Thailand is now accepting applications for 10-year residency

Those who are granted the 10-year visa in Thailand will be eligible for a number of esteemed privileges, such as repeated re-entry and expedited processing.

(c) CNBC

The Kingdom of Thailand is now accepting applications from foreign nationals for its brand-new long-term visa.

Those who are granted the 10-year visa will be eligible for a number of privileges, such as repeated re-entry and expedited processing.

However, in order to be granted this visa, candidates must first satisfy certain requirements that determine their eligibility for the program.

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These are the four categories:

1. A high-income individual is someone who has earned at least $80,000 in the last two years and has a $500,000 investment in the country.
2. Individuals who have retired and have an annual personal income of at least $80,000 are also eligible for the visa.
3. Those with at least five years of experience and who work for a legally registered company with a $150,000 annual revenue.
4. Experts of a foreign nationality who earn at least $80,000 per year and have at least five years of work experience in the target industry.

In addition, the cost of applying for a visa was recently cut in half, from 100,000 Baht to 50,000 Baht, in an effort to entice a greater number of foreign investors.