LTR Visa

[Presnock]

On 12/4/2024 at 6:57 AM, PJ71 said:

I find this unlikely, i signed one form two times, was in the bank and immigration office for a total of not more than 10 mins for my retirement visa ( using an agent ).

 

Pls explain how this was 'waaaaaay easier'?

your money so do what you think is best for you.  I had a retirement O for 20 years, went through many changes at immigration and from US Embassy during that time so that the last few years have been really easy with very little time actually spent but did have to get bank letters, no money in bank, just did the monthly remittances, and now 90-day on line so that too is an easier change but, the LTR basically is cheaper over the 10-year period (no agent fees on top of that savings), no 90-day reports at all, once a year walkin or have someone take a filled in form 95 to BOI or immigration if one doesn't leave the country - in that case, the 1-year report is extended until that date a year from reentering.  No bank letters, no agents needed at all and anything one has to do can be done at home, not anywhere else.  I fail to see how having an agent could possibly be easier than the LTR - no taxes on remittances to Thailand of foreign funds either!  In any case this is the best visa for me and my finances.

[PJ71]

1 hour ago, Presnock said:

your money so do what you think is best for you.  I had a retirement O for 20 years, went through many changes at immigration and from US Embassy during that time so that the last few years have been really easy with very little time actually spent but did have to get bank letters, no money in bank, just did the monthly remittances, and now 90-day on line so that too is an easier change but, the LTR basically is cheaper over the 10-year period (no agent fees on top of that savings), no 90-day reports at all, once a year walkin or have someone take a filled in form 95 to BOI or immigration if one doesn't leave the country - in that case, the 1-year report is extended until that date a year from reentering.  No bank letters, no agents needed at all and anything one has to do can be done at home, not anywhere else.  I fail to see how having an agent could possibly be easier than the LTR - no taxes on remittances to Thailand of foreign funds either!  In any case this is the best visa for me and my finances.

I'm happy for you - another superstar, well done.

[ronnie50]

On 12/4/2024 at 10:23 AM, oldcpu said:

My 'pensioner' income comes from 3 separate sources to make the qualifying amount.  BUT what BoI were more interested was my last 2 Canadian tax returns which had the 'lump sump' of my non-Thai income as a singular (sum) amount.  I also provided the proof as the 3 separate pensioner income sources (German Pension, European organisation pension, and CanadianOld Age Security) and that was accepted.

In order to tally up your passive income, to make sure you 'measured up', did the BOI want to see the gross amount of the pensions, etc., or the net amount of the three different income streams? I guess there might have been taxes at source, or global medical insurance deducted each month from one of them. Do you know if it was gross or net income they tallied up? Cheers.

[JimGant]

46 minutes ago, ronnie50 said:

Do you know if it was gross or net income they tallied up?

Gross. That was a question many of us had early on in this game, and they came back very emphatically saying "gross."

[ronnie50]

23 minutes ago, JimGant said:

Gross. That was a question many of us had early on in this game, and they came back very emphatically saying "gross."

Great, thanks for the quick reply.

[Felt 35]

This thread seems to have several people with mostly good experience with LTR visas, so I allow myself to ask a few questions!

If as a retired person with under US 80K annual income but well over US40K but the rest of the finances back home, do I then have to invest / deposit the money in a Thai bank or is it enough to prove that the finances are available? Btw, the insurance US 50K requirement is that totally cover for a year?

 

Thanks

Felt

[NickyLouie]

Quote

6. Evidence of global asset ownership of no less than 1 million USD (cryptocurrencies, tokens, gold futures, amulets, arts, designer items, watches and jewelry are NOT accepted) Note: Documents must be in Thai or English only, translated documents must be notarized

 

So a stock portfolio with 1 million would be adequate to satisfy this ?

 

No other supporting financial documents would be needed ?

 

 

  

 

[oldcpu]

3 hours ago, Felt 35 said:

This thread seems to have several people with mostly good experience with LTR visas, so I allow myself to ask a few questions!

If as a retired person with under US 80K annual income but well over US40K but the rest of the finances back home, do I then have to invest / deposit the money in a Thai bank or is it enough to prove that the finances are available?

 

 

If less than $80K US equivalent income/year (but more than $40k US equivalent), for an LTR-WP you need to prove at least $250k US$ equivalent investment in Thailand, and simply having the money in a Thai savings account is NOT IMHO adequate.  I believe just money sitting in the bank is not considered an investment.

 

You need something like $250k (or more) US$ equivalent in real estate purchase in Thailand (such as a condo purchase) or $250k US$ equivalent purchase of Thai government bonds, or possibly some specific Thai mutual funds or a mix there of. 

 

In my case I used the 50% of the purchase price of my foreign freehold condo (1/2 was in my condo deed/chanote, and hence ownership, is in Thai wife's name - so I could not claim 100%) and I made up the remainder (to reach the $250k US$ equiv) by purchasing 2-million THB in Thai government bonds.  I purchased a 7-year term bond.   When I go to reprove my finances in 5-years (which will be year 2028 for me), I will either go the proof of $80k US/income per year, or buy another 2-million THB Thai government bond.

