Category Archive: Legal Blog

• “Shop Dee Mee Kuen” Offers 2023 Tax Deduction in Thailand up to 40,000 THB

  January 29, 2023 9:33 am Comments Off on “Shop Dee Mee Kuen” Offers 2023 Tax Deduction in Thailand up to 40,000 THB

  According to a ministerial regulation (No. 386) issued on December 29, 2022, and a notification from the Director-General of the Ministry of Finance, a person liable to personal income tax (other than an ordinary partnership or non-juristic body of persons) is entitled to an income tax deduction under the “Shop Dee Mee Kuen 2023” program for certain expenses incurred for the purchase of goods and services from VAT registrants, provided that a full tax invoice is presented. This article details the items covered, what you need, and the time period covered.

  

   This 2023 tax deduction initiative also applies to expenses incurred for certain purchases from non-registered VAT sellers, such as physical book purchases and subscription fees for e-books obtained through an electronic system, as well as expenses incurred for the purchase of a type of good registered with the Department of Community Development under the “One Tambon, One Product” (OTOP) program.

  Tax deduction limitations

  Taxpayers in Thailand can claim tax deductions of up to 40,000 THB under two categories:
  

  1. Purchasing goods or service fee for the 1^st payment amount up to 30,000 THB with the original receipt papers or electric receipts
  2. Purchasing goods or service fee up to 10,000 THB with electric receipts only

  The program is eligible for purchases from January 1 to February 15, 2023 (a period of 46 days)

  Products and services included in “Shop Dee Mee Kuen” 2023

  Goods and services that are covered by this program include:

  • Gasoline or fuel 
  • Food and beverages, such as meals at a restaurant or a hotel (excluding alcoholic beverages)
  • Products sold in convenience stores such as Family Mart, 7-Eleven, and others.
  • IT equipment, computers, smartphones, and so on.
  • Books (including electronic books)

  The following items and services are not tax deductible under this program:

  • Alcohol
  • Cigarettes
  • Vehicles such as automobiles, motorcycles, and boats
  • Newspapers and magazines including e-newspapers and e-magazines

  It is important to note that in order to qualify for the tax credit under “Shop Dee Mee Kuen” 2023, you must request either an original or electronic tax invoice for the purchase of goods and services.

  You can find a list of the businesses that are able to issue an e-tax invoice and e-tax receipt by email here.

  If you have any questions about tax deduction in Thailand, please do not hesitate to contact us at [email protected]

• 2023 Tax Return Filing in Thailand

  January 22, 2023 9:00 pm Comments Off on 2023 Tax Return Filing in Thailand

  The season for filing personal income taxes in Thailand has now arrived.

  Thai taxpayers have the right to report their income to the Revenue Department from 1 January to 10 April 2023. It is useful to know how much money you made in Thailand between January 1 and December 31, 2022. 

  

  Are you a tax resident in Thailand? 

  A person who spends 180 days or more in Thailand during a calendar year is considered a Thai tax resident according to Thai tax law. Keep in mind that each day will count as one no matter what time you enter or leave Thailand. For tax purposes, a tax year that you are a resident in is treated as a full year. Keep a copy of your passport on hand to confirm this.

  
  Submitting your tax return

  Personal income tax returns must be filed electronically by 10 April, but hard copies must be received by the Revenue Department by 31 March. The Revenue Department’s website, https://efiling.rd.go.th/rd-cms/, is where individuals can file their personal income tax returns.

  In order to file a hard copy personal income tax return using form PND 90/91, taxpayers must do so at any Revenue Department Area Office along with any additional tax that is owed in cash, by cashier’s check, or by QR code, and that must be paid within seven days of the date the tax return was issued. The deadline is March 31; after that, late filers will be charged an additional 1.5% monthly surcharge (or fraction thereof) on top of the unpaid tax. Those who apply will have access to interest-free installment payment plans for up to three months. The penalty for submitting documents late ranges from THB 200 to 2,000. 

  When submitting your Personal Income Tax Returns (PND 90, 91), please make sure that the correct taxable income has been reported. This includes income from all sources in Thailand (especially those connected to your Thai employment), regardless of where it came from or whether you are a Thai resident, as well as income from abroad brought into Thailand in the same tax year.

