Advertorial How to Retire in Thailand Comfortably

[ASEAN NOW Sales]

 

This post is an excerpt of a longer article.

 

How to get a retirement visa for Thailand

 

The first obstacle to entering any country is getting a visa. Fortunately, retiring to Thailand is so popular that there is a specific visa classification for that. The Non-Immigrant O (“Other”) visa covers a number of reasons for entering the Kingdom, as the name suggests, and one of them is retirement.

 

To qualify for a retirement visa, you need to meet two basic requirements:

 

• You must be at least 50 years old
• You must have proof that you can financially support yourself
• You can either have a monthly income of 65,000 baht
• Or you must have 800,000 baht in a Thai bank account

 

For the 800k option, you need to be able to prove that the money has been in your account for at least two months before applying for the visa. You must also still have at least 400,000 baht in your account for at least three months after you get the visa.

 

In other words, you need to actually have the money – you can’t just borrow it for a few days to meet the visa requirements. The visa will need to be renewed annually and you’ll still need to meet these requirements each time.

 

Sadly, once you’ve got the visa, your interactions with Thai government officials are only just beginning. You need to add in the requirement to report to an Immigration office every 90 days.

 

The so-called “90-day report” is a bit of a chore, during which you need to wait around a government office for however long it takes you to get to the front of the queue just to hand in a couple of forms to keep the Immigration Department updated on your current address.

 

However, given that you can spend the intervening 89 days sipping beers on a beach in Thailand, four days of hassle per year is a small price to pay.

 

In terms of actual paperwork required, you will need to submit the following:

 

• Visa application form, completely filled out
• Passport or travel document with at least 18 months of validity remaining
• Recent passport-sized photograph (3.5 x 4.5 cm), taken within the past 6 months
• Evidence of adequate finances (as stated above)
• Proof that you have retired

 

Applying for the Non-Immigrant O visa isn’t too difficult and you can find companies in Thailand who are very willing and able do the legwork for you.

 

Given that government business in Thailand is naturally handled in Thai, using one of these services is recommended as they can make communication a lot easier, smoothing any bumps in the process far quicker than you could doing it on your own.

 

They know how to retire in Thailand from having handled the process dozens of times before – potentially hundreds of times. As such, none of it will come as a surprise to them.

 

While the requirement of an income when you’re supposed to be retired does seem a little counter-intuitive, to say the least, this can take the form of a pension or passive income.

 

In fact, since you can’t work on a retirement visa, it can only come in those forms. You’ll therefore need to set up a means of regularly transferring money into the country.

 

Getting money into Thailand

 

Photo by Vitaly Taranov / Unsplash

 

Fortunately, while transferring money out of Thailand can be a challenge, getting it into the country is relatively easy.

 

There are various options available for transferring your pension into the country, starting with the obvious option of getting it paid into a bank in your home country and then getting it wired into Thailand.

 

The quickest and simplest approach is to use a remittance service as the fees are lower, the transfer is instant and the exchange rate is excellent. Using a bank transfer is also possible, but is slower and generally less cost-effective.

The downside with either of these options is that you will still be paying tax on your income in your country of origin, despite the fact that you’re not living there.

 

If you’re looking at how to retire in Thailand from the UK, it’s worth looking into QROPS (Qualifying Recognised Overseas Pension Scheme), which may enable you to relocate your pension to Thailand so that it pays out directly into your Thai bank account.

However, retirees from other countries may have to look into private pension schemes and particularly into the regulations regarding how they pay out.

 

The cost of living in Thailand

 

 

The good news is that 65,000 baht per month (or an 800,000 baht lump sum) goes a very long way in Thailand, particularly if you pick where to retire to with a degree of care. Bangkok, Phuket and Koh Samui are among the more expensive places to live while Pattaya, Chiang Mai and Hua Hin are among the cheapest. Each has its own distinct environment, as well as its own benefits and attractions.

 

When it comes to figuring out the numbers behind how to retire in Thailand, your exact cost of living will depend very much on how and where you choose to live. However, we can use Bangkok as a general guide:

 

A comfortable one-bedroom apartment = about 10,000 baht per month

 

Utilities (including internet, phone, water and electricity) = about 2,500 per month

 

Food (eating mostly local food) = about 100 baht per day

 

Food (eating mostly foreign food) = about 300 baht per day

 

1 beer = about 100 baht, depending on the brand and where you buy it

 

Comprehensive medical insurance = about 6,000 baht per month

 

One of the things that’s going to come as a surprise to you is the things that cost a lot of money and the things that don’t. As imported goods are heavily taxed, you might find yourself paying two or three times what you would on something as simple as a potato compared to its cost in your country of origin.

