Long-Term Visa fees have been halved to 50,000 baht by the Cabinet. The LTR is a 10-year visa that targets four different groups of foreigners:
- Wealthy people who have an income of at least US$80,000 for the past two years and $1 million in assets. They are also required to invest at least 16 million baht in real estate or government bonds.
- Digital nomads or professional working from Thailand for an overseas company. They must earn $80,000 for the past two years, hold a master’s degree and have at least five years of work experience.
- Wealthy retirees aged 50 or older. They need to either invest at least $250,000 in property or government bonds and have a minimum pension fund of $40,000 or minimum pension fund of $80,000 a year if they do not wish to invest.
- Highly skilled workers from Stock Exchange of Thailand-listed businesses with more than $50 million annual income. They must earn least $80,000 over the past two years or $40,000 per year, hold a master’s degree and at least five years work experience in the targeted industries and show a contract with a company in Thailand or abroad.
Additionally, those in the wealthy and retiree groups must have insurance coverage of at least $50,000, which will cover medical fees, and is valid for at least ten months. Alternatively, they can show a Social Security certificate that covers the individual’s medical expenses while residing in Thailand or use a cash deposit of at least $100,000 that has been held in a domestic or a foreign bank account for 12 months before applying for the visa.
Spouses and children under the age of 20 may obtain a dependent visa with the holder of the LTV. The Center for Economic Situation Administration agreed in principle to allow holders of the LTV to own one rai of property for residential purposes. The owner is required to sell the land if it is not put to residential use within two years.
However, they CESA plans to increase the foreign ownership quotas for condominiums from 49% and expand property leasehold rights for foreigners from 30 years to 50 years.
If you are interested in learning more about the Long Term Visa please contact Sun Legal with the form below.
Thailand Sets Up 4 New Special Economic Zones
Four new economic corridors have been established for Board of Investment companies in the North, Northeast, Central-West and South.
The Northeast Economic Corridor covers Chiang Rai, Chiang Mai, Lamphun and Lampang and focuses on developing infrastructure to support a creative economy, a telecommunications network to promote the North as a digital hub, wellness, smart city projects and organic foods.
The Northeast Economic Corridor covers Khon Kaen, Udon Thani, Nakhon Ratchasima and Nong Khai and will be a production base for bio-plastics, medical foods and organic foods.
The Central-Western Economic Corridor covers Ayutthaya, Nakhon Pathom, Suphan Buri and Kanchanaburi and will be a production base for organic foods, smart farming and a logistics network to link Bangkok, the Eastern Economic Corridor and Myanmar.
The Southern Economic Corridor will comprise Chumphon, Ranong, Surat Thani and Nakhon Si Thammarat and will promote five areas of connectivity: land, marine, energy, digital and people. It also is aimed at infrastructure development to support research and development, and technology transfer in the farm sector and wellness tourism. It is expected to link the Andaman Sea, the Gulf of Thailand and countries such as India, Sri Lanka and Bangladesh.
A land bridge linking Chumpon on the gulf with Ranong on the Andaman Sea will be proposed and if approved would be operational by 2030.