Retirement visa...American...Slightly short of funds to qualify

[wornoutcowboy]

I lived in Thailand many years back and want to return for retirement.   I would like to qualify for the retirement visa using the 65000 Baht monthly income.   I may be short by about 2000 Baht depending on the exchange rate.  Here is the question. Ii am on Social Security.  When I calculate my retirement I am about 140 dollars over the amount needed if i don't include the Medicare deduction..  This is before Medicare is taken out.  Will the Thai immigration look at  at the actual amount of my pension before or after the Medicare deduction?

 

Thanks

[impulse]

If I'm not mistaken, they'll look at the actual amount you transfer into your Thai bank account. 

 

The US embassy (along with others) quit signing off on the affidavits of income a couple of years back, so it's down to how much you actually deposit every month, in combination with how much is in your account.

 

If you SS is slightly inadequate, you can make up the shortfall with funds from somewhere else.

[Onerak]

You are short of 50K Baht. You can keep that in a bank (to be on safe side just keep 100K baht in a saving account. ) and use the combination method. 

[wornoutcowboy]

Isn't the exact amount required 65000 Baht a month?

[chang50]

10 minutes ago, wornoutcowboy said:

Isn't the exact amount required 65000 Baht a month?

As stated already try using the combination method I believe some offices allow it.

[cdemundo]

33 minutes ago, chang50 said:

As stated already try using the combination method I believe some offices allow it.

Combination of deposit and monthly income.

Some have used an agent to assist with meeting shortfall.

[scubascuba3]

Combination method is a bit 50/50 at some immigration offices like Jomtien, so you won't know for sure until you go for extension, could always use an agent if not accepted, circ 12,500 baht, most of us use the 800k method to avoid that uncertainty

[hereforgood]

1 hour ago, scubascuba3 said:

Combination method is a bit 50/50 at some immigration offices like Jomtien, so you won't know for sure until you go for extension, could always use an agent if not accepted, circ 12,500 baht, most of us use the 800k method to avoid that uncertainty

Have a good friend that was refused the combination method at jomtien. Told him 65K per month or 800,000 in the bank.

[Lucky Bones]

Agent time.

[HappyExpat57]

If you are this close to the limit, imagine 3 years from now. Prices will never go down, immigration requirements may go up (I am NOT trying to create nasty rumors, this is conjecture for retirement planning purposes) - as Lucky Bones just posted, your best bet is an agent.

[ubonjoe]

To prove income for a extension of stay application requires a year of transfers from abroad every month.

For the combination option they will use the total of all your transfer for a year and you will need a total of income and money in the bank totaling 800k baht.

The amount needed in the ban after the application is done depends upon the office you apply at. Some want at least 200k baht and others 400k baht for the entire year.

[Lucky Bones]

26 minutes ago, HappyExpat57 said:

If you are this close to the limit, imagine 3 years from now. Prices will never go down, immigration requirements may go up (I am NOT trying to create nasty rumors, this is conjecture for retirement planning purposes) - as Lucky Bones just posted, your best bet is an agent.

Agreed. If your desire is to remain here, yearly, the funds situation is your first and foremost requirement.

If you can find a good agent your stress levels can be eased.

Visa extensions, drivers licence renewals, getting a will set-up, 90 day reporting, creating and maintaining a company etc.

Yes, there is a cost involved so build it into future budgets and cashflow spreadsheets.

Good Luck.

[Lite Beer]

You can use a combination of bank deposit and monthly income.

Edited March 14, 2022 by Lite Beer

[Orinoco]

1 hour ago, Lucky Bones said:

Agent time.

No,

 

 

[Onerak]

The agent route is the best bet unless you have 800K in banks. For $40-$50/month, it provides less hassle. No paperwork (agents do everything), you go the immigration office in their limo (well, it is not a limo but Honda civic) nd wait for few minutes (max 15), no headache, no worry. You just sit and drink pina colada on beach. 800K invested properly in the US market will ensure continuous flow fo $40/50 month or at least recoup some of the money. Before April put $10,000 in IBOND and earn 7.5% interest. I bet US treasury will float similar bonds in the future also as US is borrowing money heavily and what better option is to borrow from its own citizens? And there is nothing to feel guilty about also. You're spending your social security money in Thailand for its economic activities. Helping both the governments and its people. 

Edited March 14, 2022 by Onerak

[WEBBYB808]

You cant use Medicare while living in Thailand.   To pay that would simply be a waste of money every month.

[Maha Sarakham]

I think I would strive to achieve the 800k in the bank before I would want to deal with unpredictable immigration officers and routinely being at their mercy.

[mtls2005]

7 hours ago, wornoutcowboy said:

I would like to qualify for the retirement visa using the 65000 Baht monthly income.   I may be short by about 2000 Baht depending on the exchange rate. 

How are you currently getting money from the U.S. to thailand?

 

What is your timetable?

 

What is your path to an extension of stay?

 

With no details helping is challenging, but I would recommend directing your SSA benefit to a U.S. bank, then aggregating more than 65,000, say $2,200, and transferring that to your Bangkok Bank account via WISE. At least to get your feet on the ground for the first and second extensions.

 

You SSA total benefit is of little interest to thai immigration. 

 

There is no doubt that the 800k path is the smoothest. In fact, transitioning from a 30 TVE to a 90-day Non-O to a 1-year ext may be more challenging with the income method?

[bunnydrops]

27 minutes ago, WEBBYB808 said:

You cant use Medicare while living in Thailand.   To pay that would simply be a waste of money every month.

