Retirement visa funds

[Furlong]

Hello,

I will be 50y.o. in a few months, so i was wondering if i could use my monthly salary from abroad as i am still working there (not in Thailand), as a proof of income for this kind of visa, would it be okay or it has to be a proper pension and not a salary?

Thanks.

[DrJack54]

Passport country? 

[Furlong]

1 hour ago, DrJack54 said:

Passport country? 

Italy

[DrJack54]

3 hours ago, Furlong said:

Italy

Thinking Italian embassy provides "letter of income" unlike UK,USA,AU.

After that you would need to show transfers of 65k baht every month for ongoing extensions..

 

In attached thread read posts from ubonjoe. 

 

[Furlong]

Thanks.

I am still doing research into it as the form provided by the embassy specifically mention that the funds must be coming from a pension and even have to write the official pension number...

Then online i've found this travel agency that say you can use the at least 65k thb pension proof of payments  OR  show at leat 6k euros inside the bank.

The income is multiple times what the pension supposed to be, but the problem is that is not a pension, i might go for the second option but i must make sure it's correct.

[DrJack54]

34 minutes ago, Furlong said:

Thanks.

I am still doing research into it as the form provided by the embassy specifically mention that the funds must be coming from a pension and even have to write the official pension number...

Then online i've found this travel agency that say you can use the at least 65k thb pension proof of payments  OR  show at leat 6k euros inside the bank.

The income is multiple times what the pension supposed to be, but the problem is that is not a pension, i might go for the second option but i must make sure it's correct.

If income method proves impossible then you would use "money in bank method" 

That requires 800k baht in a Thai bank account in your name only on day of application for non O retirement (if obtained at immigration in Thailand) 

Also has requirement to maintain funds in bank. 

Are you in Thailand.

Do you have a Thai bank account? 

Your other option is to use an agent to avoid bank requirements. 

Doing it yourself is preferred option. 

[Furlong]

Okay thanks, i think i'll wait an update from the travel agency and see how it goes..

[PeachCH]

Take an agent. No any income proofs needed. Problem solved 

 

[Liquorice]

On 5/11/2024 at 6:54 PM, Furlong said:

Then online i've found this travel agency that say you can use the at least 65k thb pension proof of payments  OR  show at leat 6k euros inside the bank.

The income is multiple times what the pension supposed to be, but the problem is that is not a pension, i might go for the second option but i must make sure it's correct.

I wouldn't trust any information from a travel agency to be correct.

 

The latest official financial requirement for a 1 year extension of stay based on retirement is contained in Immigration order 35-2561 (2019 (changed clause 2.22 of 327-2557 ENG.pdf 

You'd apply under the requirements of clause 4.

Edited May 13 by Liquorice

[Jonathan Swift]

On 5/11/2024 at 10:54 AM, Furlong said:

Hello,

I will be 50y.o. in a few months, so i was wondering if i could use my monthly salary from abroad as i am still working there (not in Thailand), as a proof of income for this kind of visa, would it be okay or it has to be a proper pension and not a salary?

Thanks.

Yes you can. I've been doing it for 7 years. You use Wise to transfer your income to a Thai bank, minimum 65,000 baht per month, once around the same day every month. They don't ask questions as long as it's a legitimate international transfer. You have to show one year's worth of statements showing the deposit. You order the one year's statement and get it by email in a few days. Stay away from visa services if you can, they use a fake deposit of 800,000 baht so that it shows up on paper, it works for most people but some have been caught. Also good advice, Kasikorn Bank gives you a phone app that lets you do international transfers back to your home country, it that country's currency, and if you choose the cheaper option it costs around 250 baht, and gets there within 12 hours. Only the phone app does this, and only through cell phone data. You have to download the app with cell phone data, switch off wifi. In your home country you can do this but once again, never use wifi, that will deactivate the app's services and you won't be able to reinstall the app unless you're in Thailand

[john donson]

get ready to be taxed on that 65k a month?

 

how can he report 12 months if he is not 50 yet...

 

800k in de bank and never touch it...

Edited May 13 by john donson

[thaibreaker]

On 5/13/2024 at 3:54 PM, john donson said:

get ready to be taxed on that 65k a month?

 

how can he report 12 months if he is not 50 yet...

 

800k in de bank and never touch it...

Taxes may be, we dont know that yet. But taxes from that amount are peanuts, and you will only have to pay taxes in one of the two countries.

 

If his embassy doesn't provide income letter, he can start paying these amounts at 49 if he wants. He just has to be 50 at application date.

 

Never to touch the 800k is not true. You can spend up to 400k 7 months a year. Up until 2 months prior, and after 3 months after the extension.

Edited May 14 by thaibreaker

[merijn]

On 5/12/2024 at 11:52 PM, PeachCH said:

Take an agent. No any income proofs needed. Problem solved 

 

I would highly advice to avoid using a agent.

