Retirement Visa

[Joe Walshe]

My Thai wife and I have always planned to return to live in Thailand. We (She legally) have bought a large farm and houses, planted fruit trees, got cattle, fish etc. and the future looks comfy. I can get my Irish Govt. pension sent over and would have considerable savings. In order to get a visa based on marriage I would need a monthly incoem of 40,000 baht. With our farm and our savings I don't need such a monthly incoem and would even find it difficult to spend. It seems the retirement visa alone only requires 800,000 to be left in the bank. It seems the easier option to apply for a retirement visa rather than arranging for 40,000 to be lodged to my acct from overseas every month. On a separate matter, both options seem a waste of money as I would prefer to use the 800,000 to invest locally. Any advice or opinions would be greatly appreciated. Joe

[rocky3]

You will need to show a combined income of 40K for the marriage visa, from you and your wife. The retirement visa is a combination of 800K per year. Part of this could be income of 40K plus 320K in the bank. Remember the deposit amout must be in your account for 90 days prior to your extension date. I believe this must be a Thai bank deposit and the income could be verified from your embassy.

Good luck

Rocky

[Maestro]

Joe, if you apply for an annual extension of stay for retirement you have the option of

-- monthly income of 65,000 Baht, or

-- 800,000 Baht in a Thai bank account in your name, or

-- a combination of both

Regarding income, you need to show evidence of income, not evidence of transfers to Thailand. Your consulate in Thailand will certify a letter about the income and you submit this to immigration.

--

Maestro

[lopburi3]

1. He did not mention age so have to point out age so that must be over 50 for retirement.

2. Income in Thailand must be verified by tax payments.

3. If you have pension/overseas income that can be used a part of retirement 800k total and verified by your Embassy.

4. If you use the family 40k income the money will likely have to be shown arriving in Thailand.

5. The 800k (or whatever needs to be in bank account) would only be tied up for the three months prior to extension application - you would be free to use it at other times. And from most reports you could have that money in fixed deposit type accounts for higher interest if wanted. But for retirement the money should be in your name only.

[wca01]

Question to Lopburi

2. Income in Thailand must be verified by tax payments.

Ancient employer of Thai companies, aged 65years old can make big tax deductions . If the received monthly amount from such a Thai pension (beside oversea payments), is tax free, you still need a verification from the tax department?

WCA

[lopburi3]

At last report that I have seen believe they require the previous years tax paperwork for income and it would be required to show a tax on gross income of 40k per month (there may be no tax paid - just the amount the tax payment is based on). This started out as "previous three months" but seems to have been changed in practical application to the previous years paperwork. Not sure if same criteria is used everywhere as we don't have many reports from people (perhaps the normal tax information is private feelings holding back personal experience reports?).

But for Thai pension payments have not seen any reporting but expect official paperwork of the pension itself may be acceptable.

We are a reader information exchange so anyone having personal experience is most welcome to advise what there experience has been - especially recently. When reading we have to take into consideration that there may be many different experiences and they may well all be real so should not be quick to say 'that isn't so'. Without such information we are driving blind.

[sleepyjohn]

Joe

FYI the 800k or whatever does NOT need to be in Thai baht. You will get better interest short term (look up BKK bank or Kasikorn Bankwebsite or BKK Post pink pages) in a foreign currency deposit. You can specify instant access one month three months or more with different rates. I simply transfer a thousand pounds whenever my baht account is getting low.

To the other posters I am interested in this three month in the bank before application thing. This was not mentioned to me last time. Is it really necessary? Is there an official requirement. Where?

Thankyou

[wca01]

.

We are a reader information exchange so anyone having personal experience is most welcome to advise what there experience has been - especially recently. When reading we have to take into consideration that there may be many different experiences and they may well all be real so should not be quick to say 'that isn't so'. Without such information we are driving blind.

I am not in hurry, but if I have this information from the Immigration, I will let you know.

WCA

[lopburi3]

SleepyJohn:

National Police Order 606/2006:

) Having the records of saving

money in the latest 3 months of

account book of any Bank in

Thailand not less than 800,000

Baht or,

This has been required of all new applications. So far it has not been required for renewals but those making them are advised it will be required next time.

[Joe Walshe]

SleepyJohn:

National Police Order 606/2006:

) Having the records of saving

money in the latest 3 months of

account book of any Bank in

Thailand not less than 800,000

Baht or,

This has been required of all new applications. So far it has not been required for renewals but those making them are advised it will be required next time.

[Joe Walshe]

Very grateful to you all for taking the time to respond. The reason I asked the question was that it seems to me much wiser and easier to simply leave 800,000 in Thai bank and renew retirement visa yearly. That way I don't have to worry about pension going up and down and maybe not reaching 40,000 per month. WHy, you ask. because much of my youth was spent travelling and my pension contributions are meagre. However my savings are and will be significant. With our land, houses and savings I see no need for additional income from a pension. However, I am likely to have approx. 40,000 from state pension. Realise I'm ranting on a bit here but if anyone can see holes in my plan I would appreciate people letting me know.

For those of you already retired in Thailand and possibly having an occasional moan about the land of Smiles, believe me you can't afford a comfortable life in Ireland or the UK. Houises that cost 50K euro 10 years ago now cost 350K. Mortgages of 3,500 euro a month. Inflation, fera of job losses, weather etc. I reckon moving to LOS is very wise. Joe

[sleepyjohn]

A slight addition to what I said before about presenting your 800k in a foreign currency account.

At immigration they ridiculously do the conversion at the cash rate rather than the TT rate which is what you of course get when you change from your foreign account to your baht account. I got caught out last time by being a few baht under after my bank calculated it for me. Luckily I found a way round it :-)

Don't you lot be so silly.

Edited June 20, 2007 by sleepyjohn

[stevehaigh]

The reason I asked the question was that it seems to me much wiser and easier to simply leave 800,000 in Thai bank and renew retirement visa yearly.

i beleve immigration wants to see that 800k been spent on a regular basis and a new 800k transfered in every year. otherwise they will question what money you are living on and suspect you are working.

that used to be the case anyhow, has it changed?

steve

[Gary A]

By far the easiest way is to put 800,000 baht IN baht into a Thai bank, use that money throughout the year and top it off when it is time for your next visa. The interest rate stinks but it does make month to month living very easy using the local ATM card.

[R123]

Not so brilliant stevehaigh.

The 800,000 does not need to be spent and the same sum can be used for subsequent and multiple renewals.

Please get your facts straight before making erroneous postings.

[lopburi3]

Actually his post is correct for the old 400k marriage extension, so easy to be confused, and he did not state it as a fact in any case. If over age 50 and on retirement there is not the same concern of illegal employment so normally fixed accounts are fine (just as proof you have the funds available to maintain yourself for the one year period).

[dutch]

Not so brilliant stevehaigh.

The 800,000 does not need to be spent and the same sum can be used for subsequent and multiple renewals.

Please get your facts straight before making erroneous postings.

Your answer is also a little bit quick

Despite my bank letter,confirming having the 800.000 + on my account and a letter from the Embassy,the immigration officers always request for my bankbook (3 successive years already) and in Suan Plu as well as in Korat (last 2 years).

As you are not allowed to work,I suppose they really like to know where this amount is coming from and /or what is spent during the year.