Thinking about relocating to Thailand? Our <\/em>ultimate guide for expats moving to Thailand<\/em><\/a> is a must-read.\u00a0<\/em><\/p>\n The long-term resident (LTR) visa in Thailand<\/a> came into effect in 2022 to attract high-net-worth individuals (HNWIs), highly-skilled professionals, work-from-Thailand professionals, and wealthy retirees who will benefit from a range of tax and non-tax benefits during their time in the country.<\/p>\n In the context of a struggling economy post-COVID-19 and talent shortage (especially in the digital sector, including in the areas of blockchain, data science, and artificial intelligence), the new visa aimed at wealthy foreigners<\/a> and skilled professionals is a welcome addition for the country.<\/p>\n As Thanakorn Wangboonkongchana, a spokesperson for the government, said that Thailand forecasts that one million new foreign residents over five years (2022 to 2026) will generate the following:<\/p>\n It is also expected to attract new foreign residents, staffing, highly skilled workers, digital nomads, and new investments in technologies and infrastructure.<\/p>\n When it comes to foreign applicants, Thailand\u2019s long-term resident (LTR) visa offers many benefits, including a renewable 10-year visa and a 1-year report (instead of 90 days). LTR visa holders won\u2019t need to worry about visa matters for the next decade while receiving tax and non-tax benefits.<\/p>\n The complete list of benefits includes:<\/p>\n Applying for the LTR visa means you will have access to a select number of privileges that will benefit you financially and offer you a better experience in Thailand. Here\u2019s a closer look at the main ones you should know about.<\/p>\n 10-year Renewable Visa<\/strong><\/p>\n You will be granted permission to stay in Thailand for the first 5 years, after which you can extend for another 5 years, provided you fulfill all the requirements, including having an approved health insurance plan<\/a>.<\/p>\n Exemption from the 4 Thais to 1 Foreigner Employment Requirement Ratio<\/strong><\/p>\n This is normally a requirement set out by the Board of Investment (BOI) in Thailand, but long-term resident (LTR) visa holders are exempt from it.<\/p>\n Fast Track Service at International Airports in Thailand<\/strong><\/p>\n If you travel in and out of the country often, this privilege offers air travelers the best experience.<\/p>\n 90-day Reporting Extended to 1 Year<\/strong><\/p>\n Long-term resident (LTR) visa holders are exempt from re-entry permits and can report yearly at immigration instead of every 90 days.<\/p>\n Multiple Re-entry Permits and Permission to Work in Thailand (Digital Work Permit)<\/strong><\/p>\n This can be attractive to long-term resident (LTR) visa holders who frequently travel for business or pleasure and want a permit to work legally in Thailand.<\/p>\n 17% Personal Income Tax for Highly Skilled Professionals<\/strong><\/p>\n Professionals in the targeted industries will need to pay a 17% tax on their income for the tax year. This is attractive, especially for those who receive their pay in Thailand. Additionally, workers on long-term resident (LTR) visas will be exempt from paying for overseas income.<\/p>\n Long-term Resident (LTR) Visa Holders Can Visit the One-Stop Service Center for Visas and Work Permits<\/strong><\/p>\n To offer convenience and access to immigration services, long-term resident (LTR) visa holders can travel to Chamchuri Square in Bangkok for all their work and visa inquiries.<\/p>\n Financial requirements are vital for the new long-term resident (LTR) visa program, though the exact amount depends on the category you fall into. For example, wealthy global citizens need at least USD $1 million in assets while wealthy pensioners must have a monthly personal income of USD $80,000.<\/p>\n The LTR visa is offered to 4 categories of individuals, namely:<\/p>\n In addition to the above, spouses and dependents of LTR visa holders are also eligible for the same visa.<\/p>\n If you don\u2019t meet the requirements, there\u2019s no need to fret as you\u2019ve still got plenty of options. You can check out our Thailand visa guide to learn more about the various other routes to calling the country your home.<\/em><\/p>\n If you\u2019re hoping to apply for a long-term resident (LTR) visa and fit into any of the aforementioned four categories, such as a wealthy global citizen or a highly-skilled professional, you\u2019ll need to ensure you meet the following requirements in order to be approved for the new visa scheme.<\/p>\n Expats who are high-net-worth individuals (HNWIs) from abroad must meet the following requirements when applying for an LTR visa.<\/p>\n Note<\/strong>: Wealthy expats from abroad should consider comprehensive expat health insurance for Thailand<\/a> that offers high limits and is tailored to their needs. See the end of the article for more about insurance.<\/p>\n The Wealthy Pensioners category is ideal for retirees aged 50 years and older who have either a stable income or an annual pension. Applicants must have one of the following:<\/p>\n Additionally, applicants must have a health insurance plan with at least USD $50,000 inpatient coverage, social security benefits covering inpatient and\/or outpatient treatment in Thailand, or at least a USD $100,000 deposit.<\/p>\n Individuals who work for a well-established company outside of Thailand and are allowed to work from another country, including remote workers, digital nomads, and contractors, can apply for the LTR visa, provided they meet the following requirements.<\/p>\n This category applies to professionals or experts in targeted industries working for business entities, higher education institutes, research centers, specialized training institutions in Thailand, or Thai government agencies. Applicants for this category must meet the following requirements.