Retirement visa for Thailand,
The opportunities for foreigners who would like to spend their life in Thailand.
Thailand is one of the world’s top tourist destinations, attracting hundreds of millions of tourists each year due to Thailand being a unique city, there are a good culture, good weather, delicious food with the cost of living that is not high as a result, Thailand often ranks among the best cities to live and work in the world for foreigners and make many foreigners who have visited Thailand addicted and choose a destination to live after retirement in Thailand.
What is retirement visa and its criteria?
Retirement visa or visa for spending life after retirement is a visa for foreigners aged 50 years and over who would like to live the life in Thailand, the financial evidence must be presented for consideration at the Immigration Police Office, and the criteria for applying for a retirement visa Non-Immigrant Visa O (Non-OA) and (Non-OX) are as follows:
1. Be a foreigner who aged 50 years old and over.
2. Hold a retirement visa Non-Immigrant Visa O (Non-O), valid for 90 days and has resided in Thailand for 60 days.
3. For Non-O visa and Non-O-A visa, monthly income/retirement is 65,000 baht per month for at least 12 months or deposit-pension totaling 800,000 baht per year for at least 3 months.
4. For Non-O-X visa, monthly income/retirement is 100,000 baht for at least 12 months or deposit-pension totaling 3,000,000 baht per year for at least 3 months.
5. Visa applicants must provide evidence of having money from a bank in Thailand, such as a copy of a bank book or passbook.
6. Foreigners must have a health insurance policy.
7. Retirement visa holders are not allowed to work in Thailand of any kind.
Documents Required to Apply for a Retirement Visa
1. TM. 86 form, only for foreigners with Tourist Visa or Transit Visa to change the type of visa or TM. 87 form only for foreigners without visa but is allowed to stay in the kingdom with the type of P.30, PP30 and 90 in order to obtain a visa.
2. Copy of passport (such as personal information page, entry stamp, residence permit stamp (if any), departure card (TM.6))
3. A photograph 4×6 cm. or 2 inches size.
4. Fee 2,000 baht
5. Financial documents in which all evidence must specify the name of the applicant only with the date and adjust the book to be the same date as the date of application submission.
- Show passbook and certificate of balance from a bank in Thailand (in Thai language to the Commander of the Immigration Office)
- Copy of every page of a fixed deposit or savings account with an amount of not less than 800,000 baht (specify only the applicant’s name)
- Evidence of foreign currency transfer into Thailand
6. Certificate from the embassy or a foreigner’s consulate in Thailand or abroad to show that a foreign person is not a pensioner less than 65,000 baht per month with proof of reference to the source of such income.
7. Evidence of deposits in item 5. (above) and evidence of income in item 6. (1 year) totaling not less than 800,000 baht.
8. House rental agreement, Condo purchase agreement, house registration, house map and house rent receipts for the past 3 months.
Things to do after receiving a retirement visa
1. Applying for a retirement extension visa can be submitted at least 21 days before the visa expires.
2. Foreigners holding a visa of more than 1 year are required to report every 90 days at the Immigration Office in their current residential area.
3.Submitting a 90-day report can be filed 14 days in advance or not more than 7 days late from the scheduled date of reporting.
4. In the case of submitting the report is delayed for more than 90 days, you must report by yourself and pay a fine of 2,000 baht, if a foreigner is arrested in any case, a fine of 4,000 baht must be paid.
5. In case of traveling outside Thailand and return, begin counting to be the first day of entering Thailand for 90 days.
6. Foreigners who hold a Single Entry Visa (only once), need to leave Thailand and would like to return to Thailand again with a Retirement Visa (Non-O Retirement), apply for Re-Entry before leaving Thailand at the nearest immigration office or the international airport to leave the country.
PMP SERVE (THAILAND), Retirement Visa for Thailand services
PMP SERVE (THAILAND), Visa Service Specialist, provides Retirement Visa for Thailand, Applying for a work permit, Applying for changing visa type and renew/extend visas for foreigners of all types with over 18 years of experience working for foreigners from various countries, PMP SERVE (THAILAND) is a team of professionals with knowledge and expertise in visa applications, about retirement visa, work permit, extend work permit for customers with a standardized work system and operations in accordance with legal regulations along with customer confidentiality at a friendly price that make us accepted by foreign customers and leading companies all along. We are happy to give advice and service to everyone.
What should to do to register a single ownership company ?
For the decision to register the company, almost people have to face the problem of the limitation of the minimum number of partners that must be at least 3 people in order to be able to register a company and this caused coming up the idea of registering a company by single owner. Is it possible to register a company alone in 2022 ? What should to do to register the company ? This article has answers.
