Clarification on Retirement Visa

[khunPer]

19 hours ago, Slinky1958 said:

I’m a UK citizen married to a Thai National my wife as a Uk passport and we have house in both countries 

I’m looking to retire to Thailand I have a non O marriage visa and will be converting this to a Retirement Visa

i have Sufficient funds in a Thai bank account and we send over at least 100,000 per month form the UK

I been told that the easiest way is to just leave the 800,000 in the bank

Albeit the interest rate is not to good When I asked can I use the 100,000 per month route I was told that the UK doesn’t support this any more

can someone please clarify 

Cheers

The easiest way to sleep well without thinking about next extension of stay is to leave the 800k baht in a 12-month fixed deposit and cash the interest once a year, so the balance of 800k baht is kept.

 

Using monthly transfer method might require little more statement from the bank as proof of monthly transfers. If you a any point transfer less funds than stated in your opening post, exchange rate deviations might be an issue, so you never get below the 65k baht each month.

 

Even the cash interest rate for fixed bank deposit is 1.5% p.a. – around that level at present – or little lower, it might be worth the interest difference from other investment, to stay free from financial worries for next extension of stay. With a budget in the area of 100k baht a month, the interest difference in money – between for example 4% p.a. and 1.5% p.a. of 800k Baht – is relative small.

[Felt 35]

2 hours ago, khunPer said:

The easiest way to sleep well without thinking about next extension of stay is to leave the 800k baht in a 12-month fixed deposit and cash the interest once a year, so the balance of 800k baht is kept.

 

Using monthly transfer method might require little more statement from the bank as proof of monthly transfers. If you a any point transfer less funds than stated in your opening post, exchange rate deviations might be an issue, so you never get below the 65k baht each month.

 

Even the cash interest rate for fixed bank deposit is 1.5% p.a. – around that level at present – or little lower, it might be worth the interest difference from other investment, to stay free from financial worries for next extension of stay. With a budget in the area of 100k baht a month, the interest difference in money – between for example 4% p.a. and 1.5% p.a. of 800k Baht – is relative small.

 

I plan to start retirement visa extension based on 800k in bank next year (already on retirement exstension) so I allow me to ask if its 2, 3 or 12 months in advance the 800k have to be deposited in the bank? What kind of account do Immigration generally accept is it as you mention a 12-month fixed deposit account?

Btw, and a bit straying from question but what is the general rule for the validity of an income letter from an embassy?

 

Thanks

Felt

[Upnotover]

5 minutes ago, Felt 35 said:

I plan to start retirement visa extension based on 800k in bank next year (already on retirement exstension) so I allow me to ask if its 2, 3 or 12 months in advance the 800k have to be deposited in the bank?

"already on retirement exstension (sic)"?

 

What are you actually on right now?  If already on an extension then it's 800/400/800.  

[Rob Browder]

35 minutes ago, Felt 35 said:

I plan to start retirement visa extension based on 800k in bank next year (already on retirement exstension) so I allow me to ask if its 2, 3 or 12 months in advance the 800k have to be deposited in the bank?

Its 800K 2 months prior to THIS application, 800K maintained for 3 months after your LAST extension, and 400K minimum the rest of the year.  This is demonstrated with a 12-month bank-statement.

 

35 minutes ago, Felt 35 said:

What kind of account do Immigration generally accept is it as you mention a 12-month fixed deposit account?

Most offices allow a fixed-deposit account, provided the type of account allows removing the money at any time, with only a loss of interest.

 

35 minutes ago, Felt 35 said:

Btw, and a bit straying from question but what is the general rule for the validity of an income letter from an embassy?

I would ask at your imm-office about this - may vary.  Others may have better info on that question at the specific office you intend to use. 

[Felt 35]

31 minutes ago, Upnotover said:

"already on retirement exstension (sic)"?

 

What are you actually on right now?  If already on an extension then it's 800/400/800.  

 

..... and then we have some on income letter from embassy😉🙂

Felt

[Felt 35]

3 minutes ago, Rob Browder said:

Its 800K 2 months prior to THIS application, 800K maintained for 3 months after your LAST extension, and 400K minimum the rest of the year.  This is demonstrated with a 12-month bank-statement.

 

Most offices allow a fixed-deposit account, provided the type of account allows removing the money at any time, with only a loss of interest.

 

I would ask at your imm-office about this - may vary.  Others may have better info on that question at the specific office you intend to use. 

 

Thank you for replying

 

So, 2 months before first extension with 800k method, ok, I plan to keep the 800k on one account (untouchable for other expenses). I have already three savings accounts but would prefer to have the 800k separate on a fixed deposit account if immigration accept that kind of account and if bank allow opening of a new account these days

 

Thanks

Felt

[Rob Browder]

8 minutes ago, Felt 35 said:

 

Thank you for replying

 

So, 2 months before first extension with 800k method, ok, I plan to keep the 800k on one account (untouchable for other expenses). I have already three savings accounts but would prefer to have the 800k separate on a fixed deposit account if immigration accept that kind of account and if bank allow opening of a new account these days

 

Thanks

Felt

You would only need to show the 800K for two months before - without the full previous year's compliance - IF you are NOT now on a 1-year retirement-extension.  If you are on one now, they will want to 'check compliance" with the terms for the previous extension.

[JAS21]

Nonthaburi have always asked me to prove that the money I bring over monthly is from a pension! They made it more difficult than normal this year. When they found out that I could do the money in bank method …they asked me to go that way …that way is much less paperwork so I guess they prefer it …suits me as I probably won’t need to fill in a tax return next year.

 

[unblocktheplanet]

4 hours ago, khunPer said:

The easiest way to sleep well without thinking about next extension of stay is to leave the 800k baht in a 12-month fixed deposit and cash the interest once a year, so the balance of 800k baht is kept.

 

Even the cash interest rate for fixed bank deposit is 1.5% p.a. – around that level at present – or little lower, it might be worth the interest difference from other investment, to stay free from financial worries for next extension of stay. With a budget in the area of 100k baht a month, the interest difference in money – between for example 4% p.a. and 1.5% p.a. of 800k Baht – is relative small.

The 800,000 needs to be in your name only. But you can add your wife to the fixed bank deposit without her name showing in the passbook or the letter.

[NE1]

30 minutes ago, unblocktheplanet said:

The 800,000 needs to be in your name only. But you can add your wife to the fixed bank deposit without her name showing in the passbook or the letter.

 

Does that make it easier for your wife to get access to the account if you pop your clogs ?
Bit like a joint account .

 

[proton]

Clarification -there are NO retirement visa's

[Ocraled]

There is one thing I don't understand.

One can obtain retirement-O visa from embassy abroad, using the monthly income, but then must use 800K deposit for first extension.

What's the point then in being able to get the income affidavit from embassy? Sounds completely useless, if one still must make those monthly deposits for 12 months. Then you can show the deposits. No need for affidavit.

 

[Ocraled]

Double post by mistake...

 

[BrandonJT]

1 hour ago, Ocraled said:

There is one thing I don't understand.

One can obtain retirement-O visa from embassy abroad, using the monthly income, but then must use 800K deposit for first extension.

What's the point then in being able to get the income affidavit from embassy? Sounds completely useless, if one still must make those monthly deposits for 12 months. Then you can show the deposits. No need for affidavit.

 

Because the monthly transfers are a work-around for those who cannot get the income affidavit.  If you can get the income affidavit, that's what you should do, and some immigration offices might even require that if you can get it.

 

You also CANNOT use the monthly transfers for the first 1-year extension, whereas you CAN use the income affidavit for the first 1-year extension.  The affidavit is better in all aspects.