Retirement Visa Stay income

[bttao]

After looking at the renewal/extension cost of the 1 year stay for a Retirement Visa, it appears to me that the best way is to have the 800K  with BKK , rather than doing the affidavits from the US Embassy and the Thai Translations which would triple the  cost of the renewal  when one adds the trip to BKK and a stay in a hotel  and other expenses...

So, with the 800K in the bank the cost will be just the 1900 baht and the bank statement FEE (100?), whereas getting an Income  affidavit would easily add up to 6000 baht and time consuming.

 

[JackThompson]

In general - yes.  But that depends on how far you are from Bangkok (can day trip?), your embassy's letter-cost, and how much money you could make with your 800K if not tied up for 3+ months in the bank + xfer-fees, if moving it in and out.  

[ubonjoe]

Your income affidavit does not have to be translated to Thai since it is in English. Only those not in English have to be translated.

[bttao]

15 minutes ago, JackThompson said:

In general - yes.  But that depends on how far you are from Bangkok (can day trip?), your embassy's letter-cost, and how much money you could make with your 800K if not tied up for 3+ months in the bank + xfer-fees, if moving it in and out.  

Thanks...

Returns have been less than 0.005% for almost 10 years now (since 2008)... so interest is irrelevant nowadays.

One may as well keep it in a regular passbook with withdrawals on demand; to satisfy immigr.

[lopburi3]

As said above there should not be any translation required and income letters are valid for six months and US Consulate outreach visits almost all areas of the country so a visit to Bangkok would likely not be required.  But yes if you are going to have money in an account anyhow you may as well use that method.

[bobonzo]

the Income Affidavit does need a stamp from the Ministry of Foreign Affairs.

[ubonjoe]

2 minutes ago, bobonzo said:

the Income Affidavit does need a stamp from the Ministry of Foreign Affairs.

Not unless using it at a handful of offices in the central region of the country.

At others having the consular officers signature on it verified is not required.

[imaderbyfan]

I have just obtained my income confirmation letter from the U.K. embassy BKK.

For those that are not aware, the request can now be done Via E mail.

Simply scan the required documents and send them to the E mail address on the embassy website.

I have done just that from the comfort of my own home, no visit to either BKK, or post office needed, very quick and hassle free.......

You can use PDF auto fill if you don't have a scanner.

[Pdavies99]

5 minutes ago, imaderbyfan said:

I have just obtained my income confirmation letter from the U.K. embassy BKK.

For those that are not aware, the request can now be done Via E mail.

Simply scan the required documents and send them to the E mail address on the embassy website.

I have done just that from the comfort of my own home, no visit to either BKK, or post office needed, very quick and hassle free.......

You can use PDF auto fill if you don't have a scanner.

How much Hough please?

[ubonjoe]

5 minutes ago, Pdavies99 said:

How much Hough please?

Info for doing it is here including the fee. https://www.gov.uk/government/publications/how-to-obtain-a-pensionincome-letter-for-thai-immigration

[dick dasterdly]

2 minutes ago, ubonjoe said:

Info for doing it is here including the fee. https://www.gov.uk/government/publications/how-to-obtain-a-pensionincome-letter-for-thai-immigration

That link doesn't work for me - not that it matters as there's close to zero chance that I could work out 'PDF autofill' to provide copies of passport and proof of income .

[imaderbyfan]

8 minutes ago, dick dasterdly said:

That link doesn't work for me - not that it matters as there's close to zero chance that I could work out 'PDF autofill' to provide copies of passport and proof of income .

It costs the same as if you go there...52GBP....2400 baht.

If you have access to a scanner, you dont need to use autofill.

There is nothing to autofill on a copy passport page or bank statements anyway.

I found it easier that way...others may not...

[ubonjoe]

9 minutes ago, imaderbyfan said:

It costs the same as if you go there...52GBP....2400 baht.

There is no going there for it. They only accept them by mail or email.

[imaderbyfan]

4 minutes ago, ubonjoe said:

There is no going there for it. They only accept them by mail or email.

Yes....

Sorry I forgot they stopped doing that.

That is how I got my first one some years ago....

Done it by post until this time...

