Thb 800,000 bank deposit, or investment funds?

[oodii]

One of the requirements by Thai Immigration for the application of a retirement visa (non-immigrant visa O-A) is to have proof of a minimum amount of money (e.g. Thai Baht 800,000) available at the time of the application. In case you already hold a bank account (savings deposit instant access or term account) with a bank registered in Thailand, and with the minimum amount required by the Immigration, what type of documents do you actually need?

· Is presenting a savings passbook sufficient, along with photocopies?

· Or, do you need a confirmation letter written, signed, stamped and sealed by your bank, stating that the account holder has sufficient funds on his account?

· Or, do you need to present both, a savings passbook and bank confirmation letter?

Although the availability of the minimum amount in Thai Baht needs to be proven only at the time of the visa application, the question might arise what to do with the sum of Thai Baht 800,000 thereafter? If you leave it on your bank account and only make occasional withdrawals for consumption purposes while exercising a modest life style, you will certainly admit that this type of investment, under the current low interest rate, is good for your bank but not good for you. It seems to me the better option is to invest this money, or part of it, in a low-risk fixed income fund that currently generates some 4-6% growth per annum while providing high liquidity (access to your capital within 2 working days) and low entry/exit costs. Such an investment is offered to Thai nationals (but foreigners are not excluded) through Thai banks, by their household investment companies, which are also registered in Thailand. The question is,

· has anybody tried to supply a statement of his (Thailand-based) investment account instead of his bank’s savings passbook to the Immigration, and was it considered equivalent and being accepted by the authorities, or refused?

If not accepted it would lead to the inconvenience to redeem the investment fund (but leave the minimum investment amount to keep the investment account alive) a few days before applying for the one year visa extension, to allocate the funds on an instant access savings deposit account, and to re-invest the sum immediately after having received the one year extension from the Immigration. The gains derived from the long-term investment would by far outweigh the small loss suffered during the short break of investment.

[george]

I agree with you, but the Immigration will demand a sigend and stamped letter from the bank that you have 800K invested. If the bank issues the letter, the Immigration are likely to accept it.

The sum has to be in the bank before re-application every year, say a month before. It can be zero the rest of the year.

Be a bit creative with your bank..