Here are the proposed requirements for Thailand’s new 10 year retirement visa – would you qualify?

File photo

Thailand will press ahead with its plans to target so-called wealthy foreign retirees, according to deputy government spokesperson Rachada Dhnadirek.

The plans, drafts of which were approved by the government in January, will see retirees offered 10 year visas.

People eligible for a 10 year retirement visa must be at least 50 years old, able to deposit the equivalent of 250,000 baht into a Thai bank and show an income from a pension of at least 65,000 baht per month.

Retirees granted a 10 year visa would not be able to work in Thailand, according to the proposals.

The exact requirements with regards to finances and eligibility are set to be announced in the coming months.

As well as targeting wealthy retirees, Thailand will also aim to attract foreigners from other groups, such as wealthy global citizens, highly skilled professionals and work from Thailand professionals.

Deputy government spokesperson Rachada Dhnadirek. File photo.

Foreigners from these groups will also be offered 10 year visas, while the work permit rules will also be eased, with those eligible able to apply for a work permit and begin working as soon as they receive the visa.

Currently, foreigners are required to wait until their work permit application has been accepted and the physical work permit has been granted before they can legally begin to work.

However, with the new visa they can begin working right away, even while the application process is taking place.

Ms Rachada reaffirmed the plans to attract wealthy retirees after French economics and business magazine Capital ranked Thailand the 5th best country in the world and the best in Asia for foreigners to retire to.

Thailand was ranked behind Greece, Portugal, Mauritius and Spain.

Capital made its ranking according to 12 criteria: cost of living, real estate, medical, cultural heritage, environmental heritage, food, weather, leisure activities, safety, difficulty in adaptation, transportation convenience, and infrastructure.

Thailand scored highly when it came to cost of living, real estate, and medical.