Tounge Thaied
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What are the options for the average Thai citizen to invest in their retirement? Do they have access to sign up for individual retirement accounts? Is this money invested in a long term plan?
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2 minutes ago, elviajero said:
It is a combination of income/cash in the bank. (3) is income. (4) is cash in the bank. (5) is a combination of 3&4.
It’s clearer on this immigration FAQ website:
http://bangkok.immigration.go.th/en/base.php?page=faq
22. Question : What is the required age of the alien wisthing to stay in Thailand with the reason of Retirement? Answer : For reasons to stay of Retirement, the alien must be 50 year of age or older and must have been granted a Non-Immigrant visa, firstly. More over, the said alien must have evidences to verify his/her financial status of not less than 65,000 Baht per month or 800,000 Baht per year. Evidences showing financial support are as follows;
1. In case of having money in the bank account (Saving/Fix deposit) of any bank located in Thailand.
- The updated bank passbook on the date of application submission showing money in the account of not less than 800,000 Baht which has been deposited and consecutively held of such amount for 3 months. ( Except the first application for this reason, that such amount should be deposited and held for 60 days)
- Letter from the bank certified the current account in the bank of not less than 800,000 Baht; or
2.2 In case of having any other income from abroad such as pension, social welfare
- Letter from the applicant’s Embassy or consulate in Thailand verifying their pension or other income of the applicant which must not be less than 65,000 Baht per month. Or;
2.3 In case of a combination of having money in the bank account and income from pension, with total amount of not less than 800,000 Baht per year, the required documents are the same as mentioned in 2.1and 2.2Ahh... nice clarification. Thanks. I was considering this...
Time to use our 800,000 baht wisely. If your like me, I pay $1500.00 per year for a health insurance plan. If I were to put my required 800,000 into a Thai bank deposit and contribute my health insurance premium to that account (self insuring myself) here is the result...
If you start with $25,000.00 in a money market account earning a 2.500% interest rate, compounded monthly, and make $150.00 deposits on a monthly basis, after 10 Years your money market account will have grown to $52,518.08 -- of which $43,000.00 is the total of your beginning balance plus deposits, and $9,518.08 is the total interest earnings.
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-บัญชีเงินฝากประจำพิเศษ_25_เดือน/2/56
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On 10/26/2018 at 9:08 AM, garyk said:
If from America you could of invested that money and it would be paying you a great dividend? Even a crummy fund would pay you some good dividends!
Time to use your 800,000 baht wisely. If your like me, I pay $1500.00 per year for a health insurance plan. If I were to put my required 800,000 into a Thai bank deposit and contribute my health insurance premium to that account (self insuring myself) here is the result...
If you start with $25,000.00 in a money market account earning a 2.500% interest rate, compounded monthly, and make $150.00 deposits on a monthly basis, after 10 Years your money market account will have grown to $52,518.08 -- of which $43,000.00 is the total of your beginning balance plus deposits, and $9,518.08 is the total interest earnings.
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-บัญชีเงินฝากประจำพิเศษ_25_เดือน/2/56-
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On 10/26/2018 at 9:03 AM, Suradit69 said:
One wonders over what period of time the Baht 65,000 deposits per month need to be shown. In the past they seemed to be only interested in seeing banking history for the three months prior to applying for an extension.
Time to use your 800,000 baht wisely. If your like me, I pay $1500.00 per year for a health insurance plan. If I were to put my required 800,000 into a Thai bank deposit and contribute my health insurance premium to that account (self insuring myself) here is the result...
If you start with $25,000.00 in a money market account earning a 2.500% interest rate, compounded monthly, and make $150.00 deposits on a monthly basis, after 10 Years your money market account will have grown to $52,518.08 -- of which $43,000.00 is the total of your beginning balance plus deposits, and $9,518.08 is the total interest earnings.
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-บัญชีเงินฝากประจำพิเศษ_25_เดือน/2/56 -
On 10/26/2018 at 9:01 AM, pgrahmm said:
Well I, for one, don't want to put aside $$$$ that have been making a good return on investment - last year that 24k ended up at 27.6k just sitting there.....
You're dead ended once you are forced to move & park that money in a Thai account....Moving it there is easy, moving it back & forth from a Thai bank across international boundaries to allow for earnings is not easy, or a good plan....
I've used the income affidavit & can verify every amount off my US bank statements as well as the monthly Thai withdrawls noted & itemized on the same bank statements in increments between 40-75k withdrawn at the Thai bank branch a couple of times each month......
Dead ending that money is, not what I feel, a good option.....
Time to use your 800,000 baht wisely. If your like me, I pay $1500.00 per year for a health insurance plan. If I were to put my required 800,000 into a Thai bank deposit and contribute my health insurance premium to that account (self insuring myself) here is the result...
