Thailand is making strides to attract foreign talent, investors, and retirees by expanding its long-term resident (LTR) visa program. The Thai government has approved updates, which aim to boost the country’s competitiveness and economic recovery. With these changes, they expect to position Thailand as a Southeast Asian hub for global talent and innovation.
The LTR Visa Program
Under the LTR visa program, applicants can enjoy 10-year residency, a digital work permit, and personal income tax benefits, among others. Since its launch in 2022, over 6,000 applicants have applied for the visa, majority Europeans.
Initially, the Thai government launched the LTR visa program to attract skilled professionals, wealthy retirees, and digital nomads. This week, Thailand’s cabinet approved certain changes to the LTR visa rules.
Changes to LTR Visa Rules
It lowered the minimum annual income and investment thresholds for the LTR visa, making the program more accessible. In particular, the Thai government lowered foreign companies’ minimum corporate revenue from USD 150 million to USD 50 million.
The Thai government has also expanded the list of eligible fields for its Highly Skilled Professionals category. It now includes both STEM and non-STEM sectors like Disaster and Risk Management and Development and Sustainability.
Highly Skilled Professionals and Work-from-Thailand Professionals applicants also no longer need a minimum of five years work experience. Through this move, authorities hope to reduce requirement redundancy and increase accessiblity for eligible individuals.
Additionally, employees of multinational corporations’ subsidiaries are now eligible for the LTR visa. For this, they must provide proof of financial stability via the parent company’s financial statements.
Moreover, the new rules have also extended benefits to visa holders’ families. Previously, LTR visa holders could only have four dependents. Moving forward, parents, spouses, and dependent children can enjoy visa extensions, making Thailand a family-friendly destination for expatriates.
Global Hub for Talent
“These updates to the LTR program were developed following extensive consultations with stakeholders, such as the foreign chambers of commerce in Thailand, and approved by the LTR committees to address obstacles and streamline processes,” remarked Narit Therdsteerasukdi, Secretary General of the Thailand’s Board of Investment (BOI).
“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. Smooth visa procedures are an essential part of our focus on the ease of doing business.”
Another notable improvement includes streamlined application processes, reducing hurdles for professionals. This change aims to attract top-tier talent in emerging sectors such as technology, healthcare, and green energy. The BOI emphasized that these updates will foster innovation, strengthen industries, and boost foreign direct investment.
What’s Ahead
With these recent LTR visa updates, Thailand aims to attract global talent and encourage more foreign investments. With simpler requirements, foreign residents can focus on work or investment while enjoying Thailand’s unique charm and beauty.
Looking ahead, these updates reflect Thailand’s broader vision of becoming a regional hub for innovation, tourism, and investment.
Photo by Markus Winkler on Unsplash
