If you are thinking of moving to Thailand, one of the first steps you will need to take is to apply for a long Term Stay Application in Thailand. This visa is a great way to make your move to Thailand as stress-free and smooth as possible. It also allows you to live in Thailand for up to 10 years without having to worry about immigration issues.
A new tax initiative and visa called the LTR is being introduced by the Thai government in order to attract ‘high-potential’ foreigners and support economic growth. The scheme aims to attract about one million wealthy or talented individuals over the next five years.
The program will offer a range of benefits to high-potential residents including a 10-year renewable visa, fast track service at international airports, a one-year report to the Immigration Bureau instead of every 90 days, multiple re-entry permits, permission to work in Thailand and a 17% personal income tax rate for highly skilled professionals.
These incentives are aimed at helping Thailand increase investment in the country and encourage economic growth, attract specialists and experts for longer stays, improve domestic spending and generate recurring income in the country. It is expected that a large number of high-potential foreigners will be able to benefit from the visa program and that they will contribute a total of $28 billion in capital into the local economy.
In order to qualify for an LTR visa, you will need to meet the following requirements:
A passport with at least 6 months validity from the date of application.
A proof of regular income or a combination of annual income and deposits totaling at least 800,000 Baht in a Thai bank account.
A financial status showing assets aggregated in Thailand or abroad of no less than 1m USD as of the date of application (this can include property or investments).
You must have at least 500,000 USD in Thai government bonds, FDI or Thai properties.
In addition to the above, you will need to submit a letter of endorsement from the Thai government or its equivalent. This will ensure that you are a genuine applicant and have the necessary credentials to live in Thailand.
Alternatively, you may be able to get an exemption from the required assets test and income test by showing a letter of invitation from trading or associated partners in Thailand.
A person may also be eligible for a non-immigrant O-A retirement visa, which is an extension of a Non-Immigrant O-X or OA-Visa and allows you to live in Thailand for a year without working. The O-A retirement visa is a great choice for people looking to live and retire in Thailand.
This type of retirement visa is available for applicants who are over 50 years old. The visa is renewable each year and can be extended by applying inside Thailand. This visa is issued for a period of up to 10 years, and a maximum of 4 dependents can accompany the applicant. The visa can be renewed at any Thai Immigration Bureau office.
