Thailand has officially ended the temporary 45-day visa exemption that was introduced in October 2022, which allowed tourists from around 60 countries to stay in the country for up to 45 days without a visa. From April 1st, visitors from these countries will now only be allowed to stay for up to 30 days without a prior visa, with an option to extend their stay once for an additional 30 days.
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An increasing number of Americans are opting to spend their retirement years abroad for various reasons such as a change of scenery, better weather, new experiences, and lower living costs. According to Next Avenue, over 440,000 Americans are currently receiving Social Security retirement benefits outside the United States.
While cost of living is often a crucial factor in choosing a retirement destination, for those who are financially comfortable, the primary considerations become the country's safety and standard of living. This trend of Americans moving overseas is on the rise, with a 447% increase in U.S. citizen enquiries recorded by Henley & Partners in 2022, and the USA Wealth Report projecting a record-breaking year in 2023, with 125,000 millionaires migrating internationally. Some of the top retirement destinations for 2023 include Portugal, which ranks first in International Living's Annual Global Retirement Index for its bustling cities, rich history, and safe environment, despite suspending its golden visa program as of March 2023. Greece ranks seventh in the same index and offers a golden visa program for real estate investment, with a $250,000 minimum investment requirement that is set to increase in May 2023. The Bahamas is appealing for its beautiful beaches and proximity to the U.S., with a golden visa program requiring a minimum real estate investment of $500,000. Thailand is another popular retirement destination for its affordability, high standard of living, and availability of long-term visas for people over 50, subject to certain financial requirements. The Breadcrumbs widget will appear here on the published site.
Starting from April 1st, tourists from countries including mainland Europe, the UK, the US, Australia, Saudi Arabia, and others will only be permitted to stay in Thailand for a maximum of 30 days if they choose to enter the country without a prior visa. This is due to the official expiration of the temporary 45-day visa exemption that was implemented on October 1st, 2022, to attract more visitors until the end of March 2023.
The cancellation of the 45-day exemption is expected to impact many travelers who had planned to visit Thailand for longer than 30 days. Despite the efforts of the Tourism Authority of Thailand, around 60 countries that are permitted to enter without a visa will no longer be granted a 45-day stay. However, they may still extend their stay once for an additional 30 days by going through Immigration, allowing them to stay in the country for a maximum of 60 days instead of 75. Visa-exempt countries will also have the option of obtaining a 30-day extension by leaving the country briefly and then returning. However, they may only cross land borders twice per calendar year. While there are no official restrictions on entry by air, immigration officers may refuse entry to tourists who they believe should have obtained a formal visa from a Thai embassy before arrival.
Additionally, the visa-on-arrival program has been reduced from 15-30 days to 15 days for countries that are eligible for this option.
The Thai government has not officially announced this change, which is not surprising as the government is currently in a caretaker role until the first major general elections in May. The Tourism Authority of Thailand plans to approach the new government after the elections to potentially change the visa program once again to attract more tourists. Some political analysts on social media suggest that the government's caretaker position until the May elections may have made it difficult to legally extend the program, resulting in the program's original expiration date being allowed to pass. The Breadcrumbs widget will appear here on the published site.
According to HSBC, a significant number of potential expats are concerned about finding suitable financial services to cater to their needs, with 62% of them indicating this as a worry. Among digital nomads who take advantage of remote working rules, this percentage increases to 67%. HSBC surveyed over 7,000 adults across nine international locations, including expat families, digital nomads, and overseas students.
The study revealed that over half (51%) of respondents planning to relocate said they did not feel financially prepared, and no one had helped them in this regard. The top reasons for relocating to work or study abroad among international citizens were a better lifestyle, improved work-life balance, higher earnings, and travel opportunities. The study also investigated international investors' personal finance and investment decision-making processes as they move overseas. The US is the leading destination for international investors, with 27% investing there, followed by the UK with 20%. The survey found that 67% of international investors plan on investing in their new location, and 68% of them would do more overseas investing if they had better access to guidance. Additionally, 36% of international investors own a property overseas. HSBC's interim US head of wealth and personal banking, Mark Pittsey, highlighted the importance of using their platforms and systems to make banking across borders a smoother process, supporting clients at multiple points throughout their wealth journey. |
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