Thailand To Introduce 10 Year Retirement Visas
Affluent foreigners over 50 who are already resident in Thailand or have plans to retirement there will soon be able to apply for 10 year visas, a Thai Government spokesman said on Tuesday. Intended to promote Thailand as top retirement destination and as a hub for medical services, the policy was approved by the interim cabinet on Tuesday, according to spokesman Athisit Chainuwat. It would replace one year renewable visas and come in two instalments of five years each, Athisit said. It was not immediately clear when the plan will be implemented.
To qualify applicants must either earn a monthly salary of at least 100,000 baht or have more than 3 million baht in their bank account, which cannot be withdrawn within the first year after receiving the visa. They must also have health insurance that covers hospital stays and provides at least USD$10,000 in annual coverage. Visa holders will still have to check in every 90 days with the Bureau of Immigration, Athisit said. Applicants for the visa are expected to be foreigners who want to live in provinces such as Chiang Rai, Chiang Mai, Phuket and Chonburi, the spokesman added.