The Thai 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 scrapping a minimum annual income requirement for those seeking visas in the wealthy global citizens category and reducing the minimum revenue requirement of companies allowing employees to work from Thailand.
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 (BOI), which overseas the programme, said yesterday.
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.
“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 prioritise the core requirement of cumulative wealth and investments in Thailand, the BOI added. — Bloomberg
