Is it better to apply for a retirement visa in the US or Thailand?

Mar 24, 2021
4 years ago
Planning on coming to Thailand in June. What are the pros and cons of applying for the retirement visa in the US before we leave or after we get in the country? Any advice appreciated.
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TLDR : Answer Summary
The discussion revolves around the advantages and disadvantages of applying for a retirement visa (Non-OA) in the US vs. in Thailand. Applying in the US is described as straightforward, allowing one to avoid immigration hassles for a year aside from 90-day reporting. However, it requires maintaining funds in a Thai bank and fulfilling health insurance requirements. Alternatively, entering Thailand on a tourist visa, setting up a Thai bank account, and applying for a Non-O visa could offer more flexibility and avoid immediate health insurance commitments. The conversation highlights the importance of understanding visa requirements, bank account policies for foreigners, and the implications of each route regarding long-term residency and financial obligations.
NON-O RETIREMENT VISA RESOURCES / SERVICES
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David *********
The O visa you have to have the 800,000 BHT 2 months before and 3 Months after. The other months you can go to minimum 400,000 BHT
Terary **********
I have a friend that has used both the one you get from outside of the Thailand and the one you get inside Thailand. He tells me there are different insurance requirements.
George *************
The Thai embassies in some countries may allow that. My understanding is that a Non-O cannot be obtained for purpose of retirement in the US. One can obtain a Non-O in the US for other reasons, such as marriage and guardianship, though.
Tony ******
Can you apply for and receive a Non-O visa in your home country?
George *************
@Terary *********
yes, the Non-O obtained in Thailand does not have Thai health insurance requirements. The Non-OA obtained in your home country does. And that remains true for any extension obtained in the future based on those visas in Thailand.

Non-O locks you into needing Thai health insurance, more expensive and harder to impossible to obtain as you get older.
George *************
If you plan to live in Thailand for a long time then might be worthwhile to come on Tourist Visa, open a Thai bank account, fund that with 800,000 baht, convert to a Non-O visa in Thailand at the Thai Immigration office for about 2,000 baht. Toward the end of the 90-day permission to stay from that visa apply for a retirement extension showing 800,000 baht seasoned in a bank for at least 2 months. From that extension, costing 1,900 baht you will receive permission to stay for one year, which can be reapplied for in subsequent years. You are then required to keep at least an 800,000 baht balance in the account for two additional months and for the remainder of the year the minimum balance of 400,000 must be maintained.

The reason to do it the above way is that you free yourself from an obligation to have general health insurance from a Thai insurance company that has been approved by Thai Immigration. If you come on a Non-OA you will be obligated to fulfill this requirement each year you get a retirement extension based on this original Non-OA.

The advantage of a Non-OA is that you can avoid having to tie up money in a Thai bank account for at least a year or possibly two. But to get that extra year of permission to stay you would need to leave and re-enter Thailand which might require quarantine (as it currently does). Also, to continue with the Non-OA in the future you would need to leave Thailand and return to the US to obtain your next Non-OA visa. In pre-covid times leaving and entering countries was much less problematic. The disadvantage of a Non-OA is that you are tied to the health insurance requirement and there's no way to escape it other than what I outlined in the first paragraph.
Paulus *********
I opened my account with Bangkok bank on a tourist visa, you just have to be persistent, if one refuses move onto next bank.
Todd ***********
@George ************
Can you open a Thai bank account on the tourist visa?
Anise *******
@Todd **********
I opened SCB account on TR visa , no issues. Had to explain a few details but that was down to the lady not being able to read English.
Andy ********
@Todd **********
yes you can. It may need a bit of patience but you can.
George *************
@Todd **********
Good point. You can try but may not be possible. I suggest Krungsri Bank (yellow) might be the best to try. However, you will be applying for your Non-O in Thailand so as soon as you get that you would be on a long-term visa then and should be able to meet any Thai bank's requirements. You can apply for your in-country Non-O when you have 30 days to go on your current permission to stay. If granted it would be granted immediately and you would be able to take that and open an account at a Thai bank. A caveat that it's not always easy to open an account in Thailand for a foreigner, especially an American (due to US government policies imposed on foreign banks). But with persistence, it can be done. Pick large branches that you have reason to believe may have existing foreign customers (in tourist areas, for example). I recommend Krungsri and Bangkok Bank.
Chang *****
Yes 800.000 baht
Jim *********
if I do OA in the U.S. do I need to show a Thai bank?
Andy ********
Definitely don't need a Thai bank account to apply for the visa. Just the equivalent of 800,000 Baht capital (in home country bank account) or equivalent of 65,000 Baht a month.
Lisa ********************
I did OA from UK. No need for Thai bank account
Todd ***********
@Jim ********
Can be in your home country but must show it has been there for at least 3 months.
Ted ********
@Jim ********
If you go for the renewal in one year then I think you either show assets in thai bank or monthly income or monthly deposits in thai bank of 60,000bht. Look into this as there a number of quirks.
Ted ********
@Jim ********
I dont think you do. I showed assets in my Schwab account.
Marguyvin **********
@Ted *******
Will they accept a 401K balance as proof?
Ted ********
@MarGuyvin **
I think so. But ask around some more. Account must be in your name.
Chang *****
@Jim ********
Yes 800.000 baht
Gene **********
I’m doing it in USA for sure!
Todd ***********
Its very straightforward to get the OA in the US and then you dont have to deal with immigration for a year except the 90 day reporting.
Marlene ******
@Todd **********
health insurance mandatory with OA
Todd ***********
@Marlene *****
So come on 90 day tourist visa and save 3 months of health insurance.
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