How to become resident in Thailand with the LTR Visa

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Dreaming of calling the picturesque beaches, vibrant cities, and enchanting cultural heritage of Thailand your new home? Look no further than the Long-Term Resident Visa, better known as the LTR Visa.

Offering a gateway to residency, this article aims to guide you through the essential steps and requirements necessary to embark on your journey towards becoming a resident of the Land of Smiles.

What is the long term residence (LTR) visa, exactly?

Introduction

The Long-Term Resident (LTR) visa was introduced in 2021.

It is a visa that lasts for 10 years and is specifically designed to attract highly skilled individuals from other countries who are interested in moving to Thailand for a long period of time.

The purpose of this visa is to support economic growth and encourage foreign investment in Thailand.

As often mentioned in Thailand expat communities, the LTR visa has also be implemented to provide legitimacy to certain members of the digital nomad community, particularly those who have significant financial resources.

There seems to be no age restriction for the Thai LTR Visa (only for the "wealthy professionals" category).

Main benefits

The LTR visa offers multiple benefits to the holder. The main ones being:

• a visa with 10-year validity (which can be extended)
• the requirement to report to immigration once a year instead of every 90 days
• fast track service at international airports in Thailand
• multiple re-entry permit
• permission to work in Thailand ( with a digital work permit)
• tax reduction (for certain categories)
• possibility to add dependents (spouse and children)

Citizenship

The LTR visa provides a kinda quicker way to become a Thai citizen.

However, it only helps for the "eligibility to apply for citizenship", while the actual process itself will still require several more years to finish.

After 3 years of holding the visa, you are eligible to apply. After 5 years, you may become a Thai citizen (but it's very difficult).

How to get the long term residence (LTR) visa?

Fees

When applying for the LTR visa within Thailand, the cost is 50,000 Baht.

If the application is made at Thai embassies or consulates in your own country, the fee will vary depending on the currency conversion.

It should be around 1,400 USD (or 1,300 EUR).

Eligibility

According to the Board of Investment of Thailand, there are four main categories of individuals who are eligible for the Thai Long-Term Resident (LTR) visa:
- Wealthy Global Citizens
- Wealthy Pensioners
- Work-from-Thailand Professionals
- Highly-Skilled Professionals

The "Spouses and dependents" is sometimes described as the 5th category.

Wealthy Global Citizens

For wealthy individuals holding at least USD 1 million in assets.

• Assets of a minimum of USD 1 million.
• An annual income of at least USD 80,000 for the past two years.
• Minimum investment of USD 500,000 in Thai government bonds, foreign direct investment, Thai property or any combination.

Wealthy Pensioners

For retirees aged 50 years or older who have an annual pension or stable passive income.

• Personal income of at least USD 80,000 a year at the time of application.
• Applicants with a personal income ranging between USD 40,000 and USD 80,000 a year may also be eligible, granted they have a minimum investment of USD 250,000 in Thai government bonds, foreign direct investment, Thai property or any combination.
• Income from employment will not be considered under this category.

Work-From-Thailand Professionals

For remote workers of well-established overseas companies.

• An annual income of at least USD 80,000 for the past two years.
• Applicants with an annual income ranging between USD 40,000 and USD 80,000 may also be eligible if they have a Master's degree or above, own intellectual property or have received Series A funding.
• Current employer must be a Public company listed on a stock exchange or a Private company that has been in operation for a minimum three years with a combined revenue of at least USD 150 million in the past three years.
• The applicant must have at least 5 years of experience in the relevant fields of their current employment over the past 10 years.

Highly-Skilled Professionals

For professionals or experts in targeted industries working for Business entities, institutions, government agencies in Thailand.

• An annual income of at least USD 80,000 for the past two years.
• Applicants with an annual income ranging between USD 40,000 and USD 80,000 may also be eligible if they have a Master's degree or above in science and technology or special expertise relevant to the job assignment in Thailand.
• There are no minimum income requirements for applicants who are intending to work in government higher educational institutions, research centers, specialized training centers or government agencies.
• Business must be in one of the targeted industries.
• The applicant must have at least 5 years of experience in the targeted industries or have a PhD in relevant fields or work for a Thai government agency.

