People holding a Retirement Visa in Thailand (such as Non-Immigrant O-A or O-X) can be a silent partner or shareholder in a Thai company and receive dividends without violating visa rules, as long as it is truly like this:Only investing — no involvement in working, managing, operating, or doing anything in the company at all

No signing documents on behalf of the company, no attending regular meetings, no overseeing daily operations, no duties or roles in the company

Key points:Being a passive/silent shareholder does not count as "working", so no work permit is required and it does not violate the no-work condition of the retirement visa

Foreigners can hold up to 49% of shares in most companies (per the Foreign Business Act)

Dividends are considered passive income (like interest or rental income) → allowed to receive

Strictly prohibited:

If you get involved in actual work or participate in management (even as a shareholder) → it immediately violates the visa rules. This can lead to visa cancellation or immigration issues.Recommendation:

For peace of mind, consult a lawyer or visa/company setup consultant first, because immigration sometimes interprets the rules slightly differently in practice.