Thailand is taking significant steps to attract skilled professionals, investors, and affluent expatriates by revising its visa regulations. The Thai government’s recent approval of these changes aims to streamline the process for obtaining long-term residency permits, making it more accessible and appealing to a global audience.
Key Updates to Visa Regulations:
Removal of Income Requirements: The minimum annual income previously required for the ‘wealthy global citizens’ category has been eliminated. This shift focuses more on applicants’ overall wealth and investments within Thailand.
Corporate Revenue Adjustments: The revenue threshold for foreign companies looking to sponsor visa applicants has been lowered to a minimum of US$50 million over the past three years, down from the previous requirement of US$150 million.
Inclusion of More Dependents: Long-term resident visa holders can now bring an unlimited number of dependents, including parents and other legal dependents, expanding the previous limit of four.
Expanded Eligibility for Multinational Subsidiaries: Employees of multinational corporation subsidiaries who demonstrate financial stability through their parent company’s financial statements are now eligible.
Broadened Professional Sectors: The program has widened its scope to include sectors like disaster and risk management and integrated innovation, in addition to previously targeted areas such as science and technology.
Simplified Experience Requirements: The mandate for a minimum of five years of work experience in a relevant field has been removed, lowering barriers for professionals entering Thailand.
Launched in 2022, the long-term resident (LTR) visa offers a 10-year residency along with a digital work permit and personal income tax privileges. With over 6,000 applicants, predominantly from Europe, benefiting from this initiative, Thailand is reinforcing its status as a prime destination for investment and high-potential talent.
Why Choose Thailand?
The BOI Secretary-General, Narit Therdsteerasukdi, emphasized that these visa changes are part of Thailand’s broader strategy to enhance its position as a global hub for investment and talent. With these updated regulations, Thailand ensures smoother visa procedures, critical to improving the ease of doing business in the country.
Looking to Move to Thailand?
If you’re considering taking advantage of Thailand’s LTR visa, Hawryluk Legal Advisors are here to assist. We specialize in navigating the complexities of visa applications and can help you leverage these new opportunities. Contact us today to find out how we can support your move to Thailand and help you make the most of these exciting new changes.
SOURCE: Bangkok Post
