Contributed By: The Big Fat Whale
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After our previous article on retiring in Johor Bahru for Singaporeans, we bring to you the idea of retiring in Thailand for Singaporeans in style.
It has been a choice weekend getaway to Bangkok for some retail, massage and food therapy. Or we could laze around on the pristine beaches of Phuket or Krabi. Not forgetting the charm and rustle of Chiang Mai and Hua Hin.
I guess the usual mirage of chilling by the cafe and having a laid-back retirement in a paradise setting is just such a nice picture of how we want to retire.
If we are still on to some online gigs or even trading and investing in the markets, it would be a good source of additional income while retiring.
Not forgetting the cost of living would be much lower than Singapore, which this article will be looking to unravel through the subsequent sections of this article.
Thailand is just a short air flight but in terms of distance, it would not beat JB which is a short MRT ride. Therefore, to have a full-time job in Singapore while staying in Thailand would likely not be a viable choice for those under employment.
Retirement Visas for Thailand
Before we can apply for a retirement visa, you have to be 50 years of age. So for those who have FIRE in their 30s, you might have to explore other options to have a long stay in Thailand (30 days for a normal trip based on Singapore’s visa exemption).
The applicant has to meet one of the following financial requirements:
- Hold a deposit of no less than THB 800,000 in a Thai bank account for at least 3 months.
- Receive a monthly income (including pension) of at least THB 65,000. As proof of monthly income, an affidavit must be obtained from the applicant’s embassy or consulate in Thailand.
- A combination of bank deposit and a yearly income of no less than THB 800,000. As supporting evidence, an updated bank book or letter from both the applicant’s bank and embassy must be submitted
Other documents that may be required to be presented:
- Police Clearance
- Medical Certificate
- Health Insurance
The visa is valid for 1 year and is renewable after that. There is also a report to be made to the immigration office every 90 days to update them on your residence in Thailand. To apply for the retirement visa, you must first apply for a 90-day visa and stay in Thailand for 60 days before you can submit your application.
Not too sure about yourself, but I certainly feel this process could be smoothen out as there seem lots of administrative matters. Moreover, it is just a 1-year visa unlike Malaysia which is granting a 10-year visa.
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