The reduction aims to attract foreigners with ‘high potential’ to reside in the nation.
Thailand has approved a 50% reduction in the 10-year-long term resident (LTR) visa fee.
Upon the reduction, the fees will amount to THB50,000, instead of the initial THB100,000. This will come into effect 90 days after the Interior Ministry’s announcement is published in the Royal Gazette, according to government spokeswoman Rachada Dhnadirek, as announced in NationThailand.
The reduction aims to attract foreigners with ‘high potential’ to reside in the kingdom. The LTR visa is targeted at the following groups of foreigners:
- Wealthy foreigners;
- Working foreigners; and
The abovementioned groups are subjected to different requirements.
The first two groups, wealthy foreigners and retirees, must comply with the following:
- Must purchase a health insurance policy which covers medical expenses of no less than US$50,000 for at least 10 months starting from the date of the application OR provide a social security certificate covering medical expenses in Thailand OR provide proof of at least US$100,000 held in a Thai or foreign bank account for at least 12 months prior to the application date.
- Must have evidence of an average income of at least US$80,000 for at least 12 months prior to the application date.
As for working foreigners and specialists, they are to:
- Show an employment contract or service contract with a domestic OR a foreign business.
- Provide proof of five years of work experience in the relevant industry conducted within 10 years of the application date.
- EXCEPTIONS: those who work in the following are NOT required to provide evidence of work experience: government research institutions, higher education institutions, specialised training centres, government agencies and PHD graduates.
All groups are welcome to bring their spouse and up to four children under the age of 20.
Image / 123RF