11 Most Frequently Asked Questions on Renewal of Thailand Retirement Visa
Thailand is a beautiful country where one can retire. It has lovely warm weather all throughout the year and one can easily explore its over 1,400 islands at any given time. To have access to such perks though, one will need to process a Thailand Retirement Visa. One will also need to continuously renew it. To give you an idea of the requirements and the process, please refer to the answers to the most frequently asked questions when it comes to Thailand Retirement Visa:
- What is a Thailand Retirement Visa?
A Thailand Retirement Visa is the kind of visa that you should apply for if you want to retire in Thailand. It can be sought after by foreigners who are over 50 years old.
- Where to apply for a Thailand Retirement Visa?
You can apply for a Thailand Retirement Visa through the following:
- In Thailand
- Outside of Thailand
If you will apply for a Thailand Retirement Visa in Thailand, it will be referred to as a Non-Immigrant O Retirement Visa.
Applying for a Thailand Retirement Visa outside of Thailand will be referred to as a Non-Immigrant O Single Entry Visa. Such will have a validity of 3 months and can extend for 12 months. You will process such an application at a Royal Thai Embassy or Royal Thai Consulate.
- What financial requirements will be required for a person to qualify for a Thailand Retirement Visa?
To qualify for Thailand retirement visas, you need to meet the following financial requirements:
- Have a security deposit of 800,000 THB in a Thai bank
- Such money must be deposited at least two months before applying for a Thailand Retirement Visa
- Monthly income of at least 65,000 THB
- Combination of your security deposit and annual income that totals 800,000 THB
- Bank letter that certifies that the required 800,000 THB is duly complied with
- What is the duration of the validity of a Thailand Retirement Visa?
Your Thailand Retirement Visa has a validity of one year or 12 months with the ongoing requirement of the need to report to a local immigration office every 3 months or 90 days. This is referred to as 90-day reporting. This reporting can be done online.
- When to renew a Thailand Retirement Visa?
You should apply for a Thailand Retirement Visa renewal within 45 days before its expiry date to effectively avoid any form of delay or penalty. You should not renew your visa until the last day as you will surely experience delays and drawbacks. You may even be exposed to penalties.
- How many times can you renew your Thailand Retirement Visa?
You can renew your Thailand Retirement Visa how many times you want. There is no limit whatsoever as to the number of times that you can apply for a visa or for a visa renewal. You need to take note though that if you’d leave Thailand during the validity of your visa, you will need to have a re-entry permit. A separate application is required for this. Without out, your retirement visa will be canceled and you will need to undergo reapplication.
- What are the requirements for a Thailand Retirement Visa renewal?
You will need to comply with the same list of requirements when applying for a Thailand Retirement Visa. To effectively avoid delays though, it is wise if you’d always check on updates on the list of requirements whenever you will apply for renewal.
- Can I withdraw money from my account after the approval of my Thailand Retirement Visa?
No. You cannot withdraw money in your account for at least three months after the approval of your retirement visa. You can only duly withdraw after three months. You should take note though that your bank balance should never drop below 400,000 THB at any given time.
- What are the penalties if I overstay or fail to renew my Thai Visa?
You will have to deal with the following penalties if you’d overstay in Thailand or fail to renew your visa:
- A fine of 500 THB for every day of overstaying. You will only need to pay a fine if your overstaying did not go beyond 90 days.
- Overstaying beyond 90 days will have you blacklisted. You will not be allowed entry to Thailand for a year. You will also have to deal with legal authorities as overstaying beyond 90 days is a serious crime in Thailand. A fine will also be required.
- A person who overstays for more than 5 years will be blacklisted for 10 years.
- Will my Thailand Retirement Visa allow me to work in Thailand?
No. You cannot do any kind of work in Thailand if you have a Thailand Retirement Visa. You will need a separate work permit if you want to earn in Thailand. A separate permit if you want to run a business. You will have to face penalties if you’d be found working without a valid work permit. This includes part-time jobs.
- Is it advised that I seek an expert to help me process my Thailand Retirement Visa?
The answer will depend on your level of expertise and experience.
If you’re fluent in Thai and you have experienced applying for a Thailand Retirement Visa before, then there will be no need whatsoever for you to work with a professional.
However, if you’re not fluent in Thai and you have no experience whatsoever when it comes to applying for or renewing a Thailand Retirement Visa, then you should work with a professional that can easily guide you and make the process hassle-free and stress-free.
comments powered by Disqus