If you want to retire in Thailand then speak to an attorney in Bangkok or anywhere in Thailand about the process. It does change from time to time and you need to know before you start as to what has changed and what the recent requirements for retirement are.
Before they would allow you to retire at 49 and allow you to turn 50 while on the retirement visa. The age for the retirement visa is 50. They have over the last 2 years become very strict about the age factor and you now have to be 50 or older when making the application. The process starts outside of Thailand when you apply for an “O-A” Visa which is a retirement visa. This visa is valid for 3 months only. Once in Thailand the process for retirement starts. This normally takes about 4 weeks to complete.
What does this retirement visa allow you do do?
1. It does not allow you to work. You need a work permit to work in Thailand;
2. It does not allow you to run a business in Thailand as that needs a work permit;
Once you have shown in your medical test that you are ‘fit’ and that you have shown that you meet the financial requirements then you are in the clear. The financial requirements are 800,000 Baht in a Thai bank account or an income of 60,000 Baht a month. This can also be a combination of income and money in the bank. Speak to an attorney about the calculation.
The visa is now extended for 12 months and each year you simply need to renew it in Thailand. If you do leave the country while on a retirement visa then you first need to apply for a re-entry permit BEFORE you leave Thailand otherwise it will cancel your 12 month visa and the process would need to start again. Speak to one of our attorneys in Thailand about taxes on bringing your household items into the country and other taxes which might be payable.
Retire in Thailand today – call us on our Toll-free number or speak to us online now. See our main website for more details!