JohnnyBD
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Posts posted by JohnnyBD
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1 hour ago, pablo el sueco said:
Through email exchanges with the LTR Visa Unit in which I asked specific questions about requalifying under the self-insurance option at the visa's 5-year extension, I have the following understanding of the official position regarding some of the issues being discussed in this thread:
- The required funds must be in a bank account and not in a credit union account.
- The funds may be spread across multiple banks or accounts as long as the total amount exceeds the required threshold.
- To qualify for the extension, the applicant must provide statements showing the funds having been retained on deposit for the 12-month period prior to the extension date.
Was that your understanding? Or, was that the exact wording they sent you in their email reply to you? The reason I ask, is BOI replied via email to me with the exact wording below that the funds had to be in the same bank. See exact wording I pasted from their email below:
4. Documents of health insurance, social security or bank statement of 100,000 USD or above from the last 12 months that has been retained in the same bank and meet the requirements.
Please note that the officer may request further documents if necessary.
Kindly provide the above-mentioned documents, and we will review and respond to you after completion.
Kind regards,
LTR Visa Unit -
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4 hours ago, JimGant said:Diversified portfolios should all include some liquid, safe, low paying assets. And, of course, you're well advised to have a diversified portfolio. For some of us, we live very nicely on our monthly pension and social security checks. And what's in our investments is just gravy, meaning: we have the option to plunk all/most into risky (but potentially high rewarding returns); or to have all/most completely in risk free investments. Since I have no need to increase my investment portfolio (since most will go to nieces and nephews, 'til I can find a nice soi dog foundation) -- maintaining my investment status quo, with annual interest covering inflation, is just fine: I'll never outspend the current investment amount, so no need for any risky enhancement.
Jim, I completely agree with your comments above. I have a good company pension based on 40 years of service and my US Social Security is quite good also. I also have a sizable portfolio with 3 income streams (brokerage, Roth & Rollover IRA accts) that generate lots of dividends & interest. I reinvest all of the earnings from my Rollover IRA to keep my tax rates as low as possible. My risk tolerance is fairly low, so I keep a sizable amount of cash in CDs (short-term & long-term), in money market funds, and in a high-yield savings acct with Capital One bank which pays 3.5%, and was accepted by BOI. I don't know why others cannot understand that everyone's situation is different. I like to keep $100k to $200k in liquid risk-free accts. I don't see anything wrong with that. If something happens to me, I want my wife to have some money to live on while they settle up my estate. It also comes in handy sometimes. My daughter built a new house (really overbuilt) a few years ago using her own cash, but she came up short, so I was able to loan her $50k so she didn't have to make a bank loan. Another one needed a new car, so Dad was able to help out. I have more income than I need, so I generously give to my loved ones. Like you, I will never need to dip into my investments, so there' no need for risky investments. I hope you're enjoying your retirement. Best of luck to you!
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1 hour ago, stat said:3 hours ago, JohnnyBD said:
I do not care about your financial situation or your money in Australia. I read most of your 70 or so posts in this thread and what I figured out is you are not wealthy and you cannot qualify for a LTR visa without having to withdraw from your Superannuation retirement account, which would require you to pay taxes on those withdrawals. All of your posts are very negative and it seems to me you are angry at those who can afford to get the LTR visas. I have a LTR-WP visa and I'm enjoying the benefits. I won't be responding to you anymore. I'm not the one full of it. Best of luck to you!
I do not agree. My international brokerage account pays way higher interest then my German savings account. So Grumpy is right that for most people 100K in a tradional account that is accepted by BOI loses a lot of interest vs for example a 5 years US bond investment with 3.8%. Regular German account pays 1 to 2% max!
My Capital One bank savings acct in the US pays 3.5% interest, and it was accepted by BOI.
