Thailand not too long ago launched two residency programmes which can be step by step gaining recognition: the distant work visa and the rich pensioner visa for retirees. Here’s a have a look at these choices.
Distant work visa: eligibility
Thailand’s distant work visa or vacation spot journey visa is for workers who nonetheless work at home. The visa applicant wants to indicate proof of present employment within the residence nation by furnishing their employment contract.
The applicant wants to indicate that they’ve the equal of 500,000 Thai baht or THB (about ₹12.4 lakh) of their checking account by submitting financial institution assertion or payslips.
The applicant can add partner and youngsters beneath 20 years of age as dependents within the visa utility. The visa processing payment is THB 10,000 per particular person, or about ₹25,000.
The visa holder additionally has to report their present tackle to the immigration bureau each 90 days. As this visa is granted to a distant employee, there isn’t a proper to work in Thailand on this visa.
The visa is legitimate for 5 years. After the primary block of 180 days, the visa is extendable for an additional 180 days for a payment of THB 10,000. However after this extension, the visa holder is required to go away the nation and re-enter. The visa holder is allowed to do that for 5 years. The programme was launched on 15 July 2024. A number of entries and exits are allowed on this visa.
Also read: Cost of European residency programmes have shot up
Retirement visa: eligibility
Thailand’s retirement visa or wealth pensioner visa is a long-term residency visa that comes with a validity of 10 years and is renewable, so long as the eligibility situations are maintained by the visa holder. A number of entries and exits are allowed on this visa.
Other than the monetary eligibility standards, the applicant must be not less than 50 years previous on the time of utility.
The earnings eligibility requirement is a private earnings of $80,000 ( ₹68.7 lakh) each year. If the applicant would not meet this criterion, they should present a minimal annual earnings of $40,000 ( ₹34.35 lakh) and make investments $250,000 ( ₹2.14 crore) in a property in Thailand.
The visa validity is cut up into blocks of 5 years. After the primary 5 years, the visa is extendable for an additional 5 years. The applicant additionally wants a compulsory well being cowl of $50,000.
Not like the distant work visa, the rich pensioner visa additionally provides a proper to work. Such visa holders are additionally exempt from the 4:1 Thai:international worker rule, which requires native corporations to rent 4 Thai folks for each international worker. Additionally, this visa holder must report their present tackle to the immigration bureau solely annually.
The visa holder can add partner and youngsters under 20 years of age within the visa utility. A most of 4 dependents. The visa processing payment per particular person is THB 50,000.
The draw for retirees
Retirees look to settle in Thailand for a number of causes.
“We’ve got for a number of years lived and labored in numerous international locations. When deciding upon our retirement residence, we checked out varied components resembling price of residing, high quality of healthcare amenities, high quality of life, infrastructure, atmosphere, neighborhood, and many others., and we rated Thailand extremely on these components,” mentioned 51-year-old Yogesh S., who has moved to Thailand alongside along with his spouse on a rich pensioner visa and runs a YouTube channel known as The FIREd Couple.
“There’s a good energetic neighborhood of international retirees right here, which repeatedly meets up,” Yogesh mentioned. “We’ve got additionally been impressed by the healthcare amenities that we now have encountered thus far.”
When it comes taxation, long-term visa holders are additionally exempt from paying any taxes on their non-Thai earnings or world earnings.
“It’s nonetheless a reasonably new residency programme, launched in September 2022. It’s slowly gaining traction. The method can be fairly quick and seamless,” mentioned Rohit Bhardwaj, nation head-India and director-private shoppers at Henley & Companions. “Retirees see Thailand as an excellent low-cost various to Singapore or Dubai, which may be lot costlier when it comes to residing prices.”
Dwelling prices
In line with estimates from varied sources, a pair main a fairly comfy way of life in a metropolis like Thailand’s capital metropolis Bangkok will possible have month-to-month bills of about $2,015, or ₹1.71 lakh. If you happen to add prices of education, month-to-month prices would improve by $1,122, or almost ₹1 lakh.
These estimates take into consideration hire for a decently sized condo in an upscale neighbourhood of Bangkok.
