Are you currently holding a non-immigrant visa and residing in Thailand and are bored of annual renewals or looking at Thai visa choices for residing in the Land of Smiles in the long run? Good fortune is on your side because a new 10-year visa scheme has been approved by the Thai government for wealthy retirees, high-net-worth individuals, highly skilled professionals, and work-from-Thailand professionals.
On Sep 1, 2022, this new ‘long-term resident’ (LTR) visa program was launched. Therefore, in this blog post, we are going to share with you the reasons behind its introduction, its benefits for expatriates, and its eligibility requirements.
Why is the new LTR visa scheme important?
Due to Thailand’s talent scarcity, particularly in the digital workforce coupled with economic recession, this 10-year LTR visa scheme was introduced to attract affluent expats and talented workers to the country.
In accordance with the Thai government, Thailand predicts over 1 million applicants for a five-year period, which is expected to inject approximately THB 800 billion in foreign investment and THB 270 billion in tax revenue into the Thai economy.
What are the benefits of the new LTR visa?
This new LTR visa provides expatriate applicants many benefits, both tax related and non-tax related. The benefits are listed below.
- A renewable 10-year visa
- Exemption from the “four Thais to one foreigner” employment ratio
- Extension of the 90-day report to a one-year report
- Exemption from re-entry permit requirements
- Permission to work in Thailand via a “digital work permit”
- 17% personal income tax for highly skilled professionals
- Immigration and work permit facilitation services at the One-Stop Service Center for Visa and Work Permit
- Fast track service at international airports in Thailand
The new LTR visa scheme’s eligibility requirements
Now that you are aware of the importance of this visa along with its benefits, let’s see if you are qualified for it or not.
High-net-worth individuals
If you are a high-net-worth person, here’s what you’ll need to qualify under the high-net-worth individual category:
- An annual income or pension of at least USD 80,000 for the past two years;
- A portfolio of assets equivalent to at least USD 1 million;
- An investment in Thai government bonds, foreign direct investment, or Thai property worth at least USD 500,000; and
- A health insurance plan with a minimum USD 50,000 coverage, social security benefits ensuing treatment in Thailand, or a minimum USD 100,000 deposit.
Highly skilled professionals
If your knowledge, skills, or experience is your asset, then you can consider the highly skilled professional category, for which you’ll need:
- An annual income of at least USD 80,000* for the past two years;
- A job/employment contract that lets you work in one of Thailand’s targeted industries, a higher education institution/research institution/specialised training institution, or Thai government agency;
- A minimum of 5 years of work experience in a target experience (exceptions include PhD holders or above in the relevant fields of the targeted industries or applicants working for Thai government agencies); and
- A health insurance plan with a minimum USD 50,000 coverage, social security benefits ensuing treatment in Thailand, or a minimum USD 100,000 deposit.
Important note: If the annual income is below USD 80,000 per year but not less than USD 40,000 per year in the past two years or before retirement, applicants must have a Master’s degree or above in science and technology, or special expertise relevant to the job assignment in Thailand. Note that there’s no minimum income requirement for professionals working for Thai government agencies.
Work-from-Thailand professionals
Calling all the remote workers! If you’re employed by an overseas firm and wish to work from Thailand, you can do so if you have:
- An annual income of at least USD 80,000* for the past two years;
- A job/employment contract with a public company on a stock exchange or a private company in operation for at least three years with combined revenue of at least USD 150 million in the last three years;
- A minimum of 5 years of work experience in the relevant fields of the current employment over the past 10 years; and
- A health insurance plan with a minimum USD 50,000 coverage, social security benefits ensuing treatment in Thailand, or a minimum USD 100,000 deposit.
* Important note: If the annual income is below USD 80,000 per year but not less than USD 40,000 per year in the past two years or before retirement, applicants must have a Master’s degree or above, own intellectual property, or receive Series A funding.
Wealthy Retirees
Finally, the retiree category, which has some of the more straightforward eligibility requirements, including:
- An annual income of at least USD 80,000 per year at the time of application*; and
- A health insurance plan with a minimum USD 50,000 coverage, social security benefits ensuing treatment in Thailand, or a minimum USD 100,000 deposit.
* Important note: If the annual income is below USD 80,000 per year but not less than USD 40,000 per year, applicants must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai property.
Takeaway
On the whole, the visa matter is very important when it comes to relocating to a new country. However, another key thing that you need to pay attention to is healthcare.
Even though you may have access to public healthcare in Thailand if you’re paying social security contributions, things can be taken to the next level if you take out private medical insurance.
Not only does private health insurance allow you to skip the queues, get better amenities, and access the best private hospitals, but you’ll also be less likely to face language barriers if you don’t speak Thai.
Most importantly, a private health insurance plan makes sure you’re not drowning in medical bills when trying to access healthcare and can focus on the one thing that matters: recovering.
If you are interested in securing private health insurance or have any concerns about it, feel free to reach out to us at [email protected]. Our lovely and resourceful insurance consultants will be there to assist you!