Confused About Documents For Retirement

[90210]

I thought I had it all worked out then i was looking at a thread giving a link to the immigration pages and required documents and now i am confused. If i am reading it correctly the immigration pages stated

'Financial Evidence:

Bank account pass-book, bank statement

Evidence showing reception of pension accompanied with Thai translation certified by the embassy or consulate of the country paying the pension

Evidence presenting other sources of income or evidence of money transferred from overseas'

Now i thought that you were able to get a retirement visa as long as you were over 50 and had the 800,000 b in the bank? Do you also have to be in receipt of a pension income as well? If so I'm scuppered!

[Thaiquila]

Obviously, there is no need to show evidence of a pension if there is no pension.

The rule as I understand it is that there needs to be 800K baht, either as a pension, a bank account, or a combination of the two.

So, your bank account should suffice.

If I am wrong, I am sure the experts will correct me.

[aletta]

Money and/or pension.

[90210]

great!thanks for that otherwise i would have to wait 16 years!!!

[Farang-Kha]

I thought I had it all worked out then i was looking at a thread giving a link to the immigration pages and required documents and now i am confused. If i am reading it correctly the immigration pages stated

'Financial Evidence:

Bank account pass-book, bank statement

Evidence showing reception of pension accompanied with Thai translation certified by the embassy or consulate of the country paying the pension

Evidence presenting other sources of income or evidence of money transferred from overseas'

Now i thought that you were able to get a retirement visa as long as you were over 50 and had the 800,000 b in the bank? Do you also have to be in receipt of a pension income as well? If so I'm scuppered!

<{POST_SNAPBACK}>

I'm not sure I'm exactly 'the expert' but I've done a huge amont of research on this.

The answer is: You need a TOTAL of 800,000 baht, as either capital, or annual income. So if you can show you have 800,000 baht in the bank - you need show zero income. If you have 500,000 baht, you need to prove annual income of 300,000 to make up the difference. Remember - you need to be able to do this 'for ever - every 12 months'. There's a small possible warning, too, that's worth keeping in the back of your mind. If they change the annual amount needed, you have to swing into line with the 'new' rules - whatever they might be. The amount required did change a couple of years ago. But - if for example they change the rules to (say) 2 million in a couple of years time - you won't be able to say you 'joined the club' at 800,000. So if the 800,000 is 'pushing it', it might be worth thinking quite carefully. Just my opinion (forever cautious.......but often wise )

Edited July 13, 2005 by Farang-Kha

[true blue]

Obviously, there is no need to show evidence of a pension if there is no pension.

The rule as I understand it is that there needs to be 800K baht, either as a pension, a bank account, or a combination of the two.

So, your bank account should suffice.

If I am wrong, I am sure the experts will correct me.

<{POST_SNAPBACK}>

correct its either money or pension both would be nice of course

[seeker108]

Obviously, there is no need to show evidence of a pension if there is no pension.

The rule as I understand it is that there needs to be 800K baht, either as a pension, a bank account, or a combination of the two.

So, your bank account should suffice.

If I am wrong, I am sure the experts will correct me.

<{POST_SNAPBACK}>

correct its either money or pension both would be nice of course

<{POST_SNAPBACK}>

How do they define pension?

If you can show that you earn from bonds, stock dividends, bank interest, etc more than B 800,000 per year would this qualify?

[Thaiquila]

Obviously, there is no need to show evidence of a pension if there is no pension.

The rule as I understand it is that there needs to be 800K baht, either as a pension, a bank account, or a combination of the two.

So, your bank account should suffice.

If I am wrong, I am sure the experts will correct me.

<{POST_SNAPBACK}>

correct its either money or pension both would be nice of course

<{POST_SNAPBACK}>

How do they define pension?

If you can show that you earn from bonds, stock dividends, bank interest, etc more than B 800,000 per year would this qualify?

<{POST_SNAPBACK}>

Good question. I don't know but you could SELL these assets during the year so that isn't really guaranteed income.

However, alot of people are buying annuities these days, and you are generally stuck with these and the income is predictable, so another question would be if they don't accept stocks and bonds, would they accept income from annuities?

[dr_Pat_Pong]

It has to be an ongoing annuity, superannuation, or government pension or the like

[RDN]

How do they define pension?

If you can show that you earn from bonds, stock dividends, bank interest, etc more than B 800,000 per year would this qualify?   

<{POST_SNAPBACK}>

I don't know how they define "pension income", but I believe they are quite strict. I got my visa by having 800,000 baht in a bank. If you can scrape up that amount, get your visa that way and save whatever money you get during the year for the following year's 800,000 - so there's no need to prove you have a pension.

The "following year's 800,000" is not strictly correct - you just need to get your bank account back up to 800,000. So if you spend 600,000 and keep 200,000 you just need another 600,000 to get back to 800,000 for the extension renewal.

So maybe this way you can get away with less than the required 65,000 monthly pension income: if your pension is 40,000 (480,000 per year) you need an extra one-off lump sum of 320,000 to get to the required 800,000. Then each year you spend a maximum of 40,000 per month from the Thai bank account and simultaneously save the 40,000 pension income in your home country bank (where you can also get some interest). Then, just before "extension renewal" day, you transfer the 480,000 that you saved into your Thai bank which should still have a residual 320,000 in it. So now you are back to 800,000.

//Edit: Thanks for the details, Doc. We cross-posted.

Edited July 13, 2005 by RDN

[dr_Pat_Pong]

Great minds RDN

[lopburi3]

The definition of "pension" is up to your Embassy. Immigration wants a letter from them not any pension paperwork.

[seeker108]

The definition of "pension" is up to your Embassy.  Immigration wants a letter from them not any pension paperwork.

<{POST_SNAPBACK}>

Aha, I knew the embassy verified your pension income to immigration, but did not know that immigration did not check the documentation and simply went by the embassy letter. That makes life simpler hopefully.

However, I guess Doc's comment refers to the US consulate's criteria?

[Thaiquila]

Interesting, but the last I heard is that the US embassy does NOT ask for documentation. (Anyone wish to verify?) However, you are making a signed (notarized?) statement to them that something is so to your own government. The implications of that are a little dizzying.

[lopburi3]

Interesting, but the last I heard is that the US embassy does NOT ask for documentation. (Anyone wish to verify?) However, you are making a signed (notarized?) statement to them that something is so to your own government. The implications of that are a little dizzying.

<{POST_SNAPBACK}>

The US Embassy has you fill in the blanks of a one page form with your bio data and amount of your pension which is stamped with US Seal and you then sign in presence of notary (Consular) who also signs.

[Thaiquila]

Interesting, but the last I heard is that the US embassy does NOT ask for documentation. (Anyone wish to verify?) However, you are making a signed (notarized?) statement to them that something is so to your own government. The implications of that are a little dizzying.

<{POST_SNAPBACK}>

The US Embassy has you fill in the blanks of a one page form with your bio data and amount of your pension which is stamped with US Seal and you then sign in presence of notary (Consular) who also signs.

<{POST_SNAPBACK}>

Yes, but if someone decides to label their dividend and bond interest income as a pension (it really isn't) and puts it on as pension on the form, isn't that kind of not a very safe thing to be saying to your own government, who still has you by the balls in matters of taxation and passports, expat or no.