LTR and the 800,000 Baht Bank Account

[HerewardtheWake]

I think I know the answer, but probably seeking reasuurance: If one has held a non-OA visa with the 800,000 Baht in an account, and then obtains an LTR visa, there is no further need to maintain this bank balance. Correct? Thanks.

[Doctor Tom]

What is an LTR Visa? 

[HerewardtheWake]

LTR= Long Term Residence visa.

 

[Doctor Tom]

2 minutes ago, HerewardtheWake said:

LTR= Long Term Residence visa.

 

Okay, thanks, I am not familiar with that visa. 

[scubascuba3]

7 minutes ago, Doctor Tom said:

Okay, thanks, I am not familiar with that visa. 

appears to be a new term springing up recently and assumed knowledge required. Usually people refer to non Imm O, OA and the variations of those

[Doctor Tom]

11 minutes ago, scubascuba3 said:

appears to be a new term springing up recently and assumed knowledge required. Usually people refer to non Imm O, OA and the variations of those

Now I'm even more confused, not that it matters to me, but it's hard to give advice to the OP if the terms are not what are used in the immigration rules. 

Edited May 2, 2023 by Doctor Tom

[Upnotover]

See here.....(there are several other threads on the subject);

 

[foreverlomsak]

LTR is a new style of visa, which you buy like Elite, different from Non-O and Non-OA, it's to encourage wealthy pensioners or working nomad's to "guarantee", there right to live here.

[Pink Mist]

Once the LTR Visa is issued you can remove the money from the bank as it is not needed for the Visa.  To obtain the LTR Visa you had to show that you met the financial requirements in order for you to qualify.  This for a LTR-P wealthy pensioner means you would need to prove your pension was 80K USD or more, if less than that you need to have money invested.

 

https://visa.boi.go.th/

 

Current main OP for the LTR Visas, many answers can be found here.

 

https://aseannow.com/topic/1265383-ltr-visa-is-now-available-for-long-term-residency/

[JackGats]

From what I've read about the LTR visa, the 800k in a Thai bank become irrelevant. Note however that you need to get your non-O cancelled beforehand with the IO that issued it. A spiteful IO could challenge you on your 800k (savings book) and give you 3 days to leave the country instead of giving you time to get your passport stamped with the LTR.

[Misty]

3 hours ago, scubascuba3 said:

appears to be a new term springing up recently and assumed knowledge required. Usually people refer to non Imm O, OA and the variations of those

Actually it's not a new term for old visas.  It's a new type of visa. Thailand's Board of Investment has offered it since 1 Sep 2022 :  https://ltr.boi.go.th/

[Misty]

2 hours ago, JackGats said:

From what I've read about the LTR visa, the 800k in a Thai bank become irrelevant. Note however that you need to get your non-O cancelled beforehand with the IO that issued it. A spiteful IO could challenge you on your 800k (savings book) and give you 3 days to leave the country instead of giving you time to get your passport stamped with the LTR.

Once the BoI has approved a new LTR visa, it will facilitate the transfer.  Under BoI direction, the Immigration office colocated with the BoI cancels the existing NonO and issues the new LTR visa on the same day/same visit.

[Misty]

2 hours ago, foreverlomsak said:

LTR is a new style of visa, which you buy like Elite, different from Non-O and Non-OA, it's to encourage wealthy pensioners or working nomad's to "guarantee", there right to live here.

Unlike an elite card, the LTR visa isn't purchased.  You either qualify, or you don't.  Elite card is a tourist visa.  LTR visa is very different in many respects, importantly you can work with an LTR visa.

[JackGats]

7 hours ago, Misty said:

Once the BoI has approved a new LTR visa, it will facilitate the transfer.  Under BoI direction, the Immigration office colocated with the BoI cancels the existing NonO and issues the new LTR visa on the same day/same visit.

Doesn't it work that way only if you previous visa was issued in Bangkok? A visa can only be cancelled by the IO that issued it. That makes cancelling & issueing on the same day unfeasable if the IO is not Bangkok's.

