Thailand has announced a major change in its visa rules. With the change in visa rules, professionals, investors or others will have to go through a much easier process for Long Term Resident (LTR) permits. Not only this, the minimum annual income limit for getting a visa in the rich global citizen category has been removed. The government here said that the change in visa rules is to increase the attraction of talent at the global level and make Thailand the first choice for investors.
According to the report, the cabinet has approved the change in visa rules. With this approval, it will be easy to get a long-term resident permit. The minimum income requirement for visas for the rich global citizen category will now be abolished.
Cap on dependents of long-term resident visa holders removed
As per the new visa updates, there will be no cap on the number of dependents of Long Term Resident Visa holders. Earlier only four dependents could come under this visa but now there will be no limit on the number of dependents apart from parents, and other legal dependents. Now any number of dependents can go with this visa holder.
Long Term Resident Visa starts in 2022
The Long Term Resident (LTR) visa program in Thailand started in 2022. Under this, LTR visa holders have been getting digital work permits along with a period of stay of up to 10 years and tax exemption, among other benefits. The program was to bring the economy back on track after the pandemic. Apart from this, the applicant for the visa no longer needs five years of work experience. On the other hand, the annual income limit for rich foreign nationals has also been abolished. The corporate revenue limit for international corporations now sponsoring visa applicants for foreign investment has also come down from USD 150 million to USD 50 million during the last three years. Employees of MNC subsidiaries are also now eligible.