European, American tourists most interested in Thailand’s 10-year visa program

The new long-term resident (LTR) visa has attracted almost 3,000 foreign applicants between November 1 and February 28, Deputy Government Spokeswoman Traisuree Taisaranakul said, according to The Bangkok Post.

The largest group of applicants was from Europe, with 940 applying for the visa.

The United States and China were the second and third largest sources of applications, with 517 and 325 applicants respectively.

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.

The Thai government previously hoped the visa program would attract a million foreigners over five years as a boon to post-pandemic tourism and economic growth.

Southeast Asia’s second largest economy received 11 million foreign visitors last year. The Thai government is targeting 30 million foreign arrivals this year.