Finance Ratios

[Shannoblic]

Dear All,

 

I have been asked a question by my cousin in England [who is considering a move to Thailand] that I cannot answer.  He has asked me what is the relationship between income and bank deposit when applying for a retirement extension.

 

I have heard [and read] that one is allowed to combine deposit and monthly income to reach the 800,000 ThB.  However his question is about how much of each e.g. is it 50%, 75%. 40% bank deposit and the rest income?  In simple terms - is there a ratio relationship that Immigration apply and if so what is it?

 

Thank you for any advice you can give which I will pass on.

[ubonjoe]

It only has to be a total of 800k baht of income and money in the bank for 2 months.

There is no fixed ratio. It could be a total annual income of 700k baht and 100k baht in the bank or a total of 775k baht income and 25k baht in the bank. Or 120k baht of income and 680k baht in the bank.

[stephenterry]

Seek advice from the Thai embassies in England.  

 

I would suggest it is not an appropriate time for your cousin to consider a move to Thailand because it is likely he won't be admitted into the country  - being British - until this virus is contained globally.    

[ubonjoe]

2 minutes ago, stephenterry said:

Only two options now. Either 800k deposit in bank seasoned initially for 2 months or proven 65k monthly income. As far as I know this year IMM do not apply the mix and match alternative. But seek advice from the Thai embassies in England.  

Not correct.

A combination of income and money in the bank is still allowed.

[stephenterry]

4 minutes ago, ubonjoe said:

It only has to be a total of 800k baht of income and money in the bank for 2 months.

There is no fixed ratio. It could be a total annual income of 700k baht and 100k baht in the bank or a total of 775k baht income and 25k baht in the bank. Or 120k baht of income and 680k baht in the bank.

Does that apply everywhere at every IMM office? Or does it depend on the inclinations of IMM officials?

[ubonjoe]

43 minutes ago, stephenterry said:

Does that apply everywhere at every IMM office? Or does it depend on the inclinations of IMM officials?

It is written in the immigration order for extension of stay. It should apply at every immigration office.

Some will be reluctant to do one unless a person has proof of income from their embassy or 12 months of transfers of the income into the country. For a the first extension only 2 months of income is required so they are reluctant to accept them since they would have to calculate the one year income with very little proof of income.

[Shannoblic]

Thank you all for your comments and information.  My cousin is not intending moving here soon but he is quite wisely planning, gathering information and looking at all his options.

 

I will pass on your replies and it will give him more information for his planning.

 

Thank you once again.

[stephenterry]

2 hours ago, ubonjoe said:

It is written in the immigration order for extension of stay. It should apply at every immigration office.

Some will be reluctant to do one unless a person has proof of income from their embassy or 12 months of transfers of the income into the country. For a the first extension only 2 months of income is required so they are reluctant to accept them since they would have to calculate the one year income with very little proof of income.

Which would be the OP cousin's case - unless of course he had bona fide evidence of income. However, thank you for that info which could assist me in my annual renewal visit come next January. 

[Peter Denis]

22 hours ago, Shannoblic said:

Thank you all for your comments and information.  My cousin is not intending moving here soon but he is quite wisely planning, gathering information and looking at all his options.

I will pass on your replies and it will give him more information for his planning.

He could consider applying for the 1-year Non Imm O-A (long-stay) Visa.

The health-insurance requirement that was imposed on that type Visa in October 2019 complicates the application a bit, but it is well manageable if you know how.

And if he can get it, he who would not have to park or transfer money to a personal thai bank-account for the almost 2 years of IO hassle-free long-stay that Visa can provide you.

>> I have PM-ed you a guideline document on how to apply for that Non Imm O-A Visa in your home-country (fully addressing the health-insurance requirement and options on how to meet). 

To access your PM-messages just click the letter-icon next to your profile when logged-in to the Forum.

