Retirement Visa using monthly income rather than 800k

[Mover1]

Hi,

 

Has anyone successfully got a 12 month retirement visa by going the monthly income route?

 

I was told it's 65,000 baht a month but can this be figure averaged out over the year? I've paid in more than this amount per month if averaged out, but it was in 6 payments throughout the year, rather than every month exactly. Would i still qualify using this method?

[ubonjoe]

Many people are using the 12 months of at least 65k baht transferred into a Thai bank from abroad.

A average income of 65k baht will not be accepted and it has to be 12 months of transfers.

 

[DrJack54]

27 minutes ago, Mover1 said:

,.....but it was in 6 payments throughout the year, rather than every month exactly. Would i still qualify using this method

No. 

[KannikaP]

Unless your IO will accept the Combination Method where your monthly international transfers plus cash in the bank add up to more than 800k. I do 50k per month with 220k in the bank.

[ripstanley]

I use the income method and have done since the Australian Consulate stopped issuing the income stat decs. My local Immigration office insists monthly transfers and coded as foreign transfers.

[ubonjoe]

14 minutes ago, KannikaP said:

Unless your IO will accept the Combination Method where your monthly international transfers plus cash in the bank add up to more than 800k. I do 50k per month with 220k in the bank.

But is still has to be 12 months of transfers. The OP states he only did 6 transfers.

[LoeiI]

1 hour ago, ubonjoe said:

But is still has to be 12 months of transfers. The OP states he only did 6 transfers.

I've heard some offices wont accept the 65k per month or combination method has anybody had experience with Loei immigration office ? 

[ubonjoe]

2 hours ago, LoeiI said:

I've heard some offices wont accept the 65k per month or combination method has anybody had experience with Loei immigration office ? 

Not aware of what the Loei office accepts.

I would say about all offices accept the 65k baht transfers option now. Same for the combination options.

For the first year (2019) the transfer option there were many offices that not accept the transfers or the combination option. There is a lot of old info going around about it now.

[scubascuba3]

4 hours ago, KannikaP said:

Unless your IO will accept the Combination Method where your monthly international transfers plus cash in the bank add up to more than 800k. I do 50k per month with 220k in the bank.

Which immigration office is that?

[KannikaP]

8 minutes ago, scubascuba3 said:

Which immigration office is that?

Phitsanulok. But Joe says most IOs will accept them. If they say no, tell them to call me.  555

[scubascuba3]

6 minutes ago, KannikaP said:

Phitsanulok. But Joe says most IOs will accept them. If they say no, tell them to call me.  555

think next time i do my 800k extension I'll ask the IO, maybe kick off the regular transfers before the start of the year. I'm at Jomtien and it's touch and go with them

[KannikaP]

7 minutes ago, scubascuba3 said:

think next time i do my 800k extension I'll ask the IO, maybe kick off the regular transfers before the start of the year. I'm at Jomtien and it's touch and go with them

ask them now. and ask if the dosh in the bank can be halved for 7 months of the year like the full 800k can.

You can spend the monthly transfer to the last satang every month. The money in the bank....NO

Edited September 15, 2022 by KannikaP

[KannikaP]

4 hours ago, ubonjoe said:

But is still has to be 12 months of transfers. The OP states he only did 6 transfers.

How soon before changing to combo do you need money in the bank?

And how many transfers before it will be accepted?

Edited September 15, 2022 by KannikaP

[paddyfield7]

5 hours ago, ubonjoe said:

But is still has to be 12 months of transfers. The OP states he only did 6 transfers.

I'm using the income method since years, and the only thing I need is a confirmation from my Embassy for the attention of Thai Immigration confirming quote The Embassy of XXX hereby certifies on the basis of information received from the relevant social insurance and/or pension funds that Mr. XYZ, born XX.XX.XXXX receives a monthly pension of THB XXX,XXX.XX from the XXX Old-Age, Survivors and Disability insurance and/or a XXX private pension fund unquote. I believe this makes the question whether 6 or 12 or whatever transfers are required obsolete. I'm dealing with Chiang Mai Immigration.

[denis911]

Hi,

Here at Prachuap I.O, the rules are 12 x 65,000thb. On arrival at the office for renewal of extension, you have to submit a recently updated bank book, a  1-year bank statement,  (showing 12 monthly incoming credits of 65,000thb or more), and a payment advice note showing that the payments have been internationally received and also the relevant forms and photos. With Bangkok  Bank, you have to give 7 days' notice for these documents, but I believe other Thai banks will do them quicker. I am also sure other I.O's and offices have different rules, but this seems the norm here for over 3 years. 

[LatPhrao]

6 hours ago, ubonjoe said:

Many people are using the 12 months of at least 65k baht transferred into a Thai bank from abroad.

A average income of 65k baht will not be accepted and it has to be 12 months of transfers.

