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Americans and Chinese have Submitted the Most Applications for Thailand’s 10-Year LTR Visa

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Americans and Chinese have Submitted the Most Applications for Thailand's 10-Year LTR Visa

(CTN News) – Since its introduction in September, American and Chinese citizens have applied for the 10-year Long Term Resident LTR visa the most, according to Narit Therdstreerakul, secretary-general of the Board of Investment (BOI).

On September 1, 2022, Thailand announced the LTR visa to entice ‘high potential’ bright foreigners and investors to the country to strengthen its economy.

A fairly small number of applications for the LTR visa have been received in the last three months.

Narit said in an interview this week in Tokyo, Japan, “Since the start on September 1, up to the present, over 1,600 people have submitted applications.”

According to Narit, Americans have submitted the most applications, followed by Chinese, British, and Germans.

According to a November article in Chinese media, Chinese nationals reportedly made nearly 60% of the 2,500 applications submitted thus far, making them the most frequent applicants for the LTR visa.

This statistic, however, directly conflicts with Narit’s figure. Perhaps more accurate information is “over 1,600 applications,” which comes straight from the BOI.

Before the epidemic, Chinese people made up the majority of foreign visitors to Thailand, often coming in large numbers on organized tours.

However, due to Beijing’s tough Covid-zero rules and restrictions, busloads of Chinese visitors have been absent from Thailand’s top tourist sites this year.

Chinese people have filed for 10-year LTR visas and Elite Cards to leave China and avoid the country’s unrelentingly harsh Covid-19 regulations.

The LTR visa allows holders to remain in Thailand for ten years while receiving a work permit and a lower income tax rate.

Although the five-year Elite Flexible Programme does not include a work visa, it does come with comparable perks, waives the need for health insurance, and exempts foreign income tax.

Similar to or even more people are applying for Cambodia’s My Second Home Programme, which was released at the same time as Thailand’s LTR visa.

In Cambodia, it is possible to seek citizenship after five years and is granted a 10-year stay with unrestricted entrance and departure. A foreigner can only do this to apply for a Cambodian passport.

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