Thailand: Residency by Investment 2024

Thailand Residency by Investment Guide

Thailand’s Residency by Investment program provides foreign investors with the opportunity to secure long-term residency in one of Southeast Asia’s most desirable locations. The program offers flexible investment options, starting with a minimum investment in real estate or businesses. Residency permits are typically valid for 5 to 20 years, granting investors and their families access to Thailand’s growing economy, healthcare system, and lifestyle benefits. For those seeking both a stable base in Asia and an attractive investment, Thailand is an ideal choice.

Break Front can assist you in navigating the process to ensure a smooth application.

Country Info

Population: Approximately 70 million (as of 2023).
Economy: Thailand is classified as an emerging market and one of Southeast Asia's most dynamic economies. Key industries include agriculture, manufacturing (electronics, automobiles), tourism, and exports of food products. The country is a hub for international business, particularly in sectors like automotive, technology, and hospitality.
Government Type: Constitutional monarchy with a parliamentary system. The King serves as the head of state, while the Prime Minister is the head of government.
Official Language: Thai is the official language, though English is widely spoken in business and tourism sectors.
Geographic Position: Thailand is located in Southeast Asia, bordered by Myanmar to the northwest, Laos to the northeast, Cambodia to the southeast, and Malaysia to the south.
Currency: Thai Baht (THB).
Capital: Bangkok, which is the largest city and a key financial and cultural hub.
Time Zone: Indochina Time (ICT), UTC +7.
Climate: Thailand has a tropical climate with distinct wet and dry seasons, characterized by hot temperatures year-round and a monsoon season from May to October.

Life Quality Index

Safety Index: 60.2 (Moderate)

Healthcare Index: 77.9 (High)

Cost of Living Index: 40.7 (Low)

Pollution Index: 75.1 (High)

Climate Index: 73.4 (High)

Traffic Index: 35.6 (Low to Moderate)

Property Price to Income Ratio: 15.3 (High)

Investment routes

For 2024, Thailand offers a range of investment options for its Residency by Investment programs. Here are the most popular ones:

Thailand Elite Visa Program

This is a residency program structured like a premium membership, offering multiple visa types with durations from 5 to 20 years:

Elite Easy Access: A 5-year residency visa for approximately USD 15,000. It’s ideal for frequent travelers and can be upgraded to longer options.
Elite Privilege Access: A 10-year visa designed for families, costing around USD 30,000 for the main applicant, and USD 22,500 for each dependent.
Elite Ultimate Privilege: A 20-year residency visa for around USD 60,000, including exclusive VIP services and benefits.

Investment in Real Estate

Minimum Investment: THB 10 million (approximately USD 300,000) in government-approved real estate projects. This allows investors to apply for long-term residency through real estate investments.

Government Bonds or Fixed Deposits

Minimum Investment: THB 10 million (approximately USD 300,000) in Thai government bonds or a fixed deposit in a Thai bank. This investment secures a long-term residency visa as long as the investment is maintained.

These investment options provide flexibility in obtaining long-term residency in Thailand, with added perks like healthcare, airport services, and access to exclusive facilities depending on the chosen plan. Break Front can assist you in navigating these options to ensure a smooth application process.

Long-term residence

For 2024, Thailand offers various investment options under its Long-Term Resident (LTR) Visa program, aimed at attracting wealthy individuals, retirees, skilled professionals, and remote workers. Here are the main investment routes:

Wealthy Global Citizen:

Eligibility: Must hold at least USD 1 million in assets and have a personal income of USD 80,000 per year over the past two years.
Investment: A minimum investment of USD 500,000 in Thai government bonds, real estate, or direct business investments.

Wealthy Pensioner:

Eligibility: Applicants aged 50 or older with a minimum annual income of USD 80,000. If the income is between USD 40,000 and USD 80,000, they must invest an additional USD 250,000 in government bonds, property, or businesses in Thailand.
Investment: Real estate, government bonds, or a combination thereof.

Work-from-Thailand Professional:

Eligibility: Remote workers employed by well-established overseas companies with a minimum annual income of USD 80,000. Workers earning between USD 40,000 and USD 80,000 must have a master’s degree or equivalent.
Investment: No direct investment, but proof of employment and income is required.

