National Counselling & Psychotherapy Conference, 5 key global benefits and wellbeing trends to watch in 2023 and beyond, GSTV 2023 payouts: Eligible Singaporeans to receive up to S$700 in August, 6Cs of community engagement for all communications stakeholders, MOH on how Singapore is retaining the expertise of senior healthcare workers, Cost remains the biggest barrier preventing Singapore's SMEs from focusing more on ESG, The rise of inclusive parental leave policies: Why they are so important and how you can start, Singapore employers encouraged to get eligible employees enrolled in Healthier SG programme, Sustainability upskilling is needed at the leadership level in APAC. (14) other targeted industries in accordance with the 20-year national strategy, as determined by the Committee on Policy for National Competitive Enhancement for Targeted Industries. the Exempt Visa stamp for 30 days and Tourist Visa for 60 days can extend their stay for another 30 days at the cost of 1900 . In the case of collecting LTR Visa at the Royal Thai Embassies/the Royal Thai Consulate Generals overseas or E-visa, the fee may vary and considerably be more expensive than 50,000 THB per person per 10 years. Copyright 1995-2023 Themis Partner Incorporated. Im Peter. However, the price will vary between embassies and consulates abroad and is likely to be around $1,600 (USD). This visa will "provide a range of tax and non-tax benefits to enhance the country's attractiveness as a regional hub for living and doing business for 'high-potential' foreigners,' the Board of Investment Thailand said. Exemption from 4 Thais to 1 foreigner employment requirement ratio. You have 60 days from the issuance date of the endorsement letter to apply. it is possible to stay 10 years in Thailand. Before you can login, you must activate your account with the code sent to your email address. This is currently not possible through the existing visas on offer. Your email address will not be published. Setting up a company in Thailand would be an attractive option for holders of an LTR who applied under the Work From Thailand or Highly Skilled Professionals options. What is the difference between long-term visa and long-term residence? Foreign nationals who wish to stay in Thailand for an extended period of time can apply for a Long-Term Resident Visa (LTR). It is free to get started & easy to use. In case you missed it.. Tax benefits for long term resident (LTR) visa holders Tax implications of remote working in Thailand Thailands LTR visa process explained. Typically, you must hire 4 Thai employees for each foreign staff member. People who have earned at least USD 80,000 over the past 2 years and own a minimum of USD 1,000,000 in assets are also eligible for the LTV. Most people in these categories will have an existing health insurance policy that meets the requirement. However, individuals in category 1 must hold intellectual property rights, while those in category 2 must hold a class-A scholarship and have completed 5 years of research. Please note that this #Ebook does not constitute legal advice and should only be used for informative purposes only. To make things easier for you, Ive compiled a list of those I use below. What happens if the value of the bonds, investment, or property drops below the threshold? I use Thaipod101. The vast majority of "wealthy" retirees from the US would have trouble documenting such income. If you did not receive this email, please check your junk/spam folder. Qualifying individuals must have invested a minimum of USD 250,000 in Thai property or Thai government bonds. If you already own a 9-million condo does that count? It does so by offering a visa which is valid for 10 years and a range of tax and non-tax benefits to the holders. LTR holders are eligible to apply for permanent residence or citizenship after staying in Thailand for three or five years, respectively. The changes include new relaxation measures for certain applicants and updated eligibility requirements and application procedures. However, the application fee for the Long-Term Resident (LTR) visa is THB 10,000 (approximately USD 300). The processing fee for the 10-year LTR visa with multiple entry is 50,000 Baht per person. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. 4. You must show an employment contract or service agreement with a business in Thailand or abroad. Setting up a company in Thailand would be an attractive option for holders of an LTR who applied under the Work From Thailand or Highly Skilled Professionals options. 2022 New LTR Visa Thailand - Belaws Legal Services Additionally, they must have an annual pension of at least USD 40,000. Thailand cuts long-term visa fees in half - BangkokJack News To provide the most accurate and reliable advice for your needs, Thai Visa Belaws offers a, visa Consultation Service with our visa expert, Firing Employees: A Guide for Employers in Thailand, The Ultimate Guide to Permanent Residency in Thailand. In fact, I am not seeing any downsides. The LTR will be a big fiasco,that I promise you. At least five years of work experience in the relevant fields of the current employment over the past 10 years. Register and submit an application for LTR Visa qualifying endorsement and accompanying documentation online. How to Get Thailand Long Term Resident Visa - ExpatDen From September 2022, Thailand's new Long-Term Resident visa (the LTR) will be available for application to those who satisfy the qualifying requirements. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Thailand is introducing its new "Long-term Resident (LTR)" visa scheme for "high-potential" foreigners on 1 September 2022. This means that every time you visit this website you will need to enable or disable cookies again. The LTR visa is issued for up to ten years and is renewable. Today, Thailand is already home to multinational corporations from all over the world and one of the most important tourist destinations in Asia. This amendment applies to high-potential applicants capable of stimulating the countrys economy. Enter the username or e-mail you used in your profile. Partner with us There is a health insurance requirement. The amendment removes the need for high-potential applicants (and their spouses) to provide a medical certificate when applying for an LTR visa. You must show an employment contract or service agreement with a business in Thailand. The price is expected to be around 1,600 USD. Alternatives are available, with some of the most common options below. 