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54 minutes ago, TroubleandGrumpy said:I cannot understand that you cannot listen - in Australia bank savings accounts pay SFA interest - only an idiot would keep that sort of money in such account for 12 months or more. I knew a few very wealthy people - and they never wasted money by having large amounts in a savings account. I am thinking you are full of it - and that you see that many investment funds have 'cash' as part of their investment portfolios. That is not CASH as in a bank savings accounts - it means 'money' usually invested in Govt secure investment organisations (including banks) or Government Bonds. It is NOT cash in a savings account.
I do not care about your financial situation or your money in Australia. I read most of your 70 or so posts in this thread and what I figured out is you are not wealthy and you cannot qualify for a LTR visa without having to withdraw from your Superannuation retirement account, which would require you to pay taxes on those withdrawals. All of your posts are very negative and it seems to me you are angry at those who can afford to get the LTR visas. I have a LTR-WP visa and I'm enjoying the benefits. I won't be responding to you anymore. I'm not the one full of it. Best of luck to you!
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1 hour ago, TroubleandGrumpy said:As someone already said, that option really only applies to someone that has already had over $150K USD in a bank savings account (although I cannot see why someone would). Some said that a term investment bank account was probably OK - but BOI said it must be an 'cash' bank account not a fixed term.
I don't understand why you cannot understand that some wealthy people with large investment portfolios keep a portion of their assets in cash instruments such as; high-yield savings or CDs. Your financial situation must be different that mine because I always keep a minimum of 5% in cash instruments. Just so you know, $150k is less than 5% of some people's total portfolio. Many financial advisors recommend a cash allocation of between 5% to 20% for investors age 65 and older. By keeping 5% to 20% in a liquid safe account, it can help avoid selling assets during a market downturn. In my case, I also want to make sure my wife will have enough money to live on in case something happens to me while they divide up my estate.
Everyone's situation is different. To each his own. That's it for me.
Best of luck to you!
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41 minutes ago, TroubleandGrumpy said:
As I have stated several times, in Australia the difference between at-call bank savings accounts and interest earning investment bank accounts and retirement superannuation accounts in Australia is huge. I am not sure how it works for other countries, but for me that is a lot of wasted potential earnings.
Everyone's financial situation is different. You're doing what's best for you, and others are doing what's best for them. That's how it should be. I am only concerned with doing what's best for me. Best of luck to you!
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51 minutes ago, JamesPhuket10 said:
Thanks for the info.
I am still thinking about it as I am using the non-O retirement visa extension path which can be done at the immigration once a year in Phuket, it only takes one hour.
The online 90 day report can be done online in five minutes.
Plus my money is in a number of cash ISA's in the UK. (Instant access)
Plus it is not clear as I have seen on this blog how long the cash has to stay in a bank, some say five years, some say one year, that part is confusing.
As my current visa extension is easy to get I am wondering if I should just stick with that.
It sounds like staying on your annual extensions may be better for you, especially since your cash is not already in a savings acct, and you don't seem to mind doing the annual extensions. Good luck to you!
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11 hours ago, TroubleandGrumpy said:
So to change from insurance, you have to make the $100K USD deposit and wait 12 months and hope the bank and account type is accepted
If you want to find out if your bank account is acceptable, you don't have to wait. You can email BOI in advance and ask them. That's what I did. Best of luck to you!
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1 hour ago, JamesPhuket10 said:
4. Documents of health insurance, social security or bank statement of 100,000 USD or above from the last 12 months that has been retained in the same bank and meet the requirements.
Does this have to be in one bank or can it be split over a number of different bank accounts?
I emailed BOI several times with questions, and they have always replied back within the same day. They replied to me the $100k can be kept in a foreign bank or Thai bank, but it must be kept in one savings acct, not two accts, and not in a fixed deposit acct. If you have any other questions, you can email the BOI LTR Visa Unit. I asked them about my Capital One Bank savings acct, and they confirmed that it is acceptable, so I'm good to go should I decide to make the change from insurance to the bank method. If I can get my company retiree insurance provider to give me a letter with the correct wording, I will use that method instead. Best of luck to you.
