Considering retirement visa using income only

[itooktheredpill]

I am 66 and a a USA citizen. I have Argentine citizenship and Mexican permanent residency if it matters. I want to only use my social security income, which exceeds the 65,000 baht.

Since I have 2 Thai Bank accounts can I start depositing the 65,000 a year early so that I have a history...or is that necessary. Also, if it is necessary can I remove the 65,000 each month after I deposit it? 

Thanks for all your help!

[steve187]

if using the USA passport to retire to Thailand, you will need to use the monthly income method, but you would need 1 year's worth of monthly bank income, no average amount, 65,000thb each separate  month

if using Argentine, then you may be able to obtain proof of income from the Argentine Embassy in Thailand, which should satisfy immigration in Thailand

[hotandsticky]

Immigration want to see 65k coming in from overseas each, and every, month.

 

Sooner you can start, the sooner you can evidence 65k x 12.

[EVENKEEL]

To get started you will need 800K in a Thai bank for the Non O, then 12 months of 65K baht deposits for the 12 month extension.

[brianthainess]

Another one 66 with one post, few ago days 81 with one post. same question. we'll see.

Edited January 1 by brianthainess

[brianthainess]

17 minutes ago, EVENKEEL said:

To get started you will need 800K in a Thai bank for the Non O, then 12 months of 65K baht deposits for the 12 month extension.

 

1 hour ago, itooktheredpill said:

can I start depositing the 65,000 a year early so that I have a history...or is that necessary.

If he starts a year early then does he still need 800k in the bank?

[DrJack54]

21 minutes ago, brianthainess said:

If he starts a year early then does he still need 800k in the bank?

I'm currently in the process of switching from funds in bank to income method.

Decided to start the monthly deposits at time of my most recent extension.

Will continue to maintain the 800k in bank till next extension

If immigration find issue with the transfers then will use plan B and continue with money in bank method.

Thinking the OP should do his first year with funds in bank method and at same time commence the monthly transfers 

[norbra]

Income method can withdraw funds as soon as they arrive.

[KhunLA]

@itooktheredpill

Once account established, no prob withdrawing the 65k as you need.  I do the 65 monthly income extension, and every 3 or 4 months, I make a withdrawal, so the balance doesn't exceed $10k USD worth, so avoid need to file FBAR w/USA IRS.

 

You can withdrawal any time if you wish.   USA Soc Sec doesn't allow ATM withdrawals, at least mine didn't when opened, so don't bother with having ATM card on the account (BB).  Some months it worked, but most months it did not.   So I cancelled, since have to go in anyway, when it failed.   Rather annoying.

 

Then read new-blip stating Soc Sec doesn't allow.  How consistent that policy is enforced, I don't know, but surely others may chime  in to confirm or tell me I'm wrong.  YMMV

Edited January 1 by KhunLA

[EVENKEEL]

1 hour ago, brianthainess said:

 

If he starts a year early then does he still need 800k in the bank?

Yes, he does. The 800K is needed to obtain his Non O 90 day visa, then for 12 month extension he needs to show 12 months of deposits. Then the 800K is no longer needed.

[EVENKEEL]

11 minutes ago, KhunLA said:

@itooktheredpill

Once account established, no prob withdrawing the 65k as you need.  I do the 65 monthly income extension, and every 3 or 4 months, I make a withdrawal, so the balance doesn't exceed $10k USD worth, so avoid need to file FBAR w/USA IRS.

 

You can withdrawal any time if you wish.   USA Soc Sec doesn't allow ATM withdrawals, at least mine didn't when opened, so don't bother with having ATM card on the account (BB).  Some months it worked, but most months it did not.   So I cancelled, since have to go in anyway, when it failed.   Rather annoying.

 

Then read new-blip stating Soc Sec doesn't allow.  How consistent that policy is enforced, I don't know, but surely others may chime  in to confirm or tell me I'm wrong.  YMMV

Just saying that my SS is deposited into Bangkok Bank and I use debit card for cash. The bank account was set up years before retirement.

[EVENKEEL]

1 hour ago, DrJack54 said:

I'm currently in the process of switching from funds in bank to income method.

Decided to start the monthly deposits at time of my most recent extension.

Will continue to maintain the 800k in bank till next extension

If immigration find issue with the transfers then will use plan B and continue with money in bank method.

Thinking the OP should do his first year with funds in bank method and at same time commence the monthly transfers 

I do my extensions early using the monthly deposit method so an agent can be used if need be. Bangkok Bank in Jomtein is Knowledgeable about issuing the proper paperwork needed at immigration. 

Edited January 1 by EVENKEEL

[KhunLA]

7 minutes ago, EVENKEEL said:

Just saying that my SS is deposited into Bangkok Bank and I use debit card for cash. The bank account was set up years before retirement.

I'd guess 6 out of 9 attempts to use my debit card, failed, so I cancelled the card.  Also BkkBank and about 3 yrs old.   I just wait till I see no customers when driving by, and pop in.   Only 1 branch in town now, since they closed the one at Lotus's mall, which was convenient, since there on most Tuesdays for my Swensen's fix.

 

Strangely, I can transfer it out to wife's account via app.   So she'll still have access after I crap out, and plants me in the garden 

Edited January 1 by KhunLA

[impulse]

2 hours ago, hotandsticky said:

Immigration want to see 65k coming in from overseas each, and every, month.

 

Sooner you can start, the sooner you can evidence 65k x 12.

 

I can't help but wonder if anyone's been caught out by a paperwork snafu that would delay one month's deposit.

