In September 2022, the Royal Thai Government opened applications for the new Long-Term Resident (LTR) visa. The LTR visa is valid for 10 years and can be accessed with a one-time application fee of THB 50,000 (approximately USD 1,500). This visa is aimed at the following individuals (including their spouses and dependents) who wish to live and work in Thailand:
The Thailand Elite and LTR visas differ in the following six ways:
1. Investment requirements
The investment requirements for the LTR visa vary and depend on which of the above categories the applicant falls under. All main applicants, however, are required to have a minimum personal income of USD 80,000 per year, as well as health insurance with a minimum coverage of USD 50,000. For an overview of the application requirements, please visit https://ltr.boi.go.th/
In comparison, the Elite visa requires applicants to pay only the cost of their chosen program option. There are seven program options available, and the application fee ranges between approximately USD 19,000 and USD 68,000. Furthermore, no additional investment requirements apply.
2. Visa validity
The LTR visa is a 10-year multiple-entry visa, which is granted for an initial period of five years and can be extended for another five years, subject to certain application conditions being maintained.
While the Elite visa also functions as a multiple-entry visa, its membership period can vary from five to twenty years, depending on the chosen program option. In addition, the Elite visa is only applied for once.
LTR visa holders are limited to including a maximum of four dependents to their applications. Dependents may only include their spouse and/or children who are under 20 years of age. Parents and same-gender partners are currently not eligible dependents under this visa.
On the other hand, the Elite visa does not limit the number of dependents included in an application. The main applicant may add their legitimate parents, stepparents, spouse — including same-gender or civil union partners — children, and stepchildren in their application. No age restrictions apply.
4. Health insurance coverage
LTR visa holders and their dependents are each required to obtain health insurance with a minimum coverage of USD 50,000.
In contrast, no health insurance coverage is required to obtain the Elite visa.
5. Work permit
A digital work permit can be issued to LTR visa holders at the One Stop Service Center for Visa and Work Permit in Bangkok. This permit must be renewed annually.
Under the Elite visa, the Thailand Privilege Card Co., Ltd. only allows members who apply through the Flexible Plus Program to obtain a work permit. For this option, members must already be registered as Elite Privilege Access members (with a 10-year visa in place) or Elite Ultimate Privilege or Elite Superiority Extension members (each with a 20-year visa in place). These Flexible Plus Program members must invest a minimum of USD 1 million into the Thai stock exchange or a real estate project. For an overview of the Flexible Plus Program, please visit https://www.thailandelite-direct.com/en/blog/post/thailand-flexible-plus
While the cost of an LTR visa appears to be more attractive with a fee of THB 50,000 (approximately USD 1,500), and an additional THB 3,000 (approximately USD 100) for the work permit to be processed and renewed every year, applicants can only qualify if they meet all the other requirements. The application process requires significantly more information and is time consuming when compared to the Elite visa’s process.
The application fee for obtaining the Elite visa may be a much higher investment to make, but it is a one-time fee with a validity period of up to 20 years (depending on the program) and there are no additional investment conditions to qualify for the visa. Furthermore, the application requirements are minimal, making it a straightforward process. On top of that, the Elite visa offers members the luxuries of comfort and VIP services, such as a dedicated Elite Personal Assistant for international flights and lounge access and a 24-hour member contact center, neither of which are available under the LTR visa option.
If you would like to arrange a call with us to discuss these two visas and which one would be the best for you and your family, please contact us on firstname.lastname@example.org One of our client advisors would be happy to assist you.
Posted on Feb 08, 2023