Cost of Thailand Long-term Resident Visa 2023

 

Sometimes it is for business, whereas, sometimes for a peaceful life after retirement – these are the primary reasons why many foreigners approach us for Thailand Long-term Resident Visa. The volume of applications for long-term visas increased greatly after the COVID restrictions got lifted up last year. A few reasons why foreigners prefer a long-term visa in Thailand are as follows:

1. A visa with 10-year validity that you can extend further
2. The requirement to report to immigration once a year instead of every 90 days
3. Avail fast track service at international airports in Thailand
4. Obtain multiple re-entry permit
5. Permission to work in Thailand on a digital work permit
6. Personal income tax rate reduction to 17% for highly skilled professionals
7. Exemption from the four Thais to one foreigner employment requirement ratio

Apart from these reasons, we come across many other requirements that the Thai long-term visa addresses effectively for foreigners.

If you know the details already, to know the Cost of Obtaining a Thailand Long-term Resident Visa straight – Click Here!

The Governor of the Tourism Authority of Thailand (TAT), Mr. Yuthasak Supasorn made a great announcement recently, which is as follows:

The new long-term resident visa is aimed at enhancing Thailand’s attractiveness to ‘high-potential’ foreigners as a regional hub to live and do business. Also, it will embrace a crucial role to promote Thailand as a ‘Remote Worker Friendly’ destination and help us tap this targeted segment. It is expected to attract foreign talent and expertise that can contribute to domestic spending and support economic growth. With the long-term resident visa, the Thai government wants to bring one million wealthy and talented foreigners to Thailand in the next five years.

Source: TATNews, Thailand

Doesn’t this announcement makes the long-term visa for remote workers and digital nomads a great option to immigrate to Thailand? 

So, if you  are a businessperson, retire, remote worker, digital nomad, or investor, you can apply for a Thai long-term resident visa if you hold the following qualifications:

Wealthy Citizens, Investors, or Business Persons

• Hold total assets of not less than US$1 million
• Must have a personal income of not less than US$80,000 per year in the past two years
• Potential to invest in Thailand to the value of not less than US$500,000

Retirees

• Must be at least 50 years old 
• Have investment worth US$250,000 in Thai Government bonds
• Have a minimum annual income of at least US$40,000 or a pension of at least US$80,000

Remote Workers or Digital Nomads

• Have a personal income of at least US$80,000 per year in the past two years
• Hold a work experience of not less than five years
• Work for a legally registered company that has an income of at least US$150 million

Skilled Workers

• Have a personal income of not less than US$80,000 per year
• Hold the necessary skills to address the requirements of the Thai target industries
• Have a minimum of 5 years of work experience in the same domain

Along with the above, applicants have to satisfy any of the following 3 conditions:

• Subscribe for health insurance with coverage worth US$50,000 for at least the first 10 months of their stay in Thailand; or,
• Have a social security certificate covering medical expenses; or,
• Make a cash deposit of at least US$100,000 in a domestic or foreign bank account for the 12 months preceding the visa application.

Now if you fall into any of these categories and meet the eligibility criteria, then you must know about the cost of a Thailand long-term Resident Visa. When we talk about the cost, there is good news for all applicants.

A new long-term resident visa with price revision was declared by the Thai government in May 2022. Foreigners with LTR visas are only partially subject to income tax while they are in Thailand or if they choose to work there. The cost of a 10-year long-term resident visa will be reduced by half, from 100,000 baht to 50,000 baht, according to a statement from the Thai Cabinet. By doing this, the kingdom hopes to entice “high potential” foreigners to live there.

High potential, refers to the potential to invest or the potential to work and contribute to the growth of the Thai economy. Therefore, if you have the funds, skills, or mindset of adding some positive values to the economic growth and development of the Thai Economy, you can go for a long-term visa in Thailand. 
For any and all types of assistance in the process of issuance of a Thailand Long-term Resident Visa, feel free to contact us at officer@konradlegal.com.