 

If you are unsure if your 'investment' will qualify for the $250K US$ equivalent investment in Thailand, then simply phone BoI and ask them. They have many employees who speak English language.

 

3 hours ago, Felt 35 said:

Btw, the insurance US 50K requirement is that totally cover for a year?

 

Someone else may need to answer this. 

 

I went the self health insurance route (with $100k US$ equivalent in a Thai bank as my proof of health insurance finances). 

 

Possibly in 2028 I will go with a letter from my European Health Insurance company.  I think thou you simply need to have to prove another year left in your coverage - but again, you can check with BoI on this.

[Felt 35]

5 minutes ago, oldcpu said:

 

If less than $80K US equivalent income/year (but more than $40k US equivalent), for an LTR-WP you need to prove at least $250k US$ equivalent investment in Thailand, and simply having the money in a Thai savings account is NOT IMHO adequate.  I believe just money sitting in the bank is not considered an investment.

 

You need something like $250k (or more) US$ equivalent in real estate purchase in Thailand (such as a condo purchase) or $250k US$ equivalent purchase of Thai government bonds, or possibly some specific Thai mutual funds or a mix there of. 

 

In my case I used the 50% of the purchase price of my foreign freehold condo (1/2 was in my condo deed/chanote, and hence ownership, is in Thai wife's name - so I could not claim 100%) and I made up the remainder (to reach the $250k US$ equiv) by purchasing 2-million THB in Thai government bonds.  I purchased a 7-year term bond.   When I go to reprove my finances in 5-years (which will be year 2028 for me), I will either go the proof of $80k US/income per year, or buy another 2-million THB Thai government bond.

 

If you are unsure if your 'investment' will qualify for the $250K US$ equivalent investment in Thailand, then simply phone BoI and ask them. They have many employees who speak English language.

 

 

Someone else may need to answer this. 

 

I went the self health insurance route (with $100k US$ equivalent in a Thai bank as my proof of health insurance finances). 

 

Possibly in 2028 I will go with a letter from my European Health Insurance company.  I think thou you simply need to have to prove another year left in your coverage - but again, you can check with BoI on this.

 

Ok many thanks, will call BOI and check.

Felt

[oldcpu]

17 hours ago, ronnie50 said:

In order to tally up your passive income, to make sure you 'measured up', did the BOI want to see the gross amount of the pensions, etc., or the net amount of the three different income streams?

 

As noted by Jim Gant - the Thai BoI were interested in the 'gross' (before tax) income of my pension to prove it exceeded their $40k US$ equivalent per year.

 

I am required on my Canadian tax returns to list my total gross before tax global income , which Canada in turn uses to decide my income tax bracket for taxing my Canadian Pension and for taxing my Canadian Old Age Security.  Having that global income (from outside of Canada) did drive me into a higher Canadian tax bracket, ... but at least now with the LTR visa, having that proof of my global income (in an official Canadian government tax assessment form) has come in handy for my LTR visa application (which was approved).

 

 

17 hours ago, ronnie50 said:

I guess there might have been taxes at source, or global medical insurance deducted each month from one of them. Do you know if it was gross or net income they tallied up? Cheers.

 

For the medical insurance I went the self health insurance route, with $100k US equivalent in cash in a Thai bank.  When I reprove my finances in 2028 I may instead go with a letter from my European health Insurance noting my coverage exceed $50k US equivalent.

[Presnock]

7 hours ago, Felt 35 said:

This thread seems to have several people with mostly good experience with LTR visas, so I allow myself to ask a few questions!

If as a retired person with under US 80K annual income but well over US40K but the rest of the finances back home, do I then have to invest / deposit the money in a Thai bank or is it enough to prove that the finances are available? Btw, the insurance US 50K requirement is that totally cover for a year?

 

Thanks

Felt

The health insurance or 100K $ must be able to cove 50K USD hospitalization.

[Felt 35]

1 hour ago, Presnock said:

The health insurance or 100K $ must be able to cove 50K USD hospitalization.

 

1 hour ago, Presnock said:

The health insurance or 100K $ must be able to cove 50K USD hospitalization.

 

Ok, then at least I should go clear of that requirement.

Felt

 

[Presnock]

39 minutes ago, Felt 35 said:

 

 

Ok, then at least I should go clear of that requirement.

Felt

 

yeah my US govt sponsored health insurance sent  15-page coverage for 2024 and said for hospitalization was unlimited coverage but BOI said that wasn't sufficient and someone else with the same health insurance told me to send a note to the health insurer to get an email back stating that hospitalization coverage was more than 50K USD and BOI accepted it immediately and within a couple of weeks I was stamped in.  Now I go for my 1-year advising of my current address.  Really easy as anyone could take the completed Form 95 to the BOI office with my PP but I will go since it is so easy on the trains.  Heard that BOI will be moving from Chomchuri to 1 Bangkok on 25 March.