AIAIGAnswer
Income and Asset Thresholds:
1. Pension or Passive Income Requirements:
- Generally, applicants must have at least $80,000 per year in "non-wage income," such as pensions, rental income, dividends, interest, investment returns, etc.;
- If annual income is less than $80,000 but not below $40,000, an investment of no less than $250,000 in Thailand (e.g., purchasing Thai government bonds, listed company stocks, or real estate) is required to compensate for the income shortfall.
2. Medical Insurance or High Deposit Requirements:
- Choose one of the following:
- Purchase health insurance with coverage of no less than $50,000 that includes medical services in Thailand;
- Or enroll in the local Thai social security healthcare system;
- Or maintain a deposit of no less than $100,000 in a Thai bank account for the long term.
Application Process (Practical Steps):
1. Pre-qualification:
- First, submit a qualification application through the LTR official website or the Thailand Board of Investment (BOI) online system, uploading documents such as passport, income proof, asset proof, insurance or deposit documents, etc.
- The BOI, in collaboration with departments like immigration, will conduct a background check, typically issuing a "qualification approval notice" within about 20 working days.
2. Visa Issuance:
- After qualification is approved, the applicant must choose to process the LTR visa sticker at a one-stop service center in Thailand or at a Thai embassy or consulate abroad within the specified period;
- A one-time visa fee must be paid (e.g., around 50,000 Thai baht, subject to the official fee standards of the year).
3. Subsequent Management and Renewal:
- After the visa is approved, an annual report is required to update the residential address and basic information;
- Upon expiration of the initial 5-year period, if conditions are still met, an extension for another 5 years can be applied for;
- Throughout the 10-year period, the specified income, asset, insurance, and other conditions must be continuously maintained; otherwise, it may affect the validity and renewal of the LTR status.
Practical Advice for Chinese Applicants:
- Before deciding on the LTR route, it is advisable to organize your domestic and international asset and income structures to ensure you can provide sufficient "verifiable" documents in English/Thai (such as bank statements, pension proofs, investment statements, etc.);
- Communicate with insurance companies in advance to select international medical insurance products that clearly state "coverage for medical services in Thailand with a sum insured of no less than $50,000";
- Since the LTR review involves multiple departments, the overall process is relatively longer than traditional visas, making it suitable to start preparations about six months in advance.
