Question About Income Source For Retirement Visa

[bunnydrops]

I am planning to move to Thailand in a year. I am a US over 61 and will get about 28000bt from early social security. So I have to make up the other 37000bt. I have owned my own company for 30 years and have a sizable savings. What can I do to show money I withdraw each month as income? The bank said they could draw up a form if I can tell them what they need to know. I don't want to put the 800,000bt in a Thai bank as of yet. I could have my company say I am making such and such, but that would really just be coming out of savings, since I would not be working. I would really rather close the company (its an S corp) befor I move, but it is an option if needed.

[ubonjoe]

You can deposit the money in a bank here in Thailand to make up the difference.

Using your income example you could deposit 444,000 in the bank to do this and show your bank book along with the income affidavit you do at the US consulate.

But since you are from the US you do not have to show any proof of income when you sign the affidavit and swear that it is true and correct. Having the money in a US bank and dividing it out over the year yourself is enough to do this if you wish. Some immigration offices will want to see a bank book along with the letter to show you have money coming in on a regular basis. You can arrange for your social security check to be deposited directly into a Thai bank account if you desire.

This and other SS info can be found at this link to the embassy website.

Link: http://bangkok.usembassy.gov/service/feder...-and-taxes.html

Edited October 27, 2008 by ubonjoe

[Thanyaburi Mac]

You can deposit the money in a bank here in Thailand to make up the difference.

Using your income example you could deposit 444,000 in the bank to do this and show your bank book along with the income affidavit you do at the US consulate.

But since you are from the US you do not have to show any proof of income when you sign the affidavit and swear that it is true and correct. Having the money in a US bank and dividing it out over the year yourself is enough to do this if you wish. Some immigration offices will want to see a bank book along with the letter to show you have money coming in on a regular basis. You can arrange for your social security check to be deposited directly into a Thai bank account if you desire.

This and other SS info can be found at this link to the embassy website.

Link: http://bangkok.usembassy.gov/service/feder...-and-taxes.html

I tend to NOT recommend Direct Deposit of SS or retirement check with the Bangkok Bank in the U.S. If you chose to do so, BE SURE to check the costs first, transfer fees, exchange rates, etc.

I put both deposits in my regular U.S. bank then once a month write a personal check out to "cash" at my local SCB branch for a $$ debit in the U.S. and a baht credit to my savings account here. It works fine, been doing so for 18 years! If I need more baht I just use my U.S. ATM card for a withdrawal in baht from the U.S. account.

Mac

http://bangkok.usembassy.gov/service/feder...-and-taxes.html

Direct Deposit to a Thailand-Based Bank

Bangkok Bank is the only provider of Direct Deposit services for persons who receive benefits from the following agencies: Social Security Administration (SSA), Veterans Administration (VA), and Civil Service. Contact Bangkok Bank directly for terms and conditions.

What do you need to do?

Open a “Direct Deposit” Account at the Bangkok Bank branch nearest your home. The Bank will assist you in opening a Direct Deposit Account. We suggest you clearly tell the bank staff that this account is for receiving a pension from SSA, or VA.

Sign Form 1199: Please bring 3 completed forms sf1199 to the headquarters branch of Bangkok Bank. The bank will forward your completed Direct Deposit form (Form 1199 A) to the SSA in US. You will be able to access your benefits from the Bangkok Bank branch near your house after your request has been completely processed. This often takes a few months. For more information please contact:

Bangkok Bank Public Company Limited

Currency Exchange Service

Global Payment Services Department

333 Silom Road, Bangkok 10500

Tel: (02) 230-1322-3, (02) 230-1311, (02) 230-2168

Website: http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/

Transfering+Funds/Receiving+Funds/Advice_Direct_Deposit.htm or contact Bualuang Phone Tel: 1333 or (02) 645-5555