Some immigration offices (like Phuket) are very reluctant to do a extension if the person used a agent previously and the extension wasn't issues in Phuket.

They will tell the costumer to go to the immigration office where his extension was issued as they know that most agent issued extensions are done with fake paperwork.

[AlaskaDave]

On 5/12/2024 at 11:04 PM, Jonathan Swift said:

Yes you can. I've been doing it for 7 years. You use Wise to transfer your income to a Thai bank, minimum 65,000 baht per month, once around the same day every month. They don't ask questions as long as it's a legitimate international transfer. You have to show one year's worth of statements showing the deposit. You order the one year's statement and get it by email in a few days. Stay away from visa services if you can, they use a fake deposit of 800,000 baht so that it shows up on paper, it works for most people but some have been caught. Also good advice, Kasikorn Bank gives you a phone app that lets you do international transfers back to your home country, it that country's currency, and if you choose the cheaper option it costs around 250 baht, and gets there within 12 hours. Only the phone app does this, and only through cell phone data. You have to download the app with cell phone data, switch off wifi. In your home country you can do this but once again, never use wifi, that will deactivate the app's services and you won't be able to reinstall the app unless you're in Thailand

That is very interesting information. I've been struggling with finding a way to avoid keeping 400K baht in my Thai bank. If I pass away, my Thai wife will need access to that money (I've willed it to her) but that access will take time and a lot of hassle for her.  If would like to just give it to her now and use another means of satisfying Thai Immigration's financial requirements.

I've used Wise for years and was thinking about doing a Wise Transfer to Bangkok Bank every month but my Visa advisor told me Chiang Mai Immigration wouldn't accept Wise transfers as such proof. Doing monthly wire transfers from a U.S. bank to Thailand is possible but expensive and much more difficult than using Wise because I cannot receive the OTPs my U.S. bank will send to my stateside phone.

Anyway, Jonathan Swift, those details aren't important for this conversation - which Immigration office are you using? Do you have any info that suggests I could use the Bangkok Bank's app to do international wire transfers?

Many thanks for your help.

[Sheryl]

15 minutes ago, AlaskaDave said:

That is very interesting information. I've been struggling with finding a way to avoid keeping 400K baht in my Thai bank. If I pass away, my Thai wife will need access to that money (I've willed it to her) but that access will take time and a lot of hassle for her.  If would like to just give it to her now and use another means of satisfying Thai Immigration's financial requirements.

I've used Wise for years and was thinking about doing a Wise Transfer to Bangkok Bank every month but my Visa advisor told me Chiang Mai Immigration wouldn't accept Wise transfers as such proof. Doing monthly wire transfers from a U.S. bank to Thailand is possible but expensive and much more difficult than using Wise because I cannot receive the OTPs my U.S. bank will send to my stateside phone.

Anyway, Jonathan Swift, those details aren't important for this conversation - which Immigration office are you using? Do you have any info that suggests I could use the Bangkok Bank's app to do international wire transfers?

Many thanks for your help.

Are your transfers by any chance from US Social Security? Because if so, SS will now do direct deposit to Thai bank. I get mine the 1st or 2nd of each month into my Kasikorn account without fail, and an added advantage is that one can get a "credit advice" for each transfer that clearly shows it is SS, in case of ever being questioned by Revenue Dept. (With Kasikorn can set it up to receive the Credit Advice by email automatically, I don't know re other banks).

 

Otherwise - For extension based on marriage, AFAIK there is no restriction on spending the money/keeping it in the bank (unlike extension for retirement, where there is.)

 

@DrJack54 Could he  could transfer the funds to a joint account after each extension then transfer back to the "visa" account  2 months before next extension?still some risk during those 2 months and the "under consideration" period but odds in favor of them being in the joint account when he dies.

?

[DrJack54]

20 minutes ago, Sheryl said:

Could he  could transfer the funds to a joint account after each extension then transfer back to the "visa" account  2 months before next extension?still some risk during those 2 months and the "under consideration" period but odds in favor of them oney being i nthe joint acocunt when he dies.

Yes.

Slight variation would be to transfer the 400k into wife bank account as soon as he receives his final stamp after the under consideration period.

Then live off that money prior to next extension.

He could use WISE transfers every month (best option) and the day the 40k+ hits his account transfer to wife account.

He mentioned CM would not accept proof of foreign transfers using WISE.

Thats just a lost in translation thing.

He can obtain 12 months of credit advice from Thai bank to show transfers from abroad. 

His "visa advisor" is wrong. 

 

Think he mentioned WISE expensive. That's not correct and very popular with USA folk.

Many threads on this in finance banking forum. 

