News Forum - Cabinet cuts 10 year Long Term Resident visa fee to ฿50k

[Thaiger]

Thailand’s Cabinet have agreed to reduce the Long Term Resident visa fee by 50% to attract highly skilled foreigners into the kingdom. The fee for the LTR visa, which allows you to stay in Thailand for 10 years, has been reduced from ฿100,000 to ฿50,000. Changes to the visa requirements could make the lucrative “digital nomad” lifestyle a more realistic option for foreigners who wish to work remotely in the kingdom too. Yesterday, Spokesperson for the Prime Minister Ratchada Thanadirek revealed that the Cabinet agreed to make changes to the LTR visa. She said highly skilled foreigners could apply for […]

The story Cabinet cuts 10 year Long Term Resident visa fee to ฿50k as seen on Thaiger News.

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[Loong]

Quote

 the applicant must buy health insurance covering at least US$50,000 to cover medical fees for at least the first 10 months of their stay in the kingdom OR a social security certificate covering medical expenses

A foreigner can buy a social security certificate covering medical expenses???

[Janneman]

Nice. But the one group they will not attract are digital nomads. I would not mind obtaining a 10 year visa, but I do mind having to obtain a working permit. Plus paying taxes. I can work where I want, but I already pay my taxes in Holland. Which is where I earn my income.

Of course, I could just get the visa, and then do my work anyways. It will not harm Thai economy. But it might be against some rule. Ans sooner or later the well-known 'concerned citizen' will report me. Resulting in endless discussions.

[Cabra]

The feee is not what is holding back these programs.

[HolyCowCm]

Give me a 10 year for $5000 USD and I might be willing to part with that money, but not with the additional hurdles to spring up, and I would also want the option to have an extra payment to be covered under their health care system here. $5000 may seem like a little, but then if you compound that with one's normal dialy-monthly-yearly spending here then this adds up to quite a lot for thsi country and it's people and them with their products being taxed on everything.

[rc1]

Anyone know if any of this visa type has actually been issued? 

Do you have to continue to prove the income after the initial application? 

If not, looks favourable for an under 50 year old in comparison to Elite. 

[Fundok]

I believe it's wishful thinking that those ominous "digital nomads" will generate much domestic revenue in TH. They'll have their business account outside TH, and since they are more likely to make money outside TH than domestically, most if not all of their revenue will not be subjected to TH income tax. The only gain for the TH economy will be the expenses for living, and typically DM's - being freelancers - will not throw with money around themselves. So on my view, trying to attract those digital nomads, is not a very promising move. But that's only me and my thinking.

 

[palooka]

1 hour ago, rc1 said:

Anyone know if any of this visa type has actually been issued? 

Do you have to continue to prove the income after the initial application? 

If not, looks favourable for an under 50 year old in comparison to Elite. 

Only announced in Cabinet yesterday, so next is Government Gazette (who knows how long) then 90 days later you can apply.  Look into it about Sept.  /August.

[IneptoCracy]

555 very wishful thinking. The rules here can change in a heartbeat. I have been here far too long to fall for this proposal.

I fit into this category but the Retirement visa is a far better bet. Also you cant work on a Retirement visa, but hop on a plane to Singapore for a few days and do your work and come back here. On coming back to Thailand, you can be recorded as a new tourist to boost figures and make the numbers of new arrivals look good.

[Artemis080]

On 5/11/2022 at 1:33 PM, Fundok said:

I believe it's wishful thinking that those ominous "digital nomads" will generate much domestic revenue in TH. They'll have their business account outside TH, and since they are more likely to make money outside TH than domestically, most if not all of their revenue will not be subjected to TH income tax. The only gain for the TH economy will be the expenses for living, and typically DM's - being freelancers - will not throw with money around themselves. So on my view, trying to attract those digital nomads, is not a very promising move. But that's only me and my thinking.

Anyone thinking about this visa, should consider the taxation implications. They are not as clear cut as you might think.

https://www.linkedin.com/pulse/broken-flag-theory-taxation-digital-nomads-thailand-dr-ulrich-eder/

Ultimately, it's all speculation really until the actual details are published.

