Introduction:
Thailand’s Long-Term Resident (LTR) Visa or also Thailand investment visa program presents a highly attractive opportunity for affluent foreigners and investors seeking extended residency in Southeast Asia through a streamlined investment visa application process. Specifically designed to attract high-net-worth retirees, the LTR Visa offers a streamlined application process, extended validity periods (10 years) and other impressive benefits not available to traditional retirement visas.
In this blog post we will explain the eligibility requirements, documentation needed, and the visa application process for obtaining a non-immigrant investment visa.
Key Points
- The LTR Visa allows wealthy pensioners to live and work in Thailand for 10 years, provided they meet specific financial requirements laid out in the visa policies;
- Applicants must be aged 50 years or older;
- Applicants must have either a minimum passive income of $80,000 per year for the past 2 years, or a passive income of $40,000 per year plus an investment of at least $250,000 in Thailand to qualify for the investment visa.
- Benefits include a 10-year visa, tax exemption on overseas income, fast-track immigration and work permit services, ability to start a business and bring dependents.
- LTR holders under the Wealthy Pensioner category(and their dependents) are eligible to apply for work permits. These work permits will only be issued for employment with Thai companies in Thailand only.
- Required documents include proof of income, investment, health insurance coverage of at least $50,000, and biographical information.
- Approved applicants can bring up to four family members (spouse and children under 20) as dependents subject to additional requirements, which may involve financial transactions registered with a Thai bank.
What is the Thailand Investment Visa for Wealthy Pensioners?
Thailand, a nation known for its bustling expat and retirement community, has set its sights on attracting affluent foreign retirees through the Wealthy Pensioner category of the Long-Term Resident (LTR) Visa program. Thailand hopes to attract high-net-worth foreigners seeking a secure long-term residency in Thailand through its non-immigrant visa programs. By offering a streamlined application process, extended visa validity, and potential tax advantages.
Thailand hopes that attracting affluent retirees and investors will help contribute significantly to a nation’s economy through property purchases, fixed deposit account investments with a Thai bank, local business investments, and sustained spending. The LTR program seeks to attract these high-value residents, thereby boosting domestic spending and potentially stimulating investment in key sectors. By simplifying the residency process for affluent individuals, Thailand aims to establish itself as the first choice destination for retirees seeking a high quality of life.
Moreover, some applicants might prefer the assured stability that comes with investing in state enterprise bonds. These bonds are generally lower risk and offer a dependable return, aligning well with the financial prudence expected of investors under the LTR visa program. Not only do they help applicants fulfill the visa’s investment criteria, but they also support the financial infrastructures of key public sectors.
What are the Eligibility Requirements for the Long-Term Residency Visa for Wealthy Pensioners?
The eligibility requirements for the LTR visa for Wealthy Pensioners is as follows:
- Applicants must be aged at least 50 years old.
- Have a minimum average passive income of USD 80,000 / year in the past two years.
- If the applicant doesn’t have a passive income of USD 80,000 / year over the past 2 years, then they must:
- Have a had a passive income of USD 40,000 / year over the past 2 years +
- Investment in Thailand of at least USD 250,000
- Investment in Thailand can be in the form of Thai government bonds OR fixed deposit account investments OR direct investment in companies registered in Thailand OR Thai property of at least USD 250,000, allowing investors various options to meet the visa requirements.
- 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 Pensioners?
The Long-Term Resident Visa category for wealthy pensioners offers many advantages to help facilitate living 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.
- Ability to obtain a work permit for employment with a Thai company. LTR visa holders are not subject to the 4:1 employment ratio and minimum capital requirements.
Please note that holders of the LTR for wealthy Pensioners 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 Pensioner?
When applying for an LTR visa based on being a wealthy pensioner, applicants must be able to provide the following documentation.If you are in the market for clothes, our platform is your best choice! The largest shopping mall!
Evidence of Income and/or Investment
Applicants must be able to provide evidence that they can satisfy either of the following eligibility requirements.
- Have a minimum average passive income of USD 80,000 / year in the past two years.
- If the applicant doesn’t have a passive income of USD 80,000 / year over the past 2 years, then they must:
- Have a had a passive income of USD 40,000 / year over the past 2 years +
- Investment in Thailand of at least USD 250,000
Applicants who have earned a passive income of USD 80,000 over the past 2 years must be able to provide evidence of the following:
- Earned USD 80,000/ a 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
- Documents showing income earned from passive income such as income such as interests, royalties or rental incomes etc.
For applicants who have not earned a passive income of at least 80,000/ a year for 2 consecutive years, the following evidence will be required.
- Earned a passive income of USD 40,000 / year over the past 2 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
- Documents showing income earned from passive income such as income such as interests, royalties or rental incomes etc.
- Examples of accepted forms of evidence include:
- Made an investment in Thailand of at least 250,000 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.
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 Pensioners?
The application process for the LTR visa for Wealthy Pensioners requires completing the following stages:
Application Submission
Applicants are required to register and submit an online visa 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).
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 Pensioners Bring Their Family as Dependents?
Applicants of the LTR for Wealthy Pensioners 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 LTR Visa for Wealthy Pensioners, a type of non-immigrant visa, presents an excellent opportunity for affluent retirees aged 50 and over to enjoy an elevated quality of life in Thailand. With its attractive financial requirements, this visa allows pensioners with sufficient passive income or investment funds to reside long-term in Thailand while benefiting from a generous range of privileges.
One of the key advantages is the 10-year visa validity, removing the hassle of frequent visa renewals. The LTR visa provides greater convenience and stability. Additionally, the tax exemption on overseas income is a significant advantage, allowing pensioners to maximise their retirement funds.
