Retirement Visa

[mikekim1219]

I am bit confused about the retirement visa. I am 53 years old and have no steady income. I have small savings (7 to 10 mil baht, not counting IRA). Am I still eligible if I deposit 800,000 baht in the thai account? Do I still need proof of 65,000 a month income?

[metisdead]

The 800,000 Baht needs to be in a Thai bank in your name only. Needs to be in the bank for a period of 2 months prior to your first application for Retirement Extension. Following year for renewal of extension your 800K needs to be seasoned (not less than 800K) for 3 months prior to renewal. With the 800K in the bank, there is no need to prove 65K monthly income.

[richardjm65]

Since you're over 50, you can get an extension for a year of your non-immigrant O visa on the basis of retirement. You will be required to show a balance of 800,000 baht in a Thai bank account in your name. This will need to be in your account for (initially) two months prior to your application for visa extension. In subsequent years the two months is extended to three . (I don't know why). Alternatively, you can pop along to your embassy and ask them to confirm and certify any pension income you may have. The amount of your pension, if any, may be offset against the 800,000 baht requirement so that at visa extension time you need to show both your holding in baht in your Thai bank and the certification from your embassy. As long as the sum of both amounts to 800,000baht you'll be able to extend.

No, you will not have to show 65,000/month in addition to the above. The requirements for an extension based on marriage are different from the above, but you have not asked that question. In my opinion, the retirement extension (if you can raise and show evidence of that 800,000) scores highly, because it is simple and requires less "local participation" in your affairs. Any further queries, someone here will be willing to help.

[wpcoe]

Also note, that if you have "7 to 10 mil baht, not counting IRA," you presumably have some interest income on the B7-10m. If you declare that income along with the savings in a Thai bank, you do not need to have the funds in the Thai bank for two (or three) months. You only need to season the money if you are only using savings, with no income in the equation.

Since you used the term "IRA," presumably referring to a retirement savings account, I assume you are American. To declare the income, you simply need to fill in a form letter at the US Embassy in Bangkok and swear the amount of income.

[Lite Beer]

(1) The alien has obtained a temporary visa (NON-IM);

(2) The applicant is 50 years of age or over;

(3) Proof of income of not less than Baht 65,000 per month; or

(4) Account deposit with a bank in Thailand of not less than

800,000 Baht as shown in the bank account for the past 3 months at the filing date of the application. For the first year, the applicant should have that amount in his bank account for not less than 60 days or

(5) Annual income plus bank account deposit totaling not less

than Baht 800,000 as of the filing date of application

[mikekim1219]

Am I reading it correct? 65,000 a month is about $14,000 a month. Many of us want to retire in Thailand because of cost of living. For that amount you can retire in Florida comfortably.

What are other options of living in Chiangma? If I marry a local girl, what are the requirements? 9 years ago when I was in BKK, they use to have bus run to Cambodia border. Does this exist in Chiangmai? What are other options?

Thanks in advance

Mike

Since you're over 50, you can get an extension for a year of your non-immigrant O visa on the basis of retirement. You will be required to show a balance of 800,000 baht in a Thai bank account in your name. This will need to be in your account for (initially) two months prior to your application for visa extension. In subsequent years the two months is extended to three . (I don't know why). Alternatively, you can pop along to your embassy and ask them to confirm and certify any pension income you may have. The amount of your pension, if any, may be offset against the 800,000 baht requirement so that at visa extension time you need to show both your holding in baht in your Thai bank and the certification from your embassy. As long as the sum of both amounts to 800,000baht you'll be able to extend.

No, you will not have to show 65,000/month in addition to the above. The requirements for an extension based on marriage are different from the above, but you have not asked that question. In my opinion, the retirement extension (if you can raise and show evidence of that 800,000) scores highly, because it is simple and requires less "local participation" in your affairs. Any further queries, someone here will be willing to help.

[Lite Beer]

Extension requirements for having a Thai Wife.

(6) In case of marriage with a Thai lady, the husband who is an alien must have an average annual income of not less than 40,000 baht per month or a money deposit in a local Thai bank of not less than 400,000 baht for the past 2 months for expenses within a year.

Regarding these requirements for Retirement and Marriage.

There is no need to actually spend that amount, it just has to be available when you apply.

[metisdead]

Am I reading it correct? 65,000 a month is about $14,000 a month.

Using today's exchange rate of 29.69 for US $100.00 bill; 65,000 Baht a month = $2,189.

[JohnC]

Am I reading it correct?

No : 65,000 baht = $2155, how you got 65,000 baht to equal $14,000 I have no idea!

[mikekim1219]

Ah sorry, I converted using Chinese Yuan. Lived in China too long. Guess it's time to leave

Seems 800k is the best deal. Can you do anything with 800k, like buying a condo?

Mike

Am I reading it correct? 65,000 a month is about $14,000 a month.

Using today's exchange rate of 29.69 for US $100.00 bill; 65,000 Baht a month = $2,189.

