The Board of Investment (BoI) is looking to enlist private firms to promote the Long-Term Resident (LTR) visa program aimed at wealthy pensioners and skilled foreign workers.
According to BoI Secretary-General Narit Therdsteerasukdi, these companies will work with government authorities to promote the initiative locally and internationally to attract more prospective participants. He said the move is in a bid to draw more applications for the 10-year visas introduced in 2022.
The LTR visa program, which provides tax breaks and other financial incentives, is part of Thailand’s efforts to strengthen its economy. The government aims to attract one million applicants over the next five years. As of September 2022, about 2,800 foreigners have applied for visas. Pensioners accounted for 35% of applicants, followed by experienced professionals wishing to work remotely from Thailand and wealthy global individuals.
Collaborating with private firms to promote the program locally and globally is an excellent opportunity for Thailand to increase its foreign investment and attract skilled professionals and high-net-worth individuals. The effectiveness of this campaign could be a promising step towards strengthening Thailand’s economy and portraying the country as an appealing destination for foreign investment.