Legally Retiring in Thailand: Frequently Asked Questions
Thailand offers you a cost-effective retirement with gorgeous scenery that’s as comfortable and exciting as you want it to be. But before packing everything and moving from your home country to this Southeast Asian paradise, it’s natural to have questions about how you can retire in Thailand without accidentally overstepping any immigration or legal boundaries during your stay.
In this post, we will be answering some of the more frequently asked questions about retiring legally in Thailand such as which retirement visas are ideal, whether or not you can buy property in the country, and if you will need to pay tax on your pension income.
Which visa should I apply for to retire in Thailand?
Of course, to live legally in Thailand as a foreigner for an extended period of time, you will need a long-term Thai visa. Some people try to live in Thailand by constantly refreshing short-term tourist visas, but this is not recommended. It is time-consuming, you don’t enjoy all the privileges of residency that make Thailand easier, and you can run afoul of Thai immigration authorities.
Fortunately, there is a diverse set of retirement visas you can choose from with a wide variety of requirements and benefits. Which one will work best for you will depend on your situation, but it’s good to have options.
Thailand Retirement Visa
The standard retirement visa is the Thailand Retirement Visa, which is valid for 1-year and is renewable, but it also requires you to frequently visit the immigration office every 90 days. It’s also the cheapest and easiest to get, but this means it comes with the fewest benefits.
Thai LTR Visa
The Long-Term Resident Visa (LTR Visa) requires only annual visits to the immigration office, is valid for 10 years, and comes with a 5-year multiple entry permit that allows you to leave and return to Thailand as often as you please without the need to apply for a re-entry permit each time. The requirements are more numerous, but the extra benefits are worth it.
Thailand Elite Visa
Last but not least is the Thailand Elite Visa, which comes in membership packages ranging from 5 to 20 years. This is a type of long-term multiple-entry tourist visa that’s acquired from the Thailand Privilege program which grants you access to a long and diverse list of free perks and benefits.
These include free healthcare procedures and spa treatments, special gifts and discounts, and expedited immigration processing at airports among many, many others. The Thailand Elite Visa is by far the simplest and most rewarding way to stay in Thailand long-term.
How long does it take to acquire a retirement visa for Thailand?
The processing time heavily depends on the visa you choose to apply for. The Thailand Retirement Visa takes at least two months to process, the LTR Visa takes between 4 and 8 weeks, and the Thailand Elite Visa takes between 1 and 3 months.
Is there an age requirement for retiring in Thailand?
Yes, if you are applying for a Thailand Retirement Visa or an LTR Visa. The age requirement is at least 50 years old for these visas, unlike the Thailand Elite Visa which you can apply for at any age.
Do I have to open a Thai bank account to apply for a retirement visa?
Yes, you are required to open a bank account in Thailand if you are applying for the Thailand Retirement Visa, as one of the requirements states that you must have a security deposit of 800,000 THB for at least 2 months in a Thai bank account before applying for the visa. In the case of an LTR Visa, you will only need to open a Thai bank account if you do not meet the health insurance requirement, while the Thailand Elite Visa does not require you to open a Thai bank account at all.
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If I can’t meet the financial requirement for the retirement visa in Thailand, can my spouse meet it for me?
No, if you are applying for the Thailand Retirement Visa, you will have to meet all the requirements alone to be eligible for one. However, for an LTR Visa, your spouse can meet all the requirements and add you to their LTR Visa as a dependent, meaning that you will not need to meet the financial requirements. The same can be said about the Thailand Elite Visa, as your spouse can be the primary holder of the Thailand Elite Visa and add you to their visa as a dependent.
Do I need health insurance to apply for a retirement visa in Thailand?
Yes, if you are applying for the Thailand Retirement Visa or the LTR Visa, you will need health insurance in Thailand. In the case of the Thailand Elite Visa, there is no health insurance requirement you will need to meet.
Can I work on a retirement visa in Thailand?
No, you can not work in Thailand, whether you’re on the Thailand Retirement Visa, LTR Visa, or Thailand Elite Visa. It is important to note that Thai immigration does not distinguish between paid employment and charity work. If you are caught working on any of these visas, it could affect your criminal record, cancel your visa, and may lead to deportation in serious cases.
If you want to supplement your income with online remote or freelance work, consider the Destination Thailand Visa (DTV). It’s a 5-year multiple-entry visa that allows you to stay in Thailand for up to 180 days per entry, but it does not come with any added benefits other than allowing you to work online remotely or freelance. Because of this, it’s only recommended if the ability to work in Thailand like this is a must-have for you.
Will I pay tax on my pension income in Thailand?
Currently, the tax law in Thailand states that you will only need to pay tax on your pension income if you bring it into Thailand. However, as of 2024, the government is planning a new law that will tax the foreign income of all residents, including pensions, regardless of whether it is brought to Thailand or not.
If your country does not have a Double Tax Agreement with Thailand, and in some cases even if it does, you may be required to pay Thai income tax on your pension. To learn more about your tax responsibilities and how you can minimize your burden in Thailand, it is advised that you organize an appointment with a professional tax consultant in Thailand.
Can I buy property while retiring in Thailand?
According to Thai law, foreigners cannot own property in Thailand in their own name. There are some ways to make this possible, but they are difficult and require the assistance of a property lawyer in Thailand.
Fortunately, there are ways to buy property as a foreigner. You are allowed to purchase as many condominiums in Thailand as you want as homes or investment property, though you cannot own more than 49% of the units inside the condominium building. You can also buy houses and structures that are built on land owned by a Thai national.
If you want a closer experience of having de facto control of land, you can enter into long-term lease agreements that can be up to 90 years.
Streamline Your Retirement in Thailand With Siam Legal’s Professional Visa and Legal Services
If you are looking to retire in Thailand and want to simplify the complex legal and immigration aspects, get in touch with Siam Legal International. We are a full-service law firm and visa consultancy with over 20 years of experience in aiding foreign clients with their immigration and legal needs in Thailand. We can help you with:
Contact Siam Legal today! Our immigration and legal teams are more than equipped with the skills and experience to ensure that the transition to the next chapter of your life goes as smoothly and swiftly as possible. With us by your side, you will be basking in the sun on one of Thailand’s stunning tropical beaches and enjoying your golden years in no time.