Wealthy Chinese and Americans Tops List Of LTR Visa Applicants

Despite having a lukewarm reception, Thailand is witnessing a trickle of applications for its new visa scheme targeting wealthy foreigners.

Approximately 400 individuals have applied for the visa in the first 12 days after its official launch, with 40% of the applicants are wealthy pensioners, according to Narit Therdsteerasukdi, deputy secretary-general of the Board of Investment Thailand.

The program is advertised to foreigners overseas but it is also targeting 300,000 foreigners currently residing in Thailand.

Thailand known as the ‘Land of Smiles’ aims to increase economic activity by making it simpler for high-net-worth people to reside and work.

The government aims for yearly economic benefits of 1 trillion baht or $27.6 billion via property purchases and investment by new immigrants.

Narit said, “We have a friendly environment and the cost of living here is low.” He added that 20% of visa applications were from U.S. citizens, 15% from China, and 10% from the United Kingdom.

The visa program aims to encourage foreigners to return to Thailand, where tourism contributes to around 12% of GDP.

The LTR visa program provides travelers with 10-year, multiple-entry visas that are renewable. The bearer is permitted to work and is entitled to tax reductions, and a 17% cap on personal income tax for highly trained professionals, with spouses and children, also receiving advantages.

To get qualified for the newest Thai visa, the applicant needs to submit private financial documents as proof that they belong to the target groups.  Thailand Elite is a better alternative option to the LTR visa since it has lesser qualifications and will make you stay in Thailand starting from 5 years up to 20 years and get exclusive services and discounts while in Thailand.  For more information about Thailand Elite, click here.

SOURCE: Bloomberg