Highly Skilled Professionals:

Eligibility: Professionals in targeted industries (like technology or healthcare) with an annual income of USD 80,000, or USD 40,000 with a master’s degree.
Investment: No direct investment, but expertise in a specified industry is necessary.

These investment options provide access to Thailand’s 10-year renewable LTR Visa, making it an attractive choice for investors seeking long-term residency in a vibrant, growing economy.

Break Front can help streamline your application process, ensuring a smooth path to securing your Thai residency.

Required documents

To apply for the Thailand Long-Term Resident (LTR) Visa, several documents are required based on the specific category of the applicant. Below is a general overview of the necessary documents across all LTR visa categories:

Required Documents for the LTR Visa:

Valid Passport:
- A copy of the applicant's valid passport, which must be valid for at least six months.
Proof of Assets (for certain categories):
- Applicants in the Wealthy Global Citizen category must provide evidence of having at least USD 1 million in assets.
Proof of Income:
- For all categories, documentation showing personal income. For most applicants, this means demonstrating a minimum of USD 80,000 per year over the past two years.
- If income is between USD 40,000 and USD 80,000, additional requirements like a master's degree or equivalent experience may apply.
Investment Documentation:
- Wealthy Global Citizens must show proof of at least USD 500,000 invested in Thai government bonds, foreign direct investments, or Thai property.
- Wealthy Pensioners who earn less than USD 80,000 but more than USD 40,000 per year must show proof of a USD 250,000 investment.
Employment Contract (for work-from-Thailand professionals and highly-skilled professionals):
- A valid employment contract with a qualified employer, either in Thailand or abroad, that meets the minimum revenue or sector requirements.
Health Insurance:
- All applicants must have health insurance with coverage of at least USD 50,000, or provide proof of social security benefits covering medical expenses in Thailand. Alternatively, a deposit of at least USD 100,000 can be maintained in a Thai bank account for at least 12 months.
Proof of Experience:
- For professionals, documentation proving at least five years of work experience in the relevant field is required.

Additional Requirements:

Application Form: Completion of the official LTR Visa application form, available through Thailand’s Board of Investment (BOI) portal.
Application Fee: The fee for the 10-year LTR Visa is approximately USD 1,600. If applying for a digital work permit, an additional fee of around USD 90 per year applies.

Once the application and documents are submitted, it typically takes around 30 working days for approval. After approval, applicants can proceed to get their visa stamped at a Thai consulate or immigration office within 60 days.

Application process

1. Gather Required Documents

Collect all necessary documents, including a valid passport, visa application form, passport-sized photos, financial proof, travel itinerary, and accommodation details.

4. Pay Visa Fee

Pay the applicable visa fee, either online or at the embassy/consulate. The fee varies depending on the type of visa and the number of entries.

2. Complete Visa Application Form

Fill out the visa application form accurately and sign it. The form can often be found on the website of the Thai embassy or consulate in your country.

5. Attend an Interview (If Required)

Some visa types, such as long-term or business visas, may require an interview at the Thai embassy or consulate.

3. Submit Application

Submit the completed application form and all required documents either online through the e-visa system or in person at the nearest Thai embassy or consulate.

6. Receive Visa and Travel

Once your application is approved, you will receive your visa. If it's an e-visa, print it out and present it upon arrival in Thailand. If applying in person, collect your passport with the visa stamp from the embassy.

Benefits

Long-Term Stay

With programs like the Thailand Elite Visa or Smart Visa, you can enjoy long-term residency in Thailand without the need for frequent visa runs or renewals. This stability allows you to focus on your work and enjoy a secure stay, with options ranging from 5 to 20 years.

Ease of Business Operations

The Smart Visa is particularly advantageous for digital nomads working in specific industries like technology or startups, offering up to 4 years of residency. It allows you to legally work in Thailand without requiring a separate work permit.

No Requirement for Local Sponsor

The Thailand Elite Visa and Smart Visa don’t require a local employer or sponsor, giving you full flexibility to work for international clients or remotely for a foreign company.

Family Benefits

Some visa options, like the Thailand Elite Visa, allow you to include family members in the program, providing residency to your spouse and children, making it easier for families to relocate.

