Our H&P immigration lawyers in Bangkok would like to summarize the most relevant updates regarding LTR Thailand’s cabinet has approved significant changes to the country’s long-term resident (LTR) visa program, designed to make it more appealing to skilled professionals, investors, and wealthy foreigners.
These revisions aim to attract global talent and boost investment in Thailand’s post-pandemic economy. In the opinion of our immigration lawyers the key updates to the program include:
Removal of Minimum Income Requirement for Wealthy Global Citizens: The requirement for a minimum annual income for those seeking visas in the wealthy global citizens category has been scrapped. Instead, the focus will now be on the applicant’s cumulative wealth and investments in Thailand, which aligns with the country’s goal of encouraging greater foreign investment.
Unlimited Dependents: LTR visa holders will no longer face restrictions on the number of dependents they can bring with them. Previously, only four dependents were allowed, but now parents and other legal dependents can join the visa holder, enhancing the appeal for family relocation.
Lowered Corporate Revenue Requirement: The minimum revenue requirement for foreign companies sponsoring visa applicants has been reduced from $150 million to $50 million over the last three years. This change makes it easier for smaller multinational corporations to sponsor employees for the visa.
Eligibility for Employees of Multinational Corporations: Employees working at subsidiaries of major multinational corporations can now apply for the LTR visa, provided the parent company demonstrates financial stability through its financial statements. This opens the door for more professionals to qualify for long-term residency in Thailand.
Expanded Target Sectors for Skilled Professionals: The list of industries targeted for skilled professionals has been broadened to include disaster and risk management, in addition to the previously emphasized fields of science, technology, and innovation.
No Work Experience Requirement: The program has removed the requirement for professionals to have a minimum of five years of work experience in a relevant field, making it easier for younger or emerging professionals to apply.
These changes are designed to make Thailand a more competitive destination for foreign investment and high-potential talent. The LTR visa, first introduced in 2022, offers successful applicants a 10-year residency, a digital work permit, and tax benefits. Over 6,000 individuals, mainly from Europe, have already taken advantage of the program. According to the Board of Investment (BOI), which oversees the program, the updates aim to streamline the visa process, enhancing Thailand’s position as a global hub for investment and talent.
As we understand that immigration, tax, and visas are a key aspect to consider when choosing Thailand as a destination to reside, these amendments in the Thai law regarding LTR are clearly beneficial and positive.
If you need to consult with our visa and immigration attorneys on LTR in Thailand or other visa schemes, please contact our law firm at [email protected]
