Retirement visa

[ian]

No one seems to have mentioned the Retirement Visa. What is the annual renewal now?

[lopburi3]

You extend your stay on a retirement visa (not a new visa) so the current fee is 500 baht per year (plus re entry permit if you need) and the new rate will be 1,900 baht per year (plus re entry permit).

[Roger13]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

[lopburi3]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

That remains to be seen.  And I don't expect to see it.

[LPCustom69]

I hope not to see it also as the government seems to betting things up for another '97. Too much cash to have sitting in a bank here, even short term.

[dr_Pat_Pong]

Custom...as it works now, you have to have a letter from the bank evidencing funds to submit to Immigration. Most people only have the required funds in the account long enough to get the letter from the bank at each renewal.

[mesquite]

Dr.

Do you think most are sending the money back to their home country, or pulling the cash out and living off it throughout the year?

[Roger13]

Hi Everybody,

When I obtained a further one year Retirement

extension in June - they asked to see my Bank

Account Passbooks and kept photocopies on file.

Most of my Funds had been there for the year

and I was given a one year extension the same day

whereas in previous years I had been given an initial

one month - and subsequently a futher eleven.

But it was my understanding that the Deposit was to show that you have funds to live on for the coming 12 months

- I don't know where I read that - but if it is correct then withdrawing the Funds throughout the year would seem reasonable ... although why they would now expect a new

Retiree to need $35,000 to live on for the year...

So the question is - why did they now ask to see the Passbook(s) - is it to find those who withdrew all

immediately after getting the Bank Letter ??

It is my opinion that it would NOT be straight forward

to remit the funds home - unless the retiree had

decided to go home permanently - and whatever

the case The Exchange Control Regulations

would require some documentation - and again I

would guess that over a Certain Amount the Central

Bank's prior approval would be required.

Is anybody familiar with the Exchange Control

Regulations in Thailand?

Roger

[kukui]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

Well, the amount required for a retirment visa does not seem practical. At least not to me.  If one has abundant surplus monies, perhaps it would not matter. But most guys are middle class (if they are lucky) in income, have fixed retirement benefits, and may or not keep a home in the city or country where they spent their working years.  These new requirements for retirement visas suggest Thailand is looking mainly for the super rich to apply for retirement status.  And if not very rich, it is simply not practical to transfer that amount of monies, especially if one goes back and forth between Thailand and their original country, where they grew up, worked, raised a family, and perhaps also keep a home.  So I guess most of us will simply stay on tourist visas, and do the 3 month suffle.  In conveneient, but more practical financially.  Of course, if a fellow marries (again) in Thailand, has a family, well perhaps those circumstances would prompt one to consider putting that much money down.  Myself, I would need to give it a lot of thought before giving the Thai government over $4,000. I have paid enough taxes in the USA, thank you.

Ted

Honolulu

[kukui]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

Well, the amount required for a retirment visa does not seem practical. At least not to me.  If one has abundant surplus monies, perhaps it would not matter. But most guys are middle class (if they are lucky) in income, have fixed retirement benefits, and may or not keep a home in the city or country where they spent their working years.  These new requirements for retirement visas suggest Thailand is looking mainly for the super rich to apply for retirement status.  And if not very rich, it is simply not practical to transfer that amount of monies, especially if one goes back and forth between Thailand and their original country, where they grew up, worked, raised a family, and perhaps also keep a home.  So I guess most of us will simply stay on tourist visas, and do the 3 month suffle.  In conveneient, but more practical financially.  Of course, if a fellow marries (again) in Thailand, has a family, well perhaps those circumstances would prompt one to consider putting that much money down.  Myself, I would need to give it a lot of thought before giving the Thai government over $4,000. I have paid enough taxes in the USA, thank you.

Ted

Honolulu

[Eneukman]

Have to agree that keeping 1,500,000 baht in a bank account is not a viable option for me. I hope to make the move in 2 years time and I will have to top the balance up in time for the renewal of my visa each year and then use the funds for living during the year.

