20,000 yuan in 10 years! A 10-year long-term visa cheaper than elite visas is coming

Just yesterday, the Thai government cabinet formally deliberated and approved a draft of Thailand's new 10-year long-term resident (LTR) visa.

What is this new 10-year long-term residence visa? Isn't there already an elite signing?

First, let's talk about this new type of visa.

In order to address the impact of tourism while stimulating an influx of some high-quality ("big spending") tourists to Thailand, the Ministry of the Interior and the Ministry of Labor proposed a 10-year visa program, which was approved by the Cabinet on the 19th.

The visa fee for LTR Visa is 10,000 baht (about 1940 rmb) per year, the visa is valid for 5 years, after which it can be renewed once for 5 years, for a total of 10 years. Visa applicants and their entourage must report address information to government officials once a year.

The main population of the visa is the following 4 categories:

1. Digital Nomads – professionals working remotely online

2) Highly skilled professionals who can use their skills (and salaries) to drive Thailand's development

3) Wealthy global citizens (government officials once predicted that these tourists would cost 1 million baht per trip)

4, rich pensioners - retirees who have a considerable disposable income every month

In the short term, it is difficult to attract ordinary tourists, so Thailand has to focus on potentially high-quality people. The above groups of people are also the key to Thailand's tourism work in the next one to two years, they not only have a high level of consumption, but also have plenty of time, can stay in Thailand for a long time, and will play a certain easing effect on the Thai economy.

What privileges can be enjoyed by foreigners who have obtained a 10-year long-term residence visa:

1. Foreigners who have obtained this visa and their legal spouses and children (aged not more than 20 years old) enjoy the rights and interests stipulated by the Investment Promotion Council of Thailand (BOI), but not more than 4 people.

2. It is easier and faster to apply for a work permit, and you can start working as soon as you arrive in Thailand without having to wait for their work permit application to be completed.

3. Foreigners who have obtained a long-term resident visa and their legal spouses and children may apply for a replacement visa for other types of visas in accordance with the regulations of the Immigration Bureau.

If you don't understand, at first you thought it was an upgraded version of the elite visa, but in fact, there is a difference between the two visas. Elite visas do not have such high requirements for applicants, as long as you have enough money to pay the membership fee, you can do it, and the privileges you can enjoy are very many.

LTR is obviously only for high-net-worth specific people, which can be said to be a higher threshold, but it has the advantage of being cheaper and more cost-effective. THE TOTAL COST OF LTR10 IS 100,000 BAHT, ABOUT 20,000 YUAN, WHILE THE ELITE VISA REQUIRES A MEMBERSHIP FEE OF 60-2 MILLION BAHT (ABOUT RMB 120,000-400,000 YUAN / PERSON), WHICH IS REALLY MUCH CHEAPER, FOR THOSE WHO COME TO THAILAND FOR THE ELDERLY, OR LTR IS COST-EFFECTIVE.