65,000 Monthly Income Method

[gk10002000]

Of course we could even get into "disposable income" which is "income" we might have left over that is available for us to use in Thailand if we wish. Someone could have most of his "incomes" tied up in alimony, tax liens, past debts and the like and not have much left over to live on here in Thailand.

But, for me, so far so good. I love living in Thailand, and hope none of us retirees (or married) have problems with satisfying Immigration in the coming years.

So, farewell for now.

Absolutely correct. Just having income may be meaningless. I know a lot of people with high incomes that are broke due to expenses!

[bkkharry]

I have been living here for 11 years, two years as married then switched to retirement as it is much easier. Never have been asked to show additional documentation relating to verification of income from US Embassy. Dont even use a Thai bank account, access all my funds from the US by ATM card.

Sometimes people just think to much and stress themselves out over nothing. Relax and enjoy life.

[sbk]

Post has been deleted, making unsubstantiated accusations against other members is inflammatory, disruptive and will get you in trouble.

[gk10002000]

As the OP, I found this to be a very intersting chain of posts. Here are my summations and conclusions.

1: While "income" is usually meant to mean some sort of REGULAR income during the course of the year, "income" was never meant to be just something simple like a monthly pension or a Social Security benefit check. I think fixed income investments (CDs, bonds, solid Dividend paying blue chip stocks etc. are readily acceptable forms of income). Affirming that the sale of stocks, or other equities (maybe you even buy and sell houses) is "income" is spculation and probably is not OK for saying what you will earn next year. It might be OK, but you probably should be prepared to back that up and show one heck of a track record. Stating income based on the ability to trade stocks for profit in the future is NOT guaranteed income. I think that earning a salary or consultant fee while retired in Thailand of course qualifies as "income". Drawing down a savings account or deficit spending is NOT defensible as far as income determination is concerned. It is not "new" money going into your portfolio.

2: The affirmation of "monthly" income can be reasonably generalized to mean income averaged over a 12 month period. I say that because it is common knowledge that many fixed income investments such as Municipal bonds or taxable bonds usually pay semi-annually, or bond funds sometimes pay quarterly, or Certificates of Deposit (CDs) usually pay out yearly. Many people also have fixed income sources that are very solid and reliable but that do not pay out monthly. Examples are annuities, or even Lottery winning payouts that typically arrive just once per year or medical or malpractice or insurance judgements that I have seen paid out yearly, semi-annually and everything in between. One of my friends has a tiered structured settlement that skips a year then doubles. Kind of fails the "12 month average" test but it might work.

3: I think my original positing about income going into IRA accounts is OK and I would have no problem affirming it. It IS new money going into my portfolio and I can access it at any time. If some agency questions it, I can show the bonds and bond funds and dividend paying stocks that are in the account and that pay very regularly. If some agency disagrees with my affirmation, I have done nothing wrong and will of course do whatever it is they want to see if I can make them happy.

4: The more I look at the Bank Secrecy Act and the fact a US citizen has to report any overseas financial account that contains $10,000 or more at any time during the year, the LESS inclined I am to open a Thai bank accout with the 800,000 baht (~26,000) USD. I hate paperwork. I hate the idea of giving the US Treasury all the detailed account information. They aleady have my social security number and age and address, etc. Wouldn't take much for some hacker on either side of the ocean to mess things up.

Thanks a lot for the discussions and information. Go ATT! $4200 USD a year alone comes from that stock!

Greg K

[TacoBoy]

GK,

That is exactly why I go the income verification route myself, I do have the proper paperwork to show if necessary and therefore do not need to maintain a Thai Bank account especially with a lot of capitol invested into it.

I guess another alternative is to exit Thailand at the end of your visa or before it expires and travel to your home country and then apply for a new Long Term Visa there.

If you have a single entry visa, it will be cancelled if you don't have a re-entry permit, so might be better to just get a single entry visa and re-entry permits as needed.

Of course this alternative might be a bit more expensive, but no need for puting so much money in a Thai bank if you are usinig money banked as part of your income.

Plus an excuse to travel home to visit friend's and family once a year.

Edited March 23, 2011 by TacoBoy

[gk10002000]

GK,

That is exactly why I go the income verification route myself, I do have the proper paperwork to show if necessary and therefore do not need to maintain a Thai Bank account especially with a lot of capitol invested into it.

I guess another alternative is to exit Thailand at the end of your visa or before it expires and travel to your home country and then apply for a new Long Term Visa there.

If you have a single entry visa, it will be cancelled if you don't have a re-entry permit, so might be better to just get a single entry visa and re-entry permits as needed.

Of course this alternative might be a bit more expensive, but no need for puting so much money in a Thai bank if you are usinig money banked as part of your income.

Plus an excuse to travel home to visit friend's and family once a year.

Interesting train of thought on the visa and traveling home. I actually envision me spending about 6 months at a time away. I do have ties in the USA and other parts of the world, so flying back home would likely be happening. Having grown up in the Northeast and somewhat used to the seasons, it is refereshing to vist there in the Fall or see my friends north of Vancouver in British Columbia. And my now home state of Florida does have some attraactions and family too.

Happy Trails

[moe666]

The document I received from Thai Immigration (in Thai with their English translation) dated 3 December 2008 says:

In case of having monthly income... Applicant must provide evidence of a monthly income with a minimum of 65,000 baht ... This evidence must include a Letter (issued by your Embassy of citizenship) ... Income could be pension, interest, investment payoff, etc.

Right, that is also my understanding, NOT limited to pension.

But what does etc. mean exactly?

I think rental incomes would be acceptable.

But still having trouble with the idea of claiming GROSS stock sales or just a withdrawal from a bank account!

I also feel for US persons, what Thai immigration thinks is OK to claim is much more important than any wording on the US form. In other words converting annual to monthly is defensible.

Talk about over thinging this thing, no the sale of stock isn't income per say but when you take it from your bank to a bank in Thailand why split hairs, just say its income for retirement purpose. As you stated earlier the immigration officer is going to be intune with what is income or not.

[jazzbo]

I have used the US Embassy Affirmation of Monthly Income Letter for 6 years' worth of extensions of stay ... always have carried some form of corroboration but have never been asked although I am sure they noticed the bank logo, etc.

I do not need an excuse to travel to USA each year: I go back for about 3 weeks and stay a week or so with my card-shark bridge-playing Mother who is so happy to see me and then soon after asks '... And when are you heading back to Thailand?"