Long Term Resident Visa (LTR Visa)

• Categorizing to be under the tourist visa
• Aiming to attract foreigners with capacity of wealth and talent to contribute and generate income to Thailand’s domestic market and support the local economic growth subject to the relevant regulations.
• Targeting size of the LTR visa is about 1 million of wealthy or talented foreigners who aim to get resident in the kingdom for the next 5 years.
• Revocation of the LTR visa can be due to incompliance to the Ministry of Interior’s announcement and unable to meet with the qualifications as prescribed.

Qualifications

Types	Qualifications
Wealthy global citizens	1.       Owning at least 1 million USD assets globally; or 2.       Having at least 80,000 USD income for 2 years continuously; or at least 500,000 USD investment in assets in Thailand
Wealthy retirees	1.       Owning at least 80,000 USD assets globally; or in case of owning assets between 40,000 – 80,000 USD, they must invest in Thai property for at least 250,000 USD; or 2.       Having 50 years older with annual pension or stable income
Work-from Thailand professional	1.       Owning assets between 40,000 – 80,000 USD for 2 years continuously; or having at least master’s degree or owning intellectual property or receiving a series of funding; or 2.       Working for a SET-listed corporation or business operates for at least 3 years with total revenue of 150 million USD in the last 3 years; or 3.       Having at least 5 years of experience in the specified fields over the past 10 years.
Highly skilled professional	1.       Highly skilled professional holding of assets between USD 40,000 – 80,000 for 2 years continuously; or having at least a master’s degree in science and technology or having special expertise relevant to the job assignment in Thailand; or 2.       No work experience required for PhD degree in the relevant fields of the targeted industries; or 3.       Working in the business in any targeted industries with at least 5 years of experience
Highly skilled professional working with government agencies	1.       No minimum personal income; or 2.       No work experience required; or 3.       Employing with higher educational institution, research institution, specialised training institution or Thai government agencies
Dependants	Spouse and children under 20 years old of LTR visa holder (maximum of 4 dependents in total per one LTR visa holder)

Key privileges for LTR visa holders

1. 10 years renewable visa.
2. Fast track service at international airports in Thailand
3. 90 days report extending to 1 year report and exemption of re-entry permit
4. Permission to work in Thailand (digital work permit)
5. Immigration and work permit facilitation service at one stop service center for visa and work permit

Relevant Authorities

Board of Investment, Immigration Bureau and Ministry of Labour.

Foreigners: Land Ownership in Thailand

In response to the announcement of the Ministry of Interior allowing a foreigner to reside in the Kingdom on a special visa type and term (“LTR Visa”), the Land Department is currently considering and undergoing drafting of qualifications, conditions and methods of allowing the LTR visa holder to buy and own land.

The foreigner must continuously invest in Thailand for not less than 40 million baht for three years on targeted business such as investment in infrastructure funds or real estate investment trust to obtain land for a residential purpose only not exceeding 1 Rai.

However, private entities of the opinion that the minimum investment of 40 million baht is insufficient due to differences in currency, suggesting specifying specific and clear conditions and qualifications and zoning that the foreigner can own. The public also expresses negative feedback as it considers as bias decision towards the white collar which will make the price of immovable property jump to the point where the native cannot afford to own a residential house or land. On the other side, the real estate business operators are in favor of this proposal as it will endorse the business itself, including relevant businesses such as interior, construction and furniture businesses in which we will need to wait for consideration of the Land Department on this issue.

Author: Panisa Suwanmatajarn – Managing Partner, The Legal Co., Ltd.