Thai visa for long-term residents in 2022
The Long Term Resident Visa (LTR), which is scheduled to start in September 2022, has officially been introduced by Thailand. To draw in foreigners with “high competence or promise,” the LTR was first offered in September 2021.
A total of four dependents (such as a husband and children) may also be granted a visa under the LTR, which permits foreigners to stay in Thailand for up to ten years.
Who may submit for a Thai visa for long-term residents in 2022
The LTR aims to draw highly qualified foreigners to Thailand. High potential immigrants are classified into four categories for this visa: Affluent retirees, Rich foreigners, expatriates working as professionals in Thailand, and highly trained workers.
1. Affluent retirees
Applicants must have made a minimum investment of USD 250,000 in Thai real estate or Thai government bonds. They also need a pension that is worth at least USD 40,000 each year. The LTR is also open to applicants who receive a minimum annual pension of USD 80,000.
2. Rich foreigners
Interested parties must have made a minimum investment of USD 500,000 in Thai real estate, Thai government bonds, or Foreign Direct Investment (FDI). People who hold a minimum of USD 1,000,000 in assets and have made at least USD 80,000 over the last two years are also qualified for the LTV.
3. Expatriates working as professionals
Two categories of professionals are distinguished in Thailand. Both types of applicants must have made at least USD 80,000 in the previous two years. Individuals in category 1 must, however, be owners of intellectual property, whilst those in category 2 need to be in possession of a class-A scholarship and have finished five years of research.
4. Highly trained workers
Individuals who meet the requirements must have made at least USD 80,000 in the previous two years. This class also includes those with a Master’s degree and relevant work experience in the target industry.
What benefits does the long-term resident visa offer?
Holders of Long Term Resident Visas will be entitled to a number of exclusive benefits. For instance:
- Holders are exempt from reporting every 90 days to Thai immigration authorities.
- A duty-free tax exemption is available to holders.
- Holders are protected from Thailand’s rules prohibiting foreign ownership of land.
What is the cost of a long-term resident visa?
The application fee for visas is $50,000 as of May 2022.
What else do I need to know about this visa?
The following three requirements must be met in order for retirees and rich foreigners to be eligible for a Long Term Thai Visa:
- Possess an insurance policy with a minimum 10-month term and a minimum coverage amount of USD $50,000.
- Must possess a social security card covering all medical costs.
- Keep at least $100,000 in either a domestic or foreign bank account for the 12 months preceding the visa application.
Highly skilled professionals must be able to show a contract of employment from a company with offices either in Thailand or abroad. Additionally, applicants must show that they have worked in the targeted industries for at least five of the ten years before applying for the Long Term Resident Thai visa.
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