Thailand relaxes Long Term Visa rules for foreign residents

With global competition for talent and investment, Thailand is taking a step towards foreign professionals and wealthy individuals. In a related development, the Board of Investment of Thailand's Office of the Board of Investment (BOI) has announced significant changes to its long-term visa (LTR) regulations aimed at attracting skilled professionals, high net worth individuals and affluent retirees to live and work in the country. These innovations, approved by the Cabinet, are designed to strengthen Thailand's position as a global center for investment and high-potential talent.

The long-term visa grants its holders 10-year residency, tax benefits, travel privileges and a convenient digital work permit. Key changes proposed by BOI include:

• Expanding the list of target sectors for the Highly Skilledcategory, this will allow more foreign workers to qualify for the visa. The list now includes risk and disaster management and integrated innovation, whereas previously the focus was mainly on science and technology.
• Elimination of the five-year work experience requirement in the relevant field for applicants in the “Highly Skilled Professionals ‘ and ’Professionals working from Thailand” categories to greatly simplify the process and increase the availability of the visa.
• Reducing the corporate income for foreign employers sponsoring applicants in the “Professionals Working from Thailand” category from US$150 million to US$50 million over the past three years.
• Abolition of the minimum annual income of US$80,000 for the “Wealthy Global Citizens” category . The focus is now on total wealth and investment in Thailand.
• Abolition of limits on the number of dependents. Previously the maximum number of dependents was four, now spouses, parents, children and legal dependents of permanent resident visa holders can be included.

The changes, according to government officials, are aimed at attracting more potential foreign residents to Thailand and creating a more favorable environment to live and work in the kingdom.

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