Requirements to retire for Millionaire?

[50soon]

hi Gentlemen,

 

here my first post. I understand that the thai immigration want 800k (in Thai Baht) or a monthly 65k income for us to retire, so what about if you have million dollars in stocks?

Actually I have around 500k$ and scored a 7,5% in 2017 which is well above the 800k baht deposit for a retirement visa.

 

Soon  I will be 50 and want to retire in Thailand. Can I avoid to deposit 800k bahts on a thai account?.

Is a letter from a farangistan bank enough stating I have money (can be notarized by my embassy)?  

 

 

 

 

[ExpatDraco]

hi Gentlemen,
 
here my first post. I understand that the thai immigration want 800k (in Thai Baht) or a monthly 65k income for us to retire, so what about if you have million dollars in stocks?
Actually I have around 500k$ and scored a 7,5% in 2017 which is well above the 800k baht deposit for a retirement visa.
 
Soon  I will be 50 and want to retire in Thailand. Can I avoid to deposit 800k bahts on a thai account?.
Is a letter from a farangistan bank enough stating I have money (can be notarized by my embassy)?  
 
 
 
 

If you are a USD millionaire, why would you be bothered about parking 800k THB for 3 months on an account?

Sent from my SM-G955F using Tapatalk

[elviajero]

58 minutes ago, 50soon said:

Can I avoid to deposit 800k bahts on a thai account?.

Is a letter from a farangistan bank enough stating I have money (can be notarized by my embassy)?  

Yes.

No.

 

The only way to avoid depositing the equivalent of at least 800K baht in a Thai bank is with an affidavit from the US embassy stating you earn at least 65K Baht pm income in the US. 

[bkkrox]

Get a Thailand Elite visa.

[galt67]

54 minutes ago, bkkrox said:

Get a Thailand Elite visa.

Good idea.

 

You can AVOID the 800k in a Thai bank and the income requirement with a Thai Elite Visa.

 

Simple, easy, and NO age, income, or Thai bank deposit needed.

[BritTim]

The visa available under Thailand Elite is one option. Alternatively, when over 50,

• an income declaration from your embassy showing an annualized income of 800k baht equivalent (65,000 baht per month) allows you to apply for a Non O visa and extension of stay from an immigration office in Thailand; or
• you can show 800k baht equivalent in the bank in your home country  (plus meet some other requirements) and get a Non O-A (long stay) visa from the embassy in your home country

[steven100]

Thai Elite Visa is the best option. No hassles with reporting, no standing in line at immigration,  VIP at airport, free massages and other yearly benefits.

For me it's a no brainer .... 

[glegolo]

So what regards Elite-VISA.. didn´t you forget to mention how expensive that REALLY is.....

 

glegolo

[Oxx]

2 hours ago, 50soon said:

Actually I have around 500k$

 

I presume that's US Dollars, and that includes your retirement savings.  If so, you have nowhere near enough money to retire to Thailand.  A couple of serious medical emergencies and all of that would be gone.

 

I suspect you should work a few years.  Save a lot more.  And until you're in a better position financially, just visit Thailand for the occasional holiday.

[overherebc]

14 minutes ago, Oxx said:

 

I presume that's US Dollars, and that includes your retirement savings.  If so, you have nowhere near enough money to retire to Thailand.  A couple of serious medical emergencies and all of that would be gone.

 

I suspect you should work a few years.  Save a lot more.  And until you're in a better position financially, just visit Thailand for the occasional holiday.

Disagree with you.

Best way would be come on holiday, get married after a week or two then you only need to have 400,000 parked in Thailand.

[ubonjoe]

2 hours ago, 50soon said:

Soon  I will be 50 and want to retire in Thailand. Can I avoid to deposit 800k bahts on a thai account?.

Is a letter from a farangistan bank enough stating I have money (can be notarized by my embassy)?  

 

Apply for a OA long stay visa at an embassy or official Thai consulate in your home country.

See: http://www.mfa.go.th/main/en/services/4908/15385-Non-Immigrant-Visa-"O-A"-(Long-Stay).html

[BritTim]

18 minutes ago, Oxx said:

I presume that's US Dollars, and that includes your retirement savings.  If so, you have nowhere near enough money to retire to Thailand.  A couple of serious medical emergencies and all of that would be gone.

US$500,000 implies an income of about US$25,000 per year from investments. It would be possible to retire on that in Thailand if you have a very modest lifestyle. In the West, everything is a lot more expensive, and double that would really be the minimum. If you know what you are doing, even allowing for health insurance, it is possible to get by on less.

[peperobi]

With all your $ millions is really not a problem to find for you the easiest way for a visa.

[stanleycoin]

Whats the big deal putting small change in Thai banks ? 

[LivinLOS]

The effective options.. 

 

Have your embassy certify >65k a month income (often declared and tax paid) 

Have the 800k on tap in Thailand for 3 months a year

Buy a Elite visa either 5 year or longer.. 

 

Or... Try for an OA or Multiple entry O in home country if you plan travel annually (OA bi annually home, annually border run) or every 90 days (ME) the former isnt so bad, I like my western trips now, but every 90 days on a schedule gets old fast.  

Theres also an investor visa but thats much much more expensive than the 800k seasoning or elite. 

