Phuket Vice Governor Amnuay Pinsuwan chaired the meeting of the “Joint Public-Private Sector Committee for Development and Solving Economic Problems in Phuket”, joined by leading business representatives on the island, including Phuket Chamber of Commerce President Thanusak Phungdet.
A host of officials from relevant government departments on the island also joined the meeting.
The meeting was the ninth time the committee had met so far this year. However, according to a report by the Phuket office of the Public Relations Department (PR Phuket), no decisions were made on exactly what to do to promote the new LTR visa, other than publish notices on Thai-language government channels.
Senior national government figures have already announced that the new visa scheme is hoped to attract more than 1 million “highly skilled” foreigners over the next five years, apparently drawn by the low cost of living and vibrant lifestyle in Thailand.
The new LTR visa has been promoted as making Thailand “an even more attractive destination” by simplifying the visa and work permit process and offering attractive incentives.
It is hoped that the new visa will bring more than B750 billion extra investment into Thailand by 2026.
At the meeting yesterday, Kantharos Laopradit from the Thailand Board of Investment (BOI), explained the scheme to Phuket officials.
The concept for the LTR visa was first raised last year, with the Cabinet approving the draft Notification of the Ministry of Interior on Long-Term Visa on May 10 this year.
The tax relief measures offered under the scheme were Gazetted on May 24. The Ministry of Interior rubber-stamped its own initiative on June 2, and the Ministry of Labour gave its approval on June 9. The conditions of entry under the visa were approved on June 20, Ms Kantharos explained.
The official “opening ceremony” of the scheme will be held next Wednesday (Aug 31) and the BOI will start accepting applications for the LTR visa next Thursday (Sept 1), she said.
The visa will be open to:
- Foreigners holding assets worth at least US$1 million
- Foreign retirees aged 50 and over who receive a pension or have a stable income
- Foreigners working from Thailand for foreign companies with “acceptable operating results”
- Highly skilled or specialised persons working for companies or higher education institutions or research institutes or specialised training institutes or government agencies in Thailand and must work in businesses in the targeted industries
The LTR visa will allow up to four direct dependents, namely the successful applicant’s spouse and children under 20 years of age, she added.
The benefits of the LTR visa were given as:
- The duration of the visa is 10 years (five years, plus extended for five years)
- The right to exempt the ratio of 4 Thai workers per 1 foreigner
- Permission to work in Thailand under a Digital Work Permit
- Report to Immigration every 1 year instead of every 90 days and can travel in and out of the country unlimited times (Multiple entries)
- Reduce income tax to 17% for skilled professionals and tax exemption for income coming from abroad
- The right to use the “fast track” at international airports where available
- Facilitation of visas and work permits at the Visa and Work Permit Service Center (OSS).
Qualified applicants may apply online by directly applying to the BOI (see BOI ’pre-screening’ service here), or at Royal Thai Embassies and consulates overseas, or at Immigration offices throughout Thailand.
The application for the visa is B50,000.
Under the visa, the annual digital work permit fee is B3,000.
Applications will be processed within 20 days, the BOI notes.