Monetary Requirements for Retirement Visa

Monetary Requirements for Retirement Visa

Monetary Requirements for Retirement Visa

Dreaming of making the most of your pension by retiring on a gorgeous Thai beach? Looking forward to living in a place where your money goes a bit further and you can finally relax and enjoy yourself? Great. Thailand welcomes retirees and even offers them a special visa. Silk Legal can help you to procure your retirement visa and renew it through each happy, healthy year of your Thai retirement. Any person over 50 years of age is eligible. After celebrating your 50th, the next step is having a certain amount of funds available to prove to the Thai government that:

a.) You can pay your rent and other bills while residing in Thailand and will not become destitute while living in the country

b.) You will not need to work and you have enough assets to live on for the year in which your visa is approved (working is not allowed while on a retirement visa)

Financial Requirements For a Thai Retirement Visa Are:

1.) A bank account showing a balance of THB 800,000 that has been held in that account for at least three months

or

2.) A regular monthly income of THB 65,000 (either from private pension, government retirement benefits or investments) that comes from a source outside of Thailand

or

3.) A combination of the first two options (Bank Account + Income x 12 = THB 800,000)

Retirees will be asked to provide this documentation for each year that they wish to remain in Thailand. There is no way to get around these financial requirements even though many people have made the argument that they can live on far less in Thailand. The goal of the Thai government in creating these requirements is to keep retirees safe as well as keep foreigners from going broke on their soils. After all, what if you had a costly medical emergency but only enough cash to cover your monthly expenses? To avoid this sort of situation, the requirements were put into place. Up until a few years ago, foreigners could simply present the Thai immigration office with a sworn declaration of income from their home embassy which, in many countries, did not require proof of income, only a signed statement. These days, however, the government requires original bank statements translated into English and Thai. The requirements for retirement visas and the paperwork needed by the Thai government can change quickly and in response to any number of events inside Thailand and internationally. Let Silk Legal be your go-to source of information and help with all of your visa matters. We process retirement visas quickly and efficiently. Get in touch today and start your golden years in Thailand sooner!

 

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