  The tax rates range from 0% to 35% for both residents and non-residents. The distinction between residents and non-residents will be discussed in more detail below.

  Income from abroad 

  The “Residence Rule” states that if you are a Thai tax resident and bring such foreign income into Thailand in the same year it is earned, Thailand will tax you on it. It might also be related to your employment abroad. 

  If you plan to bring in foreign income like capital gains, rental income, or interest income into Thailand before you begin working in the Kingdom, please think it through carefully before you do. Non-residents, however, are permitted to bring in such foreign income without being subject to Thai taxation.

  Deductions for dependents 

  An individual who has no income during a tax year is considered a dependent. Children and spouses who reside abroad can also be considered dependents.  

  If you are a Thai resident, you can claim a family allowance deduction for your dependent spouse and up to three dependent children. 

  To qualify for this allowance, you must give the Revenue Department a copy of your entire passport—from front to back, including the blank pages—that you used for travel during the tax year, as well as a marriage certificate and/or copies of any children’s birth certificates. 

  If you can demonstrate that your children are students—for example, by providing a copy of a tuition fee receipt—you may be able to claim them as dependents for tax purposes. For instance, it may be deducted from your taxes if your child qualifies as an incompetent person or a quasi-incompetent person and is 25 years of age or older during the tax year. 

  If your dependents are Thai citizens, you can still claim these deductions even if you are not a Thai resident by giving the Revenue Department copies of their entire passports, front to back, including the blank pages. 

  Tax reduction 

  Let’s look at some legal ways that foreign workers can lower their tax obligations, starting with the different deductions that will be available in 2022. 

  1. Up to THB 60,000 can be claimed by the taxpayer.
  2. The taxpayer’s spouse is eligible for THB 60,000 Baht under the proviso that the union must be legally recognized and that the spouse has to be unemployed.
  3. Up to THB 30,000 can be claimed by the taxpayer, which is limited to 3 children.
  4. Due to the social security rate reduction in 2022, the social security fee shall be applied as a tax deduction based on the actual paid amount of no more than THB 6,300.
  5. According to the actual paid amount of not more than THB 100,000, life insurance premiums and savings insurance premiums may qualify for a tax deduction under the following circumstances:

  • Must have 10 years or more of insurance coverage with a Thai life insurance company, and the insurance cannot be surrendered during the first 10 years. If that is the case, it will be regarded as a breach and not eligible for a tax deduction.  

  The maximum tax deduction for the spouse’s insurance premiums is THB 10,000 if there is no income from the spouse.

  6. Premiums for accident and health insurance: Premiums which cover the health part can be used for a tax deduction according to the actual paid amount of not more than THB 25,000. Additionally, the total sum cannot be greater than THB 100,000 when combined with savings insurance and life insurance.

  7. Annuity life insurance premiums can be used to claim a tax deduction of 15% of your income, up to a maximum of THB 200,000. The requirements are that the insurance must be with a Thai Life Insurance Company, that it must cover a period of at least 10 years, and that the insurance company must pay benefits to the insured from the time they are 55 years old until they are 85 years old or older. 

  8. Retirement Mutual Fund (RMF) contributions can be deducted from taxes at a rate of 30% of taxable income, up to a maximum of THB 500,000, and for a period of five years.

  9. Super Saving Funds (SSF) (for long-term saving) are eligible for a tax deduction of 30% of taxable income based on the actual amount paid, up to THB 200,000, with benefits for a five-year period. 

  10. Investment fund for social enterprises are eligible for tax deductions up to THB 100,000 and subject to the following requirements:

  • These businesses must be registered as nonprofit social enterprises, and the taxpayer must hold shares until the social enterprise is dissolved. 

  Tax deduction from donations

  1. Donations to charitable, educational, and religious organizations that does not exceed 10% of annual net income 
  2. Donations to state hospitals, schools, sports teams, and other charitable organizations are tax deductible up to two times the amount of the donation, but not more than 10% of gross income after other deductions. 
  3. Donations to political parties are tax deductible up to a maximum of THB 10,000. 