 

I believe you counseled recently that 'the 12 months of at least 65k baht transferred into a Thai bank from abroad' would not be accepted if applying upon the expiration/exiting of an agent acquired, 15 month package. Something about no proof of 800K baht deposit.  If starting anew to acquire a visa with proof of one year or more of 65K baht deposits to Thai bank from abroad is it done without complications?  

[statman78]

I have used the income method for the last 3 years. My embassy (US) does not provide an income verification letter.  I get a 1 year bank statement plus I provide a copy of my bank book.  To make it easier for them I highlight the monthly transfers.  On the bank statement and in my bank book the transactions are noted as foreign transfers.

[ubonjoe]

1 hour ago, KannikaP said:

How soon before changing to combo do you need money in the bank?

And how many transfers before it will be accepted?

It must be in the bank for 2 months on the day you apply for the extension of stay.

You must have at least 12 months of transfers to do the application.

[ubonjoe]

36 minutes ago, LatPhrao said:

I believe you counseled recently that 'the 12 months of at least 65k baht transferred into a Thai bank from abroad' would not be accepted if applying upon the expiration/exiting of an agent acquired, 15 month package. Something about no proof of 800K baht deposit.  If starting anew to acquire a visa with proof of one year or more of 65K baht deposits to Thai bank from abroad is it done without complications?  

You would need to prove the 800k baht was in the bank for 3 months after you applied for your previous extension by showing 800k baht in the bank for 2 months and then at least 400k baht in the bank until you apply for the extension using the 65 baht income option.

[KannikaP]

So how about this scenario. You have been doing the money in the bank method for years, dropping it down to 400k for 7 months of the year, but cannot touch it. so starting in a January for example, you start transferring Bht 35k per month, which you can spend. By December you will have transferred 420k, plus the 400k in the bank, and you satisfy the Combo Method. No?

[Kwaibill]

52 minutes ago, statman78 said:

I have used the income method for the last 3 years. My embassy (US) does not provide an income verification letter.  I get a 1 year bank statement plus I provide a copy of my bank book.  To make it easier for them I highlight the monthly transfers.  On the bank statement and in my bank book the transactions are noted as foreign transfers.

Thanks. I was wondering about highlighting my foreign transfers. Will be doing the rythm, er

income method for the first time. Have about three years of SS deposits showing in the bank book.

[ubonjoe]

36 minutes ago, KannikaP said:

So how about this scenario. You have been doing the money in the bank method for years, dropping it down to 400k for 7 months of the year, but cannot touch it. so starting in a January for example, you start transferring Bht 35k per month, which you can spend. By December you will have transferred 420k, plus the 400k in the bank, and you satisfy the Combo Method. No?

Yes if you have 12 months of transfers into a Thai bank from abroad.

[KannikaP]

1 minute ago, ubonjoe said:

Yes if you have 12 months of transfers into a Thai bank from abroad.

I stated transferring Bht35k per month.

[ubonjoe]

20 minutes ago, KannikaP said:

I stated transferring Bht35k per month.

I was just stating that for others. I think I would start the transfers in December to be sure.

[scubascuba3]

1 hour ago, ubonjoe said:

Yes if you have 12 months of transfers into a Thai bank from abroad.

Does Jomtien accept combo method? say example above 

[LatPhrao]

3 hours ago, ubonjoe said:

You would need to prove the 800k baht was in the bank for 3 months after you applied for your previous extension by showing 800k baht in the bank for 2 months and then at least 400k baht in the bank until you apply for the extension using the 65 baht income option.

Ok, and if you cannot prove it, and without going back to an agent, what are the route(s) to take towards  another long term aka Retirement visa ?

[DrJack54]

17 minutes ago, LatPhrao said:

Ok, and if you cannot prove it, and without going back to an agent, what are the route(s) to take towards  another long term aka Retirement visa ?

The requirements for a 12 month extension based on retirement are clear. (it's not a requirement visa) 

 

If previously using an agent you would need to obtain a new non O and meet the financials.

 

 

[n00dle]

2 minutes ago, DrJack54 said:

If previously using an agent you would need to obtain a new non O and meet the financials.

Given the complexity and potential downsides -- for example the rapid rise of the USD this year -- of locking money away in Thailand, why would anyone not use an agent?  

[scubascuba3]

4 minutes ago, DrJack54 said:

 

 

If previously using an agent you would need to obtain a new non O and meet the financials.

 

 

Not if he met the financials, no need for a new Non imm O, but as he doesn't he needs to use an agent or get a new one

[DrJack54]

2 minutes ago, n00dle said:

Given the complexity and potential downsides -- for example the rapid rise of the USD this year -- of locking money away in Thailand, why would anyone not use an agent?  

Because they choose not to.

Believe it or not many folk here are not short of funds and opportunity cost on a miserable 800k in a Thai bank account means very little.