Unanswered2 years ago
What are the steps and timeline for applying for the LTR visa in Thailand and what alternatives exist if I do not qualify?
Thank you for running this post. I have a question, if I may.
I’m an American and my wife is Thai. We are seriously considering retirement in Bangkok later this year. I have been studying the requirements for the LTR visa (wealthy pensioner). I had a passive income of $88,000 last year, and probably similar this year. (But I suspect it depends on how the documents are interpreted).
If I begin the process of application through the BOI it is said to take 20 days, let’s say, a month (if everything acceptable). Then I must apply for the visa at the embassy here and find adequate medical insurance.
How long does it all take? Of course, the sooner we book a trip, generally the cheaper it is.
Secondly, if I fail (either the BOI or the embassy), then what’s the best alternative? Five-year retirement visa (non-immigrant O-X)?
Thank you for any pointers you can provide.
I’m an American and my wife is Thai. We are seriously considering retirement in Bangkok later this year. I have been studying the requirements for the LTR visa (wealthy pensioner). I had a passive income of $88,000 last year, and probably similar this year. (But I suspect it depends on how the documents are interpreted).
If I begin the process of application through the BOI it is said to take 20 days, let’s say, a month (if everything acceptable). Then I must apply for the visa at the embassy here and find adequate medical insurance.
How long does it all take? Of course, the sooner we book a trip, generally the cheaper it is.
Secondly, if I fail (either the BOI or the embassy), then what’s the best alternative? Five-year retirement visa (non-immigrant O-X)?
Thank you for any pointers you can provide.
Summary so far
An American expat is considering retirement in Bangkok and exploring the LTR visa (wealthy pensioner) process. He has a passive income of $88,000 and is concerned about the application timeline through the BOI and subsequent embassy process. Comments suggest the process may take longer than the expected month due to documentation and requirements such as health insurance. There is also discussion about how failing the application could lead to considering a five-year non-immigrant O-X visa as an alternative. Additionally, there's a note that unearned or passive income must be consistent and not in lump sums for eligibility.
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Sean ********
OPSo, I asked KPMG law service in Thailand about my $88,000 income last year and their opinion is that the "unearned or passive income must be received continuously over the past 12 months and must not be in a lump-sum amount". This suggest that taking lump sums of, say, $20k at a time is not continuous income. I thought the LTR might be trickier than it first appears.
Sean ********
OPSo, back to my original question. Thank you all for your comments - I'm slowly assimilating a wealth of knowledge on the subject. I'm currently renewing my passport, but when that is done, I will apply to the BOI to see if I qualify. I'm not sure they will accept my economic numbers, but it they do, great. Let's say it takes a month, or maybe two months if there are any technical questions. Then, the process is to take the BOI endorsement (along with some other stuff) to my local Thai embassy. How long does that take to get the visa stamp in the (new) passport?
Brad *******
With higher social security kicking in pretty soon and other income I am looking at the LTR Visa as an option.
Totally different products but what is the total LTR vs Type O Visa fee cost comparison over 10 years?
The LTR Visa saves some time getting bank letters and renewing the Type O visa every year.... and the 90 day report is reduced to once a year from what I understand.
Looking at just the basics..
The LTR Visa fee with multiple entry allowed is 50k baht
If you have a Type O Visa renewed every year costs 1900 baht (plus assume you want the multi-entry options similar to the LTR) so add the 3800 baht multi-entry permit cost and the yearly Type O cost equals 5700 baht per year....or 57k baht over 10 years.
Basic costs:
LTR VISA. 50K
Type O + multi-entry 57k
With the LTR Visa you save only a bit... 7k baht over 10 years. If you invested that 50k baht LTR fee over 10 years you might make up for that 7k extra cost of Type O/multi-entry permit renewals over 10 years
But for a pensioner what are the LTR Visa income tax savings if any?
This is a basic comparison and there might be other cost details I am not aware of. Any other input is welcome.
Totally different products but what is the total LTR vs Type O Visa fee cost comparison over 10 years?
The LTR Visa saves some time getting bank letters and renewing the Type O visa every year.... and the 90 day report is reduced to once a year from what I understand.
Looking at just the basics..
The LTR Visa fee with multiple entry allowed is 50k baht
If you have a Type O Visa renewed every year costs 1900 baht (plus assume you want the multi-entry options similar to the LTR) so add the 3800 baht multi-entry permit cost and the yearly Type O cost equals 5700 baht per year....or 57k baht over 10 years.
Basic costs:
LTR VISA. 50K
Type O + multi-entry 57k
With the LTR Visa you save only a bit... 7k baht over 10 years. If you invested that 50k baht LTR fee over 10 years you might make up for that 7k extra cost of Type O/multi-entry permit renewals over 10 years
But for a pensioner what are the LTR Visa income tax savings if any?
This is a basic comparison and there might be other cost details I am not aware of. Any other input is welcome.
Andy **********
@Brad ******
A potential disadvantage is the visa is issued for 5 years, then renewed for another 5 years. A future government might abolish the scheme. Also, it does not contribute to accruing residency rights in Thailand
John ********
@Brad ******
in many places it takes 30 minutes to ‘renew’ the non O once a year not including a short trip to the bank. What’s the big hassle you are talking about ?Sean ********
OPVery interesting, Brad.
Andy **********
I see boi are now emphasising that if you do not maintain the requirements of the visa, then the ltr visa will lapse automatically. Ie if your income falls below $80k in any one year.
Todd *********
Mine took 19 business days. No issues at all. A couple of questions for them with the application process. Make it easy for them and clearly demonstate the $80k income. No need to show anything beyond that, so keep it simple
Sean ********
OP@Todd ********
Thank you. If I fail, what is the best alternative? Non-immigrant O-X?Todd *********
@Sean *******
it’s a big step down in cost and annoyance if you don’t get approved. O-X requires a 3 million baht deposit in Thailand. And repeating the finance and immigration requirements every year is a serious pain. That’s probably when you get an agent to manage it all for you
John ******
@Sean *******
non o or os or oxJohn ******
Do not forget the health insurance is part of the requirements for the ltr visa.
Todd *********
@John *****
it's actually optional. Not necessary at all. Can simply show $100k on deposit anywhere.Sean ********
OP@Todd ********
You mean, in Thailand. Not sure I want to deposit $100k in Thailand yet.Sean ********
OP@Todd ********
Thank you.Todd *********
@Sean *******
no, that’s most definitely not what I mean. I mean ANYWHERE. That’s what the requirement is.Sean ********
OP@John *****
I can get the health insurance thru a Thai broker, yes?Todd *********
@Sean *******
you can, but you don't need to. Depends on your intent/circumstance.Todd *********
@Sean *******
you don’t need to have the insurance, you can show $100k deposit anywhere. That’s all you needSean ********
OP@Todd ********
What? I thought I HAD to have the insurance coverage. Oh, you're saying the 'broker' is optional, right?John ******
@Sean *******
yes no problem. I always use for all my insurances AA insure in Pattaya or Phuket or bangkok. Dutch insurance company with a good history.John ******
Boi who organise the ltr is amazing. Very helpfull. You write : takes one month. Maybe but that is only possible if you forfill the requirement without hassels. Just reckon two months .
Sean ********
OP@John *****
Good point, thank you.Activity
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