Thailand’s Cabinet has approved significant enhancements to the criteria for the Long-Term Resident (LTR) Visa, a critical measure aimed at attracting highly skilled foreign professionals and investors to the country.
It is important to note that the BOI has not yet published an official announcement to confirm these changes, so the exact effective date remains unknown but is expected to be very soon.
Key Highlights of the Updated LTR Visa Criteria:
1. Removal of Work Experience Requirements for Highly Skilled Professionals and Work-from-Thailand Professionals
The requirement for prior work experience has been eliminated for Highly Skilled Professionals and foreign experts working remotely from Thailand for overseas employers. This change aims to reduce redundancies with other qualifications that already demonstrate the knowledge, expertise, and potential of these individuals.
2. Broadened Scope for Target Industries
The eligible target industries for highly skilled professionals now include professors in universities and vocational institutions across various fields. This adjustment aims to elevate the capabilities of Thai personnel and foster knowledge transfer.
3. Relaxed Employer’s Three-Year Revenue Requirements for Work-from-Thailand Professionals
For foreign professionals working remotely from Thailand for overseas employers, the total three-year revenue threshold has been reduced from USD 150 million to USD 50 million. Additionally, subsidiaries whose parent companies generate a minimum income of USD 50 million are now eligible.
4. Elimination of Income Requirements for Wealthy Global Citizens
The previous personal income requirement of $80,000 per year has been eliminated. Instead, emphasis will be placed on stable asset holdings and long-term investments in Thailand of no less than USD 500,000. This shift aligns with Thailand’s goal of promoting domestic investment.
5. Expanded Rights for Dependents
The rights for accompanying dependents now extend beyond legal spouses and children to include parents and other dependents, with no limit on the number of dependents allowed.
About the LTR Visa
The LTR Visa is a special visa program managed by the Board of Investment (BOI), designed to attract four key groups of high-potential foreign nationals:
- Highly Skilled Professionals
- Work-from-Thailand Professionals
- Wealthy Global Citizens
- Wealthy Pensioners
Â
LTR Visa holders can reside in Thailand for up to 10 years with unlimited entries and exits. They are also permitted to work, with a reduced personal income tax rate of 17% for highly skilled professionals. Additionally, the reporting period to the Immigration Office has been relaxed from every 90 days to once a year.
Progress and Impact
To date, over 6,000 LTR Visas have been granted to high-potential foreign individuals worldwide. The largest group of recipients comes from Europe (2,500 individuals), followed by the United States (1,080), Japan (610), China (340), and India (280).
The government’s efforts to improve the LTR Visa program show Thailand’s commitment to attracting global talent and investment. By welcoming international professionals and investors, Thailand aims to strengthen its economy and drive innovation in multiple industries.Â
Whether you’re an innovator, investor, or a professional seeking new horizon, Thailand’s evolving LTR Visa program could be your gateway to a vibrant future. Reach out to PKF Thailand today to explore how the LTR Visa can unlock new possibilities for you in the Land of Smiles. For more information about the LTR Visa program and the updated criteria, feel free to contact us at thailand@pkf.co.th