The USD 500,000 investment requirement

There are two categories of the LTR visa that require a significant investment of over half a million dollars (around 17,500,000 Thai Baht).

To meet this requirement, you can choose a combination of three investment options: Thai property, bonds, and foreign direct investment.

For example, you can invest only 10 million Thai Baht in property and use the remaining funds (7.5 million Baht) to buy or build a restaurant or hotel. This investment in a business is considered a foreign direct investment and is then eligible for the LTR visa.

Property investment

Type of property

In Bangkok, with this investment amount, you can buy a condominium of approximately 80 square meters in the city center. If you move away from Sukhumvit, you can get a condominium twice that size.

In the beautiful island of Phuket, you can purchase a spacious villa that exceeds 350 square meters.

In the charming city of Chiang Mai, a house larger than 300 square meters can be acquired with this amount

Currently, there are no specific requirements for the type of property that foreigners need to purchase to obtain a Long-Term Resident (LTR) visa in Thailand.

However, the BOI website provides some guidance on the types of real estate investments that are considered acceptable for the LTR visa:

• Freehold: This includes condos, buildings, and houses that are registered under the applicant's name.
• Leasehold: This includes condos, buildings, houses, and leased land that is registered under the applicant's name, with a remaining lease agreement of at least 10 years from the date of the visa application.

If you choose to apply for the LTR visa through the property investment scheme, you will need to demonstrate ownership of the property.

The preferred documents for this purpose are the Or Chor 2 (Thai Title Deed), the Nor Sor 4 (also known as "Chanote"), and the Certificate of Substitution for a Title Deed. Additionally, you must provide a copy of the sale and purchase agreement for the property.

Foreigners and real estate investing in Thailand

Yes, foreigners can buy property in Thailand, but there are certain restrictions to consider.

For condominiums, foreigners can own units completely, but there is a limit on the total floor area of units owned by foreigners in a building, which cannot exceed 49% of the entire building. If the building has reached the maximum foreign ownership limit, foreigners cannot buy units in that building.

For other properties like houses or villas, foreigners cannot own land directly. However, there are alternative methods to have legal control over the property.

One option is to set up a Thai company with majority Thai ownership, and the company can then purchase the property. The foreigner can control the property through their shareholding in the company.

Another option is to enter into a leasehold agreement, which guarantees long-term ownership for a specific period of time, typically around 30 years.

Previously, foreigners were not allowed to personally own land in Thailand. However, by the end of 2022, a proposed regulation was tentatively approved to allow foreigners to own land for residential purposes, with a maximum limit of one rai (approximately 0.16 hectares). However, the proposal faced criticism and has not been fully implemented yet.

Currently, the common options for foreigners who want to own land in Thailand are to set up a Thai Limited Company to indirectly own the land or to enter into a leasehold agreement with the landowner.

Finally, even if a foreigner is married to a Thai citizen, they still cannot personally co-own land and need to consider these options for legal ownership or control.

If you want to know more about the Thai real estate market, you can read our dedicated article.

Government bonds

Thai government bonds are financial instruments issued by the Thai government to raise funds for various purposes, such as infrastructure development or budgetary needs.

They are essentially loans provided by investors to the government.

Investing in Thai government bonds is a straightforward process:

• First, you need to open an account with a licensed Thai bank or a securities firm.
• Then, you can purchase government bonds directly from the primary market during the issuance period or from the secondary market through a broker.

Bonds have different tenures, interest rates, and maturity dates, so it's important to carefully consider your investment goals and risk tolerance before investing.

The government pays periodic interest payments to bondholders, and upon maturity, the principal amount is returned.

If you pick this option for the Thai LTR visa, you must provide a copy of Thai Government Bond with the remaining maturity of no less than 5 years in your name. 

Foreign Direct Investment

For the LTR Visa, Foreign Direct Investment (FDI) refers to when a foreigner invests capital directly into Thai businesses or assets.

This investment helps stimulate Thailand's economy by bringing in foreign funds, technology, and expertise.

