Today, Thailand's Cabinet announced that the fee for a 10 year Long Term Resident visa would be halved from 100,000 baht to 50,000 baht to attract foreigners with 'high potential' to reside in the kingdom. Not only has the fee been reduced, but the eligibility criteria has become more "flexible," according to Deputy Spokesperson for the PM's Office Ratchada Thanadirek. The Cabinet hopes the changes will increase foreign investment and boost the economy in these early post-pandemic months.
The LTR visa is targeted at f4 groups of foreigners: 1) wealthy foreigners 2) retirees 3) working foreigners and 4) specialists. All groups are welcome to bring their spouse and up to 4 children, as long as the children are under the age of 20.
The groups have different requirements to get the visa…
Groups 1 & 2: Wealthy Foreigners and Retirees
- Must purchase a health insurance policy which covers medical expenses of no less than US$50,000 for at least 10 months starting from the date of the application OR provide a social security certificate covering medical expenses in Thailand OR provide proof of at least US$100,000 held in a Thai or foreign bank account for at least 12 months prior to the application date.
- Must have evidence of an average income of at least US$80,000 for at least 12 months prior to the application date.
Groups 3 & 4: Working Foreigners and Specialists
- Must show an employment contract or service contract with a domestic OR a foreign business.
- Must provide proof of 5 years of work experience in the relevant industry conducted within 10 years of the application date.
- EXCEPTIONS: those who work in the following are NOT required to provide evidence of work experience: government research institutions, higher education institutions, specialised training centres, government agencies and PHD graduates.
The changes will come into effect 90 days after the Cabinet's official announcement in the Royal Gazette.
For information about retirement visas click here.
SOURCE: Workpoint Today