Thailand’s cabinet approved revisions to the country’s immigration regulations that will make it easier for wealthy foreigners, experienced professionals, and investors to get long-term residency (LTR) permits.
The modifications include lowering the minimum revenue threshold for businesses permitting workers to operate from Thailand and doing away with the minimum annual income requirement for people applying for visas under the wealthy global citizens category.
Additionally, the Board of Investment (BOI), which is in charge of the program, announced in a statement that holders of LTR visas will no longer be subject to any limitations on the number of dependents they may bring in.
Previously, visa holders could only have four dependents, but now they can live with their parents and other legal dependents.
Thailand’s LTR visa was first introduced in 2022 and was marketed as a means of bolstering the country’s economy in the wake of the epidemic. It grants applicants a digital work permit, personal income tax privileges, and a 10-year residency, among other incentives.
Over 6,000 people have applied for the facility, with Europeans at the top of the list.
“By ensuring a more inclusive and competitive approach, we believe these changes will further enhance Thailand’s position as a global hub for investment and high-potential talent,” BOI’s Secretary-General Narit Therdsteerasukdi said in the statement.
“Smooth visa procedures are an essential part of our focus on the ease of doing business,” he said.
“The minimum annual income requirement for wealthy global citizens has been removed to prioritise the core requirement of cumulative wealth and investments in Thailand.
“The move aligns with the goal of encouraging greater foreign investment activity in the country,” the board said.
Highlights of the LTR visa program’s modifications
Over the past three years, foreign corporations sponsoring visa applicants have been required to have a minimum of US$50 million in corporate income, down from US$150 million.
Visas are now available to employees of subsidiaries of large multinational firms as long as they can submit financial statements from the parent company proving their stability.
adding integrated innovation, risk management, and disaster relief to the list of industries seeking highly qualified workers.
In the past, the list prioritized target industries such as research and technology.
It eliminates the need for professionals to have at least five years of work experience in a related subject.
