After the cabinet earlier this year gave the green light to 10-year visas for promising foreigners, it has now cut the fee in half.
The cabinet on Tuesday agreed to reduce the fee for the long-term resident visa, aka LTR visa, from THB 100,000 ($2,900) to THB 50,000 ($1,400), according to government spokeswoman Rachada Dhnadirek.
The measure targets four eligible groups of foreign nationals: wealthy global citizens, wealthy retirees, professionals working remotely from Thailand, and highly skilled professionals. An eligible visa holder may bring their spouse and children (no more than four children aged 20 or under). They can live in Thailand for up to 10 years.
High-income earners must have an average annual income equivalent to $80,000 for two years before applying. Clear criteria for eligible groups will be released at a later date.
The measure will come into effect 90 days after it is published in the Royal Gazette. It aims to attract “high potential” foreigners who will “drive economic stimulus and investment measures”.
According to the revised guidelines, retirees and wealthy foreigners, for example, must have insurance coverage of at least USD 50,000, to cover medical expenses, valid for at least 10 months, or a social security certificate covering their medical expenses while in Thailand. or a cash deposit of at least USD 100,000 in a domestic or foreign bank account for 12 months prior to visa application.
Foreign specialists must produce an employment contract from a company in Thailand or abroad. They are also required to produce proof that they have worked in the “targeted industries” – such as defence, aerospace, energy industries – and for at least five of the 10 years prior to applying for the visa.
10-year Thai visas for digital nomads, foreigners get cabinet approval