Retirement Visa - Rules I Haven't Seen

[Rigsby]

Been browsing this forum for a long time now. The time has nearly come for me to apply for a retirement visa.

However, here are a few rules that I haven't seen mentioned here, but were obtained from an immigration official

in Jomtiem (Pattaya).........

1. The money you have to have in the bank cannot be in an 'investment type' account - i.e. earning interest. It has to be in a normal savings/deposit account.
   
2. If you're applying for a retirement visa (for the first time) and have 800K Bht in a bank account for at least 3 months, you can only apply for it ONE MONTH before your present visa runs out - even tho the new Retirement visa starts at the end of the current visa anyway !! My friend had a 3 month visa stamp in his passport and met all the requirements. He was told to come back a month before it expired and that would be acceptable.
   

Any thoughts & replies would be welcome

[Lite Beer]

1 Depends what office you apply at.

2 Correct

[Johpa]

Follow the profits to see who benefits from government regulations to learn who writes the rules. Here we see the hidden power of the traditional banking families, such as the Sophonpanichs, taking advantage of a valid sentiment that long term visa applicants should have appropriate financial resources for staying in the Kingdom on a long term basis.

[Estrada]

...The money you have to have in the bank cannot be in an 'investment type' account - i.e. earning interest...

I have a Bangkok Bank Savings Account which pays 3.25% interest which is more than the time deposit rate. Your problem is the Government did say that they don't want banks to give foreigners interest unless they have a work permit. But there is TIT and this is the Land of All Possibilities. If you live here and speak Thai and are nice to the local bank manager you can get interest.

I also have an HSBC savings account too which pays interest but they also charge account fees if your balance is below B500,000 at any time.

[frodo77]

Last May I entered Thailand on a 3 month non-immigrant visa. Within a week I successfully applied for my retirement visa in Pattaya, based on pension income only. The retirement visa was stamped as starting at the time I entered Thailand, not the end of the 3 month visa.

[JimmyCA]

Last May I entered Thailand on a 3 month non-immigrant visa. Within a week I successfully applied for my retirement visa in Pattaya, based on pension income only. The retirement visa was stamped as starting at the time I entered Thailand, not the end of the 3 month visa.

What type of pension income proof were you required to show?

[frodo77]

My T4 income tax slip, which is sent to me by my ex employer.

[lopburi3]

Last May I entered Thailand on a 3 month non-immigrant visa. Within a week I successfully applied for my retirement visa in Pattaya, based on pension income only. The retirement visa was stamped as starting at the time I entered Thailand, not the end of the 3 month visa.

That was always the case - the question was about having to wait until 30 days before permission to stay expires to extend the stay (which would be from entry) and the normal procedure is to require that; but this year many exceptions were made due to the numbers and new laws.

[hereforgood]

I extended My last retirement Visa having 700,000 Baht in a CD paying 5.12 % and 150,000 Baht in a Regular savings account at Bangkok Bank no problem and this was done at the Jomtiem Imm office in March

[euca]

I extended My last retirement Visa having 700,000 Baht in a CD paying 5.12 % and 150,000 Baht in a Regular savings account at Bangkok Bank no problem and this was done at the Jomtiem Imm office in March

Interesting - what is a 'CD' [at 5.12%], please? Which bank? If a time deposit or bond, how long? Thanks.

[Naam]

Interesting - what is a 'CD' [at 5.12%], please?

CD = for citizens of and banks located in the Greatest Nation on Earth™ only. unkown in any other parts of this planet.

[jackspratt]

Interesting - what is a 'CD' [at 5.12%], please?

CD = for citizens of and banks located in the Greatest Nation on Earth™ only. unkown in any other parts of this planet.

Thanks Doc - that is a very clear explanation.

For all other forum members - what is a CD acount?

[lopburi3]

Certificate of Deposit.

Fixed Deposit Account is what it is called here in Thailand.

[Jingthing]

Any chance we will ever get a clear Thailand wide ruling on whether sich fixed deposits can reliably be used for visa qualification purposes?

[jonniebkk]

don't know what the big squak about it not being able to hold the B800,000 in an investment type account is all about. first of all, the money can be in a regular savings account (which do pay interest) to qualify. i have one at bangkok bank and the sofonpanich family pays me a few bahts out of their bank's profits every few months

secondly, this account which is used to qualify for a retirement "visa" is supposed to be a transactional account. money is to be drawn out of it on a regular basis to pay for the foreigner's living expenses. this account would most closely translate to a checking account back home (one used for multiple monthly transactions for small to medium amounts of money). such accounts usually pay little to no interest in the west so why do you complain when your equilivent account here in los may pay little or no interest.

i mean, if the 3-4% interest you are giving-up on a B800,000 (around B28000 per year) deposit means anything to your finances...maybe it's not time to retire yet

[Jingthing]

don't know what the big squak about it not being able to hold the B800,000 in an investment type account is all about. first of all, the money can be in a regular savings account (which do pay interest) to qualify. i have one at bangkok bank and the sofonpanich family pays me a few bahts out of their bank's profits every few months

secondly, this account which is used to qualify for a retirement "visa" is supposed to be a transactional account. money is to be drawn out of it on a regular basis to pay for the foreigner's living expenses. this account would most closely translate to a checking account back home (one used for multiple monthly transactions for small to medium amounts of money). such accounts usually pay little to no interest in the west so why do you complain when your equilivent account here in los may pay little or no interest.

i mean, if the 3-4% interest you are giving-up on a B800,000 (around B28000 per year) deposit means anything to your finances...maybe it's not time to retire yet

Oh geez, assumptions assumptions.