If you start with $25,000.00 in a money market account earning a 2.500% interest rate, compounded monthly, and make $150.00 deposits on a monthly basis, after 10 Years your money market account will have grown to $52,518.08 -- of which $43,000.00 is the total of your beginning balance plus deposits, and $9,518.08 is the total interest earnings.
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-บัญชีเงินฝากประจำพิเศษ_25_เดือน/2/56 -
Time to use your 800,000 baht wisely. If your like me, I pay $1500.00 per year for a health insurance plan. If I were to put my required 800,000 into a Thai bank deposit and contribute my health insurance premium to that account (self insuring myself) here is the result...
If you start with $25,000.00 in a money market account earning a 2.500% interest rate, compounded monthly, and make $150.00 deposits on a monthly basis, after 10 Years your money market account will have grown to $52,518.08 -- of which $43,000.00 is the total of your beginning balance plus deposits, and $9,518.08 is the total interest earnings.
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-บัญชีเงินฝากประจำพิเศษ_25_เดือน/2/56-
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1 minute ago, Jingthing said:
I see. You're a literalist. What's on that website reflects reality at immigration offices next year. We have nothing more to say. We both wish for the best but I'm more of a realist.
????
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2 minutes ago, Jingthing said:
The withdraw of the letters mean things have already changed. The letters have been required. There is no definitive message from Thai immigration as yet whether any income based applications will be accepted next year without letters. Yes, there is also at least one credible report from Jomtien that income based applications won't be accepted at all. I find it absurd that anyone would have confidence that they know what's going to happen to people next year with income based applications. The Danes are now on the cutting edge of this.
Cheers.
Right. Things have already changed and the information I provided is directly from the Thai Immigration Bureau indicating the CURRENT rules. So yes applications are still currently being accepted at the states rules. Currently you must provide evidence of the relevant income or stated amounts as stated. That is current requirements... and yes this can change again at anytime.
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2 minutes ago, Jingthing said:
I have a feeling that you haven't been following this issue closely. The truth is we don't know yet what's going to happen next year to these two groups of people doing income based applications --
people with income letters previously obtained
people without income letters (for Danes, that starts NOW)
Cheers.
The current requirements are very clearly written... yes those can change again at anytime.
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1 minute ago, Jingthing said:
That all you got? Good luck.
<deleted> are you talking about. That is direct evidence.
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9 minutes ago, Jingthing said:
Bank method is unchanged.
Your confidence about the income method without embassy letters going forward is not backed up with firm evidence.
Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
In the case of retirement:
Criteria for Consideration The alien:
(1) Must have been granted a non-immigrant visa (NON-IM).
(2) Must be 50 years of age or over.
(3) Must have evidence of having income of no less than Baht 65,000 per month; or
(4) On the filing date, the applicant must have account deposited (saving / fixed account) in a bank in Thailand of no less than
Baht 800,000 for the past three months. For the first year only, the applicant must have proof of a
deposit account in which said amount of funds has been maintained for no less than 60 days prior to
the filing date; or
(5) Must have an annual earning and funds deposited with a bank totaling no less than Baht
800,000 as of the filing date.
(6) An alien who entered the Kingdom before October 21, 1998 and has been consecutively
permitted to stay in the Kingdom for retirement shall be subject to the following criteria:
(a) Must be 60 years of age or over and have an annual fixed income with funds maintained in
a bank account for the past three months of no less than Baht 200,000 or have a monthly income of
no less than Baht 20,000.
(b) If less than 60 years of age but not less than 55 years of age, must have an annual fixed
income with funds maintained in a bank account for the past three months of no less than Baht
500,000 or have a monthly income of no less than Baht 50,000.Documents to be submitted 1. Application form
2. Copy of applicant’s passport
3. Evidence of income such as a retirement pension, interest or dividends; and/or
4. Account deposited (saving / fixed account) certificate issued by a bank in Thailand and a copy of a bankbook
5. Only in the case of Criterion (6), the applicant must submit documents equivalent to Clauses 1-4
stated above.-
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5 minutes ago, Jingthing said:
Bank method is unchanged.
Your confidence about the income method without embassy letters going forward is not backed up with firm evidence.
Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
In the case of being a family member of a Thai national (applicable only to parents, spouse, children,
adopted children, or spouse’s children):Criteria for Consideration (1) The alien must have been granted a non-immigrant visa (NON-IM).
(2) The alien must have proof of relationship.
(3) In the case of spouse, the relationship must be de jure and de facto; or
(4) In the case of children, adopted children, or spouse’s children, said children, adopted children,
or spouse’s children must not be married, must live with the alien as part of the family, and must not
be over 20 years of age; or
(5) In the case of parents, the father or mother must maintain an average annual income of no less
than Baht 40,000 per month throughout the year or must have deposited funds of no less than Baht
400,000 to cover expenses for one year.