[ResandePohm]

I dont understand how you come to such a high cost. I have just completed my visa extension based on retirement using income of 65000 baht per month. Cost for Income Affidavit from the British embassy was £52 (approx 1450 baht) including postage. Printouts from my uk  online account are free. No translation is required as others have pointed out. I then coupled this with a printout from my Thai online Bank Account again no cost. Total cost 2350 baht.

 

This is nowhere near the 6000 baht you refer to.

[murraynz]

to obtain new extension of stay- using 'proof of income"  .

do we always need an authorising letter from the embassy of our country ??  eg. for me nz enmbassy in bkk

can i not just show statement giving my 4- weekly pension payments OR  statements showing substantial monthly income from property syndicate OR weekly rental income payments, shown on bank statements ??

does my embassy have to verify this income???

[ubonjoe]

4 minutes ago, murraynz said:

to obtain new extension of stay- using 'proof of income"  .

do we always need an authorising letter from the embassy of our country ??  eg. for me nz enmbassy in bkk

can i not just show statement giving my 4- weekly pension payments OR  statements showing substantial monthly income from property syndicate OR weekly rental income payments, shown on bank statements ??

does my embassy have to verify this income???

Proof of income from your embassy is the only thing that immigration will accept.

[khunPer]

20 hours ago, bttao said:

So, with the 800K in the bank the cost will be just the 1900 baht and the bank statement FEE (100?),

Most banks will charge you 200 baht, including Bkk Bank, as 100 baht for the letter, and 100 baht for the printed 3-month statement.

 

Some Immigrations also want a Health Certificate from a hospital, which is typically another 250 baht – remember to ask for "Retirement extension health check", as you otherwise may get a health check for Work Permit, which takes longer time and costs more (typically 750 baht and up) – but check first with a tread in your local area forum, what is required there of various documentation and certificates when applying for extension of stay based on retirement...

[murraynz]

ok, thanks, ubonjoe

[Lacessit]

Did my retirement visa extension in November in Chiang Mai, statutory declaration of income witnessed by consular official ( outreach visit ) for a cost of 1950 baht. Interest on 800,000 baht with a Thai bank at 1.5% pa. = 12,000 baht. Interest on 800,000 baht with a peer to peer lender such as Ratesetter at 5% pa = 40,000 baht. Opportunity cost 40,000 - 12,000 = 28,000 baht.

Shelling out 1950 baht so I can make an extra 28,000 baht by not having my capital locked up in a Thai bank seems to be a good deal to me. Even at the OP's cost of 6000 baht, still worth thinking about.

[DUNROAMIN]

23 hours ago, ubonjoe said:

Your income affidavit does not have to be translated to Thai since it is in English. Only those not in English have to be translated.

Correct. Never had to translate mine, many Immigration officers read and speak english to a reasonable standard.

[laislica]

If a retiree lives in Thailand most of the year, living expenses will be needed.

Funds will have to be obtained from overseas.

 

If possible, why not transfer the years worth to a Thai bank.

Pick a time when the rate is good.

If you have the resources and can leave the 800,000 alone, why not keep it in a regular savings account and locked for 6 months, or even a year and get a better interest rate?

Just make sure that any "Roll Over" date is at least 90 days before the date of your application for the ext.

I did a transfer when the rate was about 55 to the pound so a big win there?

 

Thai Imm accept this from me but of course every office likes to make their own rules.

The savings account must allow you to withdraw some or all at any time, you may lose some interest if you do but if you cannot withdraw, Imm will not accept the account for the ext application.

 

A letter from Kasikorn has cost me 100 baht up to now.

I get the book updated and letter done and, unless the branch is very busy, it does not take long.

 

I have other savings accounts where I keep the real living expenses and another acc with an ATM card.

I only put small amounts in the ATM account to limit possible scams.

I do everything online and it is very convenient.

 

Additionally, I take the other savings book with me in case they ask where the living expenses come from, but so far, I've not been asked to show it. (I don''t volunteer anything, fust provide what they ask for.

 

My wife and I spend at least 6 months in Europe every year but I choose the retirement option because it is a little more straightforward than the marriage ext.

I also buy the required re-entry permit when I make the retirement ext. (1,000b)

Therefore, only one trip to Imm and all done for a total of 1,900+100=2,000 + re-entry permit.
90 day report online.

 

I could send my passport away and buy a visa from a Thai Embassy, but that would take ages and cost a lot more because of secure courier fees in addition to the cost of the actual visa.

Then the cost of further extending it etc.....