<\/p>\n If you fulfill the long-term resident (LTR) visa requirements set out above, then you can register and submit your application for qualifications endorsement and supporting documents via the Board of Investment\u2019s (BOI) online visa service<\/a>.<\/p>\n Once the completed and valid documents have been received, your application will be registered and sent to the relevant agencies (e.g. BOI, Immigration Bureau<\/a>, etc.) for qualifications endorsement. You will be notified about the qualifications endorsement result within 20 working days<\/p>\n Note: <\/strong>Processing time may vary if additional documents or information are needed.<\/p>\n After the application has been approved, you\u2019ll be asked to submit additional information and documents for the pre-approval process, which takes up to 3 working days (or longer if additional documents are required).<\/p>\n Following the approval of the pre-approval request, you will be able to make an appointment for the LTR Visa issuance<\/a> at a Royal Thai Embassy or Consulate overseas or at the One-Stop Service Center for Visas and Work Permits in Bangkok. within 60 days following the issuance date of the letter.<\/p>\n If you have an LTR visa and wish to work in Thailand, there are certain steps you must follow. To start, you need to apply for a work permit through the LTR visa application system as soon as you receive your LTR visa or before you start working in the country.<\/p>\n This process usually takes 3 to 5 working days, though it can take longer if more documents are requested. After your work permit is approved, you can schedule an appointment to collect it at the Department of Employment<\/a> in the One-Stop Service Center for Visas and Work Permits in Bangkok.<\/p>\n It\u2019s important to note that you are permitted to work in Thailand temporarily without a work permit while the work permit request is being processed. Similarly, work-from-Thailand professionals are not granted a work permit since this category is for foreign professionals who work remotely for a foreign employer.<\/p>\n Without a Thai employer, the digital work permit system won\u2019t be able to grant you a work permit.<\/p>\n In 2022, Thailand\u2019s Cabinet revealed that they will halve the Long-Term Resident (LTR) visa fee from THB \u0e3f100,000 to THB \u0e3f50,000 in an attempt to make the Land of Smiles more attractive to potential applicants to those who wish to stay in the kingdom for 10 years.<\/p>\n However, it\u2019s important to note that the fees may vary and be more expensive than THB \u0e3f50,000 per person per 10 years outside of Thailand (i.e. if you collect the LTR visa at a Royal Thai Embassy or Consulate). What\u2019s more, exchange rates do apply.<\/p>\n Along with meeting the minimum financial requirements, LTR visa applicants in all of the aforementioned categories must either have:<\/p>\n Whether you need to obtain a long-term resident (LTR) visa or other visa types, it\u2019s advisable to compare your options to find the best one for your needs. The right amount of coverage can fulfill visa requirements, but factors like lifetime renewability ensure you\u2019re adequately covered.<\/p>\n Some fundamental things to consider when buying Thai visa insurance include waiting periods, pre-existing conditions, and lifetime renewability.<\/p>\n With benefits like 10-year renewability, 1-year reporting, and more, it\u2019s easy to see why many foreigners have been eagerly awaiting the long-term resident (LTR) visa. Now that it\u2019s available, those who meet the requirements can take the necessary steps to start enjoying life in Thailand long-term.<\/p>\n Since health insurance is a requirement for any type of LTR visa holder, it\u2019s in your best interest to ensure that the plan you choose offers adequate coverage for your needs. As an expat-focused, global health insurance brokerage, Pacific Prime Thailand<\/a> helps foreigners do just that.<\/p>\n Whether you\u2019re looking for expat health insurance in Thailand<\/a>, insurance for your retirement visa<\/a>, or other health insurance plans in Thailand<\/a>, we work with the top local and global insurance companies to bring you vetted plans.\u00a0<\/a><\/p>\n Use our online quotation tool<\/a> to get a free, instant quote, or contact us today<\/a> to begin your health insurance journey!<\/p>\n![\"Get](\"https:\/\/www.pacificprime.co.th\/blog\/wp-content\/uploads\/2022\/09\/Banner-v3.jpg\")
<\/a><\/p><\/div>\n\nWhat is Thailand\u2019s Long-Term Resident (LTR) Visa?<\/h2>\n
Reasons for Introducing the Long-Term Resident (LTR) Visa Program<\/h3>\n
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What Are the Benefits for Long-Term Resident Visa Holders?<\/h2>\n
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Who Is Eligible to Apply for the Long-Term Resident (LTR) Visa?<\/h2>\n
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Requirements for Categories of Foreigners Offered the Long-Term Resident (LTR) Visas in Thailand<\/h3>\n
Wealthy Global Citizens<\/h4>\n
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Wealthy Pensioners<\/h4>\n
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<\/a><\/p><\/div>\n\nWork-from-Thailand Professionals (including Digital Nomads)<\/h4>\n
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Highly-Skilled Professionals<\/h4>\n
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How to Apply for Long-Term Resident (LTR) Visa<\/h2>\n
Work Permit Issuance<\/h3>\n
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<\/p>\nHow Much Does the Long-Term Resident (LTR) Visa Cost?<\/h2>\n
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Things to Keep in Mind When Buying Visa Insurance in Thailand<\/h2>\n
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Conclusion<\/h2>\n
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