[Misty]

40 minutes ago, JackGats said:

Doesn't it work that way only if you previous visa was issued in Bangkok? A visa can only be cancelled by the IO that issued it. That makes cancelling & issueing on the same day unfeasable if the IO is not Bangkok's.

My understanding is no.  The BoI has been described to me as "having magical powers."

[F Groenen]

LTR visa's are issued for 5 years. At 5 years you can renew for a 2nd 5 years, (currently) it says 'no cost'. But qualifications will be checked and you likely need to have the 800K in the bank, (currently) no duration is specified.

[JackGats]

31 minutes ago, F Groenen said:

LTR visa's are issued for 5 years. At 5 years you can renew for a 2nd 5 years, (currently) it says 'no cost'. But qualifications will be checked and you likely need to have the 800K in the bank, (currently) no duration is specified.

For the LTR, if money in the bank, then 100k USD, not 800k Baht. Either 100k USD in a Thai or foreign bank OR a health insurance explicitly mentioning 50k USD coverage.

[khunjeff]

2 hours ago, JackGats said:

Doesn't it work that way only if you previous visa was issued in Bangkok? A visa can only be cancelled by the IO that issued it. That makes cancelling & issueing on the same day unfeasable if the IO is not Bangkok's.

No. The instructions state specifically that if you're on a retirement extension, the cancellation will be done at the immigration office connected with BoI on the day of application - it does not have to be done in advance at the issuing office.

[khunjeff]

47 minutes ago, F Groenen said:

LTR visa's are issued for 5 years. At 5 years you can renew for a 2nd 5 years, (currently) it says 'no cost'. But qualifications will be checked and you likely need to have the 800K in the bank, (currently) no duration is specified.

There is no requirement for 800k in the bank at any point in the LTR process - not at the time of application, and not at the five year point.

[JackGats]

2 minutes ago, khunjeff said:

No. The instructions state specifically that if you're on a retirement extension, the cancellation will be done at the immigration office connected with BoI on the day of application - it does not have to be done in advance at the issuing office.

That's good news! I think I read somewhere that for the Elite visa it had to be done at the issuing office. Another plus of the LTR compared to the Elite then.

Edited May 3, 2023 by JackGats

[Pib]

OP,

   As Misty and khunjeff said earlier your current visa (like a Non OA visa/extension) is cancelled just before issue/inking of the LTR visa to your passport.  With your current visa cancelled all requirements like an 800K baht deposit requirement are gone.... now irrelevant....you can immediately withdraw that 800K if desired.   Then, once the LTR visa is issued/inked into your passport you now fall under the LTR income requirements.  

 

    Typically to cancel your current visa (like a Non OA) a person would do that at the immigration office that issued it; "however," the BoI immigration office at Chamchuri Square in Bangkok can also cancel the current visa....as Misty said they have almost magical powers when it comes to transitioning to a BoI sponsored visa such as the LTR visa.    

   

[khunPer]

To my knowledge: When you stay in the kingdom is based on another visa – LTR – and your extension of stay based on retirement with original entry on a non-OA visa has ceased, you don't need the former bank deposit of 800k baht anymore, but instead you of course need to fulfill the conditions for the new LTR visa...

[Doctor Tom]

On 5/3/2023 at 4:29 AM, JackGats said:

Doesn't it work that way only if you previous visa was issued in Bangkok? A visa can only be cancelled by the IO that issued it. That makes cancelling & issueing on the same day unfeasable if the IO is not Bangkok's.

Do you mean an Extension of Stay?  My Non IMM O Visa was issued in London 8 years ago

[Pink Mist]

On 5/3/2023 at 6:28 AM, F Groenen said:

LTR visa's are issued for 5 years. At 5 years you can renew for a 2nd 5 years, (currently) it says 'no cost'. But qualifications will be checked and you likely need to have the 800K in the bank, (currently) no duration is specified.

