New Ten Year Visa. Do You Need It?

We recently covered the news that the government in Thailand had release a new ten-year visa for those of you who wish to retire to the Kingdom but don't like the hassle of renewing visas every 12 months.

We can now bring you the latest update on what is being called the "Non-Immigrant O-X or long stay visa.

Are there any benefits or is it too restrictive for the average foreigner retiring to Thailand?

Firstly, it is almost identical to the original retirement visa other than you can stay for ten years. It has some advantages, such as you can leave the country without a re-entry visa and you can do this as often as you like during the term of the visa.

Unfortunately, you are still required to do those 90 day visits to the immigration office, for you will not be exempt.

There are some serious downsides in that many of you are not going to be able to afford it.

To qualify, you must be over the age of fifty, which is the same as the original retirement option but then you must meet the financial aspects, which many simply cannot do.

For instance, the applicant must have at least three million baht in a Thai bank account or 1.8 million baht with an annual income of 1.2 million baht. The amount must remain in your account for a minimum of one year and must never drop below 1.5 million baht at any given time.

Whilst many people can afford this, there are plenty of people living in Thailand, who cannot meet these requirements.

Additionally, the applicant must have health insurance for the entire duration of the visa, which must cover 40,000 baht and 400,000 baht for outpatient and inpatient treatment respectively.

The visa actually lasts for five years, then you must leave and re-enter. You can of course take a holiday abroad or simply take the bus to Laos, whatever suits you. When you return, the visa continues for another five years.

Being a retirement visa, you are not permitted to take up any form of employment but if you can afford the visa, you probably do not wish to work anyway.

Your nationality may also prevent you applying. If you are a national of any of the following countries and have a valid passport, you may apply.

Australia, Canada, Denmark, Finland, France, Germany, Holland, Japan, Italy, Norway, Sweden, United Kingdom or United States.

Now assuming the list provided is accurate, this means that if you are from the Republic of Ireland or New Zealand, you cannot apply. We will try to determine if in fact this is the case.

Anyone with a criminal record can forget it. Or if you have certain diseases, you will be rejected.

If you can meet the criteria and wish to apply, it will cost you around £308, assuming you are happy to complete the application on your own, which is rarely a good idea. Visa companies are likely to charge more than the current one-year visa offering but it could be the safer option, for they know what is required to get the application through successfully. Oh and the fee in non-returnable.

But do you really want or require a 10-year visa? Most people who are over 50 and do not need to work, may not see out the term of the visa for a variety of reasons, usually health based.

Do you wish to tie up so much of your money?

Ask yourself the simply queston "Do you really need it?"

In most cases, the answer is no.