This week, Thailand’s cabinet approved revisions to the nation to make it, which will appeal to qualified professionals, investors, and rich foreigners to get long-term permits.
The adjustments include eliminating the need for a minimum yearly income for individuals seeking visas as wealthy global citizens and reducing the minimum revenue requirement for businesses that permit their workers to work from Thailand.
On Wednesday, the Board of Investment (BOI), which oversees the program, announced that holders of long-term residence visas will no longer be restricted in the number of dependents they can bring into the country.
Previously, visa holders were only permitted to have a maximum of four dependents, but now they can have their parents and other legal dependents live with them.
The long-term resident visa in Thailand was first launched in 2022. Applicants can enjoy multiple benefits, such as five years of residency, a digital work permit, personal income tax advantages, and various other perks.
The visa aimed to boost the economy following the pandemic. More than 6,000 applications have been submitted, predominantly by Europeans.
Thailand’s Visa Reforms Focus on Economic Growth
Furthermore, we feel that these adjustments will further boost Thailand’s position as a worldwide centre for investment and high-potential individuals,” said BOI secretary-general Narit Therdsteerasukdi in the release.
“By assuring a more open and competitive approach, we believe that these changes will further enhance Thailand’s position.” “Smooth visa procedures are an essential part of our focus on the ease of doing business.”
The board has removed the minimum annual income requirement for affluent global residents to prioritize the essential goal of building wealth and investments in Thailand. This decision aims to encourage increased foreign investment in the country.
Some of the most notable modifications to the LTR visa program are as follows:
The minimal corporate revenue foreign corporations had to have for the previous three years to sponsor visa applicants has been reduced from fifty million dollars to fifty million dollars.
It is now possible for employees of subsidiaries of major multinational firms to obtain visas, provided that they can offer evidence of their financial stability by presenting the financial accounts of their parent company of employment.
The range of industries aimed at attracting highly qualified personnel is being broadened to encompass integrated innovation, catastrophe management, catastrophe and risk management. In the past, the focus was primarily on science, technology, and a few other specific industries.
The requirement that professionals possess at least five years of work experience in a field relevant to their area is eliminated.
