I am planning to stay here for as i am about to retire soon 

Forget non O-X (5+5yr) 

Attached thread below.

Best advised to obtain a non O based on retirement and do annual extensions. 

You can obtain a non O in Thailand from a visa exempt or tourist visa entry OR from nearby consulates or in your own country. Some provide eVisa..

 

https://aseannow.com/topic/1320280-non-immigrant-visa-type-o-x/

3 hours ago, Conan The Barbarian said:

I am planning to stay here for as i am about to retire soon 

there are two completely different visas that will give you a 10 year stay
One is the Non-Immigrant Type OX (Long Stay) visa you get from the thai consulate in your country before you come here 

The other one is the LTR (Long Term Resident) visa you get from the Board of Investment website before you come here

Of the two the LTR is a superior one if you can meet the requirements

Go here and look at the one for "wealthy pensioner" category.
https://ltr.boi.go.th/

 

There are other, cheaper and easier options.  Inquire with an agent. 

A ripoff. 

From the tax perspective and cost the LTR-P (Pensioner) is the best option if qualified. No tax on amounts remitted to Thailand from abroad. Multiple entry permits. Preferred lines at airport (allegedly). One time fee of 50,000 baht.

52 minutes ago, Lung Mark said:

From the tax perspective and cost the LTR-P (Pensioner) is the best option if qualified. No tax on amounts remitted to Thailand from abroad. Multiple entry permits. Preferred lines at airport (allegedly). One time fee of 50,000 baht.

All these points are true. The tax savings alone could be significant, given the announced tax changes. Also 90-day reporting becomes 1-year reporting. And for those in Bangkok, all paperwork done at Chamchuri Square, rather than Chaeng Wattana. 

I went this week to get the next 5 year extension to my O-X visa at CW, if anyone is still thinking of this 10 year visa, note the changes,  for the second 5 year stamp, you now need a new criminal reference check from your home country, new medical showing no diseases, cost 10 000 baht, and health insurance, according to them you still need  3 million in the bank despite the website saying it can be reduced after 1 year as long as the money is spent in Thailand, i had a young IO who spoke perfect english and without prompting said she knew i could not get one from my home country,  she said i had the option of just leaving Thailand before the stamp expires and return getting a visa exempt entry and apply the non o retirement She also said without me asking that the new simpler retirement visa would be launched early next year and to keep a look out on the Thai embassy website in your home country for the new rules.  

On 7/8/2024 at 3:03 PM, Lung Mark said:

From the tax perspective and cost the LTR-P (Pensioner) is the best option if qualified. No tax on amounts remitted to Thailand from abroad. Multiple entry permits. Preferred lines at airport (allegedly). One time fee of 50,000 baht.

 

Preferred lines at airport:

 

I am on an LTR-P (pensioner visa), and I have used the multiple entry (and kept Visa) and also obtained faster lines.  In my case I entered (and departed) Phuket airport, where the nominal foreigner immigration lines are full of tourists and very slow and crowded.  So I was able to use the Thai citizen lines (as Phuket does not have a 'fast track line' for LTR visa holders).  I was worried about being stopped and being sent to the massive tourist lines, but that did not happen.

 

Financial requirements & Health Insurance:

 

On the 10-year LTR-P visa, one needs to prove to the Thailand Board of Investment (BoI) that one meets their financial requirements (including health insurance meeting their requirements), where the financial requirements are significant if compared to the Non-Immigrant Type-O/OA visas.  Further, when on the LTR visa, at the 5 year point one needs to once again prove one's finances/health-insurance (but no extra $ needed as the 50,000 THB is good for the full 10 years).  One needs to report to Thai immigration once/year (where exiting/entering the country counts as a report to immigration).

 

In contrast, the Non-immigrant Type-O Visa (not the Type-OA visa) is a pretty good deal ... as the financial proof is MUCH less than the LTR visa, and further for the Type-O there is no proof of Health Insurance requirement.   One only gets 90-days initially on the Type-O visa (if applying inside Thailand), but after that one can obtain 1-year extensions (one after the other) to make up the 10 years.  Each year one has to go to immigration to prove one's finances.  And every 90-days one is required to do a 90-day report, either on-line, or by postal mail, or in person at immigration.  But the visa financial proof requirements are significantly less (than the LTR).

 

The Type-OA visa is sort of similar to the Type-O, except I believe it must be applied for from outside of Thailand, and further if one does not have a Thai spouse (and is applying for reason of retirement as opposed to reason of marriage to a Thai citizen) one must show health insurance requirements that meet Thailand requirements, which nominally in the case of the Type-OA visa means the health insurance MUST come from the Thailand branch of a Health Insurance company (and superior insurance from outside of Thailand is typically not accepted).   

 

One note is the health insurance proof requirements of the LTR visa are superior to that of the Type-OA visa, in that for the LTR visa health insurance plans from an Insurance company branch from outside of Thailand is accepted, and further with the LTR visa, if one has significant cash in a bank account anywhere in the world, one can self insure.

 

Taxation:

 

As for tax ? There is a new tax interpretation (by Thailand revenue department) and a lot of rumours flying on possible future changes (based on statements of officials from the Thailand Revenue Department) so its not clear what will transpire.

 

As it stands today, due to a very recent change, it does read that foreigners in Thailand >180days in one year may need to pay Thai income tax on income they bring into Thailand (although if one has already paid tax on such income in a foreign country with a Double Tax Agreement (DTA)) with Thailand, then that may only result in a paperwork exercise to possibly have to file a Thai tax return. < unsure >

 

The LTR visa was granted tax exemption for assessable foreign income (by a Thai Royal Decree), but there is a caveat to that Royal Decree that the rules of the Revenue Department still need to be adhered to, which could mean this tax exemption status could be affected.  Currently there is massive speculation as to what this could mean, but no clear cut answer.

 

I like both the non-immigrant type-O visa and I like the LTR-P Visa.  I recommend you consider both and choose one.

On 7/11/2024 at 10:54 AM, oldcpu said:

The LTR visa was granted tax exemption for assessable foreign income (by a Thai Royal Decree), but there is a caveat to that Royal Decree that the rules of the Revenue Department still need to be adhered to, which could mean this tax exemption status could be affected. 

If you'd allow I'd rephrase that: at this point in time the tax exemption stands, and even for LTR/WP the Revenue Department might require some paperwork, possibly a tax return, to justify it.