News from this magazine The Thai government has just promulgated a new bill on September 1, 2022, and the application for the 10-year residence period of the LTR visa has been launched. This visa is specially designed for foreigners investing in Thailand and special talents, especially for 12 target professional talents. This is a strong signal sent by Thailand in the post-epidemic era to continue to attract foreign investment and foreign talents.
The new type of visa launched is called LTR Visa (Long Term Resident Visa), and the specific operations will be implemented by the Thailand Board of Investment BOI. The newly launched long-term residence visa is conditional. It is not a universal immigration policy that favors foreigners, but a new national policy designed to attract outstanding talents to join Thailand for special professionals. On September 1, BOI Secretary-General Ms. Duan Zai revealed that the application conditions for the four groups of foreigners who are eligible to apply for LTR visas are as follows:
Group 1: wealthy individuals. Must have assets worth at least US$1 million, personal income of no less than US$80,000 per year; and invest no less than US$500,000 in Thailand.
Group 2: Foreign retirees. Must have personal income of no less than $80,000 per year. If your income is less than the required amount, you must have no less than $250,000 invested in government bonds or real estate.
Group 3: People who want to work in Thailand. Must have personal income of no less than $80,000 per year. If your income is below the stipulated level, you must have completed a master's degree or hold intellectual property or received Series A funding.
Group 4: Talents with professional and technical abilities. You must have a personal income of no less than US$80,000 per year. If your income is lower than the regulations, you must hold a master's degree or higher in science or technology, or a certificate specializing in a certain field to work in Thailand.
The Thai government expects that by issuing LTR visas, it will attract 1 million 4-category target groups to enter Thailand within 5 years. At the same time, it will provide convenience for high-level professionals with advanced technical skills to come to Thailand for employment to promote the development of target industries. It is expected to Generating 1 trillion baht liquidity for the country.
To this end, a government spokesperson pointed out: Currently, Thailand is in an important period of accelerating economic recovery. After more than two years of the impact of the epidemic, the country has reopened and aims to welcome high-quality, high-level, and high-potential foreigners. to stimulate consumption and investment, and the LTR visa is an important measure that will help accelerate Thailand's economic recovery. (Text/He He)
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