The cabinet on Tuesday extended to 10 years from one the long-stay visa for foreigners aged 50 or more but they must report to immigration police every 90 days.
The visa will be valid initially for five years and could be renewed for another five, Col Apisit Chaiyanuwat, vice minister at the Prime Minister's Office, said.
The visa fee was set at 10,000 baht, he added.
Apart from the age requirement, the visa requires eligible foreigners to have a monthly income of at least 100,000 baht or a bank deposit of at least 3 million baht, to be maintained for at least one year after receiving the visa.
Besides, they must have health insurance coverage for at least US$1,000 for outpatient care and $10,000 or more for inpatient care per policy per year. They will also be required to report to immigration police every 90 days.
The revised rule aimed to promote medical and wellness tourism in line with the government's policy.
The target groups for the visa are long-stay visitors from Australia, Canada, China, England, France, Germany, India, Italy, Japan, Norway, Sweden, Switzerland, the Netherlands, Taiwan and the United States, Col Apisit said.
The visitors usually stay in tourist provinces like Chiang Mai, Chiang Rai, Chon Buri and other famous seaside provinces, he said.
Also on Tuesday, the cabinet resolved to temporarily waive for three months the 1,000-baht visa fee and to halve the 2,000-baht visa-upon-arrival fee for tourists from 19 countries from Dec 1 to Feb 28 to woo visitors.