The government recently announced that the authorities are adjusting the requirements for a Long-Term Resident Visa (LTR) in hopes of attracting more foreign residents to the country.
Deputy spokeswoman Rachada Dhanadirek added during the press briefing that the LTR, which allows a non-Thais a 10-year residency, can help boost the country’s economy and investment prospects. Individuals who can apply for the visa include the following:
- High net worth global citizens
- Foreign retirees
- Those aspiring to work in Thailand, and
- Those with special skills
One of the most significant adjustments pertain to the reduction of the application fee from B100,000 to B50,000. This will allow the applicant and up to four family members, including spouses and children, to live in the kingdom. Affluent citizens and foreign retirees have to declare a bank account with at least USD100,000 deposited in the last 12 months before submitting an application.
The adjustments will be in effect 90 days after they are officially announced in the Royal Gazette.
Source: TNN Online