BOI has officially launched the 'LTR Visa' to attract high-potential personnel from around the world for long-term investment and residence, emphasizing Thailand as a regional hub and a primary destination for travel and work for foreigners. The goal is to target 1 million people from 4 main groups within 5 years, supporting Thailand's transition to a new economy.
 

ML Chayotit Kridakorn, Thai Trade Representative and Advisor to the Prime Minister stated that the new 'Long-Term Resident Visa: LTR Visa' will officially be available starting September 1, 2022. The Thai government has a policy to grant special privileges to foreign investors to encourage them to establish business bases in the country, specifically in 12 targeted industries that will enhance Thailand's economic potential towards a new economy driven by modern technology and innovation for long-term growth.

The LTR Visa aims to attract a new group of high-potential foreign residents with skills and expertise in modern technology, wealthy individuals, and those who wish to work remotely from anywhere in the world, with Thailand being a key destination for travelers and remote workers globally.

“Thailand is at a crucial turning point that requires rapid economic recovery after being impacted by COVID-19 over the past two years. With the reopening to foreign visitors, we aim to target high-quality tourists and attract high-potential personnel to stimulate spending and investment. The LTR Visa is a significant measure to accelerate the recovery of the Thai economy,”

 



Ms. Duangjai Asawachintachit, Secretary-General of the Board of Investment (BOI)  stated that the LTR Visa will provide benefits to foreign personnel in 4 groups:
1. High Net Worth Individuals must have total assets of at least $1 million and a personal income of no less than $80,000/year, and invest in Thailand no less than $500,000.
2. Retirees from Abroad must have a personal income of no less than $80,000/year. If income is below the threshold, they must invest at least $250,000 in government bonds or real estate.
3. Those wishing to work from Thailand must have a personal income of no less than $80,000/year. If income is below the threshold, they must hold a master's degree or higher, possess intellectual property, or receive Series A funding.
4. Specialized Skilled Workers must have a personal income of no less than $80,000/year. If income is below the threshold, they must hold a master's degree or higher in science or technology or have expertise in their field of work in Thailand.

Benefits for LTR Visa holders include a 10-year residence in Thailand, access to special (Fast Track) entry and exit channels at international airports, annual reporting (instead of every 90 days), no need to apply for a re-entry permit, permission to work in Thailand, and a reduced personal income tax rate of 17% for specialized skilled workers, with the ability to bring up to 4 dependents.

“This new visa is expected to attract a new group of foreign residents with good economic status, as well as skilled and specialized individuals, to stimulate spending, investment, and drive the country's economic growth. The BOI will be responsible for screening the qualifications of applicants for this new visa. Interested individuals can apply online at https://ltr.boi.go.th”