A Question For Retirees On A Retirement Visa Extension In Thailand

[ChumpChange]

If say, within the next 2-5 years, the amount required to keep in a Thai bank (in your name in order to obtain a 1 year visa extension on the basis of retirement) is increased to 1.2 million Baht (50% increase) or to 1.5 million Baht (nearly 100% increase) on the basis of a higher cost of living in Thailand, then would you still consider extending your 1 year type-o visa in Thailand?

[gargamon]

It's only Chump Change.

[ChumpChange]

8 minutes ago, gargamon said:

It's only Chump Change.

I agree, it is to some, but sadly not to all. I remember when it was doubled before. Some left. Some stayed. And some switched to family visas. 

[Hummin]

As long I have embassy verification as an option, I see no reason to transfer one year budget at once. 

 

Thats why I consequent refuse to pay taxes to this country, because there is no benefits at all when it comes to live here for us expats. 

Edited June 5 by Hummin

[ChumpChange]

2 minutes ago, Hummin said:

As long I have embassy verification as an option, I see no reason to transfer one year budget at once. 

 

Thats why I consequent refuse to pay taxes to this country, because there is no benefits at all when it comes to live here for us expats. 

Yes, some embassies offer that, but many don't. That's why I asked more specifically about keeping the money in a Thai bank account.
 

If one just has to show a letter or income statement that's easy. No financial impact. But if you have to tie up $50K equivalent in a bank account, but which earns no more than 2% then that's more of an issue. 
 

I honestly have no problem with tying up money as a performance bond if it is earning well. But it's really like dead money because what you can earn on it doesn't even beat inflation. 

[Celsius]

26 minutes ago, gargamon said:

It's only Chump Change.

 

Not to Brits.

 

See them weep on every frozen pension thread.

[ChumpChange]

Just now, Celsius said:

 

Not to Brits.

 

See them weep on every frozen pension thread.

Agree. Guess if you don't have the extra cash, and your pension doesn't ever increase, then you don't have many options. 

[Hummin]

15 minutes ago, ChumpChange said:

Yes, some embassies offer that, but many don't. That's why I asked more specifically about keeping the money in a Thai bank account.
 

If one just has to show a letter or income statement that's easy. No financial impact. But if you have to tie up $50K equivalent in a bank account, but which earns no more than 2% then that's more of an issue. 
 

I honestly have no problem with tying up money as a performance bond if it is earning well. But it's really like dead money because what you can earn on it doesn't even beat inflation. 

Additionally tax the money you are tying up when you transfer from your origin. 

 

Right now I enjoy having a retirement visa, but will not live 6 months or more in Thailand, and because I do not trust the terms of staying being better by the years, I also make investments in Norway to live here as well. So by time we will choose where to stay when we get older.

 

She also needs to live in Norway to obtain a Norwegian passport and earn the right for Norwegian pension, so that will be first priority for the next 5 years.

 

The requirement for her to obtain a Norwegian passport is being married and living here all together for 7 years. So if we have been married 4 years and lived together in Norway the last 3 years, she can apply for her citizenship. 

 

There is not only the amount of money you have to tie up that is the bottleneck for me, it is the prosperity and predictability. I believe Thailand will make many changes in the next few years, and I expect it will not be on better terms, and therefore I will not be stuck here with larger investments and as well tax my money on the way back again, and have to restart from scratch if that time comes.

 

I believe my money work better for me in Norway than Thailand

 

Finely after semi retire at 47, I still feel the urge to do some work and Norway is a good place to do seasonal work for good pay

[gargamon]

14 hours ago, ChumpChange said:

I agree, it is to some, but sadly not to all. I remember when it was doubled before. Some left. Some stayed. And some switched to family visas. 

It was a comment on your name. 

 

I hate when I have to explain my humor.

😀

Edited June 5 by gargamon

[wombat]

16 hours ago, Hummin said:

 

Thats why I consequent refuse to pay taxes to this country

Thats a bold statement to put out in the public arena.

[ridge runner]

The people that were using retirement extension at  the time when it was increased were grandfathered (they didn't have to meet the new requirements). If(big if) it were to be increased would probably only apply to new retirees not the ones already here. But my crystal ball is no better than yours and speculating on what might happen someday is something I don't spend a lot of time on.  Guy on YouTube said world end next month so better spend that money now.

[sometime]

If the amount increases it will be grandfathered like last time, I have friends who only need 400.000 in the bank

[statman78]

I’ve been hearing this rumor since I retired here 6 years ago.  If it happens I’ll still be here.  For me I’d rather be here in Thailand with my wife and dogs than anywhere else.

[john donson]

18 hours ago, gargamon said:

It's only Chump Change.