Why need to register a single ownership company ?
Most people believe that registering a company alone, the decision-making power rests with one alone. Therefore, important decisions such as management, finance, investment or marketing can be made without partner’s opinion. In addition, when running business, profits do not have to be shared with anyone and this caused many people would like to register a company alone, however, when talking about opening a legal company, there must be usually at least 2 partners to be able to register the company as a partnership, or 3 and more people in the case of a partnership company causing those who are interested in opening a company alone to have doubts that currently “ Can I register a single owner company?” So that those who are planning to do business or register a company in 2023 have choices and know the legal practices.
What is the Establishment of a Single Juristic Person ?
The Ministry of Commerce which is responsible for the registration of a company, trying to push for the Single Juristic Person Act to enforce the law. The objective is to reduce the circumvention of legally registering a company including the problem of fake shareholders. Most of them will seek relatives or close friends to hold each share in order to comply with the law. In addition, this Draft Act is in line with the conditions of most entrepreneurs in the country where the operators are taking medium and small, the benefit is that a single limited company registrant can limit the amount of liability in the registered business and be able to transform into a limited company as well.
Can I register a single ownership company ?
Even there is supporting for this Act since 2017 and opinions about the Act, the version passed by the Council of State in September 2020, but at present in the year 2022, there has not yet been an announcement to be effective under the law. It is still only a draft Limited Company Act as before, so registering a single person company is still “not” possible, meaning that the company registration still requires a minimum of 3 or more partners.
What should to do to be the single ownership of the company ?
It is still not possible to register a single ownership company but the owner can increase the credibility of providing services to consumers even if they are a one-person operation without partnership, by applying a business registration and a VAT registration certificate (P.P.20) so that tax invoices can be issued accurately while waiting for the consideration and approval of the Act. Single owner company registration.
PMP Serve (Thailand) Co., Ltd.
Commercial registration service, Business registration and Registration of all types of companies.
PMP SERVE (THAILAND), specialist in tax, finance and company registration. We are happy to provide advice and commercial registration services, business registration, company registration, accounting, auditing, visa extension, work permit, tax filing, and comprehensive business consulting services by a quality team with skills and long experience that will serve you with attentiveness, speed, smoothness and legitimacy at a fair price guaranteed by over 17 years of experience in providing commercial registration services, registration of a limited company, accounting, auditing, visa extension, work permit, tax filing, business consulting services. We are ready to provide accounting services, account auditing, tax planning, accounting system, business consulting services and other comprehensive related services and ready to facilitate all of you with honesty and sincerity, simplify and save time by facilitating everyone.
What about the tax deductions in 2022 and how to get a worthwhile deduction ?
Filing personal income tax is one of the duties of Thai people earning more than 120,000 baht per year who meet the criteria for filing tax must collect all necessary documents and bring it to the Revenue Department or via online. For those who are wondering about the tax deduction rights in 2022, the PMP SERVE (THAILAND) team has compiled the tax deduction rights of the year 2022 and how to deduct tax to be worthwhile for everyone in this article.
The importance of tax deduction planning
For those who are eligible to file taxes, they can request a tax refund with a 2022 tax deduction plan, which can be done in several ways. The tax deduction is a special privilege that the government need to support people in alleviating the burden of expenses. The terms and conditions will change every year, so those who have the criteria to file taxes should always study the conditions for the tax deduction in order to plan for a proper tax deduction and help pay less taxes and get a refund as well.
Schedule for tax filing 2022
The 2022 tax filing schedule will run from January 1, 2023, until March 31, 2023, while online filing will end on April 8, 2023.
Summary the list of tax deduction rights of 2022 and 2023
- Personal and family deduction
- Personal deduction up to 60,000 baht, everyone can apply for a tax deduction without conditions.
- Deduction for spouses who are legally married and the spouse must have no income in that tax year, up to a maximum of 60,000 baht, 1 person.
- Antenatal and maternity deduction paid to public or private hospitals up to a maximum of 60,000 baht.
- Children tax deduction up to a maximum of 30,000 baht per person, who must be legal children (deductible according to the number of actual children) or adopted children (Maximum of 3 children) and the children are not over 20 years old or 20-25 years old but are still studying. In the case of the children over 25 years of age but has status as an incompetent or quasi-incompetent person, if being the 2nd child or more, born from 2018 onwards, each person can receive a deduction of 60,000 baht.