Investing in Thai stocks is a way for you to participate in FDI. You can open a brokerage account and invest in publicly listed Thai companies on the Stock Exchange of Thailand (SET).

You can also set up your small businesses in Thailand, contributing to the local economy and creating job opportunities. This could include opening a café, restaurant, guesthouse, or retail shop catering to both local and tourist customers.

It's also possible to invest in a venture company registered in Thailand. This will also be accepted if you apply for a LTR Visa in Thailand.

Insurance for the LTR Visa

To obtain a Long Term Resident (LTR) Visa in Thailand, there are specific requirements for insurance coverage.

Here are the options you can choose from (note that any supporting documents related to insurance coverage must be in English or Thai language).

A. International Health Insurance

You can provide an international health insurance policy that covers the entire duration of your stay in Thailand.

Travel insurance is not acceptable for this purpose. The policy should have coverage for hospitalization treatment of at least 50,000 USD.

Additionally, the policy should remain valid for a minimum of 10 months.

B. Social Security Benefits

Alternatively, you can show evidence of valid social security benefits that provide insurance coverage for hospitalization and treatment in Thailand.

This evidence should be verifiable.

C. Financial Evidence

If you do not have an international health insurance policy or social security benefits, you can demonstrate financial evidence.

This involves providing proof of a deposit of at least 100,000 USD (or 25,000 USD in the case of dependents only) held for a minimum of 12 months at the time of application.

The 1 million USD asset requirement 

In order to obtain a Long-Term Resident (LTR) visa in Thailand, for two categories one of the requirements is to show evidence of owning assets worth at least 1 million USD.

To meet this requirement, applicants need to provide documents that prove their ownership of assets worth at least 1 million USD.

Please note that there are specific types of assets that are not considered acceptable for the Thai LTR visa. These include cryptocurrencies, tokens, amulets, arts, designer items, watches, and jewelry.

Acceptable forms of assets usually include things like cash, real estate properties, stocks, bonds, mutual funds, and other financial instruments that can be easily valued and verified.

The evidence provided must be in English or Thai language, or accompanied by a notarized translation.

Evidence of income for "Wealthy Pensioners"

To qualify for a Thai Long-Term Resident (LTR) visa under the "Wealthy Pensioner" category, you need to show that you have a certain amount of income from sources like pensions, investments, or rentals.

You need to show documents that prove your income. This can include:

• Pension Certificate: A document from the pension provider that confirms your pension income.
• Income Tax Return: Your individual tax return that clearly shows your income from pensions, investments, or rentals.

The income you show should come from sources like:

• Interests: Money earned from investments, such as bank accounts or investment accounts.
• Dividends: Income received from owning stocks, mutual funds, or other investments.
• Royalties: Money earned from intellectual property like books, music, or patents.
• Rental Income: Income received from renting out properties you own.

The income from these sources should be at least 80,000 or 40,000 USD per year. 

Remember: Income from employment or self-employment, including salaries, allowances, benefits, and director's fees, cannot be used to meet the requirements for the "Wealthy Pensioner" category for the LTR Visa in Thailand. Only unearned or passive income is acceptable.

Application process

The application process for the LTR Visa typically take less than 3 months from start to finish.

1 - BOI website

To apply for the LTR visa, you first need to submit your application and required documents online through the Thailand Board of Investment (BOI) website.

Here are some of the documents needed for the LTR visa online application:
- A clear, scanned copy of your valid passport information page
- A recent, color passport-sized photograph with a white background
- Passport pages with all Thai stamps
- Last entry stamp of immigration
- Last extension of visa
- The initial Thai visa used to enter Thailand
- Photocopy of TM.6 (if any)
- Photocopy of TM.47’s receipt of notification (if any)
- Completed Visa Application Form
- Proof of Accommodation
- Flight Itinerary
- Financial Proof
- Criminal Record Check
- Medical Insurance
- Letter of Recommendation (depending on category)
- W46 (depending on category)

As a bonus, here are the comprehensive lists of the required documents for each category of the LTR visa:

• Wealthy Global Citizen
• Wealthy Pensioners
• High-Skilled Professionals
• Work-From-Thailand Professionals
• Dependents

The BOI will review the documents and grant approvals. It takes less than 20 days (if no additional document is required).