1. No minimum personal income for professionals working for Thai government agencies. Special Health Insurance for Long Stay Visa (O :: AXA Thailand By clicking checkbox, you agree to our Terms and Conditions and Privacy Policy. Wealthy Global Citizens (Wealthy individuals holding at least USD 1 million in assets), Wealthy Global Citizens LTR Visa qualifications, Personal income of a minimum of USD 80,000/ year in the past two years, Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property, Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit, *Applicants must fulfill all of the above requirements to be eligible for Wealthy Global Citizens application, 2. The targeted industries in the case of a High-Skilled Professional are: (4) Agriculture and bio-technology industry, (5) Food processing industry with added value. Can you just get a visa and that's it, the requirements vanish? Interested in living in Thailand under this new LTR Visa and enjoy a wide range of benefits? Earned income (salary) will not be considered eligible income for LTR: Wealthy Pensioners application. Within 30 working days after having received complete documents, applicants will be notified of the result. But will wealthy individuals who meet this criterion want to invest such a large sum of money in Thailand? The deadline for Covid Visa Extensions has been extended to July 25, Thailand Pass will be scrapped from 1 July 2022, Wealthy individuals holding at least USD 1 million in assets, Retirees aged 50 years and older who have an annual pension or stable income, Remote workers working for well-established overseas companies, Professionals or experts in targeted industries working for business entities or higher education institutes or research centers or specialized training institutions in Thailand or Thai government agencies, Spouses and children (under 20 years old) of LTR visa holders will also qualify for the same visas. We are open: Highly-Skilled Professional working in government agencies, Medical insurance with min coverage of $50,000 (USD), Minimum coverage of 50,000 USD for hospitalization treatment in Thailand, Personal income of a minimum of USD 80,000/ year in the past two years, In case of personal income below USD 80,000/year but no less than USD 40,000/year in the past two years, applicants must have a Master's degree or above or own intellectual property or receive Series A funding, Public company on a stock exchange or; Private company in operation for at least three years with combined revenue at least USD 150 million in the last three years, At least 5 years of work experience in the relevant fields of the current employment over the past 10 years, At least 5 years of work experience in the targeted industries except for applicants with a PhD or above in the relevant fields of the targeted industries or applicants working for Thai government agencies, Exemption from 4 Thais to 1 foreigner employment requirement ratio, 90-day report extended to 1-year report and exemption of re-entry permit, Permission to work in Thailand (Digital Work permit), 17% Personal income tax for High-skilled professionals, Immigration and work permit facilitation services, Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property, Personal income of at least USD 80,000/year at the time of application, In case of personal income below USD 80,000/year but no less than USD 40,000/year, applicants must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai property, Higher education institution, research institution, specialized training institution, or Thai government agency, Personal data page and all pages with Thai visa stamps, Valid for at least 6 months from the date of visa issuance, Copy of birth certificate or a proof of child custody, The stamp and the signature of the insurance company are mandatory, Submission of this document can be done separately at a later date before a notification letter is issued, Evidence showing valid social security benefits which insures hospitalization and treatment in Thailand, Bank statement for the last 12 months, showing a deposit of no less than 100,000 USD and additional 25,000 USD per one dependent which has been held for at least 12 months, Copy of Thai Government Bond in applicant's name, Shareholder list with applicant's name as a shareholder (not more than 3 months old), Portfolio statement in the last 12 months issued by brokerage companies, Evidence of investment in a venture capital company or private equity trust registered by the Securities and Exchange Commission, Copy of certificate of ownership of apartment/condo in applicant's name (Or.Chor 2, not more than 3 months old), and Copy of the sale and purchase agreement of the condominium unit, Evidence of qualification (e.g. The Long-Term Resident Visa (LTR) is a visa issued by the Thai government that allows foreign nationals to reside in Thailand for an extended period. From 1 September 2022, applicants for the "Long-Term Resident (LTR) visa" will have to submit their application and documents online with the Thailand Board of Investment (BOI) at https://ltr.boi.go.th/. I always use one. Applicants working in Thailand can get digital work permits from the Department of Employment at the One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, Bangkok, or through provincial labor offices. Buying a Condo: 9 Questions Before You Decide, 8. You must show proof of work experience in one of the BOI (Board of Investment) targeted industries for a minimum of 5 years except for applicants with a PhD or above in a relevant field. (For the Pensioner option it is 250,000 USD, if your personal income is between 40,000 and 80,000 USD per year). Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. To our newsletter for all the latest legal news Applicants with a minimum annual pension of USD 80,000 are also eligible for the LTR. The eligibility requirements for the LTR visa vary depending on the purpose of the applicants stay and nationality. Click here to resend the activation email. If you want to know more about your eligibility for an LTR visa, get in touch with us for a free initial consultation. Read more here about the Thai tax considerations. Click to reveal Wise is the cheapest and fastest way to send money to Thailand. Please log in to LTR Visa application systemto update information or upload additional or updated documents by following the instructions below. The remaining coverage period on the policy shall not be less than 10 months on the date of application. When using Non-immigrant O visa in Thailand? Discounted personal income tax rate of 17% for Highly-Skilled Professionals on their employment income. The visa will apply to four categories of foreigners: Dependants, i.e. The current rate of PIT for normal employees is taxed at a progressive rate (from 5 to 35%). Thailand presents itself as a very attractive location for "work from anywhere" professionals.

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