Retirees living in Thailand will be able to get 10-year visas if they meet the financial and age requirements.

The requirements are that they be over 50 years of age and can show a foreign-earned income of THB100,000 each month or have at least THB3 million in an account. They also have to be able to show proof of health care policies that cover them for up to THB355,000 each year.

This move will alleviate the annual paperwork that these foreign residents previously had to do each year that they planned to stay in Thailand. The new initiative was announced yesterday and, according to government spokesman Athisit Chainuwat, is designed to encourage retirees to live here as well as receive the affordable medical care available in the country, reported Khaosod English.

People who get approved for these visas will still need to do 90-day check-ins at Immigration.

It has not been announced when applications can first be made for the new visas.