The widely discussed news about stricter rules for obtaining retirement visas has concerned foreign nationals of retirement age (50+). In Pattaya, the immigration office has not yet been able to clarify how the new procedures will be implemented after the changes come into force on March 1, 2019.
We remind you that under the new rules, a foreigner wishing to obtain a retirement visa must meet the following requirements.
A) Obtain a non-immigrant visa. No changes have been made to this requirement.
B) The applicant must be 50 years of age or older. This requirement also remains unchanged.
C) The applicant must provide proof of a monthly income of at least 65,000 THB.
This requirement is not new. Income can be confirmed through the applicant’s consulate. However, some consulates, including those of the United Kingdom, the United States, Denmark, and Australia, have stopped issuing income affidavits. If obtaining such an affidavit is not possible, there is only one alternative option.
OR
D) Deposit at least 800,000 THB in a Thai bank account at least 2 months before applying for the visa and maintain this amount for at least 3 months after the visa is granted. For the remaining period, the account balance must not fall below 400,000 THB.
This is the key change. Previously, it was required to keep funds in the bank for a certain period before applying, after which it was assumed that retirees would use the money for living expenses. The purpose of this requirement was to confirm sufficient financial means for the duration of the visa.
Now, the full amount must remain in the bank account for an additional 3 months after the visa is granted, and the minimum balance throughout the visa period must be half of that amount.
OR
E) The applicant may provide proof of a combination of monthly income and funds in a Thai bank account totaling at least 800,000 THB. The same rules for maintaining funds apply as described above.
Therefore, if a foreigner cannot obtain proof of income, they will need to freeze 800,000 THB for 5 months and maintain at least 400,000 THB for the entire duration of the visa. The enforcement mechanism remains unclear. It is not known whether there will be random checks of bank accounts or simply a declaration requirement. This will become clear after the new rules take effect. However, changes may still occur before March 1.
For those who prefer to resolve visa matters long-term and avoid concerns about re-entry permits and extensions, it is worth noting that long-term visas in Thailand can be purchased. A 20-year multi-entry visa costs approximately 1,000,000 THB and does not require maintaining frozen funds, meeting age requirements, annual renewals, or explaining the purpose of stay.
For all questions regarding long-term visas in Thailand, please call +66 81 504 6625.