  Tax deduction from immovable property

  A tax deduction of up to THB 100,000 can be claimed for loan interest on residential property purchases.

  Other tax deductions such as the government’s economic stimulus program

  The Shop Dee Mee Kuen Project 2565 allows a maximum deduction of THB 30,000 for purchases of goods and services in the country between January 1 and February 15, 2565, based on the actual paid amount. Goods and services subject to Value Added Tax (VAT) such as OTOP products and books (including e-books), are examples of tax-deductible goods and services.

  The following are deductible for those with a Thai dependent spouse:

  1. Life insurance premiums of up to THB 10,000 per year for the spouse.

  2. An amount up to THB 30,000 for each dependent parent of the spouse. 

  3. Up to THB 15,000 in annual health insurance premiums for you and your spouse’s parents if they are covered by a Thai plan. 

  Remark: If you receive income from a foreign source and bring it into Thailand, you must show a receipt proving that you already paid tax on it so that Thailand can credit your account for it.

  If you have any questions related to tax in Thailand, please do not hesitate to contact us at [email protected] 

• Reduction of Land Office Registration Fees in 2023

  January 8, 2023 11:11 am Comments Off on Reduction of Land Office Registration Fees in 2023

  Thailand’s cabinet on Tuesday, 20th December 2022 approved tax measures to help boost public consumption to stimulate the economy moving into recovery. Land and property tax was reduced to 15% along with some registration fees being cut for the year 2023.

  

  Measures to reduce the registration fee for rights and juristic acts for housing in 2023 include reducing the registration fee for transferring real estate from 2% to 1% and reducing the registration fee for real estate mortgages from 1% to 0.01% for housing purchases.

  These measures will cover single houses, twin houses, row houses, commercial buildings, and condominiums (both new and pre-owned houses). This relates only to cases where the purchase price and the cost appraisal price do not exceed 3 million baht and the mortgage amount does not exceed 3 million baht per contract.

  
  If you would like any further information, please contact us at [email protected]

  Visit our real estate page for more details about our services at www.franklegaltax.com/services/real-estate/

• Divorce Agreement Requirements in Thailand

  December 13, 2022 7:18 am Comments Off on Divorce Agreement Requirements in Thailand

  Many marriages end in divorce, however the couples often do succeed in settling their matters reasonably and without a legal dispute.

  

  Such an unconsented divorce, also called administrative divorce, is conducted through mutual statements of consent by the spouses at the local district office. It is relatively easy to register and formalize in Thailand as it does not require a reason for the divorce. It often involves a written agreement that sets forth the terms of the settlement between the spouses.

  
  What are the requirements of a divorce agreement in Thailand?

  1. There must not be any disagreement between the spouses on any matter, including child custody, property, etc.

  • Both spouses have to attend the district office for the divorce registration personally.
  • Since the divorce registration takes place in a district office in Thailand, both parties must be present in person to sign and attest to the divorce registration.

  *Lawyers cannot act on your behalf of the spouses for this kind of divorce even by a power of attorney.

  • There should be at least two witnesses to sign the divorce agreement.
  • There is no requirement that the two witnesses be present at the same time; however, they must acknowledge who and what document they are signing for (Supreme Court No. 417/2494).
  • If some witnesses acknowledge the divorce agreement but only one witness signed for it, it shall be deemed that such divorce agreement is neither valid nor enforceable (Supreme Court No. 1639/2522).
  • Even if both spouses have entered into a divorce agreement with two witnesses, it will not take effect as completed if it is not registered at the district office (Supreme Court No. 215/2519).

  In this regard, witnesses can be Thai or foreigners but must be adults 20 years of age or older with a sound of mind and have never been bankrupt.

  Upon completion of the divorce agreement, it shall be registered at a district office with two witnesses in accordance with Section 1515 of the Thai Civil and Commercial Code. If both spouses signed the divorce agreement, but one party does not register at the office, the other party shall have the right to request a court’s order to that effect (Supreme Court No. 1291/2500).

  Feel free to contact us if you have any questions at [email protected]

• Thailand Recruitment License Requirements

  December 6, 2022 7:13 am Comments Off on Thailand Recruitment License Requirements

  Under Thai law, any person or company who engages in recruitment business must obtain a recruitment license from the registrar following the regulations prescribed in the Employment Arrangement and Jobseeker Protection Act B.E. 2528 (1985).

