In an effort to strengthen the nation’s competitiveness, the Thailand Board of Investment (BOI) revealed on January 15^th 2025 that the Cabinet has approved changes to the qualifications, criteria, and conditions of the Long-Term Resident (LTR) Visa. These updates are intended to attract a wider range of experts, investors, and executives to Thailand.

What’s New:

1. Expanded Target Sectors for Highly-Skilled Professionals:
   • The categories for “Highly-Skilled Professionals” now cover a broader range of sectors beyond just science, technology, and specific industries. New fields include sustainability, disaster management, integrated innovation, and education (vocational and higher education).
2. Expanded Dependent Rights:
   • There are now no limits on the number of dependents that can accompany the principal LTR holder. Dependents now include parents and legal dependents, making the visa more family-friendly.
3. Eligibility for Employees of Multinational Corporations:
   • Employees working for wholly-owned subsidiaries of multinational corporations can apply for the LTR, as long as the financial stability of the parent company is demonstrated, not just the subsidiary.

What Was Eliminated:

1. Work Experience Requirement:
   • The minimum five-year work experience requirement for applicants in the Highly-Skilled Professionals and Work-from-Thailand Professionals categories has been removed, making it easier for a wider range of applicants to qualify.
2. Higher Corporate Revenue Requirement for Sponsors:
   • The requirement for overseas employers sponsoring applicants in the Work-from-Thailand Professionals category has been lowered from USD 150 million in revenue to USD 50 million over the last three years.
3. Minimum Income Requirement for Wealthy Global Citizens:
   • The annual income requirement for Wealthy Global Citizens has been removed. The focus is now more on their wealth and investments in Thailand rather than their income level.

Purpose of These Changes:

1. Increase Accessibility: The removal of certain requirements, such as work experience and income thresholds, aims to make the visa more accessible to a wider range of skilled professionals, investors, and executives.
2. Attract a Broader Range of Talent and Investment: By expanding the categories to include more sectors and making it easier for multinational corporations to sponsor employees, Thailand is positioning itself as a global hub for diverse high-potential talent and investment.
3. Support Families: The removal of limits on dependents aims to make Thailand a more attractive option for people considering long-term relocation with their families.

Privileges for LTR Visa Holders:

1. 10-Year Renewable Visa: Initial 5-year stay with the option to extend for another 5 years, provided qualifications are met.
2. Exemption from Employment Ratio: No need to adhere to the 4 Thai employees to 1 foreigner employment ratio.
3. Fast Track Service: Access to priority lanes at international airports in Thailand.
4. 90-Day Reporting Extension: Reporting requirement extended to once a year (instead of every 90 days) and exemption from re-entry permits.
5. Multiple Re-Entry Permit: Ability to travel in and out of Thailand without additional permits.
6. Work Permission: Authorization to work in Thailand, including a digital work permit.
7. Reduced Personal Income Tax: 17% tax rate for highly-skilled professionals.
8. Tax Exemption on Overseas Income: No taxation on income earned outside of Thailand.
9. One-Stop Service: Simplified immigration and work permit services at the One Stop Service Center for Visa and Work Permit.

These changes represent a well-thought-out strategic move aimed at significantly boosting Thailand’s international competitiveness. By casting a wider net, the country is not only opening its doors to a broader range of skilled professionals, but also actively seeking to attract foreign expertise, investment, and innovation. This shift is designed to foster a more dynamic and competitive economy by bringing in global talent and capital, which will ultimately contribute to the country’s growth and development across various sectors. By making these adjustments, Thailand is positioning itself as a more attractive destination for both businesses and highly skilled individuals from around the world.

For further details on the LTR Visa and the BOI, contact ALLEGAL