Thailand is among the best places to spend your retirement years. It can boast better economic growth to welcome foreign residents to stay in the country. Some of the benefits they will enjoy are the beautiful islands and the people, plus perfect weather all year long.
Another reason why many individuals choose Thailand is the opportunity to get a retirement visa. Holding a visa will result in more advantages for foreign nationals but it would take time to finally obtain one. Here is a brief guide on how to process your retirement visa in Thailand together with its other benefits.
Why Choose Thailand For Your Retirement?
Many countries also welcome foreigners at retirement age. So, here are reasons why Thailand became the best choice:
- Thai Individuals are Friendly
Thailand has the nicest people in the world. They are easy to get along with, despite some language barriers at first. And also, you have got the chance to meet new friends while not compromising your safety.
- Has a Rich Culture
There are a lot of things to explore in Thailand. It is a good place for foreigners who are willing to learn about Thai culture and live in it.
- Beautiful Beaches
Thailand also supports a travel lifestyle. It has the most popular islands on the globe, such as Phuket beach. Foreign nationals may charter a yacht to explore the seas and other destinations in the country.
- Tropical Weather
Old people can be sensitive to icy weather, therefore, they are more fitted to spend the rest of their lives in Thailand. It provides a warm climate which is ideal for beach trips.
- Affordability
The cost of living is far less expensive in Thailand. Converting dollars into baht will produce a higher value that is 30x.
About Thailand Retirement Visa
Foreign nationals over 50 years old who have a plan to reside in Thailand must obtain a retirement visa. It is unlike a work permit, therefore, it won’t allow visa holders to work abroad. Applicants should comply with the needed documents, including the financial requirements to verify whether they can afford the cost of living in the region.
A visa application can be accomplished in many ways. Some individuals prefer to process everything in Thailand while others find more convenience in their native country. Each one has to guarantee a high chance of obtaining a retirement visa. So, pick which one works best for you.
Choosing to apply for a visa outside Thailand additionally demands looking for a certain embassy. It will be called a non-immigrant O-A (long-stay) visa. On the other hand, processing a visa in Thailand is named a non-immigrant O (long-stay) visa.
Learn more about each visa type online to identify which suits you best. Find retirement visa services that can assist you in getting the right visa.
Financial Requirement
Accomplishing one of the financial requirements below will ensure you a retirement visa:
- A minimum of 65,000 baht income or pension.
- Deposit an amount of 800,000 baht in your Thai bank two months before the visa application.
- The applicant must have at least 800,000 baht of combined income, savings, and pension.
A supporting document, such as a passbook and a bank letter, must be submitted to verify either of the said financial requirements. This is to prove a more stable financial status before residing in Thailand.
How to Obtain a Retirement Visa in Thailand?
There is more you need to comply with in getting a retirement visa apart from the required age. These include:
- A valid passport that won’t expire within one year.
- Either of the financial requirements above.
- Other important certificates, depending on the country where the visa is being processed. It may include health insurance, medical certificate, and police clearance.
Things to Remember After Visa Approval
Upon visa approval, a 90-day reporting is necessary to avoid paying fees. The foreign national can attend the first reporting by hiring an agent or in person. Online reporting is allowed the second time around, which is more convenient.
Leaving Thailand before the next reporting will restart the 90 days when you go back to the country. Hence, visa holders must return to the immigration office between 7 and 14 days after one reporting date. Failing to do so will result in paying fees or being arrested.
How Long Does A Thailand Retirement Visa Will Last?
An approved retirement visa will permit a foreign national to stay in Thailand for 12 months. This piece of document is renewable each year and there will be no limit.
One thing to note is that visa holders must process renewal 45 days before it expires. The same paperwork is needed, except for an added fee to obtain a renewed visa. Also, you must update the bank book and other documents to reduce the hassle and speed up the procedure.
Final Thoughts
To sum it all up, a Thailand retirement visa is the sole ticket to living abroad upon the age of 50. It is quite easy to apply for a visa as long as you comply with the above requirements. Determine the things to consider before, during, and after visa approval to guarantee to get a visa in Thailand. Then, you can take full advantage of the country’s fine weather, beautiful islands, and good company.