Alan

[kukui]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

Well, the amount required for a retirment visa does not seem practical. At least not to me.  If one has abundant surplus monies, perhaps it would not matter. But most guys are middle class (if they are lucky) in income, have fixed retirement benefits, and may or not keep a home in the city or country where they spent their working years.  These new requirements for retirement visas suggest Thailand is looking mainly for the super rich to apply for retirement status.  And if not very rich, it is simply not practical to transfer that amount of monies, especially if one goes back and forth between Thailand and their original country, where they grew up, worked, raised a family, and perhaps also keep a home.  So I guess most of us will simply stay on tourist visas, and do the 3 month suffle.  In conveneient, but more practical financially.  Of course, if a fellow marries (again) in Thailand, has a family, well perhaps those circumstances would prompt one to consider putting that much money down.  Myself, I would need to give it a lot of thought before giving the Thai government over $4,000. I have paid enough taxes in the USA, thank you.

Ted

Honolulu

[jonwilly]

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

I obtained a 'retirement visa' on Friday.

I had to show 800,000 b made up from, my verified by consulate Monthly income, and the differance in my bank holding as verified by bank and my passbook. This was sum in bank and not sum brought in from overseas.

I started making firm enquires on Monday and after my sum arrived from UK on Friday morning I went to CM immigration at 10.00. by 12.00 I was having lunch in Mad Dog.

A medical cert was required but very basic and no blood test.

The lady police captain with whom i dealt was very helpful and altho aware of the August visa increase's was unaware of any hike in price next year.

jon

[marty]

Quote (Roger13 @ July 24 2003,20:52)

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

Roger, where did you get this information?

And does this only apply to new retiremnt visa applications, or to extensions as well?

[tonyevans]

In June before the recent announcements/ rumours of the increase in reqirements for a retirement visa I went to renew my retirement visa. I first had a retirement visa in 1996/97 and have unbroken annual visa's since. I was able to ascertain from the very helpful officer at the Bangkok Immigration that I did only require 200,000 baht either in the bank or as income because I had been here since before 1998 when the rates changed. The important criteria being the unbroken annual visa.

I very much hope that if there is to be a substantial increase in requirements that the same rules will apply namely that prior to 1998 be continued and perhaps a new prior to 2004 limited to 800,000.

As an aside, the reason I have never applied for a Residency Permit was due to a report in the Pattaya Mail in May 2002,  of a meeting at the Immigration Police in Pattaya where tha Senior Officer from Bangkok advised that although not yet confirmed it was likely that the Residency Permit classification for retired persons would be stopped and all retirees would have to apply for annual retirement visa extentions. I have not seen at any time since, any confirmation of this announcement.

Hope it will be "status quo" for me.

Tony

[Roger13]

Quote (Roger13 @ July 24 2003,20:52)

And the Bank Deposit requirement increasing from

800,000 to 1,500,000 (about $35,000)

Roger, where did you get this information?

And does this only apply to new retiremnt visa applications, or to extensions as well?

I got this Info from elsewhere on this Forum.

I think it would be correct to say that Nobody

knows the answer to your other question.

But see previous post by Tony Evans as to what

happened with previous hike of Bank deposits.

[Robin]

I keep my money in a US$ account at the HSBC, which has satisified Immigration at Bangkok for the last 2 years for a retirement visa, while not being so tied up in Thailand.

Nothing was said to me last month, at my last extension, that suggested that this might not be acceptable.

Only snag is that I have to go to Bangkok to get money out, but worth it to deal with English speakers.  

Anyone heard anything different about this.

[Roger13]

I keep my money in a US$ account at the HSBC, which has satisified Immigration at Bangkok for the last 2 years for a retirement visa,

Hi Robin,

This is a Revelation.

But where is the US$ a/c with HSBC?

Bangkok? Offshore? New York?

It seems that You do not have a Debit Card to

use in ATM machines - do you know if

they can provide one?

Do you have cheques on this account?

Is drawing cash in Bangkok quick?