Although it is nice to have encase of unforeseen, if you are really planning to live here it would be a waste of money. What you could do is opt out for a year and see if you need it. You could save the extra for medical use here in Thailand. You can always reinstate Medicare, but you will have to pay 10% more for each year you are out.

[DrJack54]

7 hours ago, wornoutcowboy said:

I lived in Thailand many years back and want to return for retirement

OP, sounds like you will be starting the retirement path afresh.

Read ubonjoe post carefully.

The income method ongoing is simple enough however most without embassy letter (UK, USA, AU) are forced down the money in bank method.

Your options depend a little on your financial situation.

Placing 800k in a Thai bank would be clearly the best option.

Some offices do not accept combination method.

Using income method and being so close to the min 65k requirement, would be an issue.

Indeed your short for the 65k.

I can understand some helpful folk here suggesting use of agent.

Personally I suggest that initially try an muster the 800k for initial non O and extension.

You can then change to income method in the future. 

 

 

[Lucky Bones]

2 hours ago, DrJack54 said:

OP, sounds like you will be starting the retirement path afresh.

Read ubonjoe post carefully.

The income method ongoing is simple enough however most without embassy letter (UK, USA, AU) are forced down the money in bank method.

Your options depend a little on your financial situation.

Placing 800k in a Thai bank would be clearly the best option.

Some offices do not accept combination method.

Using income method and being so close to the min 65k requirement, would be an issue.

Indeed your short for the 65k.

I can understand some helpful folk here suggesting use of agent.

Personally I suggest that initially try an muster the 800k for initial non O and extension.

You can then change to income method in the future. 

 

 

Totally agreed Bloke. The 800K is far and away the best and most relaxing method if the OP is somewhat on the "edge" now regarding future income.

Others may disagree with current near zip interest rates. Such is life.

Sounds like maybe he will spend all his time on a calculator and that ain't the name of the game.

My 800K will flow to wifey if I depart first. It is what I refer to as a "non-liquid asset".

I regularly check that the money is still in the bank and not with a scamming bank Johnny.????????????

[Jingthing]

Acceptance and enforcement of combination method is office dependent.

 

Even in the best cases combo method is complicated.

 

My opinion:

 

Expecting the combo method to work for you year after year is problematic.

 

You are retiring to enjoy your life not to add stress.

 

If at all possible use the 800k in the bank method.

Edited March 14, 2022 by Jingthing

[KannikaP]

9 hours ago, wornoutcowboy said:

Isn't the exact amount required 65000 Baht a month?

Not for me. I transfer Bht 50000 a month via Wise, enough to live on, plus Bht 200,000 in the bank = Bht 800,000 total. Accepted by my IO.

[KannikaP]

7 minutes ago, Jingthing said:

Even in the best cases combo method is complicated.

How can it be complicated. Monthly transfers plus money in the bank must total Bht 800,000

[bkk6060]

Keep Medicare.

If you get to a certain age here, it is difficult to get insurance.  If you can, it is way more expensive here.

Medicare is relatively cheap. You never know what procedure you may need in the future where you would be better off going back to the U.S.

[Jingthing]

5 minutes ago, KannikaP said:

How can it be complicated. Monthly transfers plus money in the bank must total Bht 800,000

For example, interpretation of balance rules for 800k method applied to combo method. Hazy.

 

Not all offices even accept combos. Possibly most.

 

You are one person at one office.

 

My general all Thailand advice is to avoid combo.

Edited March 14, 2022 by Jingthing

[Jingthing]

5 minutes ago, bkk6060 said:

Keep Medicare.

If you get to a certain age here, it is difficult to get insurance.  If you can, it is way more expensive here.

Medicare is relatively cheap. You never know what procedure you may need in the future where you would be better off going back to the U.S.

As far as Part B if you opt out on top of the lifetime penalties returning expats may need to wait as long as 17 months to get enrolled.

[EricTh]

4 hours ago, Onerak said:

The agent route is the best bet unless you have 800K in banks. For $40-$50/month, it provides less hassle. No paperwork (agents do everything), you go the immigration office in their limo (well, it is not a limo but Honda civic) nd wait for few minutes (max 15), no headache, no worry. You just sit and drink pina colada on beach. 800K invested properly in the US market will ensure continuous flow fo $40/50 month or at least recoup some of the money. Before April put $10,000 in IBOND and earn 7.5% interest. I bet US treasury will float similar bonds in the future also as US is borrowing money heavily and what better option is to borrow from its own citizens? And there is nothing to feel guilty about also. You're spending your social security money in Thailand for its economic activities. Helping both the governments and its people. 

 

What do you mean by 40/50 usd per month? You mean the agent fees? How can it be so low?

 

[KhunLA]

35 minutes ago, EricTh said:

 

What do you mean by 40/50 usd per month? You mean the agent fees? How can it be so low?

 

$50 X 12 X ฿32? = ฿20k

Edited March 14, 2022 by KhunLA

[dlclark97]

You said you lived here many years ago.  Do not confuse the cost to live here at that time to current expenses.  Even if you had the 65K a month I do not see you doing much for entertainment.  Exchange rates are far below what they once were and little likely hood they will improve significantly.  Thailand is no longer a cheap place to live unless you only want to sit home and watch Netflix if you can afford that and forget eating many western meals a month, they have are very expensive.  Even the essentials to fix your own western meals are also expensive.  Personally, I don't have a luxurious lifestyle but what I do have could never be done on 65K a month.  Think twice before burning any bridges at home.