For other necessary cases, the Commissioner or Deputy Commissioner of Immigration Bureau
is granted the authority to make decisions regarding approval on a case-by-case basis.
(6) In the case of marriage to a Thai woman, the alien husband must earn an average annual income
of no less than Baht 40,000 per month or must have no less than Baht 400,000 in a bank account in
Thailand for the past two months to cover expenses for one year.Documents to be submitted 1. Application form
2. Copy of applicant’s passport
3. Copy of documents proving relationship, such as a marriage certificate, a birth certificate,
registration of child legitimization, household registration certificate, child adoption registration
certificate, or other evidence from the government or relevant agency
4. Copy of evidence proving the Thai nationality of the spouse, parents, children, or adopted
children, such as a national ID card, copy of household registration certificate, or other evidence
issued by the government or relevant agency
5. Only for Criteria (5) and (6), the applicant must attach a funds deposit certificate issued by a
bank in Thailand and a copy of a bankbook, or attach documents proving that the parents or alien
husband earns an average monthly income of no less than Baht 40,000 throughout the year, such as
any particular individual income tax return together with payment receipt, evidence of receiving
retirement pension, evidence of receiving interest from funds deposit, or evidence of having other
funds issued by the relevant agency. An affidavit must also be submitted confirming the alien’s
marital or parental status with a Thai national.Source: Royal Thai Immigration Bureau
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On 10/26/2018 at 9:02 AM, billd766 said:
Absolutely. IF you have the money to spare.
Many people don't though they do have the income to cover it.
And for those who don't of cannot come up with a lump sum?
What are they supposed to do?
Leave their Thai families behind and go back to their own country on their own?
As of October 26, 2018, U.S. citizens can verify they meet the income requirements directly with Royal Thai Immigration by providing a local bank statement indicating a minimum deposit of 800,000 Thai Baht or a local bank statement showing a monthly deposit of at least 65,000 Thai Baht.
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On 10/26/2018 at 8:49 AM, garyk said:
I think it is strictly a way to put money in the system period. Their are not that many expats from the U.S. living here.
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On 11/2/2018 at 7:59 AM, Pawpcorn said:
I tried to show bankbook with a past years worth ofregular monthly Social Security transfers to the Direct Deposit account Bangkok Bank had set up expressedly for that function, as well as the letter from SSA that stated my monthly payments... and they refused to look at either item... saying they would ONLY accept the Notarized Letter from American Embassy... as proof of monthly income. This at Udon Thani Immigration. I was told that his boss was in discussions with American authorities about alternative "proof of monthly income" but nothing had been decided, as of yet.
Very difficult to have any decent sleep, since this past Monday.
Pawpcorn
That simply means they are still accepting the Affidavit for now. Those discussions will likely remove the affidavit requirement option though. When is anyone's guess.
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On 11/2/2018 at 7:38 AM, mikosan said:
Or maybe that is what it has been interpreted to mean. Equally it could be interpreted the way I have suggested. That's why lawyers make so much money and judges sometimes seem to make peculiar judgements, it's a matter of interpretation and establishing case law. But whatever, I respect your knowledge on this and related subjects. Let's wait and see what happens.
It's either or... not a combination of both.
The distinction is Section 4 is referencing "annual earnings" with a document showing "evidence of income" as seen in number three in the documents section. Section 5 is referencing evidence of a total amount for three months, without the need to show evidence of income. -
On 11/2/2018 at 7:30 AM, ubonjoe said:
It does not say combination but that is what this means.
"(5) Must have an annual earning and funds deposited with a bank totaling no less than Baht 800,0000 as of the filing date."
Annual earnings and funds deposited in a bank are two different things that are totaled up to reach 800k baht.
It's either or... not a combination of both.
The distinction is Section 4 is referencing "annual earnings" with a document showing "evidence of income" as seen in number three in the documents section. Section 5 is referencing evidence of a total amount for three months, without the need to show evidence of income. -
On 11/2/2018 at 6:53 AM, wgdanson said:
Read carefully again, Section 5.......deposited with a bank totaling not less than Bht 800,000 as of the filing date. This kind of contradicts Section 4 which says Bht 800,000 in a THAI bank for 3 months. Confusing.
The distinction is Section 4 is referencing "annual earnings" with a document showing "evidence of income" as seen in number three in the documents section. Section 5 is referencing evidence of a total amount for three months, without the need to show evidence of income.
Permanent Residency/90 day reporting etc
in Thai Visas, Residency, and Work Permits
Posted
Can anyone advise whether or not a Work Permit is required to apply for Permanent Residency under the Non-Immigrant O "Thai Wife" category? Or is the work permit requirement only for application under the "business/employment" category?