First step into deciding to retire in Thailand would be the application for a Retirement Visa. Thailand Retirement Visa provides the holder long term stay in Thailand with multiple entries. It means that the holder has uninterrupted stay in Thailand for a period of one calendar year, though he must report to Thai Immigration Bureau every 90 days just to report the current address. After the one-year duration, this visa can be renewed every year without leaving Thailand.
With the Retirement Visa, the foreigner will be able to open bank account in Thailand. He/she will be eligible to apply Permanent Residency after 3 consecutive years of renewals.
For the requirements, any foreigner can apply for a Thai Retirement Visa if:
- he is 50 years of age or older;
- has reached the financial requirement of:
- BANK ACCOUNT SHOWING THB 800,000 (must be able to show the evidence of transfer the money to your Thai Bank account and this sum of money must be deposited in your bank account at least 2 months) OR
- MONTHLY INCOME/PENSION OF AT LEAST THB 65,000 (must present a letter from your embassy to prove the pension and the letter from the government or social security).
- has an address in Thailand. This can be in a form of rental agreement or contract.
For the process, the foreigner has to apply a non-immigrant visa with a validity of stay for 90 days before converting it to 1 year. Upon arrival in Thailand, you can open a bank account and get bank statement after 2 months. Make sure that there is still a remaining 30 days on your 90-day visa so we can do the conversion of Non-immigrant Visa to Retirement Visa in Thailand.