Now that you’ve decided that Chiang Mai is the best place to retire cheap, is it hard? And can you do it? According to Dominick E. (Co owner of Kaysorn Residencies) it isn’t that complicated. Originally from Switzerland he said that the hardest thing was getting a Thai bank account. The SEB ( one of the Thai banks)just ignored him, but he eventually got one from Bangkok bank.
There are a few things other things that are a little annoying but not too bad according to Dominick, like the fact you have to check in every 90 days.
To get a permanent retirement visa there are a few steps to follow
- You use be be 50 or older.
- You must put $27000 in a Thai Bank ($800 000 thb) 2 months before you apply
- You can also show that you have a monthly income/pension of $2166 (65,000 thb) instead of just having the money in a Thai bank
- As long as you have the $27 000 (800000 thb) back in the bank by end of next year you are ok.
Once you do all that you can get the “non-immigrant oa long stay visa”
- This entitles you to a 1 year stay
- You’ll have to check in every 90 days and extend your stay at the door of the year.
The following is directly from the government website and if you read it carefully you can see why you might retire there if you’re young.
Thailand is a lovely country, but like a lot of the best countries to retire cheap I’m looking at, there can be hurdles and roadblocks. That’s one reason so many people stick to what they know, or are comfortable with. If you’re truly looking for the best country to retire cheap in, you might have to jump through some hoops. Do it! It’s worth it.