People have lots of reasons for caring about this, just use your imagination. In my case, if I knew for sure a fixed deposit would be accepted, I would probably do it for reasons you haven't mentioned. First, I wouldn't have to worry about transferring money into the account every year 3 months before the appointment. My US banks are a bit flaky about these wire agreements and I can forsee glitches in the future requiring expensive unplanned travel to the US just to wire money. This way the visa qualifying transfer is done ONCE and no more worries! There might also be currency risk timing, asset and tax sales timing reasons, ad infinutum, for many people to prefer this method. Money as needed can be transferred other ways, commonly ATM cards. The 3 or 4 percent interest is nice gravy and it ain't chopped liver either, but it is hardly the only reason to prefer that method.

Edited September 9, 2007 by Jingthing

[hereforgood]

I extended My last retirement Visa having 700,000 Baht in a CD paying 5.12 % and 150,000 Baht in a Regular savings account at Bangkok Bank no problem and this was done at the Jomtiem Imm office in March

Interesting - what is a 'CD' [at 5.12%], please? Which bank? If a time deposit or bond, how long? Thanks.

10 Months at Bangkok bank this is no longer being offered

[TaoNow]

A post above says that "this (800,000 baht) account, which is used to qualify for a retirement "visa," is supposed to be a transactional account. Money is to be drawn out of it on a regular basis to pay for the foreigner's living expenses."

What evidence do we have that Immigration looks at how much money a retiree spends during the year? Would it not be possible to leave the 800,000 deposit untouched throughout the year and draw on other sources of funds for living expenses -- with or without a paper trail?

[hereforgood]

A post above says that "this (800,000 baht) account, which is used to qualify for a retirement "visa," is supposed to be a transactional account. Money is to be drawn out of it on a regular basis to pay for the foreigner's living expenses."

What evidence do we have that Immigration looks at how much money a retiree spends during the year? Would it not be possible to leave the 800,000 deposit untouched throughout the year and draw on other sources of funds for living expenses -- with or without a paper trail?

In My case I am working with a Valid WP so I don't draw anything out as I live on my earnings not sure about others

[wpcoe]

In My case I am working with a Valid WP so I don't draw anything out as I live on my earnings not sure about others

Do you have a work permit with a retirement visa or retirement extensnion? Employment is now forbidden on a retirement visa/extension. Apparently in the past the government would issue work permits to some folks on retirement visas/extensions, but reports are that they have stopped. If you have evidence to the contrary, I think some retirees may be quite interested.

[Sateev]

In My case I am working with a Valid WP so I don't draw anything out as I live on my earnings not sure about others

Well, then you are NOT here on a retirement visa or extension of stay, and your comments are irrelevant to this discussion.

secondly, this account which is used to qualify for a retirement "visa" is supposed to be a transactional account. money is to be drawn out of it on a regular basis to pay for the foreigner's living expenses. this account would most closely translate to a checking account back home (one used for multiple monthly transactions for small to medium amounts of money). such accounts usually pay little to no interest in the west so why do you complain when your equilivent account here in los may pay little or no interest.

i mean, if the 3-4% interest you are giving-up on a B800,000 (around B28000 per year) deposit means anything to your finances...maybe it's not time to retire yet

Where did you get the idea that money living expenses need to be drawn out of the account? I believe most people deposit the money, and draw from other sources for their living expenses, i.e., ATM from bank in home country, etc.

And I don't think you are in the mainstream if you can afford to throw 28,000 baht down the drain each and every year. That's several months rent upcountry.

Clearly, some people have been able to use interest-bearing accounts to qualify for retirement, so I believe the question at hand is whether or not thae policy is applied evenly, or, as usual, according to the whim or informed status of the individual immigration officer.

The notion that the money should be available for medical, or other, emergencies is probably correct, but even a CD is liquid, if you are willing to pay the interest penalty for early withdrawal, so there should be no objection on the grounds of lack of liquidity.

Sateev

[hereforgood]

In My case I am working with a Valid WP so I don't draw anything out as I live on my earnings not sure about others

Do you have a work permit with a retirement visa or retirement extensnion? Employment is now forbidden on a retirement visa/extension. Apparently in the past the government would issue work permits to some folks on retirement visas/extensions, but reports are that they have stopped. If you have evidence to the contrary, I think some retirees may be quite interested.

Yes and it was issued March 16th this year

In My case I am working with a Valid WP so I don't draw anything out as I live on my earnings not sure about others

Well, then you are NOT here on a retirement visa or extension of stay, and your comments are irrelevant to this discussion.

You my friend are wrong I am indeed here on a Extension of my retirement Visa and have a WP if you or anyone are in Pattaya I would be more than happy to meet and show you I have been told that next time the WP is due to be extended They won't do it BUT Just had a customer come into my place of business with a UK Retirement visa that just got extended and then he got his WP extended as well and this was last week I have no reason to make this up Guys

Sateev

You my friend are wrong I am indeed here on a Extension of my retirement Visa and have a WP if you or anyone are in Pattaya I would be more than happy to meet and show you I have been told that next time the WP is due to be extended They won't do it BUT Just had a customer come into my place of business with a UK Retirement visa that just got extended and then he got his WP extended as well and this was last week I have no reason to make this up Guys