[AlaskaDave]

I knew about the SS deposit possibility but I would rather keep my SS checks going to my U.S. bank because I have autopay all set up for credit cards and my son is a joint account holder. I also knew that the money coming to my Thailand bank can be used in the usual way — it does not have to stay in the Thai bank. That's a really nice benefit of the 65K per month plan.

My question was more slanted toward knowing for certain that Thai Immigration will accept those monthly Wise transfers as proof of financial viability for marriage visa requirements. If they will, my problem is solved.

AFAIK, the transfers must have been in effect for one full year before they can be used as proof of financial viability. 

DrJack54's comment is also of interest. That might be another way to make this happen. 

Thank you very much.

[AlaskaDave]

Quote

Think he mentioned WISE expensive. That's not correct and very popular with USA folk.

Many threads on this in finance banking forum. 

No, that's not what I said. I said international money transfers were expensive. I love Wise. They are fast and cheap.

Gaining access to the 400K baht immediately isn't necessary. I can leave the those funds in the bank during the next year as a backup if this scheme falls short somehow. 

[AlaskaDave]

Another related question is about Wise transfers. As you guys have indicated some knowledge of Wise, do you know if funds can be transferred in the opposite direction with Wise using my existing accounts? So, is a transfer from my Bangkok Bank account to my stateside account possible?

Their website is vague on this and you can't talk to a real person AFAIK

[DrJack54]

57 minutes ago, AlaskaDave said:

My question was more slanted toward knowing for certain that Thai Immigration will accept those monthly Wise transfers as proof of financial viability for marriage visa requirements. If they will, my problem is solved.

Yes. 

And done by many USA expats.

Granted even when selecting last option for transfer "funds for long term stay" the code for foreign transfer sometimes does not show code FTT. 

Point is this can be solved with credit advice from your Thai bank.

 

52 minutes ago, AlaskaDave said:

Gaining access to the 400K baht immediately isn't necessary. I can leave the those funds in the bank during the next year as a backup if this scheme falls short somehow. 

That's an option. 

As for the issue of passing (death) and wife not have immediate access to those funds then suggestion from @Sherylwould work fine.

 

Perhaps off topic... currently I'm doing monthly transfers of 120k + and as soon as it hits my Thai account the funds transfered to  my partner (not married) 

If hit by bus then the 800k (retirement extension) using funds in bank method is not lost in red tape. 

[DrJack54]

16 minutes ago, AlaskaDave said:

Another related question is about Wise transfers. As you guys have indicated some knowledge of Wise, do you know if funds can be transferred in the opposite direction with Wise using my existing accounts? So, is a transfer from my Bangkok Bank account to my stateside account possible?

Their website is vague on this and you can't talk to a real person AFAIK

No.

WISE will not send funds from Thailand to USA. 

Google DEE MONEY. Have office opposite soi 21 (Sukhumvit mrt);

Good option

[AlaskaDave]

1 minute ago, DrJack54 said:

No.

WISE will not send funds from Thailand to USA. 

Google DEE MONEY.

Good option

That was the conclusion I came to also. I will look into the Dee Money transfers. Thanks.

[DrJack54]

2 minutes ago, AlaskaDave said:

That was the conclusion I came to also. I will look into the Dee Money transfers. Thanks.

Be aware that for large transfers eg funds from sale of real estate etc they may require additional proof such as Land office receipts etc. 

 

 

[AlaskaDave]

Just now, DrJack54 said:

Be aware that for large transfers eg funds from sale of real estate etc they may require additional proof such as Land office receipts etc. 

 

 

 

I don't have large amounts of money in either country LOL so that's a non-issue. 

Thanks for your very useful advice.
 

[brianthainess]

On 5/12/2024 at 5:53 AM, Furlong said:

Okay thanks, i think i'll wait an update from the travel agency and see how it goes..

Stating the Obvious but be aware of scams. If I had to use an agent I would use one recommended by other members. 

[brianthainess]

13 hours ago, AlaskaDave said:

If I pass away, my Thai wife will need access to that money (I've willed it to her) but that access will take time and a lot of hassle for her.  If would like to just give it to her now and use another means of satisfying Thai Immigration's financial requirements.

It would take about 3 months to go through Probate at your Province Family court,

In Brief; wife; Take death Cert. Passport, and Bank book or other bank docs;                         ID marriage cert.

              After Probate, take Court letter and above Docs to the Bank.

A will nor Lawyer is needed. 

              

 

[brianthainess]

1 hour ago, brianthainess said:

It would take about 3 months to go through Probate at your Province Family court,

In Brief; wife; Take death Cert. Passport, and Bank book or other bank docs;                         ID marriage cert.

              After Probate, take Court letter and above Docs to the Bank.

A will nor Lawyer is needed. 

              

 

That was supposed to read NOT needed.