- Deduction for raising one’s own parents and those of their spouses
- For their own parents, a maximum of 30,000 baht per person, not more than 2 people and must not be adoptive parents, The parents must be over 60 years of age in that tax year and have an annual income of not more than 30,000 baht, which cannot be used repeatedly between siblings.
- Mothers of spouses, maximum 30,000 baht per person, not more than 2 persons must not be adoptive parents of spouses and the spouse must have no income during that tax year.
- For their own parents, a maximum of 30,000 baht per person, not more than 2 people and must not be adoptive parents, The parents must be over 60 years of age in that tax year and have an annual income of not more than 30,000 baht, which cannot be used repeatedly between siblings.
- Tax deduction for supporting a disabled person whose income does not exceed 30,000 baht in that tax year, up to a maximum of 60,000 baht per person in the case that a disabled person is their own parent, child or spouse, both types of deductions can be exercised.
2. Deduction from donations
- General donations is deductible as actually paid up to 10% of income after tax deduction.
- Donations for education, sports, social development, and public benefits and government hospitals can deduct 2 times the actual donation up to 10% of income after tax deduction.
- Political party donations, up to 10,000 baht.
3. Deduction from insurance
- Social security, deductible as actually paid. In 2022, the rate of social security contributions has been reduced. therefore, it can deduct up to 6,300 baht or according to the actual contribution amount.
- Life insurance, deposits with life insurance and savings insurance, deductible as actually paid, up to a maximum of 100,000 baht. In case of the spouse has no income, deduction of spouse’s insurance up to 10,000 baht.
- Annuity life insurance, deductible as 15% of income as actually paid, up to a maximum of 200,000 baht, but when combined with other retirement deductions, must not exceed 500,000 baht.
- Health insurance and accident insurance that cover health, deductible as actually paid up to a maximum of 25,000 baht and when combined with life insurance and savings insurance, must not exceed 100,000 baht.
- Parents’ health insurance, deductible as based on actually paid up to a maximum of 15,000 baht (Parents earning must not more than 30,000 baht per year, but not required to be over 60 years old.)
4. Deduction from savings and investments
- Retirement Mutual Funds (RMFs) get a 30% tax deduction of taxable income but when combined with other retirement deductions, it must not exceed 500,000 baht.
- Super Savings Funds (SSFs) can receive a tax deduction of 30% of actual taxable income, up to a maximum of 200,000 baht, but when combined with other retirement deductions, it must not exceed 500,000 baht for a 5-year tax deduction.
- Provident Fund (PVD), Government Pension Fund (GPF), Private School Teacher Welfare Fund, A tax deduction of 15% of your taxable income but when combined with other retirement deductions, it must not exceed 500,000 baht.
- National Savings Fund (NSF), tax deduction based on actually paid up to 13,200 baht, but when combined with other retirement deductions, it must not exceed 500,000 baht.
- Investments in social enterprises can be tax deductible as actually paid up to 100,000 baht.
5. Government stimulus group deduction
- The Shop Dee Mee Kuen 2022 program, allows a deduction of not more than 30,000 baht for purchases of goods and services in the country from January 1 to February 15, 2022 as actually paid.
- Interest on loans for the purchase or construction of place such as single houses, condos, condominiums and buildings, etc. can be deducted according to the actual payment up to 100,000 baht.
Tax deduction in 2022, and how to get a worthwhile deduction ?
For tax deduction techniques 2022, it can be done in several ways:
- Buying life and health insurance
In addition to being a risk protection can also be used to reduce tax up to 100,000 baht and reduce tax from pension life insurance up to 200,000 baht.
- Invest in Retirement Mutual Funds
Investing in Retirement Mutual Funds is a potential savings account and can also be used for tax deductions up to 500,000 baht.
- Invest in Super Savings Funds
SSF is a fund that will replace LTF, SSF can use tax deduction up to 30% of total annual income, but not more than 200,000 baht and not more than 500,000 baht.
- Buying houses and condos
Interest on home or condo installments, is deductible as actual expenses up to 100,000 baht.
PMP SERVE (THAILAND), provides a full range of tax services.
PMP SERVE (THAILAND) provides a full range of tax services to help alleviate everyone’s burdens regarding taxes and tax-related matters by comprehensive and legal tax filing service at a reasonable price. We have specialized experts and a team with a lot of experience in filing tax forms that will help you prepare for paying taxes correctly, on time, and preventing late or incomplete tax payment or problems. You can fully use the benefits from various tax deductions as required by law to get money back to use for investment and financial planning worthwhile as well.