If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. It’s possible to do this in Thailand or at a consulate in your home country.
Is Thailand Open for retirement visa?
A Thai retirement visa is available for foreign nationals over 50 years of age who wish to retire in Thailand. This visa can be applied for in Thailand or while overseas, at a Royal Thai Embassy or Royal Thai Consulate. When applied for within Thailand it is officially known as a Non-Immigrant O-Long Stay Visa.
Can I live permanently in Thailand?
Obtaining status as a Permanent Resident (PR) in Thailand has many advantages. It allows you to live permanently in Thailand, with no requirement to apply for an extension of stay. You will also be able to apply for an extension of stay and Permanent Resident status for your non-Thai family members.
Do you have to pay income tax on retirement in Thailand?
Upon retirement, benefits are not subject to income tax. The National Pension Fund Thailand is currently planning to introduce the National Pension Fund (NPF), a new mandatory retirement savings scheme for all workers in the formal sector. The NPF will operate with individual accounts on a defined contribution basis.
What kind of pension do government officials get in Thailand?
In general, lump sum benefits are paid to those who have at least ten years of service, or one year of service and are over 50. Central government officials in Thailand are covered by the Government Pension Fund (GPF), a defined contribution scheme.
How long does it take to get a pension in Thailand?
If it does not, the entire sum accumulated is paid to the employee upon termination. Almost 100% of provident funds registered in Thailand require a period of 10 years or less for members to obtain the full a mount of employer contributions included. Less than 5% extend the mandatory period beyond 10 years.
What is the contribution rate for a Thai pension?
The employer and the employee each pay a contribution rate of 3% of gross salary, up to a contribution assessment ceiling of EUR 319 (THB 15,000). The government adds an additional 1%.