[Hoi61]

Astonishing! I wonder if politicians know what goes on at immigration. My husband and I have been here for 25 years on a BOI work visa. Last August my husband retired and on the the same day he applied for his retirement visa. It was rejected because "you have a joint account with your wife, so you need to have 1.6mio in the account" (mind you, only he was applying for the retirement visa - I was not in Thailand at that time). Fair enough. Now, the joint account has had 1.7 mio in the account for over 6 months. We recently returned to Thailand to apply for the retirement visa 10 days ago - with an agent who has spent weeks with us making sure that all documents are as requested including certified and translated copies, which took ages to organize (about 70 signatures were required from each us). We had an appointment at Chaeng Wattana, which we soon realized meant nothing. Once we got there, we got a ticket and waited for our turn. The immigration lady behind her desk flipped through all the documents and said "This is rejected. You need two separate accounts with 800.000 baht in each. Joint accounts are not acceptable". After all the work and diligence for months now, we returned a second time to get told that we are rejected again - this time for having a joint account. Our agent did not give up right away. She went to 2 more counters including the information desk - all of them assured us that a joint account for husband and wife was perfectly acceptable. "Try another counter" they said "they ,might accept it". 

So, who in government knows anything about what is going on at immigration? Great coming out with tempting stories about visas for us 'aliens', but who actually checks what rules immigration officials apply behind their desks? My husband has won several awards of excellence here in Thailand including the 'world's best hotel' award from Conde Nast. He has now been rejected twice for something as simple as a retirement visa on obviously invalid grounds. How desperate does one have to be to accept this humiliation after 25 years of dedicated service to the Thai luxury tourism industry?! It is shameful!

[Viggen8408]

On 5/11/2022 at 12:38 PM, rc1 said:

Anyone know if any of this visa type has actually been issued? 

Do you have to continue to prove the income after the initial application? 

If not, looks favourable for an under 50 year old in comparison to Elite. 

Has to be gazetted, and then 90 days after that.

[Viggen8408]

Would love to know who in Cabinet voted against this. One name springs to mind; no names, no pack drill, but he thinks farang are filthy and don't wear masks

[TheDirtyDurian]

On 5/11/2022 at 8:06 AM, HolyCowCm said:

Give me a 10 year for $5000 USD and I might be willing to part with that money, but not with the additional hurdles to spring up, and I would also want the option to have an extra payment to be covered under their health care system here. $5000 may seem like a little, but then if you compound that with one's normal dialy-monthly-yearly spending here then this adds up to quite a lot for thsi country and it's people and them with their products being taxed on everything.

It's $1500 for ten years. Why you want to pay more?

$150 a year is a bargain. I'm interested. 

Even better when you factor in inflation. 

[Soidog]

1 hour ago, TheDirtyDurian said:

It's $1500 for ten years. Why you want to pay more?

$150 a year is a bargain. I'm interested. 

Even better when you factor in inflation. 

I’m totally lost as to what this visa is about. All the articles I read conflate various situations. Everything from straight forward retirement, to significant investors and on to Digital Nomads. Can anyone clarify what this option means for the majority of people who simply want to stay long term in Thailand? 

[TheDirtyDurian]

39 minutes ago, Soidog said:

I’m totally lost as to what this visa is about. All the articles I read conflate various situations. Everything from straight forward retirement, to significant investors and on to Digital Nomads. Can anyone clarify what this option means for the majority of people who simply want to stay long term in Thailand? 

I'm still looking for the catch. As of yet I can't see one. I'd qualify under the income route. It's a bargain. 

As I've read things, I'd have to show that my income over the two years prior to application meets the requirements, and that's it. Pay the cash.

No need to keep money in a Thai bank etc which so many complain about as the reason why they use visa agents, average 15k a year, because they're all expert investors and make their money work better for them elsewhere. 

Can get work permit, if that's your thing, although I think that's not going to appeal to many who qualify. 

But the visas for family members might be attractive. 

I'm waiting to see if there's anything like minimum stay requirements, as in you must spend at least 90 days per year in the country or something like that. 

Need more info. 

[AdvocatusDiaboli]

On 5/11/2022 at 10:26 AM, Thaiger said:

Thailand’s Cabinet have agreed to reduce the Long Term Resident visa fee by 50%

Because they got no takers …. They all went to Estonia, Mexico and Panama  …. .  

[HolyCowCm]

9 hours ago, TheDirtyDurian said:

It's $1500 for ten years. Why you want to pay more?

$150 a year is a bargain. I'm interested. 

Even better when you factor in inflation. 

Thank you. For some  reason I oddly read it another way back when posted. $150 a year is fine for a non worry 10 year period. I too now would like to see the next final rules, that is if it clears and becomes a reality. I would have to shift to retirement but one never knows if the wife will live longer than the husband. Just going to wait and see.