[lopburi3]

It is strictly a bank deposit for 2/3 months each year prior to application - you can use at other times but having a condo will not count as having funds in a bank account.

There is a 10 million investment visa that could be obtained however.

[metisdead]

Ah sorry, I converted using Chinese Yuan. Lived in China too long. Guess it's time to leave

Seems 800k is the best deal. Can you do anything with 800k, like buying a condo?

Mike

Am I reading it correct? 65,000 a month is about $14,000 a month.

Using today's exchange rate of 29.69 for US $100.00 bill; 65,000 Baht a month = $2,189.

I don't know about using the money for buying a condo. If you do use any of this 800K during the year, just remember at least 3 months prior to your renewal you will need to top up your account. You can use 2 accounts, i.e. a fixed account (CD) and savings account. With the fixed account, at the moment offers a slightly higher interest rate than savings. As to myself, I leave my money "parked" not letting the balance drop below 800K during the year.

[jazzbo]

However the Yank contingent should be advised that the last time I went in for an extension of stay based upon retirement the local IMM office insisted on using the highly unfavorable Bangkok Bank 1-2$ note rate which as of today is:

USD1-2 : 28.99

USD5-20 : 29.30

USD50-100 29.77

I nearly had a stroke when I realized what they were up to but I squeaked by with the $1-2 note rate... I do not know that there is any other country that has such multiple rates based on currency note denomination.

[Konini]

The 800,000 Baht needs to be in a Thai bank in your name only. Needs to be in the bank for a period of 2 months prior to your first application for Retirement Extension. Following year for renewal of extension your 800K needs to be seasoned (not less than 800K) for 3 months prior to renewal. With the 800K in the bank, there is no need to prove 65K monthly income.

I apologise if I'm asking something already covered, but my internet is crawling along at a snails pace at the moment so searching is not an option. My husband and I (I always feel like the Queen when I say that) are currently here on a 12 month non-immigration O visa. Later this year he will turn 50 but I'm a couple of years younger. Our income is not fixed - we have several rental properties and the bulk of our income comes from share dividends; rents and dividends are not guaranteed or fixed, although we certainly make more money than we spend. Crazy Australian laws concerning tax paid dividends means we get refunds rather than bills when we lodge our annual tax returns, and we use the tax law to it's highest potential (all totally within the stupid laws) so on paper our joint annual income doesn't look good. Our accountant will, if requested, write a letter stating our true combined income without all of the deductions and rebates (a lot of which is tied in a self managed superannuation fund that we can't touch until the age of 55). Would this letter suffice? If not, I would rather take 800,000 baht from our superannuation fund rather than our personal accounts (I've checked with the accountant and it's OK to invest money in another country), but obviously this is not preferred as it would earn little if any interest. Also, to keep everything legal in Aus the bank account should be in joint names as trustees of the super fund. We can forget the super fund bit, but I think our accountant may insist on it being a joint account. Our financial position is such that we could qualify under the money in the Thai bank or income rules if a letter is sufficient. My questions are therefore:

Will a letter from our accountant suffice?

If not, can the bank account be in joint names?

What kind of visa do I get until I'm 50? Most questions seem to be about farangs married to Thai women.

And then the most important one - once I'm 50 do we have to have the 65,000/month or 800,000 in the bank each or just between us. Even with rent, we rarely spend much over 65,000/month between us not including airfares and holidays and the like.

Thanks for taking the time to read, I again apologise if this has been covered in earlier posts, and thanks in advance for any help with any of the questions.

[Sophon]

Will a letter from our accountant suffice?

Income abroad is confirmed with a letter from your embassy, so you will have to ask them what kind of evidence they require to issue the letter.

If not, can the bank account be in joint names?

No, the bank account has to be in your husbands name only. Joint account may be accepted, but then you would be required to have double the amount in the account (i.e. THB 1,600,000), as half of the balance would be considered your money.

What kind of visa do I get until I'm 50? Most questions seem to be about farangs married to Thai women.

Once your husband has a one year extension for retirement, you can get a matching extension as his dependent without any further financial requirements. This is assuming that you are legally married.

And then the most important one - once I'm 50 do we have to have the 65,000/month or 800,000 in the bank each or just between us. Even with rent, we rarely spend much over 65,000/month between us not including airfares and holidays and the like.

You do if you wish to apply for an extension for the purpose of retirement, but as mentioned above you have the alternative of "piggy backing" as a dependant on your husbands extension.

Hope this helps.

Sophon

[Konini]

Income abroad is confirmed with a letter from your embassy, so you will have to ask them what kind of evidence they require to issue the letter.

No, the bank account has to be in your husbands name only. Joint account may be accepted, but then you would be required to have double the amount in the account (i.e. THB 1,600,000), as half of the balance would be considered your money.

Once your husband has a one year extension for retirement, you can get a matching extension as his dependent without any further financial requirements. This is assuming that you are legally married.

You do if you wish to apply for an extension for the purpose of retirement, but as mentioned above you have the alternative of "piggy