 

 

 

 

 

 

[bttao]

Do they ask during renewal for fund transfer proofs (for the previous year), for those who choose the affidavit Income?

It seems logical if they want to see proof of fund transfer for the 800K  Account... don't you think?

Edited December 29, 2017 by bttao

[lopburi3]

5 minutes ago, bttao said:

Do they ask during renewal for fund transfer proofs (for the previous year), for those who choose the affidavit Income?

It seems logical if they want to see proof of fund transfer for the 800K  Account... don't you think?

No they do not normally ask any such question for either type of financial proof.  The requirement is proof of funds availability - not that they are being used.

[ericthai]

11 hours ago, khunPer said:

remember to ask for "Retirement extension health check", as you otherwise may get a health check for Work Permit, which takes longer time and costs more (typically 750 baht and up) 

I have always used a small clinic for my work permit health exam never paid more than 200B most of the time it was 100B. Not long at all asked a few questions, blood pressure done no more than 2-3 mins with the doc and 5-10 mins at the clinic max.

[jacko45k]

13 hours ago, Lacessit said:

Did my retirement visa extension in November in Chiang Mai, statutory declaration of income witnessed by consular official ( outreach visit ) for a cost of 1950 baht. Interest on 800,000 baht with a Thai bank at 1.5% pa. = 12,000 baht. Interest on 800,000 baht with a peer to peer lender such as Ratesetter at 5% pa = 40,000 baht. Opportunity cost 40,000 - 12,000 = 28,000 baht.

Shelling out 1950 baht so I can make an extra 28,000 baht by not having my capital locked up in a Thai bank seems to be a good deal to me. Even at the OP's cost of 6000 baht, still worth thinking about.

I took a look at Ratesetter and could not find 5% on offer, 4.3% for 5 year market was best. Thanks for the pointer though. Personally I don't accept risk at this time in my life and as it is not covered by the Financial Services Compensation Scheme, having the 800k in Thailand, and avoiding dealing with income verification seems easier. I believe having accessible money in Thailand makes sense anyhow, unexpected medical expenses might be an example. Of course the money is there to be used between extension renewals for 9 months.

Sadly my bank also makes me tie up some more capital to have their so called credit card.

 

 

Edited December 29, 2017 by jacko45k

[HHTel]

17 hours ago, ResandePohm said:

£52 (approx 1450 baht)

That's more like 2300 baht.  However, postage is minimal so not much more. Letter is posted to you in 2 or 3 days.  I've been doing it this way for several years now.  Easy peasy!

[Lacessit]

42 minutes ago, jacko45k said:

I took a look at Ratesetter and could not find 5% on offer, 4.3% for 5 year market was best. Thanks for the pointer though. Personally I don't accept risk at this time in my life and as it is not covered by the Financial Services Compensation Scheme, having the 800k in Thailand, and avoiding dealing with income verification seems easier. I believe having accessible money in Thailand makes sense anyhow, unexpected medical expenses might be an example. Of course the money is there to be used between extension renewals for 9 months.

Sadly my bank also makes me tie up some more capital to have their so called credit card.

 

 

I was referring to Ratesetter in Australia, which does offer much better rates than the UK parent. Ratesetter.com.au. About 7.5% pa on the 3-year lending market. I run a mixture of 1 month, 1 year and 3 year loans which average out at about 5%.

Once we are over 70, medical insurance is either ruinously expensive or simply unavailable for someone with pre-existing conditions. So your point is valid re having funds to meet unexpected medical expenses.

Risk is part and parcel of investing. It has to be spread, just like manure.

I had a credit card once, about 30 years ago. Since then, have only had debit cards.

[khunPer]

13 hours ago, ericthai said:

I have always used a small clinic for my work permit health exam never paid more than 200B most of the time it was 100B. Not long at all asked a few questions, blood pressure done no more than 2-3 mins with the doc and 5-10 mins at the clinic max.

Thanks for your comment.

However, some Immigration Offices don't accept clinics (any more), only health check from a hospital.

[khunPer]

21 hours ago, laislica said:

Funds will have to be obtained from overseas.

Are you sure about that..?

 

No questions asked about from where the 800k baht deposit originates. In principle – to my knowledge – you can move (all) your savings to Thailand and live off the dividend, or just use your savings; in some cases smart to avoid currency exchange rate deviations...