Discover Why Retiring in the 'Land of Smiles' is a Great Option
August 2, 2016
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I was chatting with my better half after a long day at work that it is almost impossible for us to retire early in Singapore. After all, Singapore was named the world's most expensive city to live in accordingly to the Economist Intelligence Unit's 2016 Worldwide Cost of Living survey. It didn’t take long for us to agree that retiring in Thailand would be a great option.
Known as the “Land of Smiles”, Thailand has always been the preferred destination for many foreigners to retire in. Not only does the country offer an affordable and comfortable lifestyle, there is also the option of modern urban living in cities like Bangkok to the exotic beach living in Phuket and Koh Samui. Accompanied with delicious Thai food as well as easy travel and proximity to other Asian countries, Thailand is indeed a great option for retirement.
So what is the retirement process? You may like to know that Thailand has a straightforward retirement visa process which is relatively easy to qualify for. First, you have to obtain a non-immigrant O-A type visa from the Thai Embassy in your country of residence. Visa requirements at the Thai Embassies abroad differ from place to place but generally, the basic requirements are:
- Age – Applicants must be 50 years or older to qualify.
- Proof of financial status – Applicants must be able to provide an original bank letter showing a bank balance of at least $800,000 Thai Baht or a monthly income /pension of at least $65,000 Thai Baht. The $800,000 Thai Baht in your Thailand Commercial Bank account must be maintained for at least 60 days prior to submission of your 1-year retirement visa application at the Immigration Bureau in Thailand.
- No previous criminal record – Applicants should not be a person being prohibited from entering the Kingdom and have no criminal record against the security of Thailand, the country of origin or residence.
- No previous refusal to enter the Kingdom under the Immigration Act B.E 2522.
- Medical clearance – Applicants should not have any of the prohibited diseases as indicated in the Ministerial Regulation No. 14 (B.E. 2535).
- Working is prohibited – Applicants will not be allowed to work in Thailand while on a retirement visa.
