PUBLISHED : 15 Jan 2025 at 12:40
Thailand’s cabinet has approved significant modifications to its visa regulations, aimed at attracting skilled professionals, investors, and affluent foreigners seeking long-term residency. These recent changes are poised to reinforce Thailand’s appeal as a prime destination for global talent and investment.
The revised visa policy eliminates the minimum annual income criteria for applicants in the wealthy global citizens category and adjusts the minimum revenue requirement for companies looking to sponsor employees working from Thailand.
Moreover, long-term resident visa holders will experience expanded benefits, as there will be no limitations on the number of dependents they can bring, allowing parents and other legal dependents to join them—a marked increase from the previous restriction of just four dependents.
Originally established in 2022, Thailand’s long-term resident visa program offers a 10-year residency, a digital work permit, and personal income tax advantages, all designed to stimulate the economy in the wake of the pandemic. The program has attracted over 6,000 applicants to date, with European nationals leading the cohort.
BOI secretary-general outlined that the new strategy aims to bolster Thailand’s competitiveness as a global investment hub and draw high-potential talent. “Streamlined visa processes are crucial to enhancing the ease of conducting business in Thailand,” he stated.
The removal of the minimum annual income requirement signifies a shift towards prioritizing overall wealth and investments in Thailand, with the intent of fostering increased foreign investment activity.
Key amendments to the LTR visa program include:
– Reduction of the corporate revenue requirement for sponsoring foreign companies to a minimum of USD 50 million over the past three years, down from USD 150 million.
– Eligibility for employees of subsidiaries from major multinational corporations, contingent upon demonstrating financial stability through the parent company’s financial documentation.
– Expansion of targeted sectors for highly skilled professionals to encompass disaster and risk management, along with integrated innovation, broadening the focus beyond just science and technology.
– Elimination of the previous requirement for at least five years of relevant work experience for professionals.
