LTR visa application was officially opened on September 1, 2022. This visa provides holders with a variety of benefits, including a 10-year visa (extended) and a permit to work in the country. Today, Thailand is home to multinational corporations around the world and one of the most important tourist destinations in Asia. Thailand provides 10-year long-term residence visas for four foreign target groups (including accompanying family spouses and children) to promote Thailand's policy of becoming the second foreigner, in order to attract foreigners to come to Thailand to purchase, invest or lease property business for a long time.
Thailand is a very attractive place for professionals who "work anywhere". The new visa program is expected to attract new foreign residents, technology and talent, contribute to domestic spending and investment, and support economic growth. The Thai government has set a goal to attract 1 million rich people or bring wealthy and talented foreigners to Thailand in the next five years.
Long-term visa costs 10,000 baht per year, valid for 5 years, and can be extended for another 5 years, totaling 10 years. You can apply for a Thai work permit. The 10-year visa covers holders and up to 4 relatives, including spouses and children under the age of 21.
According to the provisions of the Thai Land Law, non-Thai individuals or companies whose shares of Thai individuals holding less than 50% are not allowed to hold land in Thailand. Except for companies that have been approved by the BOI, the BOI of the Thailand Investment Promotion Committee or the IEAT, the Industrial Park Authority. This regulation prevents many foreign investors from buying and holding land in Thailand to build processing plants for ordinary products, and the company's bosses cannot purchase villas for personal use.
But this situation has improved. Foreigners can also hold land in Thailand.
On August 25, 2022, the Thailand Investment Promotion Committee issued new regulations that allow foreign companies to purchase land in Thailand for factory operations and allow senior executives of foreign companies to purchase villas.
According to the content of this regulation, as long as a company that obtains BOI investment promotion, as long as the registered capital is more than 50 million baht, it can apply to purchase land that does not exceed 5 Lai (one Lai equals 2.4 acres), and can obtain private land ownership. Company executives and technical experts can purchase no more than 10 land for building residential buildings. In addition, the company can also purchase no more than 20 land for employee dormitories. The dormitory building may not be in the same area as the factory.
This means that foreigners can permanently hold Thai land. With the promotion of the Thai government's ten-year long-term residence visa policy on September 1, 2022, more foreign investors will enter Thailand to invest and purchase Thai land.
