On January 13, 2025, Thailand’s Cabinet approved significant updates to the Long-Term Resident (LTR) Visa program, reflecting the country’s commitment to attracting skilled professionals, global investors, and their families. These changes aim to foster increased foreign investment and support Thailand’s long-term economic growth. The new criteria will take effect upon publication in the Government Gazette, following the approval process involving the Council of State, House of Representatives, and Senate.
I. What is the LTR Visa?
The LTR Visa is a long-term visa that allows qualified applicants to stay in Thailand for up to 10 years while offering numerous benefits, including tax exemptions and special work permit privileges. It caters to individuals across four key categories, each with its own eligibility criteria:
✓ Wealthy Global Citizens: High-income individuals with at least USD 1 million in assets, with at least half invested in Thai government bonds, Foreign Direct Investments (FDI), or Thai real estate.
✓ Wealthy Pensioners: Retirees over the age of 50 with passive income or pensions.
✓ Work-from-Thailand Professionals: Remote workers employed by companies outside Thailand.
✓ Highly Skilled Professionals: Individuals with expertise working in targeted industries in Thailand.
The Thailand Board of Investment (BOI) has updated the eligibility rules and streamlined the application process to make the LTR Visa more accessible to skilled and wealthy expats, addressing concerns about previous difficulties in meeting the requirements.
II. Key Highlights of the Updated LTR Visa Criteria
a. Broadened Scope of Target Industries for Highly Skilled Professionals
The eligible target industries for highly skilled professionals now include professors at universities and vocational institutions in various fields. This adjustment aims to evaluate and improve the competencies of Thai personnel through knowledge transfer. The BOI will release a specific list of the targeted industries in due course.
b. 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 for overseas employers. This change avoids redundancies, as other qualifications, such as academic achievements and professional certifications, already demonstrate their expertise and suitability.
c. Relaxed Employer Revenue Requirements for Work-from-Thailand Professionals
The revenue threshold for companies employing remote professionals has been reduced from USD 150 million to USD 50 million over the past three years. Additionally, subsidiaries of parent companies with a minimum income of USD 50 million now qualify, making it easier for remote workers to meet the requirements.
d. Elimination of Income Requirements for Wealthy Global Citizens
The previous annual income requirement of USD 80,000 has been eliminated. Instead, the emphasis has shifted to stable asset holdings and long-term investments in Thailand of no less than USD 500,000. This adjustment supports Thailand’s goal of promoting domestic investments.
e. Expanded Dependent Rights for LTR Visa Holders
The eligibility for accompanying dependents has been expanded to include parents and other dependents, with no limit on the number of dependents allowed. This aligns the LTR Visa with other visa categories and is expected to boost domestic spending by enabling foreign families to reside in Thailand comfortably.
III. Streamlining the SMART Visa Program
The Cabinet has also introduced revisions to the SMART Visa program to streamline and simplify its structure. Overlapping visa categories have been discontinued, leaving only the SMART-S Visa for startup entrepreneurs, while the LTR Visa will serve as the primary option for established foreign residents. This strategic adjustment eliminates confusion and ensures a more efficient application process.
IV. Conclusion
The recent changes to Thailand’s LTR Visa and SMART Visa programs are part of a strategic effort to attract foreign talent, promote investment, and drive economic growth. By revising key eligibility criteria, the updates make the visa programs more inclusive and easier to access. These changes are expected to:
✓ Stimulate economic growth by encouraging long-term investments and spending within Thailand.
✓ Enhance Thailand’s competitiveness as a global talent and innovation hub.
✓ Address the shortage of digital and technological professionals, helping the country position itself as a key player in the global digital economy.
✓ Promote domestic spending through the expanded rights for dependents of LTR Visa holders.
For prospective applicants and companies seeking to leverage these new benefits, understanding the revised regulations and eligibility criteria will be crucial. With these updates, Thailand aims to solidify its status as a top destination for skilled workers, investors, and high-net-worth individuals.