Financial Requirements for Retirement Visa.

[fgmr]

I understand that proof of any annual income from overseas  is deducted from the 800,000 required to be held in a Thai Bank a/c. I am querying this as all comments associated with this 800,000 seem to neglect this issue. Is this joint financial amount  still valid, or has it been superceeded? 

[gk10012001]

combination methods which I think you are asking about are possible.  However, some embassies do not issue income verification letters, and monthly proof of transfers into Thailand is required for foreigners of those countries.   I defer to others as to the exact method of doing the combined method and what particular immigration offices or immigration officials require

[DrJack54]

OP, as mentioned above....what your asking about is referred to as 'combination method'. It combines monthly income with amount in the bank.

Not the most common as seems many folk use either money in the bank or income.

Note that some immigration offices are not keen on combination method.

Which immigration office do you use.

[Jingthing]

Combination method applications became more complicated after immigration law changed to.require minimum balances over the entire year. In other words for the 800k method using 800k you need 800k two months before the application, three months after the application, and never under 400k for the rest of the year. 

 

Therefore if you wish to attempt a combo application it's advisable to check with your local office about whether they accept them at all and if so what are their specific rules about them.

 

Frankly I would advise to avoid such complications if you can and just do a standard 800k application. 

[konaboy]

I receive $2650 a month from SS. Can I show this for a retirement  1 year visa?

[Jingthing]

21 minutes ago, konaboy said:

I receive $2650 a month from SS. Can I show this for a retirement  1 year visa?

I'm assuming you're American. You can, BUT

 

No income letters  from the U.S. embassy so you MUST import your pension of at least 65k baht EVERY MONTH into a Thai bank account. 

 

The minimum for that pure income method is 65k baht a month.

 

Your pension is well above that at least for now.

 

The transfers can't go under 65k.

 

You can't skip any months.

 

Your bank book should show the codes as foreign imported money as well.

 

Edited August 10, 2021 by Jingthing

[don long]

1 hour ago, Jingthing said:

I'm assuming you're American. You can, BUT

 

No income letters  from the U.S. embassy so you MUST import your pension of at least 65k baht EVERY MONTH into a Thai bank account. 

 

The minimum for that pure income method is 65k baht a month.

 

Your pension is well above that at least for now.

 

The transfers can't go under 65k.

 

You can't skip any months.

 

Your bank book should show the codes as foreign imported money as well.

 

Careful the bank n transfer process u use some will show a domestic transfer not a imported transfer. I switched to bkk bank as their relationship in direct n shows as a foreign transfer with transferwise. Other banks will show a domestic transfer from example SCB from Transferwise. Kiss keep its simple stupid ????????‍♂️

[wwest5829]

2 hours ago, konaboy said:

I receive $2650 a month from SS. Can I show this for a retirement  1 year visa?

I am in Chiang Mai and have used the income method for over a decade now. While I receive $1320.00 from SS (retired Professor), I draw on my Required Minimum Distribution from my retirement funds to transfer about $2200.00 a month. You will need to pay attention to your timing of application for Extension of Stay. They will want to see how many months you have been transferring in that amount. Oh, and make sure it comes into your bank as a foreign funds transfer coming into Thailand. I use Wise (they ask for the reason for the transfer, Check the box referring to, “for long term living expenses in Thailand”) for the transfer into my Bangkok Bank Account.

[Thingamabob]

If you are able to do so I strongly suggest that you, simply, deposit Baht 800k in a Thai bank, and just leave it there only updating once a year before applying for your annual extension. 

[khunPer]

6 hours ago, don long said:

Careful the bank n transfer process u use some will show a domestic transfer not a imported transfer. I switched to bkk bank as their relationship in direct n shows as a foreign transfer with transferwise. Other banks will show a domestic transfer from example SCB from Transferwise. Kiss keep its simple stupid ????????‍♂️

Depending what method you choose in Wise when transferring money to Thailand, then it will show as FTT i.e. Foreign Telegraphic Transfer) in you Thai bankbook...????