Thailand introduced the Long-Term Resident (LTR) Visa program in September 2022 with the aim of attracting high-net-worth individuals and skilled professionals. The objective of the program was to bring one million new residents to Thailand between 2022 and 2026. However, as of late 2024, only 6,000 applications had been approved, falling significantly short of the government’s original goal.
This can be attributed to several factors. While the program was designed to attract high-net-worth individuals, skilled professionals, and high-income retirees, the experience thresholds were set relatively high even for that target demographic. The LTR visa program also has highly stringent employer conditions, requiring applicants to be employed by a company with a minimum annual revenue of THB 150 million over the past three years, effectively rendering those working for smaller companies ineligible for an LTR visa. The LTR visa program has also had to compete with other visa programs, including the Thailand Elite Visa and Destination Thailand Visa (DTV), which diminished the LTR visa’s attractiveness.
In response, the Thai Cabinet approved revisions to the LTR visa framework on 13 January 2025, easing certain requirements to expand the visa’s accessibility, particularly for remote workers under the “Work-from-Thailand Professionals” category.
These changes will come into effect following an official announcement by the Board of Investment (BOI) on the updated LTR Visa criteria, alongside a corresponding announcement from the Ministry of Interior regarding the expansion of dependent rights. As of now, these updates are in the process of being formalized and are pending full implementation.
What changes were made, and what remains the same under the LTR visa program?
While the LTR visa program still focuses on high-income and highly skilled applicants, the changes approved by the Cabinet have lowered the requirements for foreign professionals and remote workers. Notably, the revenue requirement for employers has been reduced to USD 50 million over three years from the original USD 150 million. Moreover, the revisions will allow employees of wholly owned subsidiaries to be eligible to apply for an LTR visa, provided they can demonstrate financial capacity, whereas only direct employees were previously allowed.
Nonetheless, requirements around income and experience remain unchanged, with applicants needing to prove that they earn a minimum income of USD 80,000 over the past two years or between USD 40,000 to USD 80,000 annually for those who hold a Master’s degree, possess significant intellectual property, or have secured Series A funding of at least USD 1 million. Applicants are also still required to have at least five years of relevant work experience within the past 10 years.
The requirement for health insurance coverage or social security benefits remains at a minimum of USD 50,000 or at least USD 100,000 in bank deposits to cover health-related expenses. However, the revised LTR visa program no longer caps the number of dependents under the principal applicant, with parents, legal dependents, spouses, and children under 20 years old now eligible. Moreover, the recent legalization of marriage equality in Thailand will now allow eligible LGBTQ+ partners and dependents to apply for LTR visas.
What this means for remote workers and foreign professionals
These revisions are seen as a welcome change to the LTR visa program, increasing the accessibility of the LTR visa to a wider pool of foreign professionals, particularly those working remotely for international firms. However, it should be noted that despite the lowered requirements under the Cabinet’s revisions, the income and skill requirements remain restrictive for many applicants. This makes other visa categories, such as the DTV, more accessible to remote workers given their lower financial and work experience requirements.
While it is clear that the aim of the LTR visa program is to attract high-income and highly skilled visa applicants, particularly startup founders, executives working for large multinational companies, or high-net-worth individuals who may be compelled to invest in Thailand, it remains to be seen whether the revised LTR visa program is compelling enough to attract this demographic, particularly due to the high requirements and the availability of other visa programs that provide benefits beyond long-term stays in Thailand.
Silk Legal is familiar with the complexities of this new program, on top of other visa programs, and can help you better understand what you need to do and the documents you need to submit to secure your LTR visa.
For any questions you may have about the program, please reach out to us at [email protected]. Our team will be ready to help you.
