Key Points
- The removal of USD 80,000 annual income requirement for “Wealthy Global Citizens” under the LTR Visa program.
- The employer revenue threshold for “Work-from-Thailand” professionals will be reduced from USD 150 million to USD 50 million over three years.
- Elimination of restrictions on the number of dependents for LTR Visa holders.
- Consolidating the SMART Visa program, retaining only the SMART-S (Start-up) category.
- Implementation of changes expected in March 2025.
Overview
In a strategic move to attract foreign professionals and investors, Thailand has announced significant simplifications to its Long-Term Resident (LTR) Visa and SMART Visa programs. These changes aim to make Thailand a more appealing destination for global talent and investment.
Key Changes to the LTR Visa Program:
- Removal of Income Requirement for Wealthy Global Citizens:
- The previous requirement for applicants to have a personal annual income of at least USD 80,000 has been abolished, focusing instead on applicants’ overall wealth and investment in Thailand.
- Lowered Revenue Threshold for Work-from-Thailand Professionals:
- The required revenue for foreign employers of “Work-from-Thailand” professionals has been reduced from USD 150 million to USD 50 million over the past three years, broadening eligibility for professionals in technology and digital sectors.
- Elimination of Dependent Restrictions:
- Previous limitations on the number of dependents have been lifted, allowing LTR Visa holders to include spouses, parents, children, and legal dependents without any cap.
Revisions to the SMART Visa Program:
To streamline visa offerings and reduce overlap, Thailand will phase out overlapping categories in the SMART Visa program, retaining only the SMART-S (Start-up) category. This change aims to simplify the visa landscape and encourage start-up entrepreneurs to establish businesses in Thailand.
Implementation Timeline:
These reforms are expected to take effect in March 2025, following the necessary regulatory updates by relevant Thai authorities.
Looking Ahead
For Prospective Applicants:
- Assess Eligibility: Review the updated criteria for qualification under the revised LTR or SMART Visa programs.
- Prepare Documentation: Gather necessary documents reflecting Thailand’s financial status, employment, and investment plans.
- Monitor Official Announcements: Follow the Thailand Board of Investment (BOI) and other government channels to stay informed about the official implementation date and application procedures.
For Employers and Investors:
- Explore Opportunities: With relaxed visa requirements, consider expanding operations or investments in Thailand.
- Leverage Talent Mobility: Utilize the simplified visa programs to attract and relocate skilled professionals to Thailand.
Thailand’s commitment to easing visa requirements underscores its dedication to fostering a conducive environment for foreign talent and investment, reinforcing its position as a hub for global professionals and entrepreneurs.
Source: PR News Wire
