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

[KhunLA]

14 hours ago, Onerak said:

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. 

Depends on which IO you use.  Hua Hin does not allow that.  They require 400k savings + 40k a month direct deposit for ret. ext.

 

As stated though, you can just top up you monthly deposit, and direct deposit the balance of 65k each month if needed.  Or lump sum it for 2 months a year prior to extending.

 

Also as stated, what is actually deposited (from abroad), is all they care about, not what you got.  

 

OP ... depending how long ago you were here, you may experience a bit of sticker shock.  Also figure some negative #s for the future.

 

I lost 25% or income due to exchange rate, and inflation has been well over 100% since I've arrived (2000/2001).  THB to $1 was 40-45 first year here, down to 29, and now back to 32+ and holding.  

 

Exchange rate going back down in the 20's would not be a major surprise, and figure 10% inflation, at least, every year.  Petrol prices have seen that in just a couple weeks of late.  E85 up over 60% from last year.

 

And here is the COLA for past 2 decades, and #s obviously pulled from some orifice certainly not from reality.  5.9% for 2021 ... you Yanks are so lucky, inflation barely exist over there ...  ????

 

 

Edited March 14, 2022 by KhunLA

[yankyoakum]

we retired here 2019, we have no intent of ever returning to USA so we canceled the medicare deductions, at the time it was an additional I think 300.00US a month we saved. Its a lot more now but to each his own, if you're going to stay here for sure, cancel the medicare deduction.

[Mansell]

41 minutes ago, dlclark97 said:

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.

I support a family of four on 70,000 baht a month, including renting a big house, and payments on a car. Maybe your lifestyle is more luxurious than you think.

[lexilis]

Yes, as others have noted, do not assume that you can use the combination method. Chiang Mai Immigration, for example, will not accept it.

[Sparktrader]

Stay in Siem Reap. Easy visa. Fly to Thailand for holidays.

[BusyB]

I know this is a tad off topic, but it is closely related.

 

I think the German embassy is still issuing confirmation of income for pensioners right?

 

If so is that enough to get a Non-O extended for a year? (Obviously with the necessary sum being certified.)

 

I have no idea as I'm on the verge of pensionerland so haven't paid that much attention till now.

[ubonjoe]

2 minutes ago, BusyB said:

I think the German embassy is still issuing confirmation of income for pensioners right?

If so is that enough to get a Non-O extended for a year? (Obviously with the necessary sum being certified.)

Yes to both questions.

[Sparktrader]

Elite visa 500k baht

Maybe better

[xylophone]

11 hours ago, hereforgood said:

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

Similar story with a friend of mine here, however he had deposited his 800 K in a four-year term deposit with the bank, and the immigration officer would not accept that, although other officers had done so in the past??

 

He went to an agent who charged him 22,000 baht and did everything for him with regards to his retirement extension.

[LatPhrao]

10 hours ago, ubonjoe said:

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.

On the face of the 65K monthly transfers for a year for the 'retirement' extension of stay  it appears you would need to, in advance,  get a Thai bank account  and deposit monthly 65K for a year from abroad before applying the extension of stay.  Are you expected to live abroad while building up a year of 65K deposits? How could you live in Thailand the year while building up the deposit history before applying?   Is there a sensible way to make the monthly deposits and be visa-ed in and living in Thailand?

[LatPhrao]

Can someone elaborate on the "agent" method?  What do they provide, what does it cost, regards meeting the 800K and/or the 65K per month for retirement visa?  Where can you find an agent?  Any recommended agents?

[Wagga]

13 hours 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

"most of us use the 800k method to avoid that uncertainty"

 

Yeah, and most of us don't have 800k to avoid that uncertainty

[moe666]

16 hours ago, impulse said:

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.

They will want to see actual proof of your monthly income. A couple of years back when I was doing monthly income they asked for proof in a statement as well as the monthly deposits. Forget it if you donot have the full amt now you will never have the correct amt. always worried about getting caught

[merlen10002]

13 hours 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

I did my extension of stay for retirement a few days ago, this is the 14th time I have renew it, never used an Agent, I always use the combination method, 402,000 Baht in the bank and about 42,000 Baht income pension each month and did it at Jomtien since 2012, I get an statement from the bank for the income each month, and an letter for that Statement and an letter for the money in the bank 402,000 Baht , so must have two letters, it takes about 30 minute at the bank, must have all the copy of the Passport, and Bank books, contact for the rent of the house I live in , 1900 Baht for the cost of the extension of  stay, it takes no more than  20 minutes at the Immigration at Jomtien , all finish, pick up Passport the next day and Bob your uncle all over red rover for another year, very easy, if you have things correct you will never have any problem, never had a problem at Jomtien or Bangkok, any one can ask me and I will tell them how, no need to pay agent. 

[dddave]

10 hours ago, WEBBYB808 said:

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

I dropped my Medicare Part"B" for this reason to save $125/mo. 

Now I very much regret it.  When I went back to the US and priced out Knee Replacement surgery, nobody would take me without "Part "B""  It was explained to me that Medicare billing is so complex, there is no way they can get reimbursed without Part B in the mix.   

