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Understanding Property Ownership in Thailand and Visa Eligibility
Investing and owning real estate in Thailand is a dream for many, captivated by the country’s stunning landscapes, rich culture, exquisite cuisine, favorable cost of living, and enticing investment opportunities. However, it’s crucial to address a common question related to “Thailand residence by investment”: “Can I get a visa if I buy property in Thailand?”
Can I Get A Visa If I Buy Property In Thailand
Owning property in Thailand does not automatically grant you a Thai visa. However, property ownership can qualify you for the Thai Long Term Residence (LTR) Visa, specifically designed to facilitate long-term stays for high-income foreign individuals and retirees through substantial investments in Thai real estate.
Thai Long Term Residence Visa By Investing in Properties
The Thailand Long Term Residence (LTR) Visa program has gained popularity, particularly among foreign investors seeking long-term residency in Thailand. The Thailand Board of Investment continues to streamline the application process to attract more foreign investment into the country. The LTR Visa provides holders with the opportunity to enjoy long-term living benefits in Thailand, supported by their property investments and compliance with visa regulations.
1. Investment Requirement:
One of the primary eligibility criteria for the LTR Visa is making a substantial investment in Thai real estate, requiring a minimum of USD 500,000 (equivalent to approximately 19 million baht). This investment can be in Thai real estate property, foreign direct investment in Thailand, or Thai government bonds.
2. Health Insurance Requirement:
Applicants must present a health insurance policy covering medical expenses in Thailand, with a minimum coverage of USD 50,000. The policy must remain valid for at least 10 months from the date of application. Alternatively, applicants can provide evidence of savings amounting to at least USD 100,000 in a Thai or overseas bank account, maintained for a minimum of 12 months prior to the application.
3. Proof of High Income:
High-income earners must demonstrate a personal income of at least USD 80,000 annually for the two years preceding the application date.
4. Financial Assets:
Applicants are required to possess at least USD 1 million in financial assets.
- Applicants must submit their application and supporting evidence to the Thailand Board of Investment (BOI).
- The LTR Visa is initially granted for a period of 5 years, which can be extended for another 5 years, totaling a maximum stay of 10 years.
- Visa holders, along with their spouse and children, must annually report their residence status to the relevant government agency.
- Once the LTR Visa is obtained and a work permit application filed, visa holders can start working immediately without waiting for the permit’s issuance.
- Work permits issued to professionals with employers are valid for a maximum of 5 years and can be extended for another 5 years. For those running their own business, the permit duration will be based on the applicants’ request, up to 5 years, with the possibility of extension.
- The work permit becomes void upon termination or expiration of the LTR Visa.
- LTR Visa holders and their dependents can apply to change their visa type according to the regulations set forth by the Thai immigration bureau.
- Non-compliance with visa regulations may result in the cancellation of the LTR Visa.
The Long Term Resident (LTR) Visa in Thailand offers several benefits and perks to foreign nationals who qualify:
- Provides up to 10 years of uninterrupted stay in Thailand.
- Offers a 5-year multiple-entry visa that’s renewable up to a maximum of 10 years.
- Includes free access to immigration fast-tracking services upon arrival at Thai international airports.
- Requires annual reporting to Thai Immigration (rather than the default 90-day reporting process for other visa holders).
- Provides tax exemption on foreign-sourced income*.
- Offers a flat income tax rate of 17% for holders in the Highly-Skilled Professionals category.
- Facilitates work permit and immigration services at the One Stop Service Center.
- Allows the opportunity to legally work in Thailand for a Thai company.
- Does not count towards foreigner quotas under employee regulations.
*Note: Tax exemption applies only if the remitted income does not enter Thailand in the same year it was earned.
To maximize the benefits of property ownership in Thailand and ensure eligibility for the desired visa type, consulting with a reputable visa service provider is highly recommended. They can provide tailored advice, assess your eligibility, and guide you through the visa application process, ensuring compliance with all legal requirements. While owning property in Thailand does not directly grant a visa, it opens doors to a long-term residence visa opportunity. By understanding the nuances of visa types linked to property ownership and seeking expert guidance, you can navigate the process with confidence and enjoy the benefits of living or investing in Thailand.
