MPoll

I drove 1 hour to Sisaket only to have it pointed out to me that my 5 year Thai license is in both Thai and English so I am going to give it a try in the US next month. I do still have a valid California license as a backup.

If they really want to know where you live then the GPS coordinates makes sense. It's just not something many expats are used to getting for themselves. If you have a smart phone it is easy enough to download and app the will quick and easily give you the coordinates.

1 hour ago, Henryford said:

I keep mine at 800k with a buffer all year round. I know it wastes money i could get on interest elesewhere but it keeps it simple with no chance of slip ups if i forget to top up at the right time.

I did the same for many years. Extensions were very simple. It’s one of those things you do if you can afford it and the cost is worth the benefits for you. It’s a personal decision.

18 hours ago, hcvc said:

A plea for help from someone who has already been through the process of obtaining a BOI LTR Visa for Wealthy Pensioners - would you please explain to me what it means to show evidence your current visa has been canceled.

 

In case the applicant choses to have LTR visa issued at One Stop Center for Visa and Work Permit (OSS) in Bangkok, the applicant will be required to update latest travel information and upload passport pages with all Thai stamps (The file must be scanned both left and right pages per one sheet AND ALL SHEETS MERGED IN ONE PDF FILE), particularly biodata page, current visa which has been cancelled with the remaining permission to stay sufficient to receive LTR Visa*

 

For further information about current visa termination, please contact the immigration office where you got the current visa.

 

As per instructions from the BOI my wife contacted our local immigration office. The immigration office said they were not familiar with / had never done a LTR Visa for Wealthy Pensioners.

 

I would be grateful for your guidance

I'm another LTR holder who applied in 2022. I remember having to upload all of the pages of my passport since my last entry in 2019. So I would recommend doing this. Once they start processing your application and looking through your uploaded documents they will contact you if they have any questions. They were very accessible once they started processing the application. In 2022 I was on an extension of my OA visa. The BOI did all the work for the switch to the LTR at the Bangkok office.

I had just moved to Sisaket province when I got my LTR stamped into my passport. I visited the Sisaket immigration office just to let them know I had moved there and that I was on an LTR visa. They had never seen one before in January, 2023. The head of the office did however, download a long document explaining the LTR to the various immigration departments. So the information is available to immigration offices if they need to learn about it.

12 hours ago, expat_4_life said:

 

This is simply not true (in the US anyway), some selected professions can retire at 50, Law enforcement officers and fire fighters for example.

 

There are workplace pensions as well that have nothing to do with profession. I retired from the University of at 55. Every employee at UC has a pension benefit if you’ve worked there long enough.

16 hours ago, Presnock said:

The wealthy pensioner LTR good for ten years, no taxes on foreign earned income, no 90-day reports - google the Board of Investment (BOI) LTR for requirements and benefits - cost currently is 50K baht - last year was 100K baht.  Other LTR seem to be more expensive.

The pensioner LTR was never 100,000 baht. It was talked about but the price was 50,000 baht when it launched in September 2022. I applied in Oct 2022 and got it in January 2023.

16 hours ago, Yumthai said:

 

I understand very well what countries are doing taxing people. My point is that this LTR visa in unfair tax-wise but good for those who can afford it.

In order to produce US$ 80K a year steady passive income you need at least US$ 7 figures invested, I consider it being well-off not rich.

 

I am an American and get my $80,000/year passive income from my work pension and then there is Social Security on top of that. If you reach a management position with an employer with a pension defined benefit plan then it is not that unheard of to be able to get 80k in pension benefits. I was an engineer at the University of California for 30 years. Pension plans still exist. This is a decent income but I am middle class or upper middle class, by no means wealthy, depending on where you live in the US.

2 hours ago, HerewardtheWake said:

Tom, Misty, Thailand, thank you for such useful replies and information. You have addressed my questions precisely. I will talk with my insurance agent and see if I can lower my premium, albeit for another useless deductible schedule. US$100,000 will generate interest slightly exceeding the policy premium, so Tom's idea is very relevant. 

I have Pacific Cross with a 40,000 baht deductible. I’ve had PC for six years. During that time I haven’t made a claim and I am getting about a 20,000 baht no claim discount. Whatever your deductible, it you are not making claims then you can get a break on the cost.

Just because I haven’t made a claim I don’t consider my PC insurance to be useless. I have it for a catastrophic health event, the most likely and obvious would be a vehicle accident but it could be any number of other types of illnesses and injuries. I just had a case of Dengue fever. I was lucky it wasn’t serious but I was happy to have the insurance it it had because serious.

13 hours ago, G_Money said:

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

I used the 800,0000 method because it was easy and I could easily afford it. It was a case of deposit and forget. Seven years ago I had never done international wire transfers. The idea of having to move money every month seemed like a chore. My transfers never showed up in my Thai bank account labeled FFT so there was having to trace the origin of the money, another chore. It was only a couple of years later that I had heard about TransferWise. A couple of years ago I tried setting up a Wise account. It was a disaster. Wise wasn’t any help sorting it out. I don’t trust them with my money (no matter how many rabid Wise fans are out there). It doesn’t matter now. I got an LTR vise which relieved me of any bank deposit requirements.

35 minutes ago, JackGats said:it could as much mean "poor pensioner" as "wealthy pensioner".