 

so why so many dudes need to use an agent because they cannot even hold 400 or 800k

 

off course never enforced to check thanks to rampant corruption at every level 

[Mike Teavee]

2 hours ago, sometime said:

If the amount increases it will be grandfathered like last time, I have friends who only need 400.000 in the bank

I hope you’re right but they didn’t “Grandfather In” Non-IMM OA holders when they introduced the Health Insurance requirement so there is a chance that they won’t “Grandfather In” existing Non-IMM O/OA holders if they were to increase the required money in the bank. 
 

Also worth noting that they only "Grandfathered In" people who had been on the same Visa for 4 years.

 

To the OP, I keep an "Oops" fund so nothing would change for me unless they tripled the requirement (or I had an "Oops" Event)  

 

Edited June 6 by Mike Teavee

[Hummin]

3 hours ago, wombat said:

Thats a bold statement to put out in the public arena.

Nothing wrong with that as long I complying with the rules. No more than 180 days a year in Thailand. 

 

Everything I have transfered was savings. 

[ChumpChange]

8 hours ago, gargamon said:

It was a comment on your name. 

 

I hate when I have to explain my humor.

😀

I got the joke. But I provided you with a real answer anyway. I guess you weren't expecting an intelligent reply?

[ChumpChange]

4 hours ago, Mike Teavee said:

I hope you’re right but they didn’t “Grandfather In” Non-IMM OA holders when they introduced the Health Insurance requirement so there is a chance that they won’t “Grandfather In” existing Non-IMM O/OA holders if they were to increase the required money in the bank. 
 

Also worth noting that they only "Grandfathered In" people who had been on the same Visa for 4 years.

 

To the OP, I keep an "Oops" fund so nothing would change for me unless they tripled the requirement (or I had an "Oops" Event)  

 

Thank you for that input. I didn't know some people were grandfathered in on the financial requirements when they doubled them in 1998. I wonder if 25 years later people on these old visas are still only required to show 400K?
 

Well, I guess there is a chance a number of them are already deceased, as they would all be at least 75 years old now, and may be closer to 80 years old if they were already on the visa for 4 years when the law changed in 1998, so it probably isn't that many left anyway. 
 

Unfortunately, I don't think it will be long before they look at increasing the requirements again as the current requirement has already been in place for over 25 years. 
 

 

Edited June 6 by ChumpChange

[Mike Teavee]

3 minutes ago, ChumpChange said:

Thank you for that input. I didn't know some people were grandfathered in on the financial requirements when they doubled them in 1998. I wonder if 25 years later people on these old visas are still only required to show 400K?

Yes, it's 200K & the rule is still in the Immigration guidelines for guys who entered before October 1998 & have maintained the same Visa (i.e. done annual extensions on the basis of Retirement) since then... 

 

(7) An alien, who entered into the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement, shall subject to the following criteria:

(a) An alien must be 60 years of age or over and have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 200,000 baht or have a monthly income of no less than 20,000 baht.

(b) If less than 60 years of age but not less than 55 years of age, an alien must have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 500,000 baht or have a monthly income of no less than 50,000 baht.

 

[Obviously there will be nobody who was on a Non-Imm O "Retirement" in 1998 who is under 60 now]

 

https://www.immigration.go.th/wp-content/uploads/2023/11/เอกสาร-7-6.-NON-O-รายการเอกสารขออยู่ต่อใช้ชีวิตบั้นปลาย-TH-EN.pdf

 

[thaibeachlovers]

23 hours ago, ChumpChange said:

But if you have to tie up $50K equivalent in a bank account, but which earns no more than 2% then that's more of an issue. 

Better than Britain in the late 2000s when they gave me 0% on my money.

[ChumpChange]

11 minutes ago, Mike Teavee said:

Yes, it's 200K & the rule is still in the Immigration guidelines for guys who entered before October 1998 & have maintained the same Visa (i.e. done annual extensions on the basis of Retirement) since then... 

 

(7) An alien, who entered into the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement, shall subject to the following criteria:

(a) An alien must be 60 years of age or over and have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 200,000 baht or have a monthly income of no less than 20,000 baht.

(b) If less than 60 years of age but not less than 55 years of age, an alien must have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 500,000 baht or have a monthly income of no less than 50,000 baht.

 

[Obviously there will be nobody who was on a Non-Imm O "Retirement" in 1998 who is under 60 now]

 

https://www.immigration.go.th/wp-content/uploads/2023/11/เอกสาร-7-6.-NON-O-รายการเอกสารขออยู่ต่อใช้ชีวิตบั้นปลาย-TH-EN.pdf

 

Interesting. I wonder where the 200K comes from though. Didn't it used to be that 400K was required (prior to 1998) for an extension on the basis of retirement?
 

