Retiring in Thailand has become more popular than retiring in Spain. There are a numbers of reasons for this. Lower cost of living, cheaper property, low cost medical assistance and easier retirement settlement. Jomtien and Naklua have become very popular with expats in Thailand. The access to cheap hospital assistance, lower cost of living, world class golf courses. Speak to us about your retirement in Pattaya.
All round entertainment and excellent weather makes Pattaya a retirement paradise for those who are not yet ready to live upcountry is a small and rather rural setting. There are two options when retiring in Thailand. The first is obtaining a retirement visa from the Thai embassy. Once you have this OA visa you will then be able to extend the visa in country for a year and you would need to renew it every year thereafter. The procedure for the OA visa is complex but it is a once off procedure. These are the basic requirements for the OA visa.
- The alien has obtained a temporary visa (NON-IM); and
- The applicant is 50 years of age or over; and
- Proof of income of not less than Baht 65,000 per month; or
- Account deposit with a bank in Thailand of not less than Baht 800,000 as shown in bank account transactions for the past 3 months; or
- Annual income plus bank account deposit totaling not less than Baht 800,000 as of the filing date of application
- For an alien who entered Thailand before October 21, 1998 and continuously allowed to stay in the Kingdom as a retiree, the following shall apply:
- He/she must be 60 years of age or over and has regular income. His/her bank account deposit shall not be less than Baht 200,000 a year and evidence of the account deposit for the previous 3 months must be shown; or he/she has a monthly income of not less than Baht 20,000.
- If he/she is under 60 years of age but not less than 55, the alien shall have regular income with a bank account deposit of not less than Baht 500,000 a year and evidence of the account deposit for the previous 3 months must be shown, or he/she has a monthly income of not less than Baht 50,000.
Once you have been granted the extention you would need to report your address every 90 days to Thai Immigration. The OA Retirement Visa is a non immigrant visa and if you are married to a Thai being the second option you also have the option of obtaining an extended marriage visa which would have the same effect as the OA visa however the financial requirements are much lower. Speak to us today about retiring in Thailand!
