BANGKOK: The Cabinet on Tuesday (Jan 14) eased several conditions for granting long-term resident visas (LTR visas) for wealthy individuals and digital nomads with high incomes, as a means of attracting more potential foreign residents to the kingdom, a well-informed Government House source revealed.
The source stated that the Cabinet had approved the proposal from the Office of the Board of Investment (BOI) to ease conditions for granting LTR visas and to revoke Smart visa types, which were deemed to overlap with LTR visas.
According to the source, the BOI proposed revisions to the rules for granting LTR visas for three groups: those working remotely from Thailand, wealthy global citizens, and dependents of LTR visa holders.
Digital Nomads
For foreigners seeking to work remotely from Thailand for employers based abroad, the Cabinet agreed with the BOI’s proposal to lower the income requirement for their employers.
This was reduced from US$150 million to US$50 million in annual revenue over three years.
The BOI considered the US$150 million revenue threshold excessively high and not reflective of the capabilities of foreign workers with stable employment.
Wealthy Global Citizens
The Cabinet agreed to abolish the requirement for LTR visa applicants to have an annual income of at least US$80,000 for two consecutive years before applying for the visa.
The BOI found that some applicants who met the investment criteria were denied the visa because they failed to meet the US$80,000 annual income requirement, despite this not being a top priority.
LTR Visas for Dependents
The Cabinet agreed to lift the restriction on the number of dependents eligible under LTR visas.
Previously, the number of dependents was capped at four, whereas other visa types had no such restriction.
According to the source, the Cabinet also approved the BOI’s proposal to revoke most Smart visa categories, retaining only the Smart visa for startup business owners.
The BOI concluded that the other Smart visa categories were similar to the conditions for obtaining LTR visas.
It aims to promote the LTR visa as the primary type for attracting wealthy global citizens to Thailand. - The Nation/ANN
