The Cabinet has agreed changers to some categories of the Long Term Residence (LTR) visa which offers indefinite stays and multiple entries for 10 (actually 5×2) years. The Board of Investment, which hosts the LTR introduced in 2022, had recommended reducing some of the enrolment requirements for rich individuals in order to make the program more popular.
Wealthy global citizens no longer need to prove an annual income of at least US$80,000 a year, though they must demonstrate worldwide assets of at least US$1 million and must invest in Thailand at least US$500,000. Separately, the companies sponsoring remote workers now require annual revenue reduced from US$150 million to US$50 million. If the digital nomads work in Thailand with Thai customers, they still require a work permit.
There is a wealthy pensioner category for those aged over 50, but the minimum annual income of US$80,000 has been left untouched by the Cabinet. Rich expats wishing to retire in Thailand are sometimes attracted to the LTR as it offers exemption from any income tax from cash transferred to Thailand, avoids the need to report their address every three months and avoids re-registration with immigration on an annual basis. However, there is an audit after five years.
The vast majority of expats don’t have access to these sums, or are reluctant to make a heavy investment. The Cabinet-approved changes are unlikely to spark renewed interest in most foreign groups. The main advantage of the LTR is reduced income tax for business executives or entrepreneurs who are working here. The visa has a quick route to a Board of Investment sponsored work permit where required by the individual and the labor laws.
Immigration lawyer Jessataporn Bunnag said, “There is now a choice of visas for expats such as Elite or DTV. The LTR is really aimed at the super-rich or those needing a work permit which allows them to work independently without Thai colleagues.” The Cabinet also announced the suspension of most 4-year SMART visas for working professionals as they overlap with LTR and an increase in the number of dependent relatives able to accompany the LTR holder. The LTR enrolment fee to the Board of Investment is 50,000 baht and medical insurance is compulsory.