[Daveyh]

The retirement visa age requirements are that you must be 50-55yrs, not sure which now to qualify. An income of 800k Thai Baht, in either a lump sum in a Thai bank for at least 2 months or proof that you have an annual income of a similar account. This can be your monthly payments in the year totalling this amount. One problem you must be aware of is the difficulty getting the proof of your income. Immigration will require a certified certificate in the form of a "Letter of Income" from your embassy annually to support your visa, if you do not wish to keep 800k in a Thai bank annually. Immigration rules are rigid here & do not waver, so be aware that the consulates here are now saying that they can no longer help due to legal issues. The fact that most embassies here have "thrown us under a bus" & abandoned us, especially expats must come as no surprise to you. Another danger here is the exchange rate fluctuates wildly, which can alter overnight, so be warned. Many due to the Thai Baht being so strong have found their income dwindled overnight & their pensions fell below the threshold of 800k Thai Baht. Living here is a "slippery slope" now because no one knows if the Baht will continue to get stronger each year or not ..... in turn, this can continue to make the requirement of 800k Thai Baht each year further out of reach for many, hence the expat community here has been seriously depleted, so social gatherings have taken a huge hit. To give you some idea of the fluctuation in the exchange rate ......... I arrived here in 2003 & the rate of exchange was £1 = 74 Thai Baht, now it's hovering around £1 = 39 Thai Baht. It however dropped, not so long ago, to £1 = 34 Thai Baht ......... that's a really big hit on everyone's income! Good luck with your plans, but the paradise that once was here is beginning to become a distant memory. 

[Max69xl]

On 7/27/2020 at 9:42 AM, stephenterry said:

Seek advice from the Thai embassies in England.  

 

I would suggest it is not an appropriate time for your cousin to consider a move to Thailand because it is likely he won't be admitted into the country  - being British - until this virus is contained globally.    

Thai embassies don't have a clue about ratios between income and money in the bank. They are not a part of Thai immigration. 

[Max69xl]

1 hour ago, Daveyh said:

The retirement visa age requirements are that you must be 50-55yrs, not sure which now to qualify. An income of 800k Thai Baht, in either a lump sum in a Thai bank for at least 2 months or proof that you have an annual income of a similar account.This can be your monthly payments in the year totalling this amount. One problem you must be aware of is the difficulty getting the proof of your income. Immigration will require a certified certificate in the form of a "Letter of Income" from your embassy annually to support your visa, if you do not wish to keep 800k in a Thai bank annually. Immigration rules are rigid here & do not waver, so be aware that the consulates here are now saying that they can no longer help due to legal issues. The fact that most embassies here have "thrown us under a bus" & abandoned us, especially expats must come as no surprise to you. Another danger here is the exchange rate fluctuates wildly, which can alter overnight, so be warned. Many due to the Thai Baht being so strong have found their income dwindled overnight & their pensions fell below the threshold of 800k Thai Baht. Living here is a "slippery slope" now because no one knows if the Baht will continue to get stronger each year or not ..... in turn, this can continue to make the requirement of 800k Thai Baht each year further out of reach for many, hence the expat community here has been seriously depleted, so social gatherings have taken a huge hit. To give you some idea of the fluctuation in the exchange rate ......... I arrived here in 2003 & the rate of exchange was £1 = 74 Thai Baht, now it's hovering around £1 = 39 Thai Baht. It however dropped, not so long ago, to £1 = 34 Thai Baht ......... that's a really big hit on everyone's income! Good luck with your plans, but the paradise that once was here is beginning to become a distant memory. 

"The retirement visa age requirements are that you must be 50-55yrs."

You have to be at least 50 years old.

"This can be your monthly payments in the year totalling this amount."

The income from pension has to be at least ฿65,000/month when using the income method and come from abroad.

"One problem you must be aware of is the difficulty getting the proof of your income."

Not a problem at all. You can get a letter from your pension provider,

and the UK embassy in BKK doesn't issue income letters anymore. You need bank statements from your bank and sometimes even credit advises.

"It however dropped, not so long ago, to £1 = 34 Thai Baht."

As far as I know the £ hasn't been lower than ฿37, and that was when Boris Johnson opened his mouth about brexit when he became PM.