Thailand Needs To Review LTR Visa To Attract Foreigners

Thailand remains optimistic that the LTR visa or Long Resident visa will attract wealthy foreigners.

The Thai government reduced the cost of the 10-year LTR visa by 100,000 baht to 50,000 baht in an attempt to attract 4 target foreign markets.  These are foreign professionals, wealthy individuals, retirees, and people who prefer to work in Thailand.

The government thinks that the new LTR visa will attract around one million foreigners annually which will provide a significant improvement to Thailand’s economic recovery after the pandemic.

The fee of 50,000 Thai Baht may not be a significant amount of money.  However, as with many things that seem too good to be true, there is a catch. The Thai government has a series of requirements for foreigners to submit and qualifications to pass to obtain the LTR visa.

Each group must fulfill a set of requirements.

Foreigners who want to reside in Thailand are required to have assets of at least $1 million USD and an annual income of at least $80,000 USD.  In addition, they must invest at least $500,000 USD in property or other assets in Thailand.

Foreign retirees and experts are required to have at least $80,000 USD annually. Additionally, these foreign professionals must have at least 5 years of experience working in a targeted industry.

Foreigners who wish to work in the country must earn a minimum of $80,000 USD per year and have at least 5 years of working experience in legally registered businesses with an income of at least $150 million USD for the past 3 years.

Qualified LTR visa holders can allow up to cover 4 family members and dependents that are less than 20 years old.

Considering that there are other long term visa alternatives that Thailand has to offer such as Thailand Elite Visa that only needs basic requirements that will make you stay in Thailand for 5 to 20 years for a fee, the Thai government must review the LTR visa to make it attractive.

SOURCE: The Thaiger

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