Retirement Visa Question

[rob1599]

Hello all. I hope some of you retired farang experts can answer this question. I plan on moving to Thailand within the next year permanently as I will turn 50 soon. I will go the 800,000 baht in a Thai bank route. As I would rather get interest on that money in my US trading accounts is it acceptable to transfer the cash into a Thai account every year about three months before applying for the visa and then transfer it back after getting your stamp? Any help on how you all handle this would be appreciated.

[Jingthing]

Thats a good question.

According to any written rule I have seen, you would still be eligible for visa extensions.

However, by doing so, you do violate the spirit of the rules. The general idea is to have the money available in Thailand for both you to spend and for Thai banks to have a cheap source of hard currency.

I think at the least some immigration officers wouldn't like to see this and would give some flack. Whether they would have the authority to deny you because you are obviously gaming the system would be hard to determine before trying it. If I were you, I would visit the immigration office you plan to use and simply ask them if your plan would be acceptable to them.

Edited July 16, 2007 by Jingthing

[lopburi3]

Do not believe anyone can answer that as it will probably be up to the officers involved. The three month rule was just put in place to prevent money in/out next day (borrowed funds) so it remains to be seen how they would view your idea. In the past the money has not been subject to close check and have not heard anyone report that it is now so best guess is that you would not have a problem if you explain what you are doing (if they ask). I would suggest you not take it all out and use/replace for living as that should help if it is checked.

[Jingthing]

Mr. L, what you said makes perfect sense. However, it could be stressful trying what the OP suggests and just hoping it will be accepted. Yet, asking the officer beforehand might result in an answer like, please don't do this. Your suggestion to leave a good chunk for living expenses makes good sense, and I agree there is a good chance that would be accepted, at least the first time tried.

I do have a whinge to pick about the rule in general. In my case I complied with the 3 month seasoning rule for the first extension and I am continuing to comply. But I think it is ridiculous in a typical case like mine. I use the money as expected to pay for my living in Thailand and I am not transferring any money out. This could clearly be seen by a third grader looking at my bank book. I guess the 3 month seasoning rule is another case of everyone (using this method of qualifying) being burdened by the abusive behaviour of a minority. I am not suggesting what the OP is suggesting is abusive. I am talking about the characters who were using short term loans to qualify. The very people that caused this burdensome rule to be cooked up in the first place. Bad farangs!

Edited July 16, 2007 by Jingthing

[ProThaiExpat]

rob1599: If you can structure your investments to give you an income stream of 65.000 Baht a month then you would be able to truthfully swear at the U.S. Embassy that you have such monthly income and satisfy Thai Immigration requirements. They also like to see some money in a Thai bank, even if it is as little as 100K Baht. Thus, you would qualify for the pension plus bank account equaling 800K Baht a year program and you only need the money present in the Thai account on the day you go into immigration.

It would be a good idea to back up your income stream with some proof just to be safe, but as yet we haven't heard of anyone from the U.S. being asked for it. If your investment portfolio does not yeild 65K Baht a month in income, you shouldn't plan to retire in Thailand based on your investments and should go on the 800K in the Thai bank approach.