Today, Thailand is already home to multinational corporations from all over the world and one of the most important tourist destinations in Asia.
To strengthen this position and to attract new foreign residents, technologies and talents contributing to domestic spending and investment while supporting economic growth, the Thai cabinet passed a resolution on 10 May 2022 regarding the criteria for a new visa called “long-term resident (LTR)”.
The goal is to entice up to 1 million wealthy foreigners and those with high levels of expertise to stay or work in Thailand within five years. Therefore, a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ foreigners was introduced.
Initially, several incentives have been granted:
- 10-year visa;
- Exemption from the four-Thai-employees-to-one-foreign national employee;
- 90-day report extended to 1-year report and exemption of re-entry permit;
- 17% personal income tax for highly skilled professionals;
- Digital work permit;
- Usage of the FastTrack privilege at airports.
However, participation requires the fulfilment of certain obligations:
Wealthy global citizens must hold at least USD 1 million in assets and must have had personal income of at least USD 80,000 a year for the past two years. The applicant must invest at least USD 500,000 in Thai government bonds or real estate.
Wealthy pensioners aged 50 years and older must have an annual pension or stable income in the amount of at least USD 80,000 a year. In the case of personal income of no less than USD 40,000 a year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct investment or Thai property.
Work-from-Thailand professionals who want to work remotely from Thailand must have an employment agreement with a company abroad. The company must be either a listed company or a limited company that has been in business for over 3 years and has had total income of at least USD 150 million over three years prior to the application date. The applicant must have had personal income of at least USD 80,000 a year for the past two years, or income of at least USD 40,000 a year if having a master’s degree or higher, or if holding intellectual property or receiving series A funding.
Highly skilled professionals in targeted industries working for business entities, higher education institutes, research centres or specialised training institutions in Thailand, or Thai government agencies must have had personal income of no less than USD 80,000 a year for the two years prior to the application date.
If personal income is below USD 80,000 a year but not less than USD 40,000 a year for the past two years or before retirement, applicants must have a master’s degree or above in science and technology or other special expertise relevant to the job assignment in Thailand.
When working for Thai government agencies, no minimum personal income is required.
For applicants requesting dependant visas (such as for a spouse and up to four children who are less than 20 years old), they must have at least USD 25,000 for each dependant in a Thai bank account or a bank account abroad for at least 12 months before the application date.
All applicants need health insurance with coverage of at least USD 50,000 or social security benefits insuring treatment in Thailand, or a deposit of at least USD 100,000.
Read the WTS Global Mobility Newsletter here.
