26 September 2022
An expatriate, who obtains LTR Visa as a “Wealthy Global Citizen” “Wealthy Pensioner”, or “Work-From-Thailand Professional”, may be exempted from personal income tax (PIT) by virtue of Royal Decree 743 for incomes derived from offshore works or duties, or from the assets located outside Thailand, even though such incomes are brought into Thailand.
Later, on 26 August 2022, the Notification of Director-General of Revenue Department Re: Income Tax (No. 427) (“D-G Notification No. 427”) was issued to require that the eligible expatriates must fulfill the conditions for the LTR Visa laid down by the Board of Investment (“BOI”) whereby, according to the Notification of Office of BOI No. Paw.2/2565 (2022) dated 30 June 2022, at the time an application is made for LTR Visa:
a. The “Wealthy Global Citizen” expatriate must own the total minimum assets of USD 1 million, and fulfill other requirements, e.g. minimum investments in Thailand, minimum incomes during 2 previous years, and a qualified health insurance policy.
b. The “Wealthy Pensioner” expatriate must be at least 50 years of age, and fulfill other requirements, e.g. minimum amount of annual pensions and a qualified health insurance policy.
c. The “Work-From-Thailand Professional” must be employed by an offshore company with required qualifications, and must fulfill other requirements, e.g. minimum annual income, minimum working experiences in the related field, and a qualified health insurance policy/social security/minimum savings.
d. The “High-skilled Professional” must have an employment or hiring agreement to work in the targeted industries, and fulfill other requirements, e.g. minimum incomes during 2 previous years, salaries per year and/or minimum educations in the same profession, minimum experience in the targeted industries and a qualified health insurance policy/social security/minimum savings.
Failure to fulfill any condition will disqualify the expatriate from tax incentive for the relevant year.