 

I'd certainly have tight sphincter condition based on some experiences with international wire transfers where a single digit or errant letter caused me grief.  Usually it was my paycheck and quickly straightened out.  I'd hope SS deposits would go smoothly once they were dialed in.  But...

 

Anyone have a horror story?

 

Edited January 1 by impulse

[DrJack54]

4 minutes ago, KhunLA said:

Strangely, I can transfer it out to wife's account via app.   So she'll still have access after I crap out,......

Thinking you should check that out.

Any funds in bank account in your name should not be touched upon your demise.

The reason I'm currently in process of changing to income method it to have zero funds in my bank account. 

Plan to transfer the monthly income from my account to Thai partner. 

Minimal exposure 

[DrJack54]

6 minutes ago, impulse said:

 

I can't help but wonder if anyone's been caught out by a paperwork snafu that would delay one month's deposit

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

[bigt3116]

4 minutes ago, DrJack54 said:

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

 

The cost of having my pension paid direct to my Thai bank is 70 baht, far cheaper than using an atm and also many banks in England are closing accounts of people who no longer reside there.

 

[impulse]

3 minutes ago, DrJack54 said:

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

 

I don't know about Oz, but my banks closed all my US bank accounts (checking and savings) when they figured out I was no longer a resident of the USA.  My investment accounts stayed open, but that was a PITA to work out of for month to month stuff.  Same thing happened to my (much wealthier) brother when he worked in Kazakhstan.

 

 

[KhunLA]

13 minutes ago, DrJack54 said:

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

Ease of marriage or retirement visa ext at Imm.

 

[flexomike]

2 hours ago, EVENKEEL said:

To get started you will need 800K in a Thai bank for the Non O, then 12 months of 65K baht deposits for the 12 month extension.

If you have twelve months of deposits in the bank,none can be below 65,000, you do not need 800'000 in the bank

[KhunLA]

13 minutes ago, impulse said:

 

I don't know about Oz, but my banks closed all my US bank accounts (checking and savings) when they figured out I was no longer a resident of the USA.  My investment accounts stayed open, but that was a PITA to work out of for month to month stuff.  Same thing happened to my (much wealthier) brother when he worked in Kazakhstan.

I keep an address in USA (brother) as my pension won't deposit to int'l bank account.

 

Broker & pension (DD) has that address, and IRS & Soc Sec has TH address.  No conflicting issues.  Not enough to get taxed or need to file 1040, so don't care where the 1099s end up.

 

ATM the pension when wanting, and no fees either end to use.

Edited January 1 by KhunLA

[flexomike]

27 minutes ago, impulse said:

 

I can't help but wonder if anyone's been caught out by a paperwork snafu that would delay one month's deposit.

 

I'd certainly have tight sphincter condition based on some experiences with international wire transfers where a single digit or errant letter caused me grief.  Usually it was my paycheck and quickly straightened out.  I'd hope SS deposits would go smoothly once they were dialed in.  But...

 

Anyone have a horror story?

 

Been getting US SS deposits here for almost eight years, Bangkok Bank, never an issue 

[flexomike]

20 minutes ago, DrJack54 said:

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

Yes, one extra step 

[brianthainess]

13 minutes ago, DrJack54 said:

Always surprises me why folk have pensions or whatever deposited directly into Thai bank account.

I have them deposited into my Oz account and then WISE transfer into my Thai bank account.

Am I missing something. 

When sent from OZ , (the state pension) my friend told me he gets a better rate of exchange from The "Reserve Bank of Australia" as they are the ones that send his pension. No fees paid that end.

[DrJack54]

4 minutes ago, flexomike said:

Yes, one extra step 

Not really.

It's set up as auto transfer with my Oz account and WISE.

Not reliant on pensions just comes from funds held in Oz account. 

[impulse]

8 minutes ago, flexomike said:

Been getting US SS deposits here for almost eight years, Bangkok Bank, never an issue 

Good info...

 

[DrJack54]

2 minutes ago, brianthainess said:

When sent from OZ , (the state pension) my friend told me he gets a better rate of exchange from The "Reserve Bank of Australia" as they are the ones that send his pension. No fees paid that end.

In Oz most folk do not live on state pension but rather income streams from things such as Superannuation etc. Different to UK,USA etc.

State pension in Oz means "old age pension" and is subject to means test.

 

[brianthainess]

10 minutes ago, flexomike said:

If you have twelve months of deposits in the bank,none can be below 65,000, you do not need 800'000 in the bank

 

50 minutes ago, EVENKEEL said:

Yes, he does. The 800K is needed to obtain his Non O 90 day visa, then for 12 month extension he needs to show 12 months of deposits. Then the 800K is no longer needed.

So who is Right??? I think EVENKEEL  as the OP did state one year in advance.

[Lacessit]

15 minutes ago, DrJack54 said:

In Oz most folk do not live on state pension but rather income streams from things such as Superannuation etc. Different to UK,USA etc.

State pension in Oz means "old age pension" and is subject to means test.

 

There are about 2.8 million people in Australia receiving the OAP, although some may only be receiving a part pension due to other assets. That is 63% of Australians aged 65 and over, which makes people living solely off superannuation a minority.

I am guessing you are not Australian, when you post a comment which is factually wrong.

[brianthainess]

22 minutes ago, DrJack54 said:

In Oz most folk do not live on state pension but rather income streams from things such as Superannuation etc. Different to UK,USA etc.

State pension in Oz means "old age pension" and is subject to means test.

 

Most Folk? there are those that are not "most Folk" so my comment is relevant information.