2 - Thai embassy or immigration office

If you get approved by the BOI, you will get an endorsement letter. Then, you have 60 days to submit your application.

You can apply for the LTR visa at the Thai embassy of your country (where you live or where you're from, it does not matter). You can also apply while in Thailand (at an immigration office).

At this stage, you must pay a non-refundable visa fee in order for your LTR visa application to be processed. This fee is mandatory and covers the administrative costs associated with the visa application.

All documents submitted for the LTR visa application must be in English.

The LTR visa process typically takes two working days from the date of document submission. It seems like there is no express visa service available.

3 - Visa issuance

If you get approved, you can make an appointment for the LTR visa issuance.

Note that E-Visa is available only in some embassies and consulates.

Remember to sign in to your LTR Visa account, get the document list, and bring it with you on the day of your appointment.

Note that if dependents (spouse and children) receive the visa on a different day, they should also bring the original passport of the main LTR visa holder.

4 - Work Permit (optional)

LTR Visa holders who intend to work for a company in Thailand must apply for work permission.

It must be done either immediately upon receiving the LTR Visa or before commencing employment with the said company in Thailand.

The processing time for the work permit application typically takes 3-5 working days, although it may be longer if additional documents are required.

While the work permit request is still being processed, LTR Visa holders are permitted to work in Thailand temporarily, even without the work permit.

Usually, the work permit is digital and can be obtained from the Department of Employment at the One Stop Service Center for Visa and Work Permit, on Rama IV in Bangkok.

Note that, with the LTR visa, there is a processing fee of 3,000 Baht per year to maintain the digital work permit.

The LTR visa process explained by the BOI of Thailand.

Thai LTR visa: how does it work?

Duration

The 10-year LTR visa is split into two periods of 5 years each.

Initially, applicants are granted permission to stay in Thailand for 5 years. After this period, they have the option to extend their stay for another 5 years. There is no any specific requirements or criteria for renewing the LTR Visa after the initial 5-year period.

Please note that the total duration of stay cannot exceed 10 years in total. However, you can apply for a second LTR visa.

Family

LTR visa holders have the privilege of bringing up to four family members along with them when relocating to Thailand. This includes their legal spouse and children.

However, note that children should be unmarried and below the age of 20 to be eligible for inclusion in the LTR visa application.

Both the LTR visa holder and their accompanying family members must annually report their residence status to the relevant government agency. This requirement ensures that the authorities are kept informed about their ongoing presence in the country.

Work and Work Permit

As mentioned before, LTR visa holders have the opportunity to apply for work permits in Thailand.

Moreover, long term resident visa don't need to work for a company to get a work permit. They can be their own boss.

Once they have obtained the visa and submitted their work permit application, they can immediately begin working without having to wait for the permit to be issued.

As you can expect, the work permit becomes invalid once the LTR visa is terminated or expired.

The work permit is initially granted for a maximum of 5 years and can be extended for an additional 5 years.

Also, please note that there are restrictions on the type of work that foreigners can engage in while in Thailand, this also applies to LTR visa holders. 

Certain jobs and professions are reserved for Thai nationals only in order to protect and prioritize employment opportunities for the local workforce. These include positions related to national security, public administration, traditional Thai arts and crafts, manual labor, and certain skilled professions.

Digital nomads

Yes, digital nomads have the opportunity to apply for the LTR visa and legally work in Thailand for a maximum period of 10 years, provided they meet the eligibility requirements.

Which category would they fall into, though?

Digital nomads are usually under 50 years old, so they don't fall under the category of "wealthy pensioners." Additionally, they typically work for themselves rather than big companies. They often have a small business entity set up, such as an LLC in the US or a company in Singapore, Hong Kong, Estonia, etc.

It appears that digital nomads can apply for the LTR through the "wealthy individuals" category. To be eligible, they must earn more than USD 80,000, own at least USD 1 million, and make an investment of USD 500,000 in Thai government bonds, foreign direct investment, Thai property, or any combination thereof.

