July 16, 2024
To attract more foreign retirees to live in Thailand, the Thai government has established several types of retirement visas to meet the diverse needs of retirees. Thai retirement visas are primarily categorized into three types: Non-Immigrant “O,” “O-A,” and “O-X.” The validity and length of stay vary for each type: Non-Immigrant O: Valid for 90 days, with the option to apply for a one-year extension; Non-Immigrant O-A: Valid for one year, with the option to apply for a one-year extension; and Non-Immigrant O-X: Valid for five years, with the option to apply for a five-year extension.
All retirement visas generally require similar application conditions, such as income and savings, but there are slight differences in the details. Regardless of the type, applicants must be foreigners aged over 50.
Specific Application Conditions for Non-Immigrant O-A as follows: 1. Must be over 50 years old; 2. No criminal record; 3. Not prohibited from entry; 4. Financial certificate: Must be updated to the day before application. Applicants need a bank account deposit of at least 800,000 baht, a monthly income of at least 65,000 baht, or an income certificate showing total deposits plus annual income of at least 80,000 baht; 5. Medical insurance: Must provide coverage of at least USD 100,000; and 6. No contraindicated diseases.
The application fee for the Non-Immigrant O-A visa is 5,000 baht, and this fee is non-refundable, regardless of whether the application is successful.
After obtaining a Thai retirement visa, holders must comply with the following conditions: they are not allowed to work in Thailand and must report to the local immigration bureau every 90 days.
In addition to the retirement visas mentioned above, Thailand has also launched a long-term residence visa (Long-Term Resident: LTR) to attract high-potential foreigners to live and do business in the country. One category is for "wealthy retirees," with the following eligibility criteria: 1. The personal annual income at the time of application must not be less than USD 80,000; 2. If the annual income is between USD 40,000 and USD 80,000, applicants must meet one of the following conditions which is 2.1) Purchase Thai government bonds; 2.2) Make a direct investment in Thai companies or companies listed on the Stock Exchange of Thailand (excluding investments in stock market transactions) with a minimum investment of USD 250,000; or 2.3) Invest in Thai real estate with a minimum investment of USD 250,000. 3. Hold health insurance with coverage of no less than USD 50,000, or maintain a deposit of at least USD 100,000 to cover medical expenses in Thailand.
In summary, Thailand’s retirement visas and long-term residence visas provide a variety of options for foreigners looking to enjoy their retirement in Thailand. Regardless of the visa type chosen, applicants need to understand and meet the specific application requirements and restrictions in detail to ensure a successful application and enjoy a stable and legal life in Thailand.