Getting back on Part B is very difficult.  There is a small annual enrolment window and big penalty's are assessed.

[Onerak]

6 hours ago, EricTh said:

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

On the high end, if you pay 18,000 baht for the agent fees, that is $50/month. Put 10K USD in IBOND before April, and recover all your money instead of keeping it in Thai bank.

[Tony125]

11 hours ago, WEBBYB808 said:

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

While Medicare Part A – which covers hospital care – is free for most enrollees, Part B – which covers doctor visits, diagnostics, and preventive care – charges participants a premium.  

[khunPer]

17 hours ago, wornoutcowboy said:

Will the Thai immigration look at  at the actual amount of my pension before or after the Medicare deduction?

Thai immigration will look at that your monthly foreign transfers are minimum 65,000 baht. However, if you has just a bit of savings, can combine a bank deposit with monthly transfers, which is accepted by most immigration offices.

[Jingthing]

2 minutes ago, khunPer said:

Thai immigration will look at that your monthly foreign transfers are minimum 65,000 baht. However, if you has just a bit of savings, can combine a bank deposit with monthly transfers, which is accepted by most immigration offices.

Its not that simple.

If using combo if accepted by your office you must also comply with the byzantine BALANCE RULES of 800k method applications as applied to combos as interpreted by that office.

 

Got a headache yet?

[EricTh]

3 minutes ago, Jingthing said:

Its not that simple.

If using combo if accepted by your office you must also comply with the byzantine BALANCE RULES of 800k method applications as applied to combos as interpreted by that office.

 

Got a headache yet?

What is balance rules?

 

 

[Jingthing]

1 minute ago, EricTh said:

What is balance rules?

 

 

For 800k method:

 

At least 800k before extension applications for two months

 

At least 800k after extension applications for three months

 

At least 400k for the other seven months

 

A combo application is a type of bank application so balance rules however interpreted by an office for combos applies.

 

There also might be an overall minimum balance for combos as well as enforced by that office.

[CloseShave]

Hello.

Since you will be living in Thailand you will not qualify for Medicare so therefore don't complentate the Medicare deduction. It won't happen.

But it sounds like you're a little on the edge regarding the 65000 per month requirement so be careful with regard to exchange rate fluctuations.

[wwest5829]

I have used the monthly income method for over a decade. My SS is directly deposited into my US bank account ($1380 per month). I then supplement my SS with additional retirement funds. I transfer $2200 via Wise once a month and check the reason on Wise for the transfer as long term living expenses in Thailand, thus assuring that the transfer goes into my Bangkok Bank Account directly as a foreign funds transfer. The critical thing is showing the monthly funds coming into Thailand, it does not need to be from SS or any one source before entering your account in Thailand. Hope this helps.

[impulse]

26 minutes ago, EricTh said:

What is balance rules?

What day is it, and at which office?

[impulse]

2 hours ago, moe666 said:

They will want to see actual proof of your monthly income. A couple of years back when I was doing monthly income they asked for proof in a statement as well as the monthly deposits. Forget it if you donot have the full amt now you will never have the correct amt. always worried about getting caught

Was that before or after the embassies quit notarizing the proof of income letters a couple of years back?  Since then, I don't know how you'd be able to prove a monthly income other than actual deposits to your Thai bank account.  That policy change was a game changer for a lot of US (and other) expats who counted on that proof of income letter every year. 

 

I'm not claiming that no Immigration Office anywhere would make you jump through those hoops.  I'm also interested in the answer in case I decide to retire to Thailand in the future.

Edited March 14, 2022 by impulse

[Jingthing]

1 hour ago, impulse said:

What day is it, and at which office?

They are completely clear though still onerous and silly for the 800k method.

 

For the combo method method when accepted at all such clarity is muddied.

[Jingthing]

1 hour ago, CloseShave said:

Hello.

Since you will be living in Thailand you will not qualify for Medicare so therefore don't complentate the Medicare deduction. It won't happen.

But it sounds like you're a little on the edge regarding the 65000 per month requirement so be careful with regard to exchange rate fluctuations.

Being that close to the bone is simply not viable for the 65k income method. One baht under for one month spoils the entire application.

 

Expats enroll in free Medicare A and not free B. All should join A. Neither A or B are usable abroad but if you opt out of B you will be screwed if you do repatriate.

Edited March 14, 2022 by Jingthing

[BusyB]

7 hours ago, ubonjoe said:

Yes to both questions.

Thanks very much UJ

[pomchop]

13 hours 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.

Get frequent annual checkups in Thailand to monitor your health and potential serious problems as well as possible.  It the checkup reveals serious problems get on a plane asap and get the treatment in usa most of which will be covered by medicare a and b.  IMO it is foolish to give up your medicare B.  You can't wait til you are in a usa hospital and then say oh i want to start it up again today.

[galenjones]

15 hours ago, KannikaP said:

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.

I like this way, because "Wise" has the best Exchange Rates. Where is your IO ?