The regulations state that Deposit Accounts

for Retirement Visas must be in Thai Baht

in a Thai bank (I think this means any Bank in Thailand)

For you to have your Deposit still in US$

really is a departure from the Rules

I do hope you are prepared to tell us more

Thanks

Roger

[pnustedt]

Check out:

http://www.hsbc.co.th/th/personal/default.htm

If you have a "Premier A/C" with them it is very easy to switch between currencies. Total balance is normally stated in local currency using the exch. rate conversion.

You get all the necessaries - ATM card, credit card, cheque book, etc.

They only have one branch in Thailand tho'.

[marty]

Hi Tony,

The information from the Senior Officer from Bangkok who advised that “it was likely that the Residency Permit classification for retired persons would be stopped and all retirees would have to apply for annual retirement visa extentions”, was correct. After waiting since 1999 for my Residency Permit to be approved (and paying over 100K Baht to unnamed officials), I was informed in July 2002 that my application had been refused, and that I should apply for a Retirement Visa. No reasons were given.

It still doesn’t make sense to me, seeing that retirees are more likely to stay here permanently, than foreigners below retirement age. Retirees also would not be taking away work from Thais who could do the same or similar work, because the granting of a Retirement Visa prohibits that person from working in Thailand (unless your services are offered gratis).

[Roger13]

the granting of a Retirement Visa prohibits that person from working in Thailand (unless your services are offered gratis).

Hi Marty,

Can you tell me where you got that info from please

- (unless your services are offered gratis).

Thanks

Roger

[marty]

Hi Roger,

That came from Immigration, Bangkok. I was told that if I applied for a retirement visa, I could not work for remuneration. As much to say that, if you want to retire here, you should not then work here. If you decide to work, you must apply for Non-Immigran6t O-( visa.

[Roger13]

I was told that if I applied for a retirement visa, I could not work for remuneration.

Did Immigration actually say

"unless your services are offered gratis"

or is that your assumption?

As I understood the Regulations

Retirees cannot work

and the Immigration / Work Permit authority

has an all embracing definition of Work

- Paid/unpaid - physical/mental

[dr_Pat_Pong]

Work is work, whether paid or unpaid. Some latitude is shown to volunteers in some charitable organizations but only SOMETIMES...all depends on the whim or mood of the moment

[marty]

All Immigration said was that I cannot work.

I have done some free English teaching at a nearby Thai school - at their request, but I would not classify that as "work". It was only occasional and done as a favor to the Thai English teacher, so I did not consider it to be a transgression of the visa regulations.

[Roger13]

All Immigration said was that I cannot work.

I have done some free English teaching at a nearby Thai school - at their request, but I would not classify that as "work". It was only occasional and done as a favor to the Thai English teacher, so I did not consider it to be a transgression of the visa regulations.

I would say that it IS "work"

it IS a transgression of the visa regulations.

AND a transgression of the Work Permit Regulations.

But whether any action would be taken against you

as Dr Pat Pong says:

"depends on the whim or mood of the moment"

[silverhawk_usa]

Confused on Retirement Visa renewal.  If I exceed the annual income requirement (pension) is this sufficient for renewal, as it was for my initial visa, OR, is the bank account also required for renewals?

[Roger13]

Rules say Income "OR"  Savings

But from the various postings here:

Immigration Officers read that as "AND"

Has anybody been able to get

or extend a Retirement Visa on Income alone?

[Roger13]

Confused on Retirement Visa renewal.  If I exceed the annual income requirement (pension) is this sufficient for renewal, as it was for my initial visa, OR, is the bank account also required for renewals?

Hi Silver Hawk,

I just started a New Thread asking this question at:

http://forum.thaivisa.com/cgi-bin/ikonboar...t=ST;f=1;t=1952

Roger

[Robin]

My HSBC US$ Account

The account is at their head office in Silom/Rama 4.  I have to go there to withdraw money, either in $ or Baht.

I have never asked for an ATM, so can't help on this.

Their letter for Immigration gives the balance in $ and Baht equivalent, which has been OK for the two renewals I have done, last one last month.

This bank is good in that they do all their transactions in English, and are very organised and efficient, unlike my experiences with Bangkok Bank.  But they charge for everything like cash transfers.