  Please see the following general information on the legalities of a Recruitment License:

  

  • • The company director signing for the recruitment business must be Thai. In the case when there is more than one authorized company director, the board of directors should appoint a Thai director who is authorized to sign for the recruitment business.

  • • The company shall have a majority of Thai shareholders (usually 51%); these can be either juristic or natural persons.

  • • The director must also provide a copy of his criminal record.

  • • The company must have an office size of at least 16 square meters. It should display the company name at the front of the office, and the space must be separated from other organizations. A letter of consent from the owner is also required, confirming that the property may be used for this purpose.
    • In order to obtain the recruitment license, a security deposit of 100,000 THB must be paid (in cash or government bound or letter of guarantee)

  •  

  Validity and extension

  The government license fee is 5,000 THB, and the recruitment license is valid for two years from the date of issue. The operator must renew the license no less than 30 days prior to the expiry date.

  We advise and represent companies as well as employees across all areas of licensing in Thailand. If you have any questions about this topic, please get in touch with us at [email protected]

  This article was written by Nathathai Pichaisawad, Senior Associate, FRANK Legal & Tax

• “HIGH” Standards in Thailand; Regulations to Unlock Cannabis Industry

  November 16, 2022 11:18 am Comments Off on “HIGH” Standards in Thailand; Regulations to Unlock Cannabis Industry

  In the wake of shared global challenges, tourism and green growth is the way forward for Thailand’s sustainable economy. Specifically, a relevant government panel has set up a plan to develop the country as an international hub and targeted Thailand as the world’s foremost destination for the medical industry and wellness tourism. Still, a dream without a plan is just a wish. In response, the legal scheme to transform Thailand into a comprehensive medical hub was initially implemented. Cannabis liberalization will further strengthen Thailand’s position as a global medical hub with affordable healthcare.

  In driving Thai economic sustainable development forwards, the Ministry of Public Health of Thailand (MOPH) has refined re-emerging health aid. On 14 December 2020, MOPH announced the notification on the specification of controlled narcotic drugs under category 5, B.E.2563 (2020), to remove some parts of cannabis and hemp from category 5 under Narcotics Act B.E.2522 (1979). The following components of cannabis and hemp, as well as a substance derived from those parts, do not constitute narcotics under such regulation:

  • Bark, Stalk, Fiber, Branches, and Roots;
  • Leaves (excluding cannabis flower and bud);
  • Extracts that have tetrahydrocannabinol (THC) not exceeding the capped amount, i.e., 0.2 percent by weight.
  • Residue from cannabis extract, which THC is not over 0.2 percent by weight.
  • Hemp seed, hemp seed oil, or hemp seed extract.

  

  9 June 2022 marks a thoughtful day of observance of the cannabis industry in Thailand; the government of Thailand has delisted “all” parts of cannabis and hemp from banned narcotic lists under the notification of specification of controlled narcotic drugs under category 5, B.E.2665 (2022). Under this “Standard”, all cannabis and hemp “extracts” remain considered narcotics, except for the following:

  1. Extracts that have THC not exceeding the capped amount, i.e., 0.2 percent by weight, for which permission to extract from cannabis or hemp plants grown in Thailand has been obtained; and
  2. Extracts from seeds of cannabis or hemp plants grown in Thailand.

   

  Following the recent official decriminalization of cannabis and hemp, this transformation would enable the widespread of herbal medicinal cannabis treatments and marijuana-infused food. Specifically, traditional cannabis cuisine will officially be back on the menu. For educational purposes, this would allow more laboratories to grow cannabis and hemp without an overwhelming loss its resources for approval from relevant authorities. Importantly, using parts of cannabis and hemp plants would not constitute a violation of this legal standard. Although Thailand legalized growing cannabis and eased such consumption rules, smoking cannabis in public may be considered a public nuisance and remains unauthorized. Moreover, the importation, exportation, and distribution of cannabis and hemp parts, as well as its derived products containing THC over 0.2 percent by weight, remain stringently controlled by relevant specific laws, including the Plant Quarantine Act B.E.2507 (1964) and Plants Act B.E.2518 (1975).

