August 30, 2022
Since the lifting of the strict lockdown in the first quarter of 2022 and the decrease in the number of COVID-19 cases, the Thai economy has shown signs of recovery. However, Thailand still faces a battle in bringing its economy back up to pre-pandemic levels in order to compete with its ASEAN neighbors, not to mention the world. Therefore, in June this year, the Royal Gazette formally announced of the introduction of an initiative between the Ministry of Interior (“MOI”), the Ministry of Labour (“MOL”), and the Board of Investment (“BOI”) in the form of a Long-Term Resident (LTR) visa that is designed to attract a new wave of foreign direct investment (“FDI”) and knowledge transfer experts. The Thai government anticipates that the scheme will attract over one million foreigners over the next five years, drawn by the low cost of living and vibrant lifestyle here. The LTR visa scheme is focused on making Thailand an even more attractive destination by simplifying the visa and work permit process and offering attractive incentives. It is hoped that this will bring extra investment into Thailand of more than THB 750 billion by 2026. The LTR visa will benefit certain foreigners and their dependents who meet the criteria set by the BOI which are divided into five categories. The concept of the LTR visa was introduced last year and has been updated on an ongoing basis. Based on the Cabinet’s resolution in the previous year, most of the core qualifications still remain the same. However, there are new additional criteria that the applicants need to meet as stipulated by the BOI as...