New long-term resident visa

PHUKET: Phuket officials met yesterday to discuss the promotion of the new Long Term Resident (LTR) visa, introduced from next Thursday September 1st.

The Vice Governor of Phuket Amnuay Pinsuwan chaired the meeting “Public-Private Committee for the Development and Resolution of Economic Problems of Phuket”, accompanied by representatives of the companies of the island, officials and the president of the Chamber of Commerce from Phuket Thanusak Phungdet.

This was the ninth committee meeting this year. However, according to a report from the Phuket Public Relations Department (PR Phuket), no decision has been made on how to promote the new LTR visa, apart from notices on government channels in Thai.

National government officials have already announced that the new visa will attract more than one million “highly qualified” foreigners over the next five years, attracted by the low cost of living and the Thai way of life.

The new LTR visa makes Thailand “an even more attractive destination” by simplifying the process of obtaining visas and work permits.

This new visa would generate additional investments of more than B750 billion by 2026.

At the meeting, Kantharos Laopradit of the Board of Investments of Thailand (BOI) explained the scheme to Phuket officials.

The concept of the new LTR visa was first announced last year, with the Cabinet approving a Home Office Notice on Long Term Visas on May 10, 2022.

The proposed tax exemption measures were featured in the Gazette on May 24th. The Ministry of the Interior validated its own initiative on June 2, and the Ministry of Labor gave its approval on June 9. The entry requirements for this visa were approved on June 20, Ms. Kantharos said.

The “official opening ceremony” will take place on Wednesday August 31 and the BOI will start accepting LTR visa applications on September 1, she said.

The visa will be accessible to:

  • Foreigners with capital of at least USD1 million

  • Retired foreigners over 50 with a pension or stable income

  • Foreigners working from Thailand for foreign companies with “acceptable operational results”

  • Highly qualified or specialized persons working for companies or higher educational institutions or research institutes or specialized training institutes or government agencies in Thailand and working in target sectors

The new LTR visa allows four ‘direct dependents’, the spouse and children under 20.

The benefits of this new LTR visa are:

  1. 10-year visa (five years renewable for five years)

  2. Right to exemption from the number of four Thai workers per foreigner

  3. Permission to work in Thailand with a Digital Work Permit

  4. Report to Immigration once a year instead of every 90 days and unlimited ability to travel abroad (multiple entries)

  5. Tax reduction to 17% for qualified professionals and tax exemption for income from abroad

  6. Right to use “fast track” at international airports

  7. Facilitation of visa and work permit procedures at the Visa and Work Permit Service Center (OSS).

Qualified applicants can submit their application online to the BOI (BOI’s ‘pre-screening’ service here), or to Royal Thai Embassies and Consulates abroad, or to Immigration offices in Thailand.

The visa application fee will be B50,000.

With this new visa, the digital work permit costs B3,000 per year.

Requests will be processed within 20 days, the BOI says.

Original article: The Phuket News

https://www.thephuketnews.com/phuket-officials-to-plug-long-term-resident-visa-85376.php

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