After the cabinet earlier this year gave the nod to 10-year visas for promising foreigners, it has now halved the fee.
The cabinet agreed Tuesday to cut the long-term resident visa, aka LTR visa, fee from THB100,000 (US$2,900) to THB50,000 (US$1,400), according to government spokesperson Rachada Dhnadirek.
The measure targets four eligible groups of foreign nationals: wealthy global citizens, wealthy pensioners, professionals working remotely from Thailand, and high-skilled professionals. One qualifying visa holder can bring in their spouse and children (no more than four children who are 20 or younger). They will be able to live in Thailand for up to 10 years.
High-income earners must have an average annual income equivalent to US$80,000 for two years prior to applying. Clear criteria for the eligible groups will be issued at a later date.
The measure will come into effect 90 days after being published in the Royal Gazette. It aims to attract “high potential” foreigners who will “drive economic and investment stimulus measures.”
According to the revised guidelines, pensioners and wealthy foreigners, for instance, must have insurance coverage of at least US$50,000, to cover medical fees, which is 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 US$100,000 in a domestic or a foreign bank account for 12 months before applying for the visa.
The foreign specialists must produce an employment contract from a business in Thailand or abroad. They are also required to produce evidence that they have worked in the “targeted industries” – such as defense, aerospace, energy industries – and for at least five of the 10 years prior to applying for the visa.