I thought the 200K requirement was for a family visa when married to a Thai, which was then also increased to 400K in 1998?

[G_Money]

No problem.

[foreverlomsak]

23 hours ago, ChumpChange said:

I agree, it is to some, but sadly not to all. I remember when it was doubled before. Some left. Some stayed. And some switched to family visas. 

What year was that, my history in Thailand goes back roughly 20 years and I don't remember in an increase in that period. And yes I do expect the 800k/year and the 65k/month to increase significantly at some point in the near future (along with the 1,900 Baht extension fee - forget what increase the agents will apply if that happens, as I don't use them)

Found the date in later quotes/replies after the above request - apologies

Edited June 6 by foreverlomsak
update

[ChumpChange]

3 minutes ago, foreverlomsak said:

What year was that, my history in Thailand goes back roughly 20 years and I don't remember in an increase in that period. And yes I do expect the 800k/year and the 65k/month to increase significantly at some point in the near future (along with the 1,900 Baht extension fee - forget what increase the agents will apply if that happens, as I don't use them)

As noted above, it was increased last time in October 1998. So it's been about 25 years. 
 

Yes, the extension fee is quite low too. Very good point. Not that many countries you can still reside as a foreigner on a one year visa for so little. 

[foreverlomsak]

34 minutes ago, thaibeachlovers said:

Better than Britain in the late 2000s when they gave me 0% on my money.

Even now my account awards the gigantic sum of 0.0000% per year interest, I can't change to a different account as I have no UK address, and I cannot find an bank that will allow me to open one without a UK address, or a massive initial deposit like 35,000 GBP with a balance maintenance of no less than 35,000 GBP

[ChumpChange]

8 minutes ago, foreverlomsak said:

Even now my account awards the gigantic sum of 0.0000% per year interest, I can't change to a different account as I have no UK address, and I cannot find an bank that will allow me to open one without a UK address, or a massive initial deposit like 35,000 GBP with a balance maintenance of no less than 35,000 GBP

Try Lloyds Bank in Isle of Man. Or try Skipton International in Jersey. 

[Mike Teavee]

37 minutes ago, ChumpChange said:

Interesting. I wonder where the 200K comes from though. Didn't it used to be that 400K was required (prior to 1998) for an extension on the basis of retirement?
 

I thought the 200K requirement was for a family visa when married to a Thai, which was then also increased to 400K in 1998?

Have to admit that I always thought it was 400K that was doubled to 800K but that PDF is from the official Immigration website & a quick check on the Bangkok IMM site has exactly the same criteria... 

 

See Item 22 "Visa Extension in case of Retirement", Point 7 

 

7. An alien entering the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement, shall be subject to the following criteria:
(a) An alien must be 60 years of age or over and have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 200,000 baht or have a monthly income of no less than 20,000 baht.
(b) If less than 60 years of age but not less than 55 years of age, an alien must have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 500,000 baht or have a monthly income of no less than 50,000 baht.

 

https://bangkok.immigration.go.th/en/visa-extension/#1610937479150-0456cfd8-f864

 

 

[ChumpChange]

3 minutes ago, Mike Teavee said:

Have to admit that I always thought it was 400K that was doubled to 800K but that PDF is from the official Immigration website & a quick check on the Bangkok IMM site has exactly the same criteria... 

 

See Item 22 "Visa Extension in case of Retirement", Point 7 

 

7. An alien entering the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement, shall be subject to the following criteria:
(a) An alien must be 60 years of age or over and have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 200,000 baht or have a monthly income of no less than 20,000 baht.
(b) If less than 60 years of age but not less than 55 years of age, an alien must have an annual fixed income with a deposit maintained in a bank account for the past 3 months of no less than 500,000 baht or have a monthly income of no less than 50,000 baht.

 

https://bangkok.immigration.go.th/en/visa-extension/#1610937479150-0456cfd8-f864

 

 

So it seems 200K was the requirement before. Then they raised it by 4X in 1998. I wonder how long it was at 200K (prior to 1998) before they increased it then by a factor of four. 

[foreverlomsak]

6 minutes ago, ChumpChange said:

Try Lloyds Bank in Isle of Man. Or try Skipton International in Jersey. 

I am with Lloyds, the account is held in Jersey, but the postal address is Isle of Man

[ChumpChange]

18 minutes ago, foreverlomsak said:

Even now my account awards the gigantic sum of 0.0000% per year interest, I can't change to a different account as I have no UK address, and I cannot find an bank that will allow me to open one without a UK address, or a massive initial deposit like 35,000 GBP with a balance maintenance of no less than 35,000 GBP

Also, Wise is currently paying 3.31% interest on all GBP balances, no minimum balance required, and the interest is paid out monthly.