 

On the flip side, goods produced in Thailand are significantly cheaper than they would be overseas. So, for example, you might find that the amount you spend on new clothes is minuscule, but the amount you spend on food skyrockets.

 

The easiest way to reduce the impact of this is to stick to the local stuff which, with Thai food having an amazing reputation for flavourful dishes, isn’t that hard.

 

A further point that’s worth noting here is that, as the baht strengthens, the cost of living relative to your native currency will increase.

 

This can become a problem if you’re planning to live off a pension which is regularly transferred into the country from overseas. Currency fluctuations could result in significant changes to your budget from one month to the next.

 

This post is an excerpt of a longer article from DeeMoney, Thailand’s payment provider. Exchange and send money to 14 countries, register via our app, website or in store. 

 

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[thrilled]

To retire anywhere comfortably is all about the money. Most people if they have the extra money they wouldn’t retire in Thailand.

[crazykopite]

The whole thing after 13 years of living here has become a pain in the backside I have fallen out of love with Thailand or if the truth be known immigration.once I have sold my property I shall be vacating never to return.

[Classic Ray]

90 day reporting in person is unnecessary, there are options to report by post or online, although the latter is sometimes tricky, due to the hurdles you have to leap, eg correct browser, picking data from lists, inexplicable refusals to proceed, a restricted time window for reporting or the app failing. But it can be done in fifteen minutes if working correctly.

[thaisabai]

SAWASDEE

regarding your quote: 

•  

• Report post
•  
•  #1

Posted 3 hours ago

please advise details/address of your point re 6000 baht comprehensive medical insurance/.

much appreciated, thanks

 

thaisabai

 

This post is an excerpt of a longer article.

 

How to get a retirement visa for Thailand

 

The first obstacle to entering any country is getting a visa. Fortunately, retiring to Thailand is so popular that there is a specific visa classification for that. The Non-Immigrant O (“Other”) visa covers a number of reasons for entering the Kingdom, as the name suggests, and one of them is retirement.

 

To qualify for a retirement visa, you need to meet two basic requirements:

 

• You must be at least 50 years old
• You must have proof that you can financially support yourself
• You can either have a monthly income of 65,000 baht
• Or you must have 800,000 baht in a Thai bank account

 

For the 800k option, you need to be able to prove that the money has been in your account for at least two months before applying for the visa. You must also still have at least 400,000 baht in your account for at least three months after you get the visa.

 

In other words, you need to actually have the money – you can’t just borrow it for a few days to meet the visa requirements. The visa will need to be renewed annually and you’ll still need to meet these requirements each time.

 

Sadly, once you’ve got the visa, your interactions with Thai government officials are only just beginning. You need to add in the requirement to report to an Immigration office every 90 days.

 

The so-called “90-day report” is a bit of a chore, during which you need to wait around a government office for however long it takes you to get to the front of the queue just to hand in a couple of forms to keep the Immigration Department updated on your current address.

 

However, given that you can spend the intervening 89 days sipping beers on a beach in Thailand, four days of hassle per year is a small price to pay.

 

In terms of actual paperwork required, you will need to submit the following:

 

• Visa application form, completely filled out
• Passport or travel document with at least 18 months of validity remaining
• Recent passport-sized photograph (3.5 x 4.5 cm), taken within the past 6 months
• Evidence of adequate finances (as stated above)
• Proof that you have retired

 

Applying for the Non-Immigrant O visa isn’t too difficult and you can find companies in Thailand who are very willing and able do the legwork for you.

 

Given that government business in Thailand is naturally handled in Thai, using one of these services is recommended as they can make communication a lot easier, smoothing any bumps in the process far quicker than you could doing it on your own.

 

They know how to retire in Thailand from having handled the process dozens of times before – potentially hundreds of times. As such, none of it will come as a surprise to them.

 

While the requirement of an income when you’re supposed to be retired does seem a little counter-intuitive, to say the least, this can take the form of a pension or passive income.

 

In fact, since you can’t work on a retirement visa, it can only come in those forms. You’ll therefore need to set up a means of regularly transferring money into the country.

 

Getting money into Thailand

 

Photo by Vitaly Taranov / Unsplash

 

Fortunately, while transferring money out of Thailand can be a challenge, getting it into the country is relatively easy.