The money in the bank is not needed for this class of Visa as an individual qualifies for it based upon an annual pension or income which is verified.  What is done at the 5 year renewal is only a reverification that the original information which you provided at the original application which was approved by the BOI is still relevant.

[Pink Mist]

7 minutes ago, Doctor Tom said:

Do you mean an Extension of Stay?  My Non IMM O Visa was issued in London 8 years ago

If you have a current extension of stay for any reason, the day the new LTR Visa is stamped into your PP here in BKK, the IO will place a notation inside the passport. That notation will then cancel the current extension of stay thus making the new LTR Visa valid.

[mudcat]

The real hurdle is having a pension or some other "passive" income that totals $80,000 per year.  If your income falls between 40,000 and $80,000 there are options to top-up with investments in Thailand. 

 

Once you have the LTR stamp in your passport Non-IMM O requirements go away and are replaced with LTR requirements.  This is when you can withdraw your 400/800 baht bank deposit.  If you have an accepted non-Thai health insurance such as US Tricare or some European plans you can drop it or self-insure showing $100,000 on deposit in a foreign account.

 

My regular IO in our local office was unhappy to lose a customer.  No renewal, no 90-day reports since Halloween 2022 for me.

[MPoll]

I switched from an OA visa extension to a pensioner LTR this past January, Once you have the LTR visa you are not required to keep any money in the bank. When you are approved you make an appointment with the BOI office. The Immigration office across the hall handles the switch from the OA to the LTR. They do check, in the LTR application process, that all your immigration requirements for the OA visa have been met. Then you get approved. On the day of the transfer you do pay a non-refundable fee of 50,000 baht. The insurance required for my OA visa extensions satisfied the LTR health insurance requirement but note that I think you have to have 10 months remaining on the policy. They stamped canceled on my most recent 90-day report receipt. If you remain inside Thailand for a full year then you have to check in with the BOI office. I don't know what that entails but I can guess that it is the equivalent of a 90-day report.  I am visiting the US next week so I won't have to do this 1 year report until a year after I return from the US. One of the LTR benefits is that I don't need re-entry permits to travel out/in of Thailand.

 

I just moved to Sisaket province and as a courtesy I checked in with the Sisiket Immigration office to let them know I was here and that I had an LTR visa. They had never seen one before.

Edited May 14, 2023 by MPoll

[Issanman]

On 5/14/2023 at 9:40 AM, MPoll said:

I switched from an OA visa extension to a pensioner LTR this past January, Once you have the LTR visa you are not required to keep any money in the bank. When you are approved you make an appointment with the BOI office. The Immigration office across the hall handles the switch from the OA to the LTR. They do check, in the LTR application process, that all your immigration requirements for the OA visa have been met. Then you get approved. On the day of the transfer you do pay a non-refundable fee of 50,000 baht. The insurance required for my OA visa extensions satisfied the LTR health insurance requirement but note that I think you have to have 10 months remaining on the policy. They stamped canceled on my most recent 90-day report receipt. If you remain inside Thailand for a full year then you have to check in with the BOI office. I don't know what that entails but I can guess that it is the equivalent of a 90-day report.  I am visiting the US next week so I won't have to do this 1 year report until a year after I return from the US. One of the LTR benefits is that I don't need re-entry permits to travel out/in of Thailand.

 

I just moved to Sisaket province and as a courtesy I checked in with the Sisiket Immigration office to let them know I was here and that I had an LTR visa. They had never seen one before.

As a pensioner with LTR, are you permitted to work?

Edited May 15, 2023 by Issanman

[Pib]

1 hour ago, Issanman said:

As a pensioner with LTR, are you permitted to work?

Yes....you can get a digital work permit with the LTR visa if desired.  The work permit comes as an extra fee of Bt3K/year which means for the 1st five year permit it will cost Bt15K on top of the LTR basic 10 year fee of Bt50K.

[MPoll]

19 hours ago, Issanman said:

As a pensioner with LTR, are you permitted to work?

The website seems to say yes but I have no intention of working anywhere so I have not looked into this.