Thailand’s cabinet has decided to halve the long-term resident (LTR) visa fee, bringing it down to 50,000 baht. The visa is designed for foreigners who have “high capability or potential” and would like to live in Thailand for up to ten years. This means that eligible highly skilled foreigners can now apply for the visa and pay a one-time fee of 50,000 THB in order to stay in Thailand for up to 10 years.
For full details about the long-term visa offering, please read our article here: www.franklegaltax.com/thailand-to-offer-10-year-visas-targeting-wealthy-foreigners/
The visa targets four groups of foreigners, their partners, and at most four children who are 20 years old or younger. Included in the scheme are high-income individuals, foreign pensioners, people who wish to conduct their work in Thailand, and experts from specialist fields.
Based on the revised guidelines and in our experience, groups included in the scheme, such as pensioners and wealthy foreigners, are required to hold insurance coverage that is at least US$50,000, which will cover medical fees, and is valid for at least ten months, or they may show a social security certificate that covers the individual’s medical expenses while residing in Thailand. Alternatively, the applicant may use a cash deposit of at least US$100,000 that has been held in a domestic or a foreign bank account for 12 months prior to applying for the visa.
Those in the high-income earner bracket must have an average annual income of US$80,000 for two years before applying for the visa.
In order to apply under the foreign specialist’s category, the applicant is required to produce an employment contract from a company in Thailand or abroad. They must also provide evidence that they have worked in the “targeted industries” for a minimum of five of the ten years before applying for the long-term visa.
There are for those who plan to work in Thai state universities, government research institutes, specified state training institutes, or applicants who hold a Ph.D.
If you have any questions related to relocating to Thailand or related matters, please get in touch with us at [email protected]
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Fabian, a founding partner of FRANK Legal & Tax, is a German-trained lawyer with expertise in corporate/commercial, real estate law, and litigation, and has been practicing law in Thailand since 2005.