[klauskunkel]

Quote

Requirements to retire for Millionaire?

the requirements for Millionaires are the same as the requirements for Billionaires.

[NoBrainer]

And with the Stock market volatility, he could be less than half a millionaire in a day or two.

 

And with the USD going down the drain, his 500K will be almost worthless in a few more years. So looks like a pretty poor plan.

[ubonjoe]

A off topic post and the resultant replies have been removed.

[Langsuan Man]

5 hours ago, 50soon said:

Actually I have around 500k$ and scored a 7,5% in 2017 which is well above the 800k baht deposit for a retirement visa.

But 50% short of being a millionaire or am I missing something here !

[Jiggo]

Go and see a fixer costs about 25,000 baht if you can afford it.....

[darrendsd]

3 hours ago, steven100 said:

Thai Elite Visa is the best option. No hassles with reporting, no standing in line at immigration,  VIP at airport, free massages and other yearly benefits.

For me it's a no brainer .... 

Cost of a TE for 5 years, 500K

 

Cost of retirement extensions, 1900 Baht a year is it? Please correct me if i'm wrong on that,  so less than 10k for the same 5 years

 

I would think that paying 490K more than what you need to would be a no brainer for most people

 

I doubt all the benefits the TE offers add up to 490K worth

[Thaidream]

If I were the OP and in my prime working years- I would not retire at this moment. I would be working like crazy and placing money in a secure investment fund then when age 55 or 60 pull the plug and retire.

 

1.  The op has 15 Million Baht at the moment in stocks- what goes up can come down- be prepared to get out of the market quick. With this kind of money I would look at diversifying my money. I remember the days of putting money in a Bank Money market fund and getting 15% interest and then rolling it over. Those days are long gone so things can change rapidly.

2.  If planing to retire In Thailand- set up a special health account and place about 5 million Baht in it. My family member had a catastrophic health issue and spent 3 million baht on chemotherapy or purchase a Platinum insurance policy that pays worldwide.

3.  This is not the time to be living the dream- I have seen many retire  at a young to medium age thinking they were set for life and blew it all quick on 'booze and broads'. It's truly amazing how much one can spend going on the piss and giving away money to the ladies.

 

As we say in Thailand-  Up to you.

 

Edited March 1, 2018 by Thaidream

[SpokaneAl]

A 7.5% return on equity investments over a single 12 month period is hardly worth bragging about. The stock markets have been very good over the short term, but as a long, long term investor, I would never set my retirement income goals via banking on a short term return numbers.

 

Actually, investment professionals tend to recommend no more than a 4% annual withdrawal from retirement funds if one hopes to have a reasonable chance of not outliving one’s investments. That would provide you with $20 thousand to live on. 

 

Thst would be too low for me by a significant margin, and I am living up in Issan for six months each year.

 

[steven100]

12 minutes ago, SpokaneAl said:

A 7.5% return on equity investments over a single 12 month period is hardly worth bragging about. The stock markets have been very good over the short term, but as a long, long term investor, I would never set my retirement income goals via banking on a short term return numbers.

I would gladly accept an annual ROI of 7.5% after any taxes

Edited March 1, 2018 by steven100

[moe666]

You remind me of the fella I met a few years ago trying to get a O-visa in Laos he was put out by the fact they would only take a Thai bank account for the 800,000b. He turned out to be a big phoney the Abbot at the Wat we were at eventually kicked him out for not cleaning his room and not taking part in required meditations. The guy was just looking for a cheap place to live

[moe666]

1 hour ago, klauskunkel said:

the requirements for Millionaires are the same as the requirements for Billionaires.

and thrillionaires with less money

[alwaysrainsinUK]

3 hours ago, Oxx said:

 

I presume that's US Dollars, and that includes your retirement savings.  If so, you have nowhere near enough money to retire to Thailand.  A couple of serious medical emergencies and all of that would be gone.

 

I suspect you should work a few years.  Save a lot more.  And until you're in a better position financially, just visit Thailand for the occasional holiday.

He has if he continues to invest some of it and creams off 20% trading it around...... 

     Im 46 an living in Thai with about £500k + but i can still make thru taking equity raises an easy £30k in 3-4 trades which i have done this yr already . Mkts due a big correction no doubt an have taken most off the mkt but you can still make on the down thru discounted raises. Its alot better than working i can tell you.

[SpokaneAl]

I would gladly accept an annual ROI of 7.5% after any taxes

That was my point. To count on a 7.5% annual return when planning living expenses is a bit foolhardy, in my opinion.


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[bushwacker]

A quick search on the net shows that the Dow returned 25% in 2017.  If I had only earned 7%, I surely would not be talking about it.  Sounds to me like you should seek some professional investment advice or employ a more fruitful strategy.  Cheers. 

[Suradit69]

6 hours ago, 50soon said:

what about if you have million dollars in stocks?

Actually I have around 500k$

You think $500,000 is a million? 

 

Hopefully you also have a pension of some sort and medical coverage. Even if your $500,000 is safely invested, it cannot be expected to churn out 7% every year during your retirement and if something like the 2007/2008 market crash occurs (and the next one could be worse) you'll be living here on Mama noodles and spend your days cadging handouts.