I just ignore the “wealthy” label. It probably scares off some people that might otherwise qualify.

21 minutes ago, jayboy said:

The LTR visa is looking like a smart decision by those who qualify - particularly from a tax perspective.

 

I would be interested to know how many people have been able to avail themselves (ie actually succeeded in obtaining) the "wealthy pensioner" category which requires assured income of at least US$ 80,000 p.a. From the BOI perspective all the other LTR categories make sound sense in terms of fulfilling the strategy of attracting expats who can add value.But the 'wealthy pensioner" category doesn't seem to me to make much sense or even belong in the programme at all given the comparatively low financial bar * to entry.I think those who have qualified in this category should congratulate themselves.My hunch is that prospective new entrants in the future might well find this route blocked.

 

* Please don't respond by claiming $ 80,000 is already a very high sum.It's not for a "wealthy pensioner" but debate on this subject - at least on this forum - is pointless.

This thread has 92 pages of questions and stories of people obtaining a version of the LTR. I switched from an OA visa to a pensioner LTR which appears to be fairly common within the pensioner category. The LTR has been available for 18 months. There has not exactly been a tsunami of people applying for it so either the yearly income is a barrier or people don’t know about it. What else is there to say?

I do pay US taxes on my pension income in the US but my tax rate is way below the 35% I would be subject to in Thailand. This unexpected windfall associated with my LTR is much appreciated.

On 1/8/2024 at 8:23 PM, Mike Lister said:

A SIMPLE GUIDE TO PERSONAL INCOME TAX IN THAILAND

8 January, 2024

Version 5, Rev B

 

4. There are also certain types of visa that fall outside of the RD tax code. The LTR visa for example received its tax exempt status by royal decree hence visa holders will not to be assessed for Thai tax and they are specifically excluded from this explanation.

 

Thanks for this guide. I emailed Sherrings to double check on your point #4. They confirmed that LTR visa holders, except the Highly Skilled Professional category, are exempt from paying taxes on money transferred into Thailand and also said we do not have to file a tax return.

Yeah!

12 hours ago, Negita43 said:

is i possible to get one in the USA without the 800,000 Baht and then come and open a bank account and then do a visa extensions subsequently over here?.

Thanks

There is another answer to this question and that is to get an OA visa in the USA. I am an American who came to Thailand on an OA visa in 2017. In 2019 the Thai government added a health insurance requirement so I am not necessarily recommending this visa now but it is something a US citizen is going to see on the Thai consulate website in the US. He can get this visa using funds in his US bank accounts. It is a one year visa and the other features are a bit complicated. If the insurance requirement, for both the visa and subsequent extensions, doesn't bother him then it is an option that is out there. I had an OA and extensions for 6 years and then switch to a pensioner LTR visa and the Thai insurance I used for my OA visa also qualified me for the LTR. It would be a bit of a chore but he could switch to an O visa without the insurance requirement sometime in the future.

So . . . I am not recommending the OA over the O but he should be aware of the two visas. I got my OA visa and all my subsequent extensions myself so I am not really recommending agents either but (before everyone jumps on me for this comment) lots of people use agents and swear by them. 

All my vinyl warped when I stored them in my garage in California. I can only imagine what a sea voyage and Thailand’s heat and humidity will do to these records. Digitize them as a backup.

53 minutes ago, lopburi3 said:

Are you sure about that?  It has often been reported CW requires same day letter of account balance/ownership and people with accounts at banks that are no longer located at that location have had real issues getting.   But perhaps they have been talking the passbook update process rather than the letter itself?

The first time I had to present an insurance certificate to extend my OA visa there was some confusion and I had to leave and return a couple of days later after I sorted out the insurance certificate issue. The senior Immigration officer told me that they would keep my document package and that I should return within 7 days. Other than that experience I always obtained my bank letter and year bank statement at my local Kasikorn branch in Phra Khanong and went to CW 2 or 3 days later. When I arrived at CW I would withdraw 1000 baht at the Kasikorn ATM and then update my bank book at the update machine. This was the only time all year that I would update my bank book. I assumed that the same day bank book update was covering any transactions between the date of the bank letter and year statement and when I arrived at CW to apply for the extension. I did this process 5 years in a row.

At CW the bank letter is valid for 7 days. I am surprised you can’t get the bank letter same day. Some banks take longer for a year bank statement.

22 hours ago, lopburi3 said:

Actually at CW they will also require a bank letter of account ownership/current balance issued the same day, copy of account book for the year including current day and if using income from country not providing Embassy confirmation letters a one year bank statement covering the previous 12 months of required deposits.  For Bangkok Bank customers one year statement can not be obtained from branch banks so normally takes few days to obtain.

At CW the bank letter is good for 7 days. They want a same day transaction and your updated bankbook. This is easily done at the bank branches downstairs even before the banks open in the morning. I am able to get a 1 year bank statement from Kasikorn same day but it is also good for several days, probably 7. I would get it at my local branch a few days before I went to CW. If Bangkok bank is one of those banks the make you wait a week to get a 1 year bank statement then just plan accordingly. You can apply for a 1 year extension at CW 45 days before your current extension expires. Go as early as you can. Don't wait until the last minute.

With regard to applying for a 1 year extension just ask for a 1 year statement of your bank account. At CW in Bangkok they will only want to see a same day transaction in your most recent valid bank book.