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21 minutes ago, oldcpu said:
I think i will change from the $100k US$ equivalent in the bank to self health insurance (as I have had my health insurance for over a decade with Cigna).
But I will wait a couple of months before doing so, as i am about to head off for ~5 to 6 weeks of global travel. When I get back, I will likely ask my health insurance company (Cigna) to write me a letter (and tell them precisely what I want in the letter) and see what they say. One forum user (with Cigna, albeit from different branch) succeeded doing such, so I may give that approach whirl. Then I will send the letter to BoI.
Based on reading your reply, likely i will send to BOI :
1. A copy of my relevant passport pages with my signature
2. A letter specifying the details of what I want to change in my approved LTR-visa
3. Documents of health insurance (ie the letter from Cigna IF I obtain such), and
4. bank statement of 100,000 USD equivalent proving I have maintained such since getting my LTR-WP visa.
I don't need to switch (from cash in the bank to Health Insurance), but it does give me more flexibility not having to keep the $100k US equivalent in a bank (gaining ~3.5% interest).
The market is still going strong, but if the market were to correct, having a "free" $100k US extra to jump in case of some market low, is a nice thing to have in one's back pocket.
Sounds like a good plan. I'm thinking about asking my company retiree insurance provider if they can provide me with a letter that will satisfy BOI also. Have fun in your travels.
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1 hour ago, TroubleandGrumpy said:So to change from insurance, you have to make the $100K USD deposit and wait 12 months and hope the bank and account type is accepted or you have wasted a lot of potential interest earnings.
You haven't wasted any potential interest earnings if you normally keep $100k or more in a high-yield bank savings account. You just have to provide the 12 month bank statements as proof to satisfy BOI. Several on this forum have already stated they are using the $100k bank method so they already had the $100k in their savings accounts for 12 months prior to their LTR applications. My Capital One Bank savings account is paying 3.5% interest. I keep much more than $100k in cash instruments such as; high-yield savings & bank CDs. To each his own!
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31 minutes ago, Pib said:
OK...thanks....seeing BOI's complete response makes it clear a person should get BOI's blessing first to ensure the switch meets their requirements.
However, i expect if a person did switch from a health insurance policy to self-insuring mid stream (or vice versa) without asking for BOI's blessing that come the 5 year renewal review a person would need to provide docs to ensure the switch met BOI requirements like the policy meeting requirement....like an acceptable type of bank account being used....etc.
Better to ask for their blessing/review first for peace of mind and avoidance of any surprises.
I agree. After reading their response, it appears that one is required to get their approval to change from one method to another method. I'm glad I checked with them. I wouldn't want to lose the second 5 years, and have to start all over again.
Yes, it appears they want to verify the $100k has been in the bank for the previous 12 months, and that it's the right type of account.
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22 minutes ago, Pib said:
But that BOI response seems to be talking when a person changes insurance policies; not if the person is switching from health insurance to self-insuring/$100K in the bank.
That is not correct. I requested a change to the $100k in bank method, so they sent me the docs required to do that. I just didn't post the entire reply. Below is the entire reply.
Thank you for the inquiry.
It is possible to change the evidence from health insurance to another, but you must provide the additional documents for us to review and approve first as follows:
1. A copy of your passport with your signature
2. A letter of consent or request specifying the details of what you would like to change in your application or document
3. Power of Attorney if someone were to contact and send the documents to us on their behalf.
4. Documents of health insurance, social security or bank statement of 100,000 USD or above from the last 12 months that has been retained in the same bank and meet the requirements.
Please note that the officer may request further documents if necessary.
Kindly provide the above-mentioned documents, and we will review and respond to you after completion.
Kind regards,
LTR Visa Unit-
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On 9/23/2025 at 11:32 AM, JohnnyBD said:On 9/22/2025 at 10:49 PM, oldcpu said:Are you planning to contact BoI to ensure they have no issues with you switching how you are meeting the Health Insurance requirement ?
