Thailand has always been a popular destination for retirees. Warm weather all year round, very affordable accommodation and lifestyle, a huge range of cuisines, good medical care and friendly and welcoming people make it hugely attractive.

In May 2022, The Thai cabinet approved a new Long-Term Resident Visa. That makes it even more appealing. It partially exempts foreigners on LTR Visas from income tax while they are staying in Thailand or if they wish to work from Thailand. The Thai Cabinet also announced that the fee for a 10-year long-term resident visa would be halved, from 100,000 baht to 50,000 baht. This is to attract “high potential” foreigners to reside in the kingdom.

The LTR Visa allows holders to stay in Thailand for 10 years; it is valid for 5 years and renewable once for a maximum of 10 years. Unlike other long-term visas, such as the “Elite Visa”, the LTR visa also allows for a work permit and income tax reductions.

Foreigners who work in Thailand in specific fields or whose skills are required by the country, will benefit from a flat personal income tax rate of 17%. The new LTR visa allows the applicant and up to four dependents (spouse and children) to live in the kingdom.

The aim for the Long-Term Resident Visa (LTR), as it provisions would suggest, is to attract high-net-worth foreigners and to encourage them to stay in Thailand to contribute more to the national economy.

WHO QUALIFIES FOR THE THAILAND’S LONG-TERM RESIDENT VISA?

• RETIREES

To be an eligible foreign retiree, you must be at least 50 years old and have invested in Thai government bonds through foreign direct investment or invested in real estate in Thailand, with a minimum value of USD 250,000.

Also, your annual income must be at least USD 40,000 or a  pension that is at least USD 80,000.

• WORKING NOMADS

Those entitled are classified into 3 types: foreigners who wish to work from Thailand, with an annual income of at least USD 80,000 over the last two years; or with an income above USD 40,000 per year if they hold some intellectual property rights; or if they have received “Series A” funding, with five years of work experience.

• HIGHLY SKILLED WORKERS

Highly skilled foreign workers who qualify for this long-term visa,can come from two categories:

• Individuals who have skills required by Thailand and who have either earned an annual income of at least $80,000 in the last two years
  or have a minimum annual income of USD 40,000;
• or if they have completed their higher education and worked for at least 5 years after graduation in industries targeted by the Thai government.

Note: one of three alternative conditions must be met by people applying for the LTR Visa:

– They must take out health insurance with at least USD 50,000 coverage of medical expenses for at least the first 10 months of their stay in the Kingdom

– OR they must have a social security certificate covering medical expenses

– OR they must make a cash deposit of at least USD 100,000 in a domestic or foreign bank account for the 12 months preceding the visa application.

For more information please visit our website – https://harveylawcorporation.com/thailand-elite-visa/