Thailand’s cabinet has agreed to halve the fee for the long-term resident (LTR) visa, which aims to attract foreigners of ‘high potential’.
Previously the one time fee for the long-term resident (LTR) visa, which allows approved applicants to remain in Thailand for 10 years, was 100,000 baht.
However, on Tuesday (May 10), Deputy Government Spokesperson Rachada Dhnadirek announced the fee for the long-term resident (LTR) visa had been cut to 50,000 baht.
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The long-term resident (LTR) visa was originally launched in September 2021 with the aim of attracting four different groups of foreigners deemed to be of ‘high potential’ or ‘high capability’, such as high-income earners, retirees, remote workers and skilled professionals.
The launch of the visa was seen as a way to encourage investment into Thailand and stimulate the economy as part of the country’s post pandemic recovery.
Initially, officials had targeted one million foreigners to apply for the visa over the next five years, generating more than 700 billion baht for the Thai economy.
The visa also allows the foreign spouse of the applicant and their children under the age of 20, as long as it is not more than four people, to remain in Thailand.
According to the updated guidelines, one of the requirements for retirees to qualify for the visa is to have insurance cover of at least US$50,000 or cover medical expenses or a cash deposit of at least US$100,000 in a Thai or foreign bank account at least 12 months before applying for the visa.
For high income earners, they must be able to show an average income of US$80,000 for at least two years prior to applying for the visa.
The visa also enables high income earners, remote workers, or specialists, to begin working in Thailand once they begin the process of applying for a work permit.
Ordinarily, foreigners are required to wait until they have been approved for a work permit before they can begin to legally work in Thailand.