The Board of Investment (BoI) is seeking commercial sector partners to promote the Long-Term Resident (LTR) visa program, which is aimed at rich retirees and talented foreign employees.
According to BoI Secretary-General Narit Therdsteerasukdi, these enterprises will collaborate with government officials to promote the project both locally and globally in order to attract additional potential participants. He stated that the change is intended to increase the number of applicants for the 10-year visas that will be launched in 2022.
Thailand’s initiatives to develop its economy include the LTR visa program, which offers tax cuts and other financial incentives. For the next five years, the government hopes to recruit one million candidates. Some 2,800 foreigners had filed for visas as of September 2022. Pensioners made up 35% of applications, followed by experienced professionals looking to work remotely from Thailand and affluent international individuals.
Collaboration with private companies to promote the program on a local and global scale is an ideal opportunity for Thailand to encourage foreign investment and recruit qualified professionals and high-net-worth people. The success of this campaign might be a hopeful step toward boosting Thailand’s economy and promoting Thailand as a desirable location for international investment.