I had (possibly mistakenly) assumed the switch needed to be done at the 5-year point (when finances are re-proven), ... but possibly by contacting BoI it can be done earlier. BoI on their web site do note criteria needs to be continuously maintained (if I understand that correctly).
I emailed BOI, and they replied that it can be done anytime.
Just to clarify, one can change their health insurance requirement type that was used to obtain their LTR visa, but the change needs to be approved by BOI. One cannot just make the change on their own. Below is the first sentence in BOI's reply to my inquiry about changing types.
Thank you for the inquiry.
It is possible to change the evidence from health insurance to another, but you must provide the additional documents for us to review and approve first.
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12 hours ago, oldcpu said:Are you planning to contact BoI to ensure they have no issues with you switching how you are meeting the Health Insurance requirement ?
I had (possibly mistakenly) assumed the switch needed to be done at the 5-year point (when finances are re-proven), ... but possibly by contacting BoI it can be done earlier. BoI on their web site do note criteria needs to be continuously maintained (if I understand that correctly).
I emailed BOI, and they replied that it can be done anytime. Check your messages.
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13 minutes ago, oldcpu said:
Are you planning to contact BoI to ensure they have no issues with you switching how you are meeting the Health Insurance requirement ?
Yes, I plan to email them in Jan 2026 and attach my year-end statement showing the money is in a bank savings account. I will try to remember to message you afterwards.
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2 hours ago, oldcpu said:
Now that I am on LTR-WP, an AseanNow forum member (who also uses Cigna) was subsequently kind enough to share the exact wording of his letter proving Health Insurance (for BoI satisfaction), and I plan to switch to use my Health Insurance (which I have had for over a decade) for my LTR-WP at the 5 year re-proof of finances point. That will free up my cash to deal with any stock market dips and also have available for any newly discovered investment opportunities.
That's good to hear. You did what you needed to in order to get your LTR visa by using money in the bank method, and you still have good health coverage too. That's a good thing.
I have 3 insurance policies right now, so I am eager to drop the LTR policy as soon as I can by using the $100k in bank method. My US Medicare insurance doesn't cover me overseas, but I use it when I go back. My company requires me to keep it as my primary in order to keep my company retiree insurance. My company will cover me overseas, but I'm doubtful they will give me a letter for BOI, so I didn't bother asking. I will just use the money in the bank method when my LTR policy expires next year.
Good luck to you, and enjoy the benefits of the LTR-WP visa, as I am.
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7 minutes ago, JackGats said:Not having to be in Thailand every year around the same dates to do the yearly renewal has been a HUGE relief to me. I can now be in Thailand or away from Thailand whenever I want to !
Yes, that's another really good benefit that I didn't think about.
The income tax exemption was a big benefit for me because I brought a lot of money in this year.
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It's really sad this thread has turned into a debate about health insurance instead of a discussion about the benefits of the LTR-WP visas. If some think that paying for health insurance is a ripoff, that's ok. Everyone is entitled to their own opinion. The good thing is there are many other options available for those who don't want it or can't qualify for the LTR visa.
As for the cost benefits, the LTR-WP visa was actually cheaper for me than doing annual renewals. I was paying 7,000 Baht (1,900 extension + 3,800 MRE permit + 300 bank letter & statement + 200 for photos + 800 for taxi to/from CW (plus my time), whereas my LTR-WP visa only cost me 5,000 Baht (50k for 10 yrs). I easily qualified using just my two pensions, so I didn't have to restructure my finances or disclose any other financial information which seems to be a big issue for some. As for the insurance, I bought the Thai health insurance for the first year, but I didn't have to keep my renewal money in a Thai bank anymore where it earned very little. Now, that money is in the US earning 4% interest which covers the insurance cost. Next year, I can use the $100k in bank method, so I won't have that insurance cost anymore. I'm sure many do not have the luxury of being able to keep $100k in a bank, but for me, it's not a problem. I always keep a certain percentage of my investments in cash instruments such as; high-yield savings, money market funds and CDs. That cash can be used to self-insure for the LTR visa, and also to make sure my wife has enough cash to live on in case something happens to me. To each his own!
