Chuckie

[chuckie]

I'm interested in getting a retirement visa - my understanding is B800,000 in an account in LOS or B65,000 a month in pension or investment income.

A few questions about the financial requirements if I may try your patience.

Once income is verified, must I show a steady stream of income coming into los? Using my ATM card would be a whole lot easier.

Or, I just keep the B800k in an account is that all that is needed?

I am not concerned about the initial requirements as much as about the ongoing requirements to keep the visa valid. What kind of ongoing financial documentation is required?

I searched this site on the issue but found a few somewhat contradictory notes.

Also, curious if after a certian number of years on the retirement visa is one becomes eligible for the PR status?

Thanks!

[jonwilly]

I took out a retirement visa last july at CM immigration.

800,000 B in the bank or 65,000 B per month was requirement.

i have a pension fom Uk gov and obtained from brit consulate a statement to that effect. i was allowed to discount this from the 800,000 b bank holding.

you must show 800,000 B less any pension, in your bank book at latest seven days previous to application.

you may live off the sum in the bank until next year.

Very helpful staff.

jon

[lopburi3]

At present they do not seem to have hard and fast rules on account activity and some people save atm receipts without a problem. As this is really a guarantee that you can support yourself for the period of the visa do not believe they will require you to prove you spent that amount without advising you first. Will hope someone who know current policy can answer the PR question; but from how I understand it works in other countries I would not count on being able to obtain PR from a retirement visa (non-immigrant).

[jayenram]

you must show 800,000 B less any pension, in your bank book at latest seven days previous to application.

The latest information I have is that you must also have a letter from the bank (dated max 7 days before application) confirming your balance at that date. The letter must also have the bank 'chop'.

[lopburi3]

The latest information I have is that you must also have a letter from the bank (dated max 7 days before application) confirming your balance at that date. The letter must also have the bank 'chop'.

True. This is the proof that on such and such a day you had xxx,xxx in your account number xxxxx at said bank branch and is a form letter addressed to the Immigration Police and signed by official of the branch or head office of bank not more than seven days prior to your extension application. This may be checked at any time during the time that your application is "under consideration" so during that time you should not remove funds below the minimum requirement. Once the yearly extension is received you can use funds freely until the next time you extend.

[chuckie]

From above, does the B800,000 minus the pension mean minus the amnount of the annual value of the pension?

so if my pension had an annual value of B700,000 then I would need to have B100,000 in the bank?

Thanks

[dr_Pat_Pong]

Notionally that is correct but different officer's place different interpretations on it. A 100,000 is only $US2500. Not a lot to fall back on if things go wrong. Try with more for openers.

[lopburi3]

so if my pension had an annual value of B700,000 then I would need to have B100,000 in the bank?

In general that is how it works but believe many, if not most, would like to see at least the "support" requirement of 200k in a bank account. Also remember that the conversion from foreign currency may not be the current market rate so what you believe to be 700k may be a little less. Don't cut it too close if you have a choice.

[lopburi3]

Agree completely with the dr. who was much faster in putting it into words. Sorry for double post of essentially the same information.