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BANGKOK: Thailand’s cabinet this week approved changes to the nation’s visa rules to make it more attractive for skilled professionals, investors and wealthy foreigners to secure long-term residency permits.
The changes include the scrapping of a minimum annual income requirement for those seeking visas in the wealthy global citizens category and a reduction in the minimum revenue requirement of companies allowing employees to work from Thailand.
The long-term resident visa holders will also no longer face any restrictions on the number of dependents they can bring in, the Board of Investment, which overseas the program, said in a statement Wednesday (Jan 15).
Parents and other legal dependents can reside with the visa-holders as opposed to just four dependents allowed earlier.
First launched in 2022, Thailand’s long-term resident visa offers applicants a 10-year residency, digital work permit, personal income tax privileges among other benefits and was billed as a way to boost the economy in the post-pandemic era.
The facility has been availed by more than 6,000 applicants with Europeans topping the list.
"By ensuring a more inclusive and competitive approach, we believe these changes will further enhance Thailand’s position as a global hub for investment and high-potential talent,” BOI’s Secretary-General Narit Therdsteerasukdi said in the statement. "Smooth visa procedures are an essential part of our focus on the ease of doing business.”
The minimum annual income requirement for wealthy global citizens has been removed to prioritize the core requirement of cumulative wealth and investments in Thailand, the board said.
The move aligns with the goal of encouraging greater foreign investment activity in the country, it said.
Highlights of changes to the LTR visa program include:
- Lowering of corporate revenue requirement for foreign companies sponsoring visa applicants to a minimum of US$50 million (S$68 million) over the last three years from US$150 million.
- Employees of subsidiaries of major multinational corporations are now eligible for visas, provided they can demonstrate financial stability through the parent company’s financial statements.
- Expanding the list of target sectors for highly skilled professionals to disaster and risk management as well as integrated innovation. The list previously focused on science, technology and other target industries.
- Removing the requirement for a minimum of five years of work experience in a relevant field for professionals. - Bloomberg