 

There are various options available for transferring your pension into the country, starting with the obvious option of getting it paid into a bank in your home country and then getting it wired into Thailand.

 

The quickest and simplest approach is to use a remittance service as the fees are lower, the transfer is instant and the exchange rate is excellent. Using a bank transfer is also possible, but is slower and generally less cost-effective.

The downside with either of these options is that you will still be paying tax on your income in your country of origin, despite the fact that you’re not living there.

 

If you’re looking at how to retire in Thailand from the UK, it’s worth looking into QROPS (Qualifying Recognised Overseas Pension Scheme), which may enable you to relocate your pension to Thailand so that it pays out directly into your Thai bank account.

However, retirees from other countries may have to look into private pension schemes and particularly into the regulations regarding how they pay out.

 

The cost of living in Thailand

 

 

The good news is that 65,000 baht per month (or an 800,000 baht lump sum) goes a very long way in Thailand, particularly if you pick where to retire to with a degree of care. Bangkok, Phuket and Koh Samui are among the more expensive places to live while Pattaya, Chiang Mai and Hua Hin are among the cheapest. Each has its own distinct environment, as well as its own benefits and attractions.

 

When it comes to figuring out the numbers behind how to retire in Thailand, your exact cost of living will depend very much on how and where you choose to live. However, we can use Bangkok as a general guide:

 

A comfortable one-bedroom apartment = about 10,000 baht per month

 

Utilities (including internet, phone, water and electricity) = about 2,500 per month

 

Food (eating mostly local food) = about 100 baht per day

 

Food (eating mostly foreign food) = about 300 baht per day

 

1 beer = about 100 baht, depending on the brand and where you buy it

 

Comprehensive medical insurance = about 6,000 baht per month

[baansgr]

16 minutes ago, Classic Ray said:

90 day reporting in person is unnecessary, there are options to report by post or online, although the latter is sometimes tricky, due to the hurdles you have to leap, eg correct browser, picking data from lists, inexplicable refusals to proceed, a restricted time window for reporting or the app failing. But it can be done in fifteen minutes if working correctly.

Online reporting dosnt work in jomtien, and the post office is in Soi 5 almost opposite the immigration office.....however personally reporting 90 days there takes all of two minutes

[losername]

4 hours ago, ThaivisaSales said:

You must also still have at least 400,000 baht in your account for at least three months after you get the visa.

Is that right?  I thought it had to be 800k for at least three months after your extension of permission to stay.  Then you can spend provided the total does not fall below 400k.

[ravip]

1 hour ago, thrilled said:

To retire anywhere comfortably is all about the money. Most people if they have the extra money they wouldn’t retire in Thailand.

You hit the nail right on the head!

This explains in one sentence why there are so many whingers, Thai bashers and keyboard warriors herein. Living on a tight budget for the rest of your life with no other choice even to go home is absolute torture, no doubt. Hence, the desperation is easy to understand.

Very sad indeed.

[Guest]

1 hour ago, crazykopite said:

The whole thing after 13 years of living here has become a pain in the backside I have fallen out of love with Thailand or if the truth be known immigration.once I have sold my property I shall be vacating never to return.

I believe you are Samui .. yes?  Please DM me the details of the property you have for sale.  Enjoy your next "better" location!

[Brickbat]

4 hours ago, ThaivisaSales said:

You must also still have at least 400,000 baht in your account for at least three months after you get the visa.

Sorry. Just got my visa. I was informed It’s got to stay in the bank for the full 12 months. It’s insurance if you go to hospital. 

[losername]

16 minutes ago, Brickbat said:

Sorry. Just got my visa. I was informed It’s got to stay in the bank for the full 12 months. It’s insurance if you go to hospital. 

I questioned this same statement in my post above.  This advertisement does not reflect well on the professionalism of this company or on the accuracy of its information.  Amazing that they should wish to reveal their flaws publicly.

[orchis]

an infomercial should at least get the facts right

[bobthomas]

38 minutes ago, bangkokequity said:

I believe you are Samui .. yes?  Please DM me the details of the property you have for sale.  Enjoy your next "better" location!

The reason we came to live in Thailand in the first place, is the same reason we will leave.

 

Change! New Horizons! New adventures!

 

Once my house in Kanchanaburi is sold, I too shall be gone.

 

It's been a great 20 years! Bangkok, Samui, Jomtien, Kanchanaburi- many great adventures.

 

But honestly? I would be bored if I had to do those 20 years over.