  In the light of laws and economic junctions, it is worth noting that although such continuing steps for unlocking the cannabis industry have been done, many relevant activities pertaining to the usage of cannabis and hemp will be monitored by newly enacted legislation thereafter, i.e., the Cannabis and Hemp Act. The law will then act as the detailed regulation framework and seal off remaining legal loopholes for the following activities relating to cannabis and hemp;

  • Manufacture, including Cultivation, Modification, and Packaging for Commercial Purposes;
  • Import and Export; and
  • Sale and Possess.

  Specifically, under this upcoming regulation, any person who wishes to pursue the above-mentioned activities shall obtain the required license from relevant authorities. The forthcoming legislation will also impose legal limitations for avoiding the abuse of cannabis and hemp in children (under age 20) and pregnant or lactating women.

  Amid a shifting legal landscape and future outlook of cannabis and hemp markets, we would be happy to guide you through successfully accessing this developing market with safety compliance with regulations. Please do not hesitate to contact us if you have any questions at [email protected]

  This article was written by Nathathai Pichaisawad, Senior Associate, FRANK Legal & Tax

• Short-term rental businesses via online platforms in Thailand

  November 11, 2022 12:02 pm Comments Off on Short-term rental businesses via online platforms in Thailand

  As the economy recovers from the COVID-19 crisis, Thailand is again attracting more and more tourists to the country. Visitor numbers are increasing, and short-term rental businesses through platforms such as Airbnb, including daily rentals via other online platforms, are gradually becoming more popular, encouraging villa and apartment owners to set up short-term rentals to allow tourists to stay in their properties.

  

  Problematically, however, properties in Thailand are generally not allowed to be rented out for less than 30 days unless you have a hotel license, while condominium units are restricted to being used for short-term rentals under Thai Condominium laws.

  Acting contrary to these requirements may constitute a criminal offense under Thai law.

  
  Online rental platform – what is it?

  An online rental platform is an online marketplace for travelers looking for accommodation, for example, Airbnb, Agoda, or Booking.com. The groundbreaking model allowing private landlords to host vacationers and business travelers has effectively transformed the digital platform into the “world’s largest hotel”.

  Online rental platform’s legal status is still uncertain

  Online rental platforms continue to face massive criticism for being major competitors to regular hotel and accommodation businesses. Hotel owners are not pleased about declining revenues while continuing to pay the overhead costs for their properties. As a result, they view online rental platforms such as the Airbnb model as an unacceptable hardship. As a result, like other countries, Thailand has imposed restrictions against Airbnb and its operations.

  For condominiums

  We have to be focused on two Acts, the Condominium Act B.E. 2522 (1979) (the “Condominium Act”) and the Hotel Act B.E. 2547 (2004) (the “Hotel Act”).

  The Condominium Act, section 17/1 paragraph 2 states that no person shall be permitted to operate their business in the condominium except for the provided specific area of the condominium building. This regulation applies to short-term rentals via an online platform.

  Another concern is the Hotel Act. Under the Hotel Act, the definition of “hotel” is a lodging premise established for commercial purposes to provide temporary accommodation to a traveler or any person for consideration. Therefore, a monthly rental or more is exempt from the definition of temporary accommodation of the Hotel Act.

  Section 1336 of the Thai Civil and Commercial Code (“CCC”) states that the unit owner can enjoy his rights over his property if it does not disturb others. However, the Condominium Act, which governs the usage of the condominium unit, prohibits the condominium owner from using his condominium unit for short-term rental.

  For house

  Regarding landed property, the related piece of legislation is the Hotel Act which is, in principle, the same as for the condominium unit, which restricts the usage to short-term rental, except if such house owners have a hotel license. If the house owner has more than 4 rooms and is entitled to hold more than 20 occupants at a time, the property owner is entitled to apply for a hotel license to operate a short-term rental legally.

  On the other hand, the house owner is entitled to apply for the non-hotel license if the property has fewer than 4 rooms and cannot hold more than 20 tourists at a time but still wants to operate a short-term rental. The owner has to apply for a non-hotel license. This will allow a short-term rental of a house to be valid and legal.

