Thailand offers many excellent investment opportunities for people who want to expand their property portfolio, but it is also a country many look to for their retirement plans. Here is a short guide how to obtain a retirement visa for Thailand:
The first step is to apply for a non-immigrant visa, for which you will need your passport, which must have at least one year of validity remaining before it expires. You will also need proof of sufficient funds, which at the time of writing amounts to about USD 2,000 a month, or 800,000 THB per annum. You must also be of nationality or have permanent residence in the country you apply from at a Thai embassy.
One-Year Retirement Visa
In order to apply for a retirement visa, you must be 50 years or older and have a non-immigrant visa, signed copies of each page of your passport, a Departure Card TM6, a letter from a Thai Bank confirming you have an account there plus an original Thai bank book so you can prove you are meeting the financial requirements. In addition, you will need three photos (size 4 x 5 cm) that show your full facial features. You may also be asked to present a medical certificate and police clearance.
If you plan to leave Thailand for any reason, you will need to apply for a re-entry permit, before your Extension of Stay visa expires. Not doing so will invalidate your Extension of Stay or retirement visa.
During your stay you will need to report to the Thai Immigration Police every 90 days to verify your current address. If you applied for a multiple entry visa or re-entry permit, you can renew your Extension of Stay or retirement visa by re-entering every 90 days.
What are the financial requirements for a retirement visa?
Your Thai bank account must show a deposit balance of 800,000 THB or more or a monthly income of 65,000.
Your retirement visa must be renewed every year, but the renewal process can be done during your stay in Thailand, although the same requirements for the retirement visa still apply, when you are re-applying.
In order to obtain a physical copy of your retirement visa, you must present yourself in person at the Thai Immigration Office, where you must show your passport and sign the visa paperwork in the presence of Immigration staff. They will then stamp your passport at the time of giving approval. Your retirement visa does not entitle you to work in Thailand. For this you will need to obtain a separate work permit.
For Work Permit Rules, please see http://www.thaiembassy.com/thailand/work-permit-rules.php for the latest information.