 

You can only come to Thailand for the first time.....once!

 

Uncle Bob

 

 

[TallGuyJohninBKK]

48 minutes ago, Brickbat said:

Sorry. Just got my visa. I was informed It’s got to stay in the bank for the full 12 months. It’s insurance if you go to hospital. 

 

For retirement extensions, it's at least 800K for a couple months before applying, and then a couple more months after applying. And then, at least 400K for the remainder of the year cycle until a couple months before your next application. And rinse and repeat.

 

800K is not required to be on deposit yearround, only 5-6 months of the year. And then the rest of the year it only needs to be at least 400K. At least, that's what Immigration's actual retirement extension rules say.

 

Marriage extensions are a lot simpler. Only 400K for a couple months prior to applying, and the no minimum amount thereafter, until just ahead of your next application cycle.

 

 

 

Edited December 30, 2019 by TallGuyJohninBKK

[Blue bruce]

after 9 years in Thailand 6 years id Bangkok, 3 years in Buriram. I am out as 0f today. my next plan is california for a few months with my daughter  than onto to puerto Vallarta Mexico or Panama. Sick of the beaucrats and double pricing. sick of the new rules ever other month. next it will be 400,000 medical for everyone. being here is the same as being in North Korea. They can lock you up for no reason for any a mount of time and your you thai wife is entailed to all your assests.  ask me i found out. I'm out of a place  as bad as North Korea. good luck

[MyTHaiMyKe]

Thailand is not retirement friendly! The people here do not want you here. They want tourist to come spend their money and get out!

In Mexico when 65 years old you get 20% off airfare, 50% off of bus travel, 10-15% off of groceries, and I could go on and on. I to can not wait to leave, when I moved here, Thailand was 30% cheaper than Mexico, now it is 30% more here than back home. I can rent a 2 bedroom house with a garage, patio etc... for less than I pay for a studio here. The utilities are cheaper and they don't overcharge the rates for electricity and water. When my stuff is sold I cannot wait to vacate this country. It was the biggest mistake I ever made in my life to move here. Come as a tourist but don't move here, you will regret it.

[Thomas J]

2 hours ago, MyTHaiMyKe said:

In Mexico when 65 years old you get 20% off airfare, 50% off of bus travel, 10-15% off of groceries,

The other advantage in Mexico is that your life expectancy is significantly shortened meaning you won't have to rely on your savings for too many years. 

[Guest]

5 hours ago, bobthomas said:

The reason we came to live in Thailand in the first place, is the same reason we will leave.

 

Change! New Horizons! New adventures!

 

Once my house in Kanchanaburi is sold, I too shall be gone.

 

It's been a great 20 years! Bangkok, Samui, Jomtien, Kanchanaburi- many great adventures.

 

But honestly? I would be bored if I had to do those 20 years over.

 

You can only come to Thailand for the first time.....once!

 

Uncle Bob

 

 

Bob ... Best of Luck.

Edited December 30, 2019 by Guest

[Power of life yoga]

On 12/30/2019 at 10:29 AM, ThaivisaSales said:

A comfortable one-bedroom apartment = about 10,000 baht per month

 

Utilities (including internet, phone, water and electricity) = about 2,500 per month

 

Food (eating mostly local food) = about 100 baht per day

 

Food (eating mostly foreign food) = about 300 baht per day

 

1 beer = about 100 baht, depending on the brand and where you buy it

 

Comprehensive medical insurance = about 6,000 baht per month

That is definitely not my ideal retirement ????????????

[kiteman9]

On 12/30/2019 at 1:36 PM, Classic Ray said:

90 day reporting in person is unnecessary, there are options to report by post or online, although the latter is sometimes tricky, due to the hurdles you have to leap, eg correct browser, picking data from lists, inexplicable refusals to proceed, a restricted time window for reporting or the app failing. But it can be done in fifteen minutes if working correctly.

After your retirement visa extension, how do you show the 800 thousand is still in the bank when you are doing your first 90 day report online? 

[ravip]

21 hours ago, MyTHaiMyKe said:

Thailand is not retirement friendly! The people here do not want you here. They want tourist to come spend their money and get out!

In Mexico when 65 years old you get 20% off airfare, 50% off of bus travel, 10-15% off of groceries, and I could go on and on. I to can not wait to leave, when I moved here, Thailand was 30% cheaper than Mexico, now it is 30% more here than back home. I can rent a 2 bedroom house with a garage, patio etc... for less than I pay for a studio here. The utilities are cheaper and they don't overcharge the rates for electricity and water. When my stuff is sold I cannot wait to vacate this country. It was the biggest mistake I ever made in my life to move here. Come as a tourist but don't move here, you will regret it.

