Understanding the Thai Retirement Visa

What’s commonly called a “retirement visa” in Thailand is actually a one-year extension of a Non-Immigrant O visa, granted based on retirement. For simplicity, we’ll continue to refer to it as a retirement visa here.

Retirement Visa Requirements

To qualify, you must be at least 50 years old. If you’re younger, other visa options are available.

You’ll need to demonstrate financial means through one of the following:

• Income: A verifiable annual income (e.g., pension) exceeding 800,000 Thai Baht.
• Thai Bank Deposit: Holding at least 800,000 Thai Baht in a Thai bank account.
• Combination: A combination of annual income and funds in a Thai bank totaling at least 800,000 Thai Baht.

Verification of Income: If using income, your consulate must verify it. This usually involves submitting relevant income documents in person or by mail to receive a stamped confirmation for Thai Immigration. Note that Chiang Mai Immigration typically keeps the original, requiring a new verification each year due to potential changes in income.

Recent Changes and Requirements in Thailand

Thailand Immigration is now strictly enforcing recent updates to the retirement visa regulations. Here’s a breakdown:

Funds Deposited in a Thai Bank:

• First-time application: You must show 800,000 Baht deposited for at least 2 months before your application date and maintain it for 3 months after receiving permission. You can then withdraw up to 400,000 Baht, but a minimum balance of 400,000 Baht must be maintained throughout the year. You’ll also need to prove the source of these funds.
• Subsequent applications: You must prove 800,000 Baht has been deposited for at least 3 months before your application date and maintain it for 3 months after receiving permission. You can then withdraw up to 400,000 Baht, leaving a minimum of 400,000 Baht in the account for the remainder of the year.

Income Method:

1. To rely solely on income, you need a minimum monthly income of 65,000 Baht deposited into a Thai bank account from overseas (e.g., pension or guaranteed payment) for the previous 12 months. You’ll need specific bank statements from your local  branch showing these incoming transfers. Bank knowledge can vary, so seeking assistance to ensure correct documentation is advisable.
2. A certified income letter from your embassy, along with proof from your home country, can be used. However, immigration officials may request additional information.

Combination Method (Funds and Income):

• Your total funds in a Thai bank and annual income must be at least 800,000 Baht.
• There’s no minimum balance required for the funds component initially.
• The same seasoning requirements apply as with the funds-only method: 2 months prior and 3 months after for the first application; 3 months prior and 3 months after for subsequent applications.
• Crucially, the total amount (funds + accumulated income during the year) must not drop below 800,000 Baht at any point during the year.

Examples of Acceptable Combinations:

• 400,000 Baht in a Thai bank + 50,000 Baht monthly income (Total: 1,000,000 Baht annually). After the initial period, you can withdraw 200,000 Baht.
• 400,000 Baht in a Thai bank + 40,000 Baht monthly income (Total: 880,000 Baht annually). After the initial period, you can withdraw 80,000 Baht.

Why the 800,000 Baht Requirement?

The 800,000 Baht requirement (whether in a bank, as income, or a combination) is to ensure you have sufficient financial resources to support yourself in Thailand without becoming a burden on public funds.

For the funds in a bank, they must be held in a savings or fixed deposit account under your sole name. Market accounts or those linked to the stock market are not acceptable. The funds need to be in the account for the specified period before visa renewal. This also applies to the funds portion of the combination method.

Retirement Visa Proof of Address Requirement

For Thailand Immigration, you’ll need to provide proof of your address, which can be one of the following:

• A rental contract.
• A copy of your Chanote (title deed) if you own a condo.
• A letter on official letterhead from your guesthouse or hotel.

Once you have this, and meet the financial requirements, you can obtain a 1-year retirement visa, provided you are already in Thailand on a Non-Immigrant visa.

Common Pathway to Obtain the Visa

If you enter Thailand on a 30-day visa-exempt entry or a 60-day tourist visa, you can typically switch to a Non-Immigrant O visa within Thailand.

The process involves:

1. Submitting your paperwork for the change of visa to a Non-Immigrant O.
2. Receiving a 90-day Non-Immigrant O visa. At this point, if you leave Thailand, you’ll need a re-entry permit to return before the 90-day expiry.
3. After approximately 60 days on the Non-Immigrant O visa, you can apply for the 1-year retirement visa extension. The requirements for this extension are the same as the initial retirement visa application (proof of funds/income and address).

Frequently Asked Questions (FAQs)

Q. Can I work on a Retirement visa? A. No, you cannot legally work in Thailand on a retirement visa. However, the visa’s restrictions apply only within Thailand; it doesn’t affect any work you may do outside of the country.

Q. Can I leave the country on a retirement visa? A. Yes, you can leave and re-enter Thailand as long as you have a valid re-entry permit. Remember to re-enter before your visa expires, as the retirement visa is renewed annually.

Q. How many times can I leave? A. With a multiple re-entry permit, you can travel in and out of Thailand as often as you wish. This permit can usually be obtained when you process your visa at Immigration.

Q. Is there a minimum amount of time I have to stay in Thailand? A. No, you are free to travel as much as you like. However, you must be in Thailand before your visa expires to renew it.

Q. How many days before the visa expires can I renew? A. Currently, you can renew up to 45 days before expiry. It’s generally recommended to start the process around 30 days prior to avoid any complications.

Q. Can my wife and family follow my retirement visa? A. Yes, but they will typically need to obtain their own Non-Immigrant O visas from a Thai consulate or embassy outside of Thailand and provide documentation proving their relationship to you.

Q. Can I follow my Wife’s/Husband’s visa? A. Yes, provided you have a Non-Immigrant O visa obtained outside of Thailand and can provide documents to prove your relationship.

Q. Can I show money in my bank in my home country to obtain the retirement visa? A. No, the required funds must be held in a Thai bank account under your name. Assistance with opening a Thai bank account is often available.

Q. If I lose my retirement visa can I apply for a new one? A. Yes, if you lose your visa or encounter issues with renewal, the process for obtaining a new visa can be started again. There is no penalty for losing your visa.

Q. What are 90-day reports? A. Thai law requires all foreigners staying in the Kingdom for more than 90 consecutive days to report their current address to Immigration every 90 days. Visa agencies can often assist with this process to ensure compliance.

Q. Can I get a visa longer than 1 year? A. Currently, the retirement visa is granted for one year at a time and requires annual renewal. Longer-term options are not typically available under this category.