  There are some specific requirements for each type of license. For example, for a non-hotel license, the owner must be a Thai national. Foreigners or juristic persons may not apply for this type of license. The reasoning behind this rule is to increase local people’s income, who could use their houses as accommodation for tourists as their additional main income source. The hotel license has stricter requirements than non-hotel licenses, such as hotels may not be located near historical sites, and entrance to the hotel must not cause traffic problems. Moreover, before applying for a hotel license, the building must also comply with the Building Control Act B.E. 2522. The regulation stipulates many more obligations for the applicant to comply with.

  Conclusion

  The legality of online short-term rental platforms in Thailand is still up in the air. The condominium is not allowed to rent on a daily or weekly basis. However, this is not a general rule, and it depends on whether each condominium regulation allows it.

  In order to legally operate a short-term rental business, the house owner requires a hotel or a non-hotel license, as the case may be, subject to the Hotel Act. A house with fewer than 4 rooms and 20 occupants maximum shall obtain a non-hotel license; however, a house with more than 4 rooms and more than 20 occupants in the building must obtain a hotel license.

  Thus, the legal status of online short-term rental platforms is still unknown as there is no clear answer by government authorities whether it is possible to do or not. 

  If you have any questions related to property in Thailand, please do not hesitate to contact us at [email protected]

• Thailand: Long-Term Resident (LTR) Visa

  September 30, 2022 1:27 pm Comments Off on Thailand: Long-Term Resident (LTR) Visa

  This guide explores the Long-Term Resident Visa (LTR), a visa designed for high-potential foreigners who wish to reside in Thailand for an extended period. If you have any questions, please do not hesitate to contact us at [email protected]

  FRANK Legal & Tax – LTR VisaDownload

• Buying a House in Thailand – Handover Checklist

  July 14, 2022 10:56 am Comments Off on Buying a House in Thailand – Handover Checklist

  When the owner of residential property changes, the last step after the visit to the land office and the receipt of the money is crucial: the handover of the keys; after this, the previous owner moves out, and the buyer moves in. At this point, all documents are handed over, a joint tour of the house is made, and meter readings and defects are noted. It makes sense to draw up a protocol for the handover of possession so that the sale of the house does not have any repercussions. We have summarized what you should pay attention to in the house handover protocol.

  Summary of the most important things to remember in a handover:

  As with a condominium, a house is handed over at an agreed time after the purchase contract has been signed, usually only after the money has been received.

  The handover occurs under the agreed conditions, typically in a “bought as seen” condition.

  Before the keys are handed over, the buyer and seller tour the property together.

  Defects are noted in the handover protocol, including the “to do” list, who will take care of these, and by what date.

  It also lists all the previous owner’s documents to be handed over to the new owner.

  The handover protocol may also be referred to as the takeover protocol, as meter readings are recorded, and it is noted which inventory/furniture is being taken over.

  The buyer and seller sign the handover protocol, and witnesses present also sign if necessary.

  The goal of a handover protocol for a house or condominium is a smooth transition without legal disputes. It protects both sides: for example, the buyer can claim unlisted, missing, or required documents from the seller. If defects occur after the handover, which the seller neither concealed nor is responsible for, he does not have to pay for these to be resolved.

  

  What should be included in a house handover protocol?

  A good handover protocol checklist includes:

  1. Names and contact details of the parties
  2. Time of the inspection
  3. Property data (address, last renovation, service charges paid until)
  4. Meter readings (heating, electricity, water meters)
  5. Furniture/inventory per room
  6. Defects – including the basement, attic, garage, outdoor areas such as the garden, etc. Examples include a crack on a wall, a leaking roof, and faucets not working. A record is taken of who will remove the defects, by when, and at whose expense.

  7. Repairs that have already been ordered or are still being paid for by the previous owner.
  8. The number of keys from the mailbox to the tool shed.
  9. A list of the documents handed over. Of particular importance are:

  • Building description
  • Building plans, floor plans, sketches, and static calculations
  • Building insurance
  • Property tax assessment
  • Craftsmen’s invoices (especially relatively recent, larger ones)
  • Inspection records (especially fireplace inspections by the chimney sweep)
  • Operating manuals for building services/heating etc.
  • In the case of condominiums, the minutes of the last three owners’ meetings and the declaration of division should also be included.
  • Place, date, and signature of all who are present*.
    *Optional: If witnesses accompany you during the handover, name them in the handover protocol and have them sign.