You are an exemplary example to many who have taken a wrong turn in their life to come and settle down in Thailand. Instead of bashing all and sundry, it is best to pack up and move to greener pastures!

Good luck to you!

[Peter Denis]

1 hour ago, kiteman9 said:

After your retirement visa extension, how do you show the 800 thousand is still in the bank when you are doing your first 90 day report online? 

The requirement for the money-in-bank method is that the 800K should be in the bank for 3 months after your retirement-extension has been granted.  And you should never go below that amount during those 3 months.

During the next 7 months the minimum amount to be kept on your thai bank-account is 400K.  And it needs to be topped up to 800K two months before your next extension application.

Only a few IOs (e.g. Jomtien) actually check whether you meet the 3 month 800K in the bank requirement. 

Those that do check, provide you on extension of stay with a Bank-Check appointment-form.

That 800K compliance check is different than the 90-day reports, which you also have to do. 

When you do your 90-day reports in person at the IO, and that office also imposes a 3-month Bank-check, its in your interest to time the 90-day reports in such a way that you can do both at same time (especially when you don't live close to your IO).

 

 

[SiSePuede419]

"How to Retire in Thailand Comfortably"

 

 

Easy. ????

 

1) Bring $10M USD.

2) Open a business.

3) Leave while you still have $1M USD left.

 

 

Edited January 3, 2020 by SiSePuede419

[murraynz]

On 12/30/2019 at 3:10 PM, ravip said:

You hit the nail right on the head!

This explains in one sentence why there are so many whingers, Thai bashers and keyboard warriors herein. Living on a tight budget for the rest of your life with no other choice even to go home is absolute torture, no doubt. Hence, the desperation is easy to understand.

Very sad indeed.

Learn from this guy's. Prepare/save for your retirement. 

[tpinvest]

Joining thousands of others in rejecting all the nonsense attached to retiring in Thailand was an easy decision. Much, much cheaper to live a British lifestyle in England than as an expat trying to do so in the "Land of Smiles". If you think about it, living in an aircon condo is much the same as living in a centrally heated one at home.

Come back home, moaning is free here - there you pay through the nose to do it!!!!!!

 

 

[kjun12]

It appears that the Thai government is trying to rid the country of retired foreigners.  New rules are preventing us from living here comfortably by making it more expensive and difficult to renew retirement visas.  If I had it all to do over again I would not choose Thailand. Panama here I come.

[ivor bigun]

Depends how you live here i suppose ,are you living in a studio flat ,going to the bar every night ,paying for company  and living the single life 

Or like many of us ,have your own home a loving wife of many many years ,a nice family and a son or daughter ,and just living a normal life as you would anywhere ,of course there is that terrible 90 day report ,it takes me at least 15 minutes to drive to immigration at Jomtien ,then a terrible wait of ,well last time a whole 5 minutes. oh God i never new retirement could be so taxing .

[fordguy61mi]

On 12/30/2019 at 4:02 AM, bobthomas said:

The reason we came to live in Thailand in the first place, is the same reason we will leave.

 

Change! New Horizons! New adventures!

 

Once my house in Kanchanaburi is sold, I too shall be gone.

 

It's been a great 20 years! Bangkok, Samui, Jomtien, Kanchanaburi- many great adventures.

 

But honestly? I would be bored if I had to do those 20 years over.

 

You can only come to Thailand for the first time.....once!

 

Uncle Bob

 

 

Me thinks you need to go back to your home country for a few years to get that "new car smell" from Thailand again.

[Tagged]

On 12/30/2019 at 7:23 AM, thrilled said:

To retire anywhere comfortably is all about the money. Most people if they have the extra money they wouldn’t retire in Thailand.

If you have the extra money, why shouldnt you retire or want to retire in Thailand? 

 

I have been looking for a destination I would like to retire, and still not found it comparing to Thailand. 

[Cryingdick]

5 hours ago, kjun12 said:

It appears that the Thai government is trying to rid the country of retired foreigners.  New rules are preventing us from living here comfortably by making it more expensive and difficult to renew retirement visas.  If I had it all to do over again I would not choose Thailand. Panama here I come.

 

They could pour boiling oil on the ex pats and they would only get a hunch they are beginning to feel unwelcome. Some people are slow to take the hint.