10 -Year Visa In Pipeline

The Thailand government mentioned that it is now ready to issue the 10-year visas to foreign residents, aged 50 and over. However, no further details were issued regarding the conditions and the specific date for issuance for this new visa.

New visa for retirees

Khaosod Daily declared the news last November 22. It quoted the government spokesperson who has confirmed that the Thai Cabinet already approved the new visa during its Tuesday meeting.

When the 10-year visa is already running, it will give rise to the retiree tourism market and encourage long stays. As of the moment, retirees and longer staying tourists are able to get a one-year visa with the condition that they check in at a near immigration bureau every 90 days.

Neighboring countries’ visa services

However, Thailand feels the pinch especially that Malaysia offers retirees a liberal visa service. Cambodia is also considering a retiree visa allowing a stay of 1, 5 or 10 years. Malaysia allows property ownership for foreigners, while Cambodia is probably going to have the same rules as Thailand, allowing purchase of only condominium units for retirees.

Thailand’s 10-year visa, some rules and guidelines

The 10-year visa will be given in two 5-year periods. This requires the applicant to have updated documents as well as a financial standing proof for the second phase.

An applicant should either have at least a THB 100,000 monthly salary or have a bank account containing THB3 million that can’t be withdrawn for a year after getting the visa.

This will also be needed as evidence when the second phase commences.

Aside from this, they need to have health insurance covering hospital stays, and it needs to be able to cover a minimum of USD 10,000 annually. However, the 10-year visa holders still need to check in at the Bureau of Immigration every 90 days.

Conclusion
Thailand is an emerging overseas property investment destination. And with the availability of 10-year visas to foreign residents, more houses, condos and other properties are likely to be bought by foreign investors. East Coast Real Estate lists thousands of these properties in their website available for purchase.

Share This:
Share