Known for its delicious cuisine, signature Thai massage style and beautiful beaches, Thailand is a popular travel destination for Singaporeans. It is also potentially a great place to live and work as a digital nomad or even retire.
Before you think about living and working as a digital nomad in Thailand, you would first need to secure a valid visa. While a tourist visa will more than suffice for most tourists with up to 60 days of stay in Thailand, digital nomads will need a valid long stay visa to live and work.
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Long Term Resident Visa For Digital Nomads In Thailand
Thailand offers a few types of visas for longer stays that can range from 1 to 20 years. One that is suitable for digital nomads is the Long Term Resident (LTR) visa. This is a new visa programme to attract wealthy or talented foreign residents into Thailand. 4 categories of foreigners may apply under the LTR: Wealthy Global Citizens, Wealthy Pensioners, Work-From-Thailand Professionals and Highly Skilled Professionals.
The Long Term Resident visa is a renewable visa for up to 10 years. Visa holders will be granted 5 years stay first, which can be extended for another 5 years if qualifications are met.
The LTR visa is especially attractive for digital nomads because it grants permission to work in Thailand (Digital Work permit) and tax exemption for overseas income. Additionally, the LTR visa grants exemption from 4 Thais to 1 foreigner employment requirement ratio, 17% personal income tax for highly-skilled professionals, multiple re-entry permit, fast track service at international airports in Thailand and immigration and work permit facilitation at the One Stop Service Center for Visa and Work Permit. The 90-day reporting of residence address is also extended to 1-year report and they are exempted from re-entry permit.
Requirements For LTR: Work-from-Thailand Professionals
To qualify under the Work-From-Thailand Professionals category of the Long Term Resident Visa, you would need to be a remote worker working for a well-established overseas company.
You will need to:
- Have a personal income of at least USD80,000 (SGD 107,200) per year in the past two years. If your personal income was less than USD80,000 per year but more than USD40,000 (SGD53,600) per year in the past two years, you must have a Master’s degree or above, own intellectual property or receive Series A funding.
- Be employed by a public company on a stock exchange, or a private company in operation for at least 3 years with combined revenue of at least USD150 million (SGD201 million) in the last 3 years
- Have at least 5 years of work experience in the relevant fields of the current employment over the past 10 years.
- Have health insurance with at least USD50,000 (SGD67,000) coverage or social security benefits insuring treatment in Thailand or at least USD100,000 (SGD134,000) deposit.
Note: the designated exchange rate used for conversion is USD1 to SGD1.34, as indicated on the official LTR website.
This 10-year visa with multiple entry will cost 50,000 baht (~SGD2,000) per person in processing fee for collection in Thailand. Collection outside of Thailand will vary depending on the currency exchange rate of the country. To maintain digital work permit, you will also have to pay the processing fee of 3,000 baht (~SGD120) per year.
Wealthy Global Citizens, Pensioners And Highly Skilled Professionals Are Also Eligible For Long Term Resident Visa
If you are unable to meet the requirements under the Work-From-Thailand Professionals category, you can also consider applying for the other categories of the LTR.
For Wealthy Global Citizens, you will need to have at least USD1 million (SGD1.34 million) in assets, personal income of at least USD80,000 (SGD 107,200) per year in the past two years and investments of at least USD500,000 (SGD670,000) in Thai government bonds, foreign direct investment, or Thai property.
For Wealth Pensioners or retirees aged 50 years and older with an annual pension or stable income, you will need to have an annual personal income of at least USD80,000 (SGD 107,200) at the time of application. If your annual personal income is less than USD80,000 (SGD 107,200) but no less than USD40,000 (SGD53,600), you must invest at least USD250,000 (SGD335,00) in Thai government bonds, foreign direct investment, or Thai property.
