How to Retire in Thailand

Many retirees are drawn to Thailand for its affordability and rich culture. Apart from the lower cost of living, weather, and location, Thailand offers attractive retirement visas for tourists and retirees.

Benefits of Retiring in Thailand

Retirees worldwide view Thailand as a place where they may live comfortably and affordably after retirement. For a good reason, Thailand is gaining popularity as a retirement location. Due to the low cost of living, individuals can stretch their retirement funds further. The people are hospitable, and the nation has a rich culture.

There are numerous beaches where settlers can unwind because the weather is mostly hot and sunny. Retirees can hike and go to tourist spots to experience the best of Thailand. There are several types of Thailand visas that can be availed as Thai retirement visas by interested applicants. Visitors can choose any one of them for a variety of reasons.

Thailand Retirement Visa Application Process

Retirees can choose to obtain a Thailand Long-Term Resident Visa for wealthy pensioners. Depending on the applicant’s nationality, they are permitted to apply for a regular visa at the Thai Embassy/ Consulate, or they can apply for an eVisa/ visa upon arrival (if applicable). Senior citizens can apply for a Long-Term Resident (LTR) visa. Those interested can apply for the Long-Term Resident Visa (LTR) after receiving a qualification endorsement letter from the Thailand Board of Investment (BOI). Retirees can also apply for LTR (P) visa type.

Who is Eligible for the LTR Visa Type

There are four kinds of foreigners eligible for long-term resident visas (LTR):

1. Rich Global Citizens
2. Rich Pensioners
3. Professional working from Thailand
4. High-Skilled Experts

This visa is also available to the dependents and husbands/wives of Long-Term Resident visa holders.

Online Application Process and Issuance of Visas

Retirees applying online for Long-Term Resident Visa for Pensioners, known as LTR(P), need to follow these steps:

Step One: Application Submission

Pensioners need to register and apply for qualification endorsement online. For a Thai LTR(P) visa, they also need to upload supporting papers.

Step Two: Qualifications Endorsement

After submitting the required documents, candidates will learn about the outcome within twenty working days.

Step Three: Visa Issuance

Within sixty days of the date when the endorsement letter was issued, qualified candidates may proceed with requesting the granting of an LTR (P) visa. They can do so at one of the Royal Thai Embassies, Immigration offices, or Royal Thai Consulate Generals abroad in Thailand.

Step Four: Issuance of Digital Work Permits

The Department of Employment is located at the One Stop Service Center for Visa and Work Permits, Chamchuri Building Square, Bangkok, . Provincial labor offices are the locations where applicants who are employed in Thailand can choose to pick their digital work permits. The annual processing price for a digital work permit is three thousand Baht (86.86 USD).

Processing of Retirement Visa Applications

The home country and Thailand are acceptable locations to apply for a Thai retirement LTR visa. The Thai embassy or consulate of the retiree’s country must receive all required documents for the Thai Long-Term Resident application.

Cost of A Retirement Visa for Thailand

Depending on the type of visa pensioners seek, the cost of a Thailand Retirement Visa varies. The cost may also vary based on the nation from which the individual submits the application. For pensioners choosing to obtain their LTR visas in Thailand, the processing charge for a 10-year visa with multiple entries is fifty thousand Baht (1447.60 USD) per person. The cost of obtaining an LTR visa through an online application, a Royal Thai embassy abroad, or a Royal Thai consulate general may vary based on the local exchange rate.

Documents Required for a Thailand Retirement Visa Application

The following is a list of documents needed for a wealthy pensioner’s endorsement of qualification:

Personal Documents

The following documents are required:

1. A copy of a valid passport and the validity period must be over six months.
2. A 3 x 4 cm photograph of the applicant. 
3. Health insurance plan that covers the duration of the trip to Thailand. It should provide at least fifty thousand USD in hospitalization coverage.
4. Insurance documents can be submitted separately at a later date before a notification letter is issued.

On the other hand, if applicants have evidence showing valid social security benefits which ensure hospitalization and treatment in Thailand, they may not need a health insurance plan. Alternatively, they can produce financial evidence showing a deposit of no less than a hundred thousand USD in a bank account held for twelve months at the time of application.

Proof of Investment

Applicants must submit the following paperwork as proof of investment for a Thailand retirement visa:

1. A copy of the applicant’s Thai Government Bond. 
2. A shareholder list that is no older than three months. 
3. The Securities and Exchange Commission’s Securities Business License when investing in a startup company.
4. A copy of the sale and purchase agreement between the applicant and the project owner or corporation for the apartment unit.
5. A copy of the certificate of ownership of the apartment in the applicant’s name.

Proof of Income 

The following can be submitted as income proof for a retirement visa for Thailand: 

1.  Evidence of current-year income, such as pensions.

Additional Documents

Applicants may be required to submit the following additional documents:

1. An authorized person’s signature on a certificate of employment or equivalent (if applicable)
2. A certificate of employment (WP.46)
3. Work permit copy (if available)
4. A copy of the revoked work permit (if any)

Depending on the circumstances, it could be necessary to acquire a letter of verification from the applicant’s country of nationality or residence. It should declare that they have never been convicted of a crime.

Thailand Retirement Visa Categories

Retirees can explore Long Term Resident Visas such as LTR (P) for wealthy pensioners. There is also a Thailand Elite Visa, also known as the "Privilege Entry Visa," for holders of the Thailand Elite membership program that is available to all its members. It is a five-year multiple-entry visa with no age limit that permits the holder to enter and exit Thailand as often as they like without having to request a re-entry permit. Golden agers can also obtain a Non-Immigrant O-X Visa for ten years and a Non-Immigrant O-A visa if they wish to move to Thailand after retirement. It is necessary for foreigners holding Non-Immigrant O-X and O-A visas to notify the Immigration Bureau of their stay once every 90 days.