Other benefits, no annual renewals, no 90-day reports, 1- year reporting if one doesn't leave the country, fast track lanes in airports, and the income tax exemption. In my case, I won't have to see IM again for another 5 years because I leave the country every year.
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12 minutes ago, Yumthai said:I don't know what you call "unreasonable" but there are plenty of full coverage health insurances, either Thai or international, that will fulfill the $US50K insurance condition for less than 5% of the $US80K annual income (so about US$4K/year) that you certainly more than meet to comply with the LTR financial requirement.
Granted that insurance premiums will increase over the years, but even more so will your income (if it's properly managed, which I have no doubt).
Spending a (very) low % of your yearly income for a comprehensive healthcare and peace of mind should be a no-brainer for any (especially aging) man of means. Naturally, you do you.
I was able to get a LTR-approved policy from AXA Insurance for 22,875 Baht per annum for my LTR-WP visa. I think that's pretty reasonable and affordable. I checked the cost at age 70 and it was the same. I also have a company retiree insurance policy, but they wouldn't issue a letter to meet LTR's guidelines. I will switch to $100k in the bank method (a high-yield savings), when my current policy expires. This was the best decision for me, and the costs were well worth it. Best wishes.
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10 minutes ago, Dezmo said:
I would be careful using "average/mean"... as it can easily be skewed. When searching I found that the median is $54,710.
However, this figure combines both retired individuals and those still in the workforce, so the average for purely retired individuals may differ.
I agree. My guess is most people's income decreases when they retire. The Senior Citizens League claims that 27% of retirees live on SS alone, and that SS makes up more than one-half of the total income for 67% of retirees. That's kind of depressing when supposedly in less than 10 years, the SS Trust fund will run out of money.
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42 minutes ago, K2938 said:
In 2025, the average household income for Americans aged 65 and older is for example approximately 84,000 USD.
That figure may be correct, but that figure also includes people still working, and some with higher incomes tend to work well past age 65. I do agree that the majority of retired expats in Thailand do not qualify for the LTR-WP visas based on their income.
The Senior Citizens League claims that 27% of US retirees live on SS alone, and that SS makes up more than one-half of the total income for 67% of retirees. That's kind of depressing when supposedly in less than 10 years, the SS Trust fund will run out of money.
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4 hours ago, Misty said:I 100% agree that the BOI's involvement is a positive. For 30 years I had to deal with immigration and work permits on one-by-one, paper work intension, extremely time consuming, annual extensions. I never want to go back to that system. The BOI's courtesy, professionalism and lack of corruption has made all the difference. Plus I now have a 10 year visa, no 90 day extensions, 5 year stay that's renewable, 5 year work permit, and tax benefits.
I agree also. If one plans to keep living here, and can qualify for the LTR-WP visa, then the LTR is a great visa to have. Since I leave the country each year, I won't need to report back to BOI & IM for 5 years. And, the tax exemption means I won't have to deal with the TRD. Life is good. No worries.
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19 minutes ago, oldcpu said:
Regardless - I really like the LTR visa, and I plan to switch from self insured to using my European Global Health insurance - and once again a BIG thankyou to the forum member who explained to me (with a sample letter wording) how to go about getting my Health Insurance accepted by BoI. I will put that to the test in just over a couple of years.
That's really great that your EU Global Health Insurance can be used to meet the LTR insurance requirements. Good for you.
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LTR Visa is Now available for Long Term Residency
in Thai Visas, Residency, and Work Permits
If that is their exact wording, then we have conflicting statements from BOI. I received my email reply from BOI just a few days ago in reference to changing from insurance to self-insurance, and it clearly states in the same bank,
Just to be safe, I will keep my money in the same bank account if I decide to go the self-insurance route. It would be very painful if one showed up for their 5-year renewal with money in several bank accounts and then be told that is not acceptable. Best of luck to you!