Mahanakorn Partners Group Co | View firm profile
On January 13, 2025, Thailand’s Cabinet approved major revisions to the Long-Term Resident (LTR) Visa program, reinforcing the country’s strategy to attract skilled professionals, investors, and their families. These revisions are designed to encourage foreign investment and contribute to the nation’s long-term economic development. The new criteria will become effective upon official publication in the Government Gazette, following approval by the Council of State, House of Representatives, and Senate.
OVERVIEW OF THE LTR VISA
The LTR Visa entitles eligible individuals to reside in Thailand for up to 10 years, while enjoying benefits such as tax exemptions and streamlined work permit privileges. This visa caters to four specific groups of individuals, each with their own eligibility criteria:
- Wealthy Global Citizens: Individuals with a minimum of USD 1 million in assets, including at least half of which are invested in Thai government bonds, Foreign Direct Investments (FDI), or Thai real estate.
- Wealthy Pensioners: Retirees aged 50 and above, with sufficient passive income or pension.
- Work-from-Thailand Professionals: Remote workers employed by companies outside of Thailand.
- Highly Skilled Professionals: Experts working in specific key industries.
The Thailand Board of Investment (BOI) has updated the visa’s eligibility guidelines and simplified the application process, making it easier for qualified expatriates to apply.
KEY UPDATES TO THE LTR VISA CRITERIA
- Expansion of Eligible Industries for Highly Skilled Professionals
The revised criteria for eligible industries now include professors at universities and vocational institutions in a variety of fields. This change is intended to facilitate knowledge transfer and workforce development. A detailed list of eligible industries will be published by the BOI.
- Removal of Work Experience Requirements
Highly skilled professionals and remote workers are no longer required to demonstrate prior work experience. This adjustment recognizes alternative qualifications such as academic degrees and professional certifications as sufficient evidence.
- Lowered Revenue Threshold for Companies employing Remote Workers
The minimum revenue threshold requirement for companies employing remote professionals has been lowered from USD 150 million to USD 50 million over last three years. Subsidiaries of parent companies with annual revenues of at least USD 50 million are now eligible, broadening opportunities for Work-from-Thailand Professionals.
- Income Requirements Removed for Wealthy Global Citizens
The annual income requirement of USD 80,000 has been removed. The new focus is on maintaining stable assets and investments in Thailand of at least USD 500,000, to encourage long-term financial contributions to the Thai economy.
- Expansion of Dependent Eligibility
LTR Visa holders can now include parents and other dependents, with no cap on the number of dependents allowed. This change brings the LTR Visa in line with other visa categories and is expected to increase domestic spending by supporting foreign families in Thailand.
REFINING THE SMART VISA PROGRAM
In addition to the updates to the LTR Visa, the Cabinet also introduced changes to the SMART Visa program. Several overlapping visa categories have been eliminated, leaving the SMART-S Visa exclusively for startup entrepreneurs. The LTR Visa will now act as the primary visa for foreign residents. This restructuring clarifies the application process and improves overall efficiency.
CONCLUSION
The recent updates to Thailand’s LTR and SMART Visa programs are strategically designed to attract foreign talent, stimulate investment, and boost economic growth. The updated eligibility criteria make the visa programs more inclusive and accessible. The key benefits of these changes include:
- Boost economic growth by promoting long-term investment and spending in Thailand.
- Strengthen Thailand’s position as a global hub for skilled professionals and innovation.
- Address shortages in digital and technological expertise, positioning Thailand as a leader in the global digital economy.
- Encourage domestic spending by expanding dependent rights.
For individuals and businesses looking to take advantage of these changes, staying informed on the revised regulations will be essential. With these improvements, Thailand continues to position itself as a premier destination for skilled workers, investors, and high-net-worth individuals.