Recent Updates to Thailand’s Long-Term Resident (LTR) Visa and SMART Visa Programs

Recent Updates to Thailand’s Long-Term Resident (LTR) Visa and SMART Visa Programs

Thailand’s Cabinet has approved changes to the Long-Term Resident (LTR) Visa program, aimed at attracting skilled professionals, investors, and their families. These updates are designed to support Thailand’s long-term economic growth by encouraging foreign investment and talent. The new criteria become effective once published in the Government Gazette, after further approval by the Council of State, House of Representatives, and Senate.

What is the LTR Visa?

The LTR Visa allows qualified individuals to stay in Thailand for up to 10 years. It offers various benefits, including tax exemptions and special work permit privileges. The visa is aimed at four main groups:

• Wealthy Global Citizens: Individuals with at least USD 1 million in assets, at least half of which are invested in Thai government bonds, foreign direct investment, or Thai real estate.
• Wealthy Pensioners: Retired individuals over the age of 50 with passive income or pensions.
• Work-from-Thailand Professionals: Remote employees working for companies based outside of Thailand.
• Highly Skilled Professionals: Experts in specific industries in Thailand.

The Thailand Board of Investment (BOI) has simplified the application process and adjusted the eligibility criteria to make the LTR Visa more accessible to skilled professionals and investors.

Major Changes to the LTR Visa Criteria

1. Expanded Eligibility for Skilled Professionals: The list of eligible industries now includes university professors and vocational educators. The BOI will announce a specific list of targeted industries in due time.
2. Elimination of Work Experience Requirement: Highly skilled professionals and remote workers are no longer required to have prior work experience, as qualifications and certifications are considered sufficient.
3. Lowered Employer Revenue Threshold for Remote Workers: Companies hiring remote workers now only need a minimum of USD 50 million in revenue, down from USD 150 million, for the remote workers to qualify for an LTR Visa. Subsidiaries of parent companies with at least USD 50 million in income now also qualify, making it easier for remote workers to meet the requirements.
4. Income Requirement for Wealthy Global Citizens removed: The income requirement of USD 80,000 per year has been removed. Applicants now only need to have at least USD 500,000 invested in Thailand.
5. Expanded Dependent Rights: The LTR Visa now allows parents and other relatives as accompanying dependents, with no limit on the number. This change brings the LTR Visa in line with other visa categories and allows foreign families to live in Thailand more comfortably.

Changes to the SMART Visa Program

The SMART Visa program will also be streamlined. Overlapping categories have been eliminated, leaving only the SMART-S Visa for startup entrepreneurs. The LTR Visa will now serve as the primary visa for foreign residents.

Conclusion

These revisions to the LTR and SMART Visa programs are designed to attract skilled professionals, investors, and their families, fostering economic growth and innovation. The updates make it easier for qualified applicants to benefit from long-term residency in Thailand, promoting investment and strengthening the country’s position as a global talent hub.