Special Long-Term Residence visa

The Cabinet passed a resolution on 10 May 2022 regarding the criteria for a special long-term residence visa for certain types of foreigners. The goal is to entice up to 1 million wealthy foreigners and those with high levels of expertise to stay or work in Thailand.

Keywords: Mazars, Thailand, Legal, Long-Term Residence visa, EEC, digital work permit

14 September 2022

Those criteria include several incentives, including the following:

Incentives

Ten-year visa;
Exemption from requirement to hire 4 Thais for each expatriate employee;
Requirement to report stay in Thailand every 90 days changed to reporting once a year;
Exemption from applying for a re-entry permit;
Dependant visas obtainable for family members;
A 17% flat tax rate for employees working in targeted industries in the Eastern Economic Corridor or for highly skilled professionals;
Digital work permit obtainable; and
Ability to use the fast track privilege at airports.

The target group includes the following types of people:

Target group	Criteria
Wealthy foreigners	The applicant must have assets of at least USD 1 million. The applicant must have had personal income of at least USD 80,000 a year for the past two years. The applicant must invest at least USD 500,000 in Thai government bonds or real estate. The applicant must have health insurance which covers medical expenses in Thailand of not less than USD 50,000, and which covers a period of at least 10 months from the application date.
Foreign retirees (wealthy pensioners)	The applicant must be over 50 years old. The applicant must have personal income of at least USD 40,000 a year or a pension of at least USD 80,000 a year. The applicant must have a balance of at least USD 100,000 in a Thai bank account or a bank account abroad for at least 12 months before the application date. The applicant must invest at least USD 250,000 in Thai government bonds or real estate. The applicant must have health insurance which covers medical expenses in Thailand of not less than USD 50,000, and which covers a period of at least 10 months from the application date.
Foreign professionals working in Thailand	Those working remotely from Thailand for an overseas company. The applicant must have an employment agreement with the company abroad. The company must be either: a listed company; or a limited company that has been in business for over 3 years and has had total income of at least USD 150 million over three years prior to the application date. The applicant must have had personal income of at least USD 80,000 a year for the past two years, or income of at least USD 40,000 a year if having a master’s degree or higher, or if holding intellectual property or receiving Series A funding. The applicant must have proof of work experience in the specific field of work for at least five of the last ten years. The applicant must have health insurance which covers medical expenses in Thailand of not less than USD 50,000, and which covers a period of at least 10 months from the application date, or have had funds of at least USD 100,000 in an account in the applicant’s name in a Thai or overseas bank for at least the last 12 months before the application date.
Highly skilled foreign professionals	Those working for businesses in targeted industries* The applicant must have at least five years of work experience in a target industry. The applicant must have proof of work experience in certain target industries for at least five of the last ten years before the application date (except for those who come to work in a government institution of higher education or a government research institute or a state specialized training institute or a government agency, or who have a doctoral degree or the equivalent). The applicant must have proof of average personal income of at least USD 80,000 a year for the two years prior to the application date. The applicant must have health insurance which covers medical expenses in Thailand of not less than USD 50,000, and which covers a period of at least 10 months from the application date, or have had funds of at least USD 100,000 in an account in the applicant’s name in a Thai or overseas bank for at least the last 12 months before the application date.

For applicants requesting dependant visas (such as for a spouse and up to four children who are less than 20 years old), they must have health insurance which covers medical expenses in Thailand of not less than USD 50,000, or have had funds of at least USD 25,000 in an account in the applicant’s name in a Thai or overseas bank for at least the last 12 months before the application date.

Such foreigners and their dependents must also pay a one-off fee of THB 50,000, and are eligible to apply for a digital work permit at the Department of Employment, One Stop Service Centre for Visas and Work Permits, Chamchuri Square Building, Bangkok, or at provincial labour offices. The processing fee is THB 3,000 a year.

References:

The Cabinet resolution on 10 May 2022

Royal Thai Government

Long-term resident visa Thailand