Since Thailand Long-Term Resident (LTR) Visa program was officially launched last 1st of September 2022, the competition within ASEAN region to attract wealthy individuals and entrepreneurs has become more fierce. In our opinion, the LTR was a logic response to the Malaysia MM2H and was a model that was studied to create later the Indonesia Golden Visa.
In our professional opinion, the LTR visa filled a legal void, as there were previously no real incentives to attract high-net-worth individuals to immigrate to Thailand. Much like the DTV was created to attract digital nomads to Thailand, the LTR was always intended to establish a long-term residency option for foreign nationals deemed valuable to Thailand—at a time or era when many European and American countries were developing their own “citizenship-by-investment” programs.
As our law firm in Thailand, Herrera and Partners H&P has a very successful law practice in Immigration in Thailand, we have prepared a summary of the key aspects of the Thailand LTR and some practical comments and recommendations based on the experience of our immigration attorneys assisting foreign private clients in immigration and Thailand Long-Term Resident Visa.
What is Thailand LTR and which are the main benefits of Thailand long term residence?
Basically, the LTR is a 10-Year Renewable Visa, with a permission to stay in Thailand for 5 years initially, extendable for another 5 years. The main benefits of this Thai visa are:
Firstly, one of the interesting exemptions is the quota of 4 Thai per 1 foreigner for the employment ratio as this is the typical requirement for limited companies that are not BOI promoted.
Secondly, as nowadays the queues at immigration at most of main Thai airports is always a disappointing experience, the LTR provides a fast-Track Service at international airports in Thailand.
Thirdly, there is an exemption from the typical 90-day reporting requirement, which can often be challenging when the online system is unavailable due to technical issues. Instead, LTR visa holders are only required to complete an annual reporting, which is much more convenient for foreigners who do not travel abroad every 90 days.
Fourthly, it does not follow the anachronic compulsory change from one single entry to multi-entry as other Thai visas.
Fifthly, it provides multiples tax benefits such as a permission to legally work in Thailand via a Digital Work Permit (17% Personal Income Tax rate for High Skilled Professionals) and tax exemption for overseas income remitted to Thailand which is a game changer for a global tax planning strategy as Thailand has Double Taxation Agreements with most of the neighbor countries, Europe and USA.
Sixthly, one practical added value of this LTR is that it does not need to go through archaic system of other Thai Visas but through a One Stop Service Center (OSSC) for Visa and Work Permit.
Seventhly, the LTR is definitely family-friendly and a progressive and inclusive immigration solution, as it allows the main LTR visa holder to include up to four dependents (a legal spouse and children under 20 years of age), as well as same-sex marriages are recognized.
A detailed summary of Thailand 4 LTR Categories
The 4 main categories under the umbrella of Thai LTR are 1) Wealthy Global Citizens 2) Wealthy Pensioners 3) Work-from-Thailand Professionals and 4) High-Skilled Professionals.
Based on the practical experience of our immigration lawyers in Thailand in securing LTR visas for a wide range of foreign clients, it is important to emphasize that the LTR is not a “one-size-fits-all” immigration solution. Instead, our Bangkok-based lawyers at H&P—who specialize in LTR visas—carefully assess each applicant’s profile. If an applicant cannot meet all the legally mandated requirements, our legal advisers and immigration attorneys in Bangkok can recommend alternative options, such as a retirement visa or a DTV (Destination Thailand Visa).
Moreover, based on our practical experience, the LTR that is easiest to obtain—due to its requirements—is the LTR for wealthy pensioners, whereas other LTR categories, especially the one for wealthy individuals, present many barriers to entry in terms of compliance.
- Wealthy Global Citizens
The profile of the applicant under this category of LTR is a wealthy individual holding at least USD 1 million in global or Thai assets. The key requirements of this category are:
– Minimum USD 1 million in total assets in the applicant’s name (can include or combine with the Thailand investment).
– Investment in Thailand of at least USD 500,000 in the applicant’s name in Thai Government Bonds, direct investment in Thai companies, or Thai real estate (must be made before applying).
– Health insurance policy covering at least USD 50,000, social security benefits in Thailand, or a deposit/maintenance of at least USD 100,000 in a bank account for no less than 12 months.
- Wealthy Pensioners
The profile of the applicant under this category of LTR is a retirees aged 50 years and older with a stable annual pension or passive income.
In practical, this is the category that our Thai immigration lawyers at Herrera and Partners H&P have prepared in most occasions as the requirements are very straightforward. The key requirements of this category are:
– Minimum unearned/passive income of USD 80,000 per year at the time of application.
– If passive income is between USD 40,000 and USD 80,000: Must make an investment of at least USD 250,000 in Thai government bonds, direct investment in Thai companies, or Thai real estate (must be made before applying).
– Health insurance policy covering at least USD 50,000, social security benefits in Thailand, or a deposit/maintenance of at least USD 100,000 in a bank account for no less than 12 months.
- Work-from-Thailand Professionals
The profile of the applicant under this category of LTR is remote workers employed by well-established overseas companies, mostly multinationals.
In practice, our immigration advisers in Thailand have found in many cases that the employment relationship between a foreign employee and a foreign employer (typically a multinational company) may sometimes differ from the standard employment relationship contemplated under Thai labor law. The key requirements of this category are:
– Minimum personal income of USD 80,000 per year for the past 2 years.
– If personal income is between USD 40,000 and USD 80,000: Must present additional qualification documents (e.g., master’s degree or higher).
– Current employer must be (1) a public listed company, (2) a private company operational for at least 3 years with combined revenue of at least USD 50 million in the last 3 years, or (3) a wholly owned subsidiary of such public or private companies.
– Health insurance policy covering at least USD 50,000, social security benefits in Thailand, or a deposit/maintenance of at least USD 100,000 in a bank account for no less than 12 months.
- High-Skilled Professionals
And finally, the last category under Thailand LTR is for applicants who are experts or professionals in targeted industries working for business entities, higher education institutes, research centers, specialized training institutions, or Thai government agencies. The key requirements of this category are:
– Minimum average personal income of USD 80,000 per year for the past 2 years (exempt for applicants working for Thai government agencies).
– If personal income is between USD 40,000 and USD 80,000: Must show additional proof of qualification (e.g., certificate for master’s degree or higher in sciences and technology).
– Employment contract with a Thai or foreign company in targeted industries, or proof of expertise in fields specified by the BOI.
– Health insurance policy covering at least USD 50,000, social security benefits in Thailand, or a deposit/maintenance of at least USD 100,000 in a bank account for no less than 12 months.
Dependents (Spouse and Children under 20)
– Health insurance policy covering at least USD 50,000, social security benefits in Thailand, or a deposit/maintenance of at least USD 25,000 per dependent in a bank account for no less than 12 months.
If you want to consult an immigration lawyer in Thailand about LTR, please contact our immigration team in Bangkok at info@herrera-partners.com
