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It's difficult to beat Koh Phangan as a retirement destination and it is an excellent way to reward oneself after a long and productive career, as it is relaxing, enjoyable, and always pleasant weather. With comprehensive medical care to keep you safe and in good spirits, you'll have little to worry about when you go out and appreciate what the whole country has to offer.
The Thai retirement visa, also known as the non-immigrant O or OA long-stay visa, allows qualified retirees over the age of 50 who meet certain financial requirements to stay in Thailand for up to one year. After that, the one-year visa can be renewed every year as long as the applicant meets the financial conditions.
To obtain a retirement visa for Koh Phangan and Thailand, you must be at least 50 years old, have no criminal record or convictions in your home country or in Thailand, and be free of prohibitive diseases, which include Leprosy, Tuberculosis, drug addictions, Elephantiasis, and Syphilis in its third phase, according to the Thai Embassy.
To be eligible for a non-immigrant O or OA visa, you must also present one of the following three financial documents:
Bank statement copies showing an income of no less than 65,000 baht every month, as well as an affidavit from your embassy or consulate as proof of this income, or a combination of a deposit account and monthly income totalling at least 800,000 baht.
Each nationality's requirements may differ and be subject to change. If you're having trouble securing a retirement visa, look into the Elite Visa.
In order to apply for or to extend your retirement visa, you must have health insurance with a 400,000 baht IPD coverage and a 40,000 baht OPD coverage as of April 2019.
It appears that only local insurance is accepted.
Furthermore, some organizations have just announced new health insurance policies that fulfil the minimum standards. Have a look online or ask someone to help you who already has this.
A retirement visa can be applied for either in your home country (in some situations) or in Thailand.
The first thing you need to do is gather all of your necessary financial documents, as well as the following:
A passport with a minimum validity of 6 months and two blank pages on both sides is required.
4 cm x 6 cm pictures taken within the past six months, an updated bank passbook, a bank letter confirming your money were placed from a foreign source within two months of the date of application*, and a health certificate (you may not need this if you're in Thailand).
a certificate from the police/background check *
Go to the branch where you opened your bank account to obtain a bank letter. Inform them that you require an authentic bank document showing that you have the money in your account two months prior to your application date. Depending on your bank, the letter will cost a few hundred baht. It can also be completed on the same day, usually in under an hour.
Then you can visit an immigration office to apply.
Before you extend your visa into a one-year non-immigrant OA visa, you must usually apply for a non-immigrant visa O. In the kingdom, you'll have 90 days. You can also apply for a one-year OA visa after the first 60 days.
You'll need to apply for a non-immigrant OA visa if you're seeking your retirement visa outside of Thailand. To visit the Thai Embassy in your country, you'll need to bring the same documents specified above. However, don't be surprised if the embassy tells you that this form of visa isn't available to foreigners, as not every one of them does.
The non-immigrant OA long-term visa allows you to retire in Thailand for a year and can be renewed every year from within Thailand.
When applying for a non-immigrant OA visa, you'll have two options: single-entry or multiple-entry.
You can apply for a single-entry non-immigrant visa OA if you don't intend to leave Thailand while on your retirement visa. You must apply for a re-entry permit if you need to leave the nation, whether for pleasure or in an emergency.
You can leave and visit Thailand as often as you like with a multiple-entry OA visa. If you know you'll be coming and departing frequently while living in Thailand, your best chance is to apply for a multiple-entry visa right away.
After your visa has been approved, you must conduct 90-day check-ins with Thailand immigration, whether you apply within or outside of Thailand.
On a retirement visa, you are prohibited from working.
So, if you are over 50 but still want to work in Thailand then you should get a Non-B visa and work permit instead.
If you meet the financial requirements and submit the proper paperwork, the process is simple.
So double-check the list above and call the Thai embassy or immigration office in your area if you have more questions.