Thailand is a very popular retirement and investment destination. It has a relatively low cost of living, affordable and reliable healthcare and is generally safe with a rule of law. The Thai economy is growing at a healthy pace with its gross domestic product (GDP) growing at 3.3%, 3.9% and 4.1% in 2016, 2017 and 2018 respectively. 2018’s growth rate of 4.1% was the fastest pace since 2012 and it is important to note that despite a strong export uptick, Thailand’s increase in capital utilisation and acceleration in capital goods imports does suggest that there is a strong local demand for infrastructure development which can only bode well for the kingdom in the long run. The introduction of Thailand 4.0, an economic model designed to transform the Thai economy to one that is driven by higher-value industries with an aim to increase per capita GDP, the influx of foreign investors and Bangkok playing a pivotal role in China’s One Belt One Road initiative in the South East Asia region does bode well for Thailand in the long run. This is resulting in an influx of foreigners into the kingdom. There is a deluge of reasons why people are coming into Thailand but they can be broadly summarised into three categories, to work, to invest and to retire. To effectively stay in Thailand, you will need long stay visas and in this article, I will be explaining the various options.
Visas for work
There are two types of visas for those looking to work in Thailand. You will need a company as a sponsor when applying for these visas.
Business Visa (Non-Immigrant Visa “B”)
This visa is issued to applicants who wish to enter Thailand to work or to conduct business.
Eligibility criteria:
Details:
Here is the standard process for foreigners who wish to work in Thailand.
Step 1: Securing a prospective employer in Thailand and preparing all the necessary documents.
Step 2: Apply for Non-Immigrant Visa “B”, single entry at the Thai Embassy or Consulate in the applicant’s country of residence (details: www.mfa.go.th). [1 to 3 days]
Step 3: A 90-day stay permit will be granted at the immigration checkpoint.
Step 4: Apply for a temporary Work Permit at the Department of Employment (www.doe.go.th/workpermit) [7 days]
Step 5: Apply for an Extension of Stay Permit at the Immigration Bureau (www.immigration.go.th) [30 days]
Step 6: Apply for an Extension of Work Permit at the Department of Employment. If the applicant is leaving Thailand, he or she must apply for a Re-entry Permit at the Immigration Bureau or at the airport before departure if he or she would like to re-enter Thailand under the same employment status. [both same day]
Business Approved Visa (Non-Immigrant Visa “B-A”)
Eligibility criteria:
Details:
For more details, please visit the Ministry of Foreign Affairs of the Kingdom of Thailand.
Smart Visa
The Smart Visa is designed to attract highly skilled manpower, investors, executives and startup entrepreneurs to work or invest in certain targeted industries in Thailand. It is designed to support the Thailand 4.0 initiative.
The targeted industries are:
There are 5 categories of Smart Visas
There are different criteria for each category. You can refer to the Thailand Board of Investment website for more details (https://www.boi.go.th/index.php?page=detail_smart_visa).
Details:
Visas for retirement
This is for those who are looking to retire in Thailand.
Retirement Visa
Eligibility criteria:
Financial Requirements:
Do note that the criteria are for one individual. Thus if you are applying with your spouse, the criteria will double. For example, you will both need to have a total of THB 1.6 million in your bank accounts.
Details:
Visas for the affluent and investors
These visa options are for those who would like to obtain visas through investments or memberships.
Elite Visa
Details:
Seven different tiers of membership
For more information about the Elite Visa, you can visit this link: https://www.thailandelite.com/
THB 10 Million Investment Visa
Details:
Requirements:
Specific assets that are eligible:
My thoughts…
With a great deal of geopolitical instability in the world, many are looking for options to park their money. In some cases, people may grow weary of instability and turmoil in their home country and look to uproot themselves and possibly their families to a safer and more stable environment. The last significant political crisis happened in November 2013 and ran through till May 2014. It resulted in the removal of Yingluck Shinawatra through, a coup d’état and the establishment of the military junta. Elections passed earlier in 2019 with little issues and Thailand is seeing perhaps its longest period of economic and political stability in recent times. This makes Thailand a very viable option to set up a business, retire or to invest in.
If we were to compare the various visa options, the most popular options would be the Retirement Visa or the THB 10 million Investment Visa. To many, paying for a 20-year visa with an annual fee under the Elite Visa does feel like money down the drain. Thus many choose to purchase Thai property from developers instead. Purchases from the resale market are not accepted perhaps from the fact that such prices can be manipulated between seller and buyer to hit the THB 10 million threshold. I personally have been dealing with Thai properties since 2012 and many clients have often made purchases with the intention of having a retirement or holiday home. Coupled with the fact that the local demand has been strong, Thai property prices have been climbing steadily for the good part of the last decade. If you are looking for a long stay visa without the need to work in Thailand, I do think that the THB 10 million investment visa is the most viable option and the investment should be in the form of condominiums in the heart of Bangkok, Thailand’s capital. You will set yourself up for potential capital appreciation and you can also have rental income if you choose to rent out the condominium. Property prices have climbed a great deal in Bangkok but so has property in most parts of the region.
Yours Sincerely,
Disclaimer: I run and co-own a property company in Thailand and run a property portal InvestBangkokProperty.com and the Invest Bangkok Property YouTube Channel. The purpose of this article is to educate readers of the various long stay visa options in Thailand and give my simple take on which options I think are most viable.
Other related articles:
My views on the Singapore and Bangkok property markets
Thailand Property Market Outlook for 2019
How to get an Investment Visa in Thailand
Where are the up and coming property investment locations in Bangkok?
Thailand property inheritance laws: taxes, succession and wills
A guide to the top property developers in Thailand
Can a foreigner take a property loan in Thailand?
Recognising the different property title deeds in Thailand
Looking to buy a Bangkok condo? Things to take note of.
Factors that determine the property price in Bangkok
Thailand Property: Legal and Tax Issues
Thailand Property Market Outlook for 2018
Buying property in Bangkok: Payment procedures
The good locations for property investment in Bangkok.
How to get a Retirement Visa in Thailand
Thailand as a retirement destination
My personal experience purchasing a property in Bangkok
A compelling case to invest in Bangkok
Due diligence on property investment
Things to take note when investing in an overseas property
Guide to buying a property in Thailand
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