The Thai government has announced that it will launch a new visa scheme targeting high-potential foreigners. It will offer a long-term resident visa, which will grant a tax advantage to qualifying foreigners. This visa scheme will be implemented from 1 September 2022. The government hopes to attract one million eligible foreigners over the next five years.
The LTR visa is expected to be an important step towards the economic development of Thailand. It will facilitate foreigners to live and work legally in the country for a period of up to 10 years. A number of foreigners are expected to apply for the visa, including those with experience in a targeted industry.
To qualify for the new visa, applicants need to have at least a master’s degree in science or technology. They must also possess a minimum of five years of experience in a targeted industry. These individuals will be eligible for a reduced personal income tax rate of 17%. Additionally, they will receive a tax exemption for their overseas income. In addition, they will be able to invest in government bonds and invest in foreign direct investments.
The Thai government has also outlined certain requirements for the application of a long-term resident visa. Qualifying individuals will need to have earned a minimum of USD 80,000 over the last two years.
Applicants who want to work in a targeted industry in Thailand are required to have access to a specialized training institution. They must also have health insurance. If they work in a government institution, they do not need to have a minimum income, though they will need to have at least a hundred thousand dollars in savings. Similarly, digital nomads, who plan to work from Thailand, will also need to have at least a fifty-thousand-dollar health insurance policy.
Foreigners will be required to submit an online application and pay an application fee of 50,000 baht. After registering, applicants will be notified of their results within twenty days. Afterward, they can apply for the visa through a Thai embassy or Royal Thai Consulate General.
The Thai LTR Visa is intended to bring wealthy, financially independent, high-potential foreigners to the Kingdom. It will be available to specialists, professionals, digital nomads, and retirees. Also, dependents of these individuals will be able to obtain the same visa. Dependents can include children under the age of 20 and spouses.
Several governmental agencies have cooperated in the development of the new visa. The Ministry of Finance and the Board of Investment approved the new scheme, which is expected to stimulate more overseas investment in the country. Meanwhile, the Thai government hopes to attract one million qualified foreigners over the next five years.
Before Cabinet approval of the new visa, the visa fee was set at 100,000 baht per applicant. However, it is expected to be cut down to 50,000 baht per applicant. Therefore, it will be easier for a large number of qualified immigrants to enter the country.