If you’re planning to visit Thailand for a long period of time, you might want to consider applying for a Thailand long-term resident visa. Not only will it allow you to travel to this country for an extended period of time, but it also offers many other benefits. Here are some of the key points you should know about this type of visa:
What is Thailand Long Term Resident Visa?
The Long Term Resident (LTR) Visa is a new visa that the Thai government introduced to attract high-potential foreigners to the country. It allows them to work legally in Thailand for a period of ten years. Applicants will be given a range of tax benefits, including a reduced personal income tax rate.
Applicants who wish to work in Thailand must have a minimum of five years of relevant work experience, or US$80,000 annual personal income. They also need to show a bank deposit of three million baht in Thailand. Their health insurance policy must cover the inpatient treatment of 400,000 Baht and outpatient treatment of 50,000 Baht.
Highly skilled professionals who are seeking to work in Thailand for a long period of time will be offered an LTR visa. These applicants must be well-qualified and have a minimum of five years of experience in a targeted industry. In addition, they must have a stable source of income.
Thailand LTR Visa is a visa for foreigners who wish to live and work in Thailand for more than five years. This new visa has been introduced to attract qualified foreign residents. It offers a range of tax benefits, as well as residence and work permits.
The Thai government expects this visa program to draw qualified talents, which would boost investment and help promote economic growth. Moreover, the new policy will attract overseas technologies and innovations. In addition, this visa is expected to support the country’s private business sector.
To qualify for the LTR, applicants must have a minimum annual income of US$80,000 for at least the past two years. Additionally, they must have five years of relevant work experience. Applicants must also have health insurance with coverage of at least US$50,000. They must have a deposit of at least US$100,000 to secure their stay in Thailand.
Here are the basic requirements for LTR Visa:
- LTR Visa Application form
- 2 recent photos
- BOI Thailand Letter of Approval
- 6 months validity passport
The application fee for the 10-year visa is 50,000 Baht. However, the cost may vary depending on currency exchange rates.
Thailand LTR Visa Benefits
Thailand’s Long-term Resident (LTR) visa program is designed to attract a new generation of foreigners to live and work in Thailand. The government hopes that the program will help boost the country’s economy and attract new talent.
LTR Visas are issued to four categories of individuals. These include highly skilled professionals, digital nomads, spouses and dependents, and retirees. Each category has different requirements.
To qualify for the LTR program, applicants must register online and submit a comprehensive application. Their requirements are then assessed on a case-by-case basis. Once a visa is granted, they can stay in Thailand for up to ten years. During this time, they will be entitled to a number of benefits.
One of these benefits is a reduction in the personal income tax rate. Under the scheme, taxpayers’ PIT rate will be capped at 17 percent. This will make it easier for foreigners to live and work in Thailand.
How to apply?
Thailand LTR Visa is a new type of visa designed to attract foreigners with high income and potential. It allows holders to stay in Thailand for up to 10 years. The Thai government hopes to bring in one million eligible foreigners in five years.
If you are interested in applying for Thailand LTR Visa, there are four categories that you can choose from. Each category has different requirements. You can apply at a local immigration office or the Thai Embassy overseas. In order to get approval, applicants must comply with all the requirements.
First of all, applicants must be registered with the BOI. They also must upload supporting documents and proof of their assets. Aside from that, applicants are required to pay the application fee. This is approximately US$560.
Applicants must have at least five years of work experience in a targeted industry. Also, applicants must have a personal income of at least USD 80,000. Additionally, applicants must have a health insurance plan with at least 50,000 dollars coverage.