Thailand's Retirement Visa Requirements, Benefits and Application Process
Thailand has been a popular destination for retirees because of its mild climate, low cost of living, and the country’s friendly and welcoming attitude. The country also offers a retirement visa that allows foreigners to stay long term. In this article, we will discuss the requirements, benefits, and application process of Thailand's retirement visa.
Requirements for Thailand's Retirement Visa
To qualify for a retirement visa, the applicant must be at least 50 years old, have no criminal record, and meet the financial requirements:
The applicant must have a bank account with a minimum balance of THB 800,000 (approximately USD 26,000) for the last 3 months.
The applicant must be able to show proof of an income of at least THB 65,000 (approximately USD 2,100) per month. This can be in the form of a pension, social security, or investments.
The applicant’s passport must also be valid for at least another year at the time of application.
Benefits of Thailand's Retirement Visa
Aside from being able to stay in Thailand legally for an extended period, Thailand’s retirement visa offers several advantages to the holder:
The retirement visa allows multiple entries and permits the applicant to stay in Thailand for up to 1 year per entry.
The holder of a retirement visa is allowed to purchase and own a condominium unit in Thailand without the need for a work permit.
A retirement visa holder is also eligible to open a bank account and purchase health insurance in Thailand.
Application Process for Thailand's Retirement Visa
The application process for a retirement visa in Thailand follows the following steps:
The applicant must first obtain a non-immigrant visa from their home country or country of residence before entering Thailand.
Once in Thailand, the applicant can then apply for a retirement visa at the Thai Immigration Office.
The applicant will need to submit the required documents, which include the bank book, proof of income, and passport.
The application fee for a retirement visa is THB 2,000 (approximately USD 65).
Once the application is approved, the applicant will be granted a retirement visa that is valid for 1 year.
After the initial 1-year period, the retirement visa can be renewed yearly in Thailand as long as the applicant continues to meet the financial requirements. The renewal fee is THB 1,900 (approximately USD 60).
Conclusion
Thailand’s retirement visa provides a great opportunity for foreigners to retire in the country while being able to enjoy the benefits that come with it. The application process is straightforward, and the financial requirements are reasonable and achievable for most retirees looking to live in Thailand for the long term.