Highly Skilled Professional with a new job

If you are a highly-skilled professional holding an LTR visa in Thailand and you want to change your employer, it's possible but you need to let the LTR Visa unit know before you resign.

You must also get official approval from the new employer to keep your LTR visa status before you leave your current job.

The new company must be approved by the LTR Visa for the specific industries they target.

If the new company doesn't meet the requirements for the LTR visa, your current LTR visa will be terminated once you finish working for your current employer.

Here are the targeted industries for the LTR visa under the "highly skilled professional" category:

• automotive
• electronics
• high net worth tourism
• agriculture, food and biotechnology
• transportation and logistics
• automation and robotics
• aviation, aerospace and space
• biofuels and bio-chemical
• petrochemical and chemical
• digital
• industry
• national defence
• direct and significant supporting industries for the circular economy

That list is the updated version given by the BOI in March 2023.

Reporting

Contrary to other Thai visas, LTR visa holders are not required to report to immigration every three months. Instead, they only need to report once a year.

This means that they have reduced reporting obligations, making it more convenient for them to stay in Thailand long-term.

Other benefits

The Long-Term Resident (LTR) Visa offers some extra advantages.

Bank account

With the LTR Visa, as with many other visas, you can open a bank account in Thailand. There is a dedicated process for each Thai bank.

You can also get a bank loan in Thailand, however the process is difficult and the interest rates are not great (almost always above 6%).

Fast Track Airport

LTR visa holders can use special lanes at Thailand's airports: Suvarnabhumi (BKK) and Don Mueang (DMK).

This helps avoiding long queues and saving time during immigration.

Of course, the LTR visa comes from multi re-entry permits there is no restriction on the number of times an LTR visa holder can enter and exit Thailand during the 10-year visa period.

Personal Income Tax Reduction

Highly Skilled Professionals (it's one of the 5 categories for the LTR visa) enjoy a lower income tax rate of 17%.

It's way better that than the usual 35%, which means you will end up paying less tax.

Also, LTR visa holders enjoy a tax exemption on their earnings from abroad. It's true for all categories.

Thai-Foreigner Employment Ratio Exemption

If you plan to establish a company in Thailand, the LTR visa helps you bypass the requirement of employing four Thai individuals for every foreigner.

This makes it easier to hire the skilled workers needed without being bound by this rule.

Becoming a Thai citizen

As mentioned before, LTR visa holders have the option to apply for permanent residence after staying in Thailand for three years.

Additionally, after five years of residence, they become eligible to apply for Thai citizenship. This provides a pathway for those seeking long-term settlement in Thailand.

Alternatives to the LTR Visa

There are two main alternatives to the LTR, which are the SMART Visa and the Elite Visa.

The SMART Visa is designed for investors, entrepreneurs, and skilled workers. On the other hand, the Elite Visa is available to anyone who can afford it, with the lowest price starting at 600,000 Baht.

There is also an interesting retirement visa.

We have created a comparative table to help you better understand the differences between these options.

	Thai LTR Visa	Elite Visa	SMART Visa	Retirement Visa
Main purpose	Long-term stay in Thailand	Privileges and convenience	Attracting highly skilled professionals	Retirement in Thailand
Process	Easy	Easy	Not too difficult	Very easy
Eligibility	Varied	Open to all nationalities	Specific job categories and criteria	Age 50 and above
Duration	10 years	5, 10, 20-year options	1 to 4 years, depending on the category	Renewable annually
Fees	50,000 Bath	One-time fee, between 600,000 and 2M Bath.	10,000 Bath per year	2,000 Baht for application and 1,900 Baht for yearly extension
Work Permit	Yes	No	Yes	No
Renewal Process	5-year	5, 10, 20-year options	Renewable based on the category	Annually
Airport Fast Track	Yes	Yes	Yes	No
Dependents	Yes	Included for certain packages	Yes	Yes
Financial Requirements	Minimum income of of $40,000-$80,000 (depends on category)	No specific financial requirements	Proof of financial stability	800,000 Baht in a Thai bank account or monthly income of at least 65,000 Baht
Reporting	Every year	Every 90 days	Every 90 days	Every 90 days