BANGKOK, Sept. 1, 2022 /PRNewswire/ — Today, the Thailand Board of Investment (BOI) began accepting purposes to the brand new 10-year Long-Term Resident Visa (LTR) which goals to draw buyers, expertise, distant employees and retirees to dwell, work or spend money on Thailand.
The LTR program, which was authorized by the Cabinet in September 2021, additionally goals to additional enhance the convenience of doing business within the nation by addressing points mentioned with stakeholders together with the overseas chambers of commerce and native business teams.
“This represents a new approach to attract more long-term residents to Thailand that will help boost the Thai Economy by spending and making investment in the country, as well as contributing professional skill transfer to drive new industries such as EV, smart electronics, and digital, and help move Thailand to the next level,” M.L. Chayotid Kridakon, Thai Trade Representative and Advisor to the Prime Minister, advised the business viewers attending the launching occasion of the LTR program held yesterday in Bangkok. “The LTR visa is an important component of the Better and Green Thailand 2030 scheme,”
“The LTR program is designed to further enhance the country’s attractiveness as a regional hub for living and doing business for high-potential individuals in targeted groups, to facilitate their entry and stay, and to provide them with a range of tax and non-tax benefits,” mentioned Duangjai Asawachintachit, BOI Secretary-General. “Making the hiring of foreign talent easier will certainly enhance the country’s available talent tool and create more opportunities for technology and knowledge transfer to the Thai workforce.”
“If you look at the needs of investors, manpower and skilled workforce is extremely important,” mentioned Ms. Vibeke Lyssand Leirvåg, Chairwoman of the Joint Foreign Chambers of Commerce in Thailand (JFCCT). “The LTR is coming at the very right time.”
“If you bring the talent and you bring the funds, you can build world class technology in Thailand,” mentioned Mr. Omri Morgenshtern, Chief Executive Officer of world digital journey platform Agoda, which operates an enormous tech heart within the nation, with assist from the BOI. “This is part of the vision the LTR is trying to achieve.”
“Our success really depends on people, and advanced skills for ICT people are very important. It’s a global thing, you cannot look at Thailand only, so bringing in these people is very important, and I think the LTR will be a game changer,” mentioned Mr. Natwut Amornvivat, Vice Chairman of Digital Council of Thailand.
A variety of advantages
The 4 classes of people focused by the LTR program are the “Wealthy Global Citizens”, concentrating on buyers, “Wealthy Pensioners”, concentrating on retirees, “Work from Thailand Professionals”, concentrating on distant employees, and “Highly Skilled Professionals, concentrating on expertise and specialists in key industries.
The profitable candidates will take pleasure in a variety of advantages, which may even prolong to their households, particularly:
- 10-year renewable a number of entry visa
- Permission to work in Thailand (Digital Work Permit)
- 17% Personal revenue tax charge (utilized solely to revenue derived from employment and/or direct advantages from employment) for the principle visa holders within the “Highly Skilled Professionals” class
- Tax exemption from abroad revenue for the three different classes, “Wealthy Global Citizens”, “Wealthy Pensioners”, and “Work from Thailand Professionals”
- Exemption from the 4 Thais to 1 foreigner employment ratio
- Extension of the 90-day report back to a one-year report
- Exemption of re-entry allow requirement
- Fast-track service at worldwide airports in Thailand
- Immigration and work allow facilitation companies on the One Stop Service Center for Visa and Work Permit operated by the BOI.
“Thailand has long been a popular destination for foreign tourists and remote workers apart from being a manufacturing hub for multinational corporations. There are countless reasons to live or work in Thailand, including strategic location with great connectivity to the rest of the region and beyond, delicious food, excellent health care services, tremendous business opportunities, business-friendly ecosystem, and Thailand’s well-known culture and hospitality. So, why not making Thailand your home? With the LTR visa, it will be easier than ever for foreigners to come, live and work or invest in Thailand,” concluded Ms. Duangjai.
Those to use can go to ltr.boi.go.th or contact [email protected].
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LTR Eligibility Criteria 1. Wealthy Global Citizens:
2. Wealthy Pensioners:
3. Work-from-Thailand Professionals:
4. Highly-Skilled Professionals:
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For extra data, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
Photo – https://mma.prnewswire.com/media/1889767/Photo_LTR_Event_31_Aug_22.jpg
