Retiring in Thailand is very ideal. It is a culturally rich and economically advanced country that has over 1,400 islands with beautiful beaches and lush greeneries. The country is very open to foreigners and it devised ways to make it easier for foreign residents to enjoy everything that the country has to offer. With a retirement visa and duly-required permits, foreigners can expect long joyful years of stay in the beautiful country. If you’re curious as to how things go when it comes to Thailand Retirement Visa, then this post is perfect for you. This post will discuss the following:
- the benefits of retiring in Thailand
- what a Thailand Retirement Visa is
- requirements when applying for a Thailand Retirement Visa
- the duration of validity of a Thailand Retirement Visa
- post-approval requirements that foreigners with Thailand Retirement Visa need to comply with
Benefits of Retiring in Thailand
Many foreigners enjoy retiring in Thailand because they enjoy the following benefits:
- Affordable cost of living – foreigners get more out of their money and pension when they stay in Thailand. One US dollar is more or less equal to 30 THB. That’s 30x more power to one’s money!
- Welcoming people – Thais are helpful and friendly
- Warm culture – Thai culture is very rich and open to foreigners who wish to learn and explore it
- Lovely weather – it is warm all year round in Thailand. You won’t have to deal with snow at any given time.
- The beaches – Thailand has over 1,400 islands that come with beautiful beaches and breathtaking sceneries. The following destinations have the best beaches in the country:
– Koh Phi Phi
– Koh Tao
Thailand Retirement Visa
Thailand allows retired foreigners to stay in the country through its Retirement Visa. A Thailand Retirement Visa is available to all foreigners over the age of 50 that can comply with the country’s financial and documentary requirements. This visa does not grant a foreigner to work in Thailand. If one with a Retirement Visa would wish to work, a separate work permit needs to be applied for. One can apply for a Thailand Retirement Visa in the following:
- Thailand itself
- one’s native country
- one’s country of permanent residence
Outside Thailand, an application can be processed through the Royal Thai embassy or consulate. Thailand Retirement Visas are referred to differently depending on one’s place of application. If one applies for a Thailand Retirement Visa abroad, such visa will be referred to as a Non-Immigrant O-A (Long Stay) Visa. When processed in Thailand itself, it is called a Non-Immigrant O (Long Stay) Visa.
If you see yourself retiring in Thailand and you have no idea whatsoever on how to proceed with it and you know no one in the country, you should look for retirement visa service provider in Thailand that can guide you every step of the way.
You will need to comply with the following requirements for a Thailand Retirement Visa:
- You have to be at least 50 years of age or older
- You need to have a valid passport that is not to expire within the next year
- You need to comply with at least one of the following financial requirements:
- Minimum monthly income or pension of 65,000 THB
- At least 800,000 THB deposit in a Thai bank. A deposit must be made at least two months before your visa application
- At least 800,000 THB of combined income, annual pension, and bank savings
You will need to submit a passbook or bank book to support your application as proof that you duly comply with all the financial requirements. Such proof must come with a bank letter that verifies that deposits were made at least two months before your visa application.
A confirmation letter from your embassy will be required to verify your income. If such a letter cannot be had, you may opt to submit a bank statement that shows regular deposits of at least 65,000 THB income or pension deposited into your Thai bank account.
You may be required to submit the following depending on which country you’re processing your visa at:
- Medical Certificate
- Annual Health Insurance
- Police Clearance Certificate
A Thailand Retirement Visa will allow you to legitimately stay in Thailand for a year (12 months). It is renewable yearly. You can apply for renewal as many times as you want. There is no limit on the number of times you can apply for a Thailand Retirement Visa renewal. Renewal is best processed within 45 days before your visa expires. The same requirements will be asked of you. A renewal fee will be warranted.
You will have to comply with Thailand’s 90-day reporting requirement after your visa has been approved. This will require you to report to any local Thai immigration office every 90 days. Reporting can be done in person, online, or through an agent with power of attorney. You can only opt for online reporting once you’re done with your second reporting.
You won’t need to comply with 90-day reporting if you’ve already left Thailand before your next reporting is due. Your next reporting will be scheduled anew come your re-entry to the country. Reporting should be complied with within 7 to 14 days after one’s scheduled reporting date. You can be arrested if you fail to report.