Desut

I followed up with the BOI and specifically asked whether monthly distributions from a 401k would count as qualifying passive income for the LTR-WP visa. Their response was: "Yes, if your income appears on your tax return (Form 1040) as passive income that you receive regularly, we can accept this as qualifying income for the LTR Visa application." That sounds promising, but as far as I know, the 1040 doesn’t actually label anything as “passive income.” 401k distributions are usually reported under the Pensions and Annuities section, so it may come down to whether the income looks consistent and recurring.

Thanks for sharing your experience — that’s actually a really helpful suggestion. I hadn’t considered the timing risk of the 90-day Type-O running out while waiting on the LTR approval, but that’s a great point. Appreciate the insight.

Thanks for sharing that—really helpful to hear firsthand experience. It’s interesting how much variation there seems to be in what’s accepted, depending on the agent, reviewer, or maybe even timing. Your case gives me some hope that there might be more flexibility than they let on. Congrats on your approval—and good luck picking up the visa next week!

This info was from Siam Legal International in Bangkok. I haven't followed up, so I'm not sure how accurate it is. The realized gains part also surprised me. I just plan on going the Non-O route until I can qualify for the LTR.

Thanks everyone for your input. I did reach out to the BOI as well as an agent in Bangkok, and it looks like the LTR-WP visa may be out of reach for me initially. According to their responses, they require proof of past passive income — such as tax returns (Form 1040) — and showing only future earnings will not be sufficient. Even if there’s a guarantee that I will receive income going forward, the BOI will not accept it without documented history. To qualify under the Wealthy Pensioner category, I would need to show at least USD 80,000 in passive income received over the past 12 months before I could apply. The BOI suggested I wait until my next tax return is filed, as they primarily base eligibility on tax documents like the 1040. The agent in Bangkok also clarified that 401(k) and IRA withdrawals are not considered passive income. Only pensions, dividends, interest, and realized gains(such as selling stocks) qualify. However, I did not receive a clear answer yet regarding whether 401(k) savings (over $100,000 USD) could be used as an alternative to a health insurance plan under the LTR-WP category. Thanks again for everyone’s advice — it’s been very helpful!

Hello all, I will be retiring in the next few months and am trying to decide on the best visa strategy for moving to Thailand. My initial plan is to get a Non-Immigrant O (90-day) visa before arriving in Thailand, then once there, I would apply for the LTR-WP visa. Would it be better or easier to apply for the LTR-WP visa before arriving in Thailand? I will be able to meet the income requirement through my pension and passive income streams. However, I will only just begin receiving my pension in the coming months and will not yet have a full year of income history to show. I also won’t have any 1040s or 1099s yet to show passive income for the previous year. I’ll only be able to show the income moving forward, as I’ll be moving some funds around to generate it. Also, I’m seeing conflicting information about using a 401(k) savings account to meet the one-year $100k USD asset requirement instead of showing a health insurance plan. Has anyone successfully used a 401(k) to meet this requirement? Thanks for any advice!

We have certainly considered the scenario you suggested—maintaining my US policy after retirement and getting a travel policy for our time in Thailand. Since we do plan on traveling back and forth, but not sure how often those trips would be. I further inquired about the retiree health plan offered by my employer, and the $1100/month quote I initially received was for a family plan. If I opt just for myself, it would be significantly less, around $400/month. My wife, who is younger and in perfect health, could get a separate policy, which might be a viable solution. She is also a Thai citizen and entitled to free universal health coverage. I also learned that I could opt out of my employer retiree plan but can reinstate it at a later time if I can prove that I maintained coverage with a comparable plan. So, we have several options to consider. As we get closer to next year, I will begin getting detailed quotes from providers. Thank you for your help and suggestions; I appreciate it. Thanks for your insights and experiences. I've been to Thailand about six or seven times since I met my wife 13 years ago. We just returned from a one-month trip in April. I love everything about Thailand—the people, the culture, the food, the easygoing way of life, and the acceptance of everyone, especially compared to where we live in NYC. We really love the southwest coast and plan to make our home somewhere around there—Hua Hin, Pran Buri, or Khao Kalok. We are aware of the new tax laws, which is why I’d prefer to get the LTR visa, especially for the tax exemptions. However, I understand that these laws could change overnight.

Thanks for the information, Sheryl. It's very informative. I'm comparing this against the health insurance provided by my employer in the US. Ideally, I'd like to find similar coverage so that, if or when I get sick in retirement, I don’t have to worry about whether or not the insurance will cover me. Perhaps that's hoping for too much. Thank you, Presnock. I'll be 58 when I plan to retire early next year, and unfortunately, I'm not in the best of health due to some pre-existing conditions that I anticipate will impact me as I age. I'm hoping to find a suitable health plan that won’t cause me too much stress in my later years. I've budgeted up to $800/month if needed for a plan that provides comprehensive coverage with minimal worries. This is much more affordable than the retiree plan (limited to US coverage) my employer offers at $1,100/month, which I find absurd. Thanks, Etaoin. It's good to know that the OIC in Thailand can be quite consumer friendly when it comes to grievances. I found this interesting OIC update issued just a few months ago: https://www.tilleke.com/wp-content/uploads/2024/01/Tilleke-Thomson-Reuters-Country-Update-Thailand-Insurance-January-2024.pdf

Thanks Presnock, yes, my aim is certainly the LTR visa if I am able to meet the 80k/year income threshold. We won't know our final numbers until early next year, but it will be very close. Thank you CanadaSam. That's interesting. So, if I now understand it correctly, local companies are governed by an ombudsman, whereas international companies fall under legal regulations of their home country? Which arrangement would be more beneficial for an expatriate living in Thailand is a question that pops into my mind.

Thanks Sheryl, yes, I was put off as well by the Bermuda incorporation. I will focus with either April France or Cigna Global. My US employer does currently offer a robust retiree health plan thru Cigna Healthcare but unfortunately, they only cover domestically in the states, no options for international coverage, and it comes with a steep premium.

Thanks for the replies

Thanks to all the great advice in this forum I connected with a broker from AOC. I am looking to retire to Thailand next year and I connected with this broker to get an idea of my options and prices for a health insurance plan. The broker provided quotes from Now Health International, April International and Cigna Global Health. He highly recommended the plans from Now Health International & Best Doctors Insurance. He mentioned that Now Heath International & Best Doctors Insurance is a global insurer around the world with operation everywhere (United Kingdom, Dubai, South America, Belgium, Scotland, China, Indonesia , Singapore, Hong-Kong, Malta etc.) and reinsure by RGA in United States. He also recommended to avoid the local and regional players because they may be cheaper, but they offer no rights to the consumer and no long-term commitment. I was wondering if anyone here has any experience with Now Health International? I did a search of these forums but have come up empty. https://www.aoc-insurancebroker.com/themes/wiredelta/aocinsurancebroker/files/2020-01/Now_Health-Best_Doctors_Insurance_Corporate_Brochure_2020.pdf Thanks!