For Highly Skilled Professionals, you will need to have a personal income of at least USD80,000 (SGD 107,200) per year in the past two years and be employed by a business in the targeted industries or Higher education institution, research institution, specialized training institution, or Thai government agency. You will also need to have at least 5 years of work experience in the targeted industries unless you have a PhD or above in the relevant fields of the targeted industries or are working for Thai government agencies. If your annual income is less than USD80,000 (SGD 107,200) but not less than USD40,000 (SGD53,600) in the past two years or before retirement, you must have a Master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand. If you are working for Thai government agencies, there is no minimum personal income requirement.
Additionally, all applicants must have health insurance with at least USD50,000 (SGD67,000) coverage or social security benefits insuring treatment in Thailand or at least USD100,000 (SGD134,000) deposit.
You Can Bring Along Your Spouse And Children
Being a digital nomad may seem like the domain of singles, but you can also bring along your family to stay in Thailand. You can apply for your spouse and children under 20 years old under the LTR. Up to a maximum of 4 dependents may be supported by one LTR visa holder.
To qualify, they must be recognised legal dependents (spouse and children). Do note that same-sex marriage or partnerships are not currently recognised by Thailand. They must also have Health insurance with at least USD 50,000 (SGD67,000) coverage or social security benefits insuring treatment in Thailand or at least USD 25,000 (SGD33,500) deposit.
Elite Visa Holders Can Obtain A Work Permit Under The Flexible Plus Program
Wealthy foreigners may already hold a Privileged Entry visa, under the Thailand Elite membership which is a country membership that includes immigration, leisure, business benefits. The Privileged Entry (PE) visa is valid for 5 years and renewable depending on the membership length.
Elite members who wish to obtain a work permit that allows them to work in Thailand can do so through the Flexible Plus Program. This programme allows them to apply to change their PE visa to a Non-Immigrant Visa with a validity of five years, while retaining the privileges and benefits of the Elite membership.
To qualify for the Flexible Plus Program, you must be a Thailand Privilege card member with a membership validity of at least 10 years and membership fee of at least 1 million baht (~SGD40,000). Currently, this will include members under the Elite Privilege Access, Elite Superiority Extension and Elite Ultimate Privilege.
You will also need to invest at least USD1 million (SGD1.34 million) within one year after the registration. These investments can be in real estate, a public company limited or company, and stock exchange of Thailand. The work permit will be terminated if the investment is cancelled or reduced or if the member fails to present the proof of investment.
Digital Nomads In Thailand Can Expect To Spend More Than The Average Thai Household
Once you have obtained a valid visa to stay in Thailand, you would need to think about the cost of living in Thailand. Both the Long Term Resident visa and Thailand Elite membership are targeted at well-heeled professionals and the rich who can afford the high investment requirements. By offering attractive visa benefits, Thailand hopes to attract these wealthy residents to contribute to domestic spending and investment while supporting economic growth. Thus, digital nomads who tap on these two visa schemes to live and work in Thailand should expect to spend more than the average Thai household.
On average, the average Thai household spends about 21,616 baht (~SGD940) per month in 2021. Households in the Greater Bangkok area tend to spend more at about 31,382 baht (~SGD1250) monthly while those working as professionals, technicians and managers also tend to spend more at about 40,573 baht (~SGD1620) monthly.
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Travel Tips
As more countries move towards a cashless society, we can now visit countries with less physical cash required. Cashless transactions are not only safer and more convenient, but would allow us to enjoy more competitive exchange rates as compared to traditional moneychangers.
If you do not have a multi-currency account or wallet, you can register for YouTrip, and receive a S$5 welcome credit when you use the DollarsAndSense promo code “DNS5”). In addition to making payments in over 150 foreign currencies, YouTrip allows you to exchange and store up to 10 currencies in your wallet.
Another great option is the Revolut Card, where you can receive a bonus S$15 top-up to your account when you sign up using the DollarsAndSense link. It offers a choice of three tiers of its card, with the free standard tier allowing you to hold and send money in more than 30 currencies.
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