LTR Visa: Will The Benefits Enough To Attract Foreigners?

The LTR Visa or Long Term Resident Visa was introduced on September 1 in an effort to convert foreign tourists into expats by offering tax breaks and privileges.  However, they have made it clear that this kind of visa only targets the wealthiest individuals who want to migrate to Thailand.

There are 4 types of LTR visas that have each set of requirements and criteria. First is offered to retirees over the age of 50 who have a large yearly pension and proof of a huge annual pension. The second type of visa requires an individual to invest at least USD1 million in investments and assets inside Thailand. The third type of LTR visa will be made available to digital nomads who work remotely, BUT only if they are employed by big corporations with a large market valuation. Lastly, Thailand seeks to attract professionals in certain sectors and the best-talented individuals for training institutions, research centers, universities, and government organizations.

If a person falls into one of these 4 categories, they will be eligible to get an equivalent visa for their immediate family like spouse and children under the age of 20 with up to 4 dependents. The government already announced the plan for this visa a year ago and hopes to attract at least 1 million of these wealthy and highly-skilled expatriates to Thailand in five years.

The program is considered to be an attractive package of benefits, such as replacing the 90-day immigration check-in with an annual check-in, multiple-entry 10-year renewable visa, working permit in Thailand, a 17% tax rate, and fast-track services at international airports.

The government estimates that the LTR visa would create yearly revenues of THB 1 trillion as a result of these new wealthy foreigners who will invest, buy real estate properties, and spend a lot of money in the Kingdom. The government anticipates a slow 3.3% economic growth this year and expects that rich expats will provide a 4.2% boost next year since tourism generally contributes to at least 12% of Thailand’s GDP.

In addition to an immediate uplift to the economy from expat spending, the government hopes that the new LTR visa will attract enough talent to propel Thailand to the forefront of developing markets such as electric vehicles, digital technology, and smart electronics.

LTR has a lot of eligibility criteria, requirements, and documents needed before getting approved.  If looking for an alternative hassle-free long-term Thailand visa with VIP assistance,  Thailand Elite is an alternative visa that will make you stay in Thailand starting from 5 years and up to 20 years. For more information, click HERE.