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How Do Retirees Decide Which Visa Is Best for Thailand?
Transcript of the above video:
As the title of this video suggests, we are discussing Retirement Visas and yes there is a whole plethora now of options for retirees. That being said, some may be more optimal than others. What am I talking about here?
Well first off, we've done many videos in the past comparing and contrasting the O-A with the O Retirement Visa. As previously discussed, one of the main differences between those categories is the O-A requires Insurance in order for issuance and also requires Insurance in order to maintain status in that Visa category here in the Kingdom. Meanwhile, the O Retirement Visa does not require Insurance. That's a big difference between those two categories.
Meanwhile, there's a lot of talk about the LTR Visa. There's also talk about the O-X, 10-year Retirement Visa; I've talked about that in detail in prior videos. As a practical matter we have never actually seen one of those issued through here. Now I've heard stories of other people that may be able to get them. As a practical matter I would kind of view the O-X as effectively not really available as a practical matter. That said, the LTR Visa may be a possibility for some folks which would grant them two 5-year visas. It's sort of sold as a 10-year Visa notwithstanding the fact they call it a Residence Visa, which again as I've discussed in other videos, LTR does not confer Thai Permanent Residence. That said, it is like a 10-year Visa. The question is, is it optimal? As I've discussed in other videos, I worry there are certain tax implications that can be very detrimental for many folks. There is an audit associated with such tax issues at the 5-year mark of that visa, and then meanwhile, I've had a lot of instances where folks have been rejected for the LTR, and we have seen a lot of situations where people don't meet the criteria; it may not be fully optimal. In a lot of cases, I think standard Retirement Visas are probably going to be the best. As we have discussed in other videos, there's also the option of the Elite Visa wherein one can just “buy in” effectively to 5 years, 10 years, 15 years, 20 years, depending on what they want to do. That may not be optimal for certain retirees also. Again, as discussed in other videos, the standard options are still available but there are new visas out there.
Those who have been overwhelmed by these things, it may not be a terrible idea to contact a legal professional, gain some insight and guidance into how best to proceed.