Thailand's 10-year visa could fetch 1 million applicants

The Thai government expects its 10-year, multiple entry Long Term Residence visa program, will attract a million foreigners over five years as a boon to post-pandemic tourism and economic growth.

Since its launch on September 1 last year, 2,800 foreigners have applied for the new visas, with retirees accounting for 35%, said Narit Therdsteerasukdi, secretary general of Thailand’s Board of Investment, according to Thai media.

To be eligible for the visa program, foreigners must hold at least $1 million in assets, have a validated annual personal income of a minimum of $80,000 for the past two years and an investment of at least $500,000 in Thai government bonds, foreign direct investment or Thai property.

The visa is also open for retirees aged 50 years and older who have an annual pension or stable income of at least $80,000 per year at the time of application.

Thanks to the open visa policy, Southeast Asia's second largest economy received 11 million foreign visitors last year, making its tourism industry among the region’s fastest to recover post Covid lockdowns.

The Thai government is targeting 30 million foreign arrivals this year.

VNE