  For more information about our real estate services please visit www.franklegaltax.com/services/real-estate/
  If you have any questions related to property transfers or real estate in Thailand, please contact [email protected]

• Applying for Thailand’s Long-Term Resident Visa (LTR): Requirements and Qualifications

  June 22, 2022 3:45 pm Comments Off on Applying for Thailand’s Long-Term Resident Visa (LTR): Requirements and Qualifications

  The Thai government recently announced that they are making some changes to the Long-Term Resident Visa (“LTR”) requirements intending to attract more foreign residents to come to Thailand.

  Kindly note that although the Thai cabinet and the Board of Investment (BOI) approve of this new LTR visa, there still has not been any official announcement from the Immigration Department as yet. Therefore we are still awaiting final confirmation for the time being.

  This article will detail some of the currently discussed criteria and requirements for different application categories to live, work, and do business in the country. There are four categories of eligible persons:

  

  1. Wealthy global citizen

  The following is required to be eligible as a “Wealthy global citizen”:
  
  a. Personal Income of no less than $80,000 USD per year in the two years before applying for the visa.

  b. Directly invest in Thailand as an individual investor no less than $500,000 in at least one of the below items before applying for the visa:
  

  • Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of application.
  • Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET).
  • Investment in real estate (condominiums)

  c. The net asset value should be no less than $1,000,000 at the time of application (excluding assets without proof of applicant’s ownership and assets without reliable market appraisal evidence such as artworks, amulets, cryptocurrencies, or memberships).

  d. Health insurance with coverage not less than $50,000 with a remaining maturity of no less than ten months at the time of application or valid social security benefits which insures for hospitalization and treatment in Thailand or a deposit not less than $100,000 in a bank account at least 12 months before completing the application.

  2. Wealthy Pensioner

  The following is required to be eligible as a “Wealthy pensioner”:

  a. 50 Years of age or older and receives a regular pension income of no less than $80,000 per year.

  b. In case personal income is less than $80,000 but no less than $40,000 per year, applicants must have an investment not less than $250,000 in any of the following categories:
  

  • Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of application
  • Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET)
  • Investment in real estate (condominiums)

  c. Health insurance with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insurers hospitalization treatment in Thailand.

  3. Work-from-Thailand Professional

  The following is required to be eligible as “work from Thailand professional”:

  a. Before applying for the visa, personal income should be no less than $80,000 per year in the past two years leading up to the application. In case annual personal income is less than $80,000 but not less than $40,000 in the past two years, applicants must have a master’s degree (or above) and own intellectual property.

  b. Health insurance policy with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in Thailand

  c. At least five years of working experience in the relevant field to the current employment

  d. The current employer must have one of the following types:

  • a public company listed on the stock exchange in any country, or
  • a private company that has been in operation for at least three years and has a total combined revenue of more than $150 million in the last three years.

  4. Highly-Skilled professional

  The following is required to be eligible as a “highly skilled professional”:

  a. Highly skilled professionals working in business in targeted industries in Thailand.

  b. Experts in targeted industries, working for a Thai government agency or a higher education institution, or a specialized training institution in Thailand

  c. Personal income of no less than $80,000 per year in the past two years

  d. In case annual personal income is below $80,000 but no less than $40,000 in the past two years, applicants must have a science and technology master’s degree or above or have particular highly-skilled expertise relevant to the job assignment in Thailand

  e. No minimum personal income for experts working for a Thai government agency or a state-owned higher education institution, or a state-owned specialized training institution in Thailand

  f. Heath insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in Thailand

  g. At least five years of working experience in the targeted industries except for applicants working for a Thai government agency or a state-owned higher education institution or a state-owned specialized training institution in Thailand or applicants with a doctorate

  For more information about our immigration or work permit services in Thailand, please visit www.franklegaltax.com/services/immigration-work-permits or contact us at [email protected]

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