Work-From-Thailand Professionals holders.
Can holders of the LTR for Wealthy Global Citizens bring their family as dependents?
Applicants of the LTR for Wealthy Global Citizens are also permitted to bring up to 4 family members to Thailand as a dependent of their LTR Visa.
Permitted family members include children under the age of 20 and spouses. Such dependents must be legal family members through marriage, birth, or adoption. Please note, that currently, common law and same-sex marriages are not recognized and therefore unfortunately, spouses in such relationships are not eligible as dependents.
In order for the dependents to be able to join the holder of the LTR visa, the following must be satisfied:
- Each dependent must have health Insurance with a coverage of at least $25,000.
- Only children under 20 are only considered as dependents.
- The main applicant will also have to provide additional documents as proof of their dependent’s relationship to them (e.g. marriage or birth certificate).
Our Thoughts
The Thai LTR visa for Wealthy Global Citizens offers a unique opportunity for affluent individuals to truly establish themselves in Thailand long-term. With its generous 10-year validity, tax exemptions on overseas income, and streamlined processes for immigration and work permits, the visa makes it incredibly convenient to live, work, and potentially start a business in Thailand. The ability to bring family members as dependents further enhances the appeal. For those with the required assets, income, and Thailand investment, the LTR visa paves the way to an enriching experience. With Thailand’s welcoming attitude toward foreign expertise and investment, the LTR visa stands as an enticing prospect for wealthy global citizens seeking new personal and professional horizons.
