New Criteria, New Opportunities: Thailand's LTR Visa Aims to Welcome the World's Best

Since the Thai Board of Investment ("BOI") launched the Long-Term Resident Visa ("LTR Visa") application process on 1 September 2022, the response has been overwhelmingly positive. This program is designed to stimulate the economy and attract high-potential foreign individuals to Thailand. According to recent statistics from the BOI (for the period from 11 September 2022 to 28 February 2025), a remarkable 6,562 applications have received endorsement, with wealthy pensioners representing the largest segment (a total of 2,036 endorsements). This reflects not only the attractiveness of Thailand as a destination for affluent expatriates but also the effective implementation of policies aimed at fostering economic growth through foreign investment.

On 13 January 2025, the Cabinet approved resolutions relating to the Measure to Stimulate the Economy and Investment in Thailand. This initiative is designed to attract high-potential foreign individuals, and includes enhanced criteria and conditions designed to make the LTR Visa more appealing. The Cabinet also asked the Ministry of Labour to expedite implementation of the amendment to regulations governing the removal of the requirement that employers of foreign holders of the LTR Visa possess registered capital of at least 2 million baht.

On 4 February 2025 the BOI also announced new qualifications, criteria, and conditions for the LTR Visa (“February Announcement”), as part of ongoing measures to stimulate the economy and attract high-potential foreign individuals to Thailand. Changes made in the February Announcement include:

• Revision of the criteria governing eligibility of family members, allowing for the inclusion of parents and legal dependents of the primary visa holder, in addition to legitimate spouses and children under the age of 20 years. This initiative is expected to enhance opportunities for economic growth through domestic spending by LTR Visa holders. It also is intended to bolster the potential of the LTR Visa to attract targeted foreigners more effectively, because family unity is a fundamental principle that underscores the need for family members to remain together.
• The Wealthy Global Citizen category no longer requires applicants to submit evidence of an average personal income of at least USD $80,000 per year for the two years preceding the application date. This decision aims to eliminate unnecessary barriers and concentrate on the primary objective of attracting the global high-net-worth population, thereby promoting and stimulating economic growth.
• Amendments to the criteria for the Work-From-Thailand profession category relating to the income of the employer’s company. Specifically, the February Announcement states that the company must have been in operation for a minimum of three years and, as of the application date, must demonstrate a combined revenue ranging from USD $150 million to $50 million over the relevant three-year period. In addition, evidence of employment with a foreign employer at a public company listed on a stock exchange or a subsidiary of a company listed on any public stock exchange or employment with any private company may qualify if the private company has been operational for a minimum of three years and has achieved cumulative revenue of at least USD $50 million during the relevant three-year period. Moreover, the February Announcement eliminates the requirement that applicants provide evidence of at least five years of relevant work experience within the 10 years prior to the application date. The Cabinet believes that these initiatives will enhance opportunities for skilled individuals in digital technology to remain in Thailand for extended periods and increase the likelihood that they will consider future employment with Thai companies.
• Amendments the criteria for High-Skilled Professionals to eliminate the requirement to provide evidence of a minimum of five years of work experience in a targeted industry within the 10 years prior to the application date. Also, one of the targeted industries is shifting focus, from Human Resources Development in Science and Technology at vocational and higher education levels to Instructors in Vocational and Higher Education Sectors.

The amendments made by the February Announcement became effective on 4 February 2025, and introduce significant opportunities for people and businesses hoping to take advantage of Thailand's LTR Visa. The initiative seeks to attract distinguished foreign individuals to live and work in Thailand.

This article is intended merely to provide a regulatory overview, is not comprehensive, and is not intended to constitute legal advice. Should you have any questions on this or on any other areas of law, please do not hesitate to contact:

Nuttaros Tangprasitti
Partner
Siriwan Nopareporn
Attorney-at-Law

Authors