Thailand Retirement Non-Immigrant O-X Visa with Ten Years Eligibility

Regular passport holders who are fifty or older and citizens of one of these countries can apply for a Non-Immigrant O-X visa:

1. the UK
2. Denmark
3. Finland
4. Australia
5. France
6. Japan
7. Germany
8. the Netherlands
9. Canada
10. Sweden
11. Italy
12. Switzerland
13. the USA
14. Norway 

Even family members, including a spouse and a child under twenty years of age, are eligible for the Thai Non-Immigrant O-X visa. The validity of this visa is five years, and applicants are allowed to stay for a total duration of 5 years. An extension of another five years can also be granted after the initial five-year period is over.

Benefits of Non-Immigrant O-X Visa for Retirees

On the Non-Immigrant O-X visa for Thailand, retirees can do the following:

1. Perform volunteer work in accordance with the Department of Employment’s list of permitted volunteer activities.
2. Seniors can buy a car in accordance with the provisions of the motor vehicle laws.
3. A condo purchase can go forward in conformity with the condominium act.

Necessary Documents

The following documents will be required for a Thailand Retirement visa:

1. Passport: A passport that is valid for at least six months.
2. Photo Requirements: Three application forms, each with three 4 x 6 cm photos taken within the last six months.
3. Notarized Bio Certificate: One bio certificate from the nation of citizenship attesting to the absence of any criminal history. The document must be notarized and have a three-month maximum validity period.
4. Financial Proof: Anyone with an ordinary passport who wants to enter the Kingdom for one of the following reasons must first get a transit visa. A bank deposit certificate must include the bank’s contact information, a copy of the bank book, and a bank statement showing a fixed deposit of at least 3 million Baht (86855. 82USD) invested in a Thai bank in Thailand.
5. Bank Requirements: Alternatively, a certificate of bank deposit listing the bank’s contact details, a copy of the bank book, and a statement showing a fixed deposit of at least 1.8 million (52083 USD) Thai Baht deposited in a Thai bank in Thailand.
6. Annual Income: A certificate of annual income showing at least 1.2 million Baht (34,722. 23 USD) or regional currency equivalent annually is also required. Once the applicants have entered Thailand, they should have funds deposited in Thai banks totaling at least three million Baht within a year.
7. Nationality Proof: A nationality certificate stating that no criminal record exists for the applicant. The paperwork mentioned above must be presented from both the applicant’s country of nationality and their country of permanent residence if they hold permanent residence in another country. 
8. Medical Certificate: A medical certificate from the nation where the applicants submit their visa applications attesting that they are free of the following diseases: stage three syphilis, tuberculosis, elephantiasis, leprosy, and drug addiction. The medical certificate must have been issued up to three months before the application deadline.
9. Health Insurance: A copy of papers demonstrating that applicants have health insurance in Thailand with coverage for outpatient care of at least forty thousand Thai Baht (1157.41 USD)and inpatient care of at least four hundred thousand Thai Baht, as required by the Office of Insurance Commission.

Thailand Retirement Non-Immigrant O-A Visa Eligibility

It is available to foreign nationals 50 or older with a permanent address in the nation where the application is made. This visa prohibits employment as a condition. The validity of this visa is one year, and it can be extended one year every year.

Necessary Documents

Applicants are advised to check the respective embassy’s website or consulate for the specific documents needed.

1. Passport: A passport that is valid for at least six months.
2. Photo: Recent six-month-old photo of the candidate.
3. Proof of Funds: Financial proof, including a letter of guarantee from the bank and a copy of a bank statement proving a deposit of at least eight hundred thousand Thai Baht (23,148.15 USD).
4. Income Certificate: Alternatively, an income certificate proving at least sixty-five thousand Thai Bhat (1880.79 USD) in monthly income or a deposit account and a monthly income totaling at least eighty thousand Thai Baht (2314.82 USD).
5. Clearance Certificate: A clearance certificate for criminal records from the nation of citizenship. The certificate must be notarized by notary institutions or the applicant’s diplomatic or consular post, and its validity period must be at most three months.
6. Medical Certificate: A medical certificate from the nation where the applicants submit their visa applications certifying that they are free of the following diseases: drug addiction, tuberculosis, leprosy, stage three syphilis, and elephantiasis. The medical certificate must have been issued up to three months before the application deadline.

Next Steps after Obtaining A Thailand Retirement Visa

Once an applicant receives a Thailand Retirement Visa of their choice, they may enter the nation for as long as it is valid. However, there are several regulations that all foreigners living in Thailand must follow. One is that if they wish to leave, then they must apply for a Thai Re-Entry Permit. The other is that they must declare their address to Immigration every ninety days, even if they wish to continue staying in Thailand.

Factors to Consider Before Retiring to Thailand

Thailand is a great nation with lots to offer. Almost any budget can be accommodated in Thailand. With THB 20,000 (578.70 USD) a month, an individual can live well or have a choice to spend THB 20,000 (578.70 USD) in a single day. It is advisable to set aside THB 50,000 (1446.76 USD)–100,000(2893.52 USD) each month to retire in Thailand comfortably. This way, travelers can enjoy a Western standard of living in Thailand. It does not imply that one cannot be content with considerably less.

Conclusion

If retirees prefer warm weather, want their retirement earnings to go further than their own country, and are prepared to learn about a new culture, Thailand is a great destination to live and spend retirement.