Thailand's Investment Visas Through Real Estate

The LTR Visa: A Complex but Official Path for Major Capital

The LTR visa is the most tightly regulated and complex investment visa in Thailand. Its key requirement is confirmed investments of USD 1,000,000, of which at least USD 500,000 must be held in eligible investment assets: real estate, stocks, or a combination of both.

An important point: assets from different countries can be combined. That is, real estate in Thailand and real estate in another country, for example, can both be counted toward the total. However, there's a key nuance here — what's considered is not the asset's current market value, but its documented purchase value.

This matters especially for investors who have owned property for a long time. Say an apartment was bought years ago for USD 200,000 and is now actually worth USD 1.5 million. For visa purposes, only the original confirmed purchase price counts — not the current market price.

How the LTR Visa Application Process Works

The LTR is the only one of these investment visas processed through the Board of Investment (BOI). The process is fully online but remains fairly bureaucratic. Documents are reviewed by several officers, each of whom may request additional clarifications, confirmations, and comments. In practice, processing typically takes 4–5 months.

Key Risk: Documents Must Be Flawless

All LTR documents are submitted as scans, which technically creates a risk of forgery. That's exactly why the BOI specifically stresses that any falsification is unacceptable. The consequences can be extremely serious: visa refusal or cancellation, a lifetime blacklist, and in some cases, criminal liability and imprisonment.

So the LTR isn't a “worth a try” option — it's a path for investors who genuinely have significant, verifiable capital, a transparent asset structure, and the readiness to go through a lengthy compliance process.

The Updated Non-B Investment Visa: A More Practical Option Through Real Estate

An alternative to the LTR is the updated Non-B investment visa, officially reinstated and relaunched in 2024. Similar programs existed before but were suspended. Now this mechanism is working again and looks considerably more practical for some investors.

The main distinction of this program is that it's issued exclusively through an authorized state-owned company, whose shareholder is Thailand's Ministry of Tourism. This is important to understand: this type of visa isn't issued for free by developers or private agents. A free application path is only available if you apply independently, directly through the state company, without an intermediary.

What Properties Qualify for Non-B

The advantage of this program lies in its clearer, more straightforward requirements. The following can serve as a basis:

• registered off-plan property;
• the secondary market;
• long-term leases.

The following do not qualify:

• any contracts without registered title;
• properties still under construction.

The key principle is simple: the investor's name must appear either on the Chanote or in a registered contract.

Applying for a Visa Based on a Property Purchase

In this case, you'll need to provide:

• the Chanote;
• the sale and purchase agreement;
• documents confirming payment.

Notably, at this time a SWIFT transfer isn't a mandatory requirement. The main task is to confirm that the seller actually received the funds. A bank transfer, a cashier's check, or other documents confirming payment can be used as proof.

This makes the program noticeably more flexible than investors often assume visa requirements to be.

Can You Get a Visa Through a Lease

Yes, and this is one of the most interesting aspects of the new program. The Non-B investment visa can be obtained not only through a purchase, but also on the basis of a long-term lease.

The following conditions must be met:

• lease term — at least 4 years;
• rental payment — at least 85,000 baht per month;
• full prepayment must be confirmed at the time of application.

Notably, such a lease agreement may not even need to be registered with the Land Department. This makes the mechanism somewhat unconventional, but according to the information provided, it does work in practice.

How the Non-B Application Process Works

1. Preliminary document review.
2. Submitting documents to the state company.
3. Preparing forms, photos, and passport details.
4. Submission and follow-through to a final decision.

Once the document package is ready, the process usually takes about one month — significantly faster than the LTR.

Visa Format and Renewal

There's another important nuance: this visa can only be obtained inside Thailand. The applicant first receives a 3-month single-entry visa, which is then extended to a 12-month multi-entry visa, followed by further annual renewals. No re-entry permit is required for this visa.

Bank Accounts and Family

According to the state company, holders of this visa can open bank accounts. In practice, however, banks aren't always familiar with this visa type and sometimes decline without explanation. This has less to do with the visa itself than with individual banks' internal policies and sanctions-related risk concerns.

The main investor can bring along:

• a legally married spouse;
• children under 20.

The family relationship must be documented. Each family member pays government fees and Long Stay membership separately.

Document Translation

For the application, all documents are translated into Thai and certified. Complex consular legalization isn't required. The certified translator used is Bangkok Translators.

Application Costs

Based on the information provided, the costs are as follows:

• the state company's price — 27,000 baht;
• the recommended agent fee — 40,000 baht per year;
• Long Stay membership — a one-time fee of 4,000 baht.

These amounts are paid both by the primary investor and by each family member included in the application.

Which One Should an Investor Choose

Looking at both programs practically, the LTR visa is a solution for a very limited pool of investors with significant, verifiable capital and the willingness to go through a lengthy bureaucratic process.

The Non-B investment visa looks more applicable and realistic for those considering Thailand through the lens of buying already-registered property or a long-term lease. It has clearer requirements, a shorter processing time, and a more flexible entry point. That said, it's still critical to get the document structure right and meet all formal requirements.

Thailand's investment visas through real estate are no longer theoretical — they're a working tool. But success here depends not just on the fact of buying a property, but on how correctly the rights are registered, payments are confirmed, and the document package is prepared.

Viewed strategically, property in Thailand today can be more than just an investment asset — it can also be the basis for a long-term, legal presence in the country. The key is choosing the right entry format and structuring the deal from the start so that it meets visa requirements.