VIP Services (Thailand Elite Visa)

The Thailand Elite Visa includes VIP services such as expedited immigration processes, airport transfers, and exclusive access to government services, making your experience more convenient.

Access to Thailand’s Healthcare and Infrastructure

With residency, you gain access to Thailand’s high-quality healthcare system and public services, as well as the ability to open bank accounts and obtain a Thai driving license, simplifying daily life.

Freedom to Travel

Residency visa holders can freely exit and re-enter Thailand without needing new visas, providing the flexibility to travel internationally while maintaining a home base in Thailand.

Tax Benefits

Thailand has favorable tax policies for expats, including exemptions on foreign income for non-residents, making it an attractive option for digital nomads and investors.

Tax system

Thailand has a relatively straightforward tax system, which includes taxes on personal income, corporate profits, and value-added services. Here’s a breakdown of the key elements:

1. Personal Income Tax

Tax Residents: Individuals who stay in Thailand for 180 days or more in a tax year are considered tax residents. Tax residents are taxed on their worldwide income, though foreign income is taxed only if remitted to Thailand in the same tax year it is earned.
Tax Rates: Thailand’s personal income tax rates are progressive, ranging from 0% to 35%:
- Up to THB 150,000: 0%
- THB 150,001 - 300,000: 5%
- THB 300,001 - 500,000: 10%
- THB 500,001 - 750,000: 15%
- THB 750,001 - 1,000,000: 20%
- THB 1,000,001 - 2,000,000: 25%
- THB 2,000,001 - 5,000,000: 30%
- Over THB 5,000,000: 35%

2. Corporate Income Tax

Standard Rate: The standard corporate tax rate for most companies in Thailand is 20%.
SMEs: Small and medium-sized enterprises (SMEs) enjoy reduced rates, based on net profits:
- Up to THB 300,000: 0%
- THB 300,001 - 3,000,000: 15%
- Over THB 3,000,000: 20%
Foreign-Sourced Income: Income earned abroad is generally not taxable unless brought into Thailand within the same year.

3. Value-Added Tax (VAT)

Standard Rate: The standard VAT rate in Thailand is 7%, applicable to most goods and services.
Exemptions: Certain goods and services, such as education, healthcare, and domestic transportation, are exempt from VAT.

4. Withholding Tax

Interest Income: A 15% withholding tax is applied to interest income earned by individuals.
Dividends: Dividends paid to residents are subject to a 10% withholding tax.
Royalties: A 15% withholding tax applies to royalties paid to non-residents.

5. Capital Gains Tax

In Thailand, capital gains are treated as ordinary income and are subject to personal or corporate income tax, depending on whether the taxpayer is an individual or a corporation.

6. Property and Land Taxes

Land and Building Tax: Implemented in 2020, this tax applies to land and buildings at rates ranging from 0.01% to 1.2%, depending on the use of the property (residential, agricultural, commercial).
Transfer Fees: A transfer fee of 2% is imposed on the sale of real estate property.
Stamp Duty: 0.5% stamp duty is applied to property transactions, although the seller may opt to pay specific business tax (SBT) at 3.3% instead of stamp duty.

7. Tax Incentives

Thailand offers various tax incentives for businesses operating in special economic zones and sectors such as technology and innovation, overseen by the Board of Investment (BOI). Incentives may include corporate tax holidays, exemptions on import duties, and more.

8. Double Taxation Agreements (DTAs)

Thailand has signed DTAs with over 60 countries, helping to prevent double taxation on income earned in one country and taxed in another.

Why choose Break Front?

Global expertise with local insight: A team of seasoned local case executives, immigration lawyers, and investment specialists.

Independent service: We are not affiliated with any marketing agencies or specific projects. You’ll have access to all eligible Golden Visa options, allowing you to choose the best path for your needs, supported by the legal due diligence services of a reputable law firm.

High approval rate: We pride ourselves on our high approval rates while having successfully assisted hundreds of clients from over 25 countries.

Comprehensive support: Our dedicated onboarding and immigration teams guide you through the entire process, providing a seamless experience with a single point of contact.

Transparency: Our fees are clearly outlined and comprehensive, with no hidden costs involved in the entire process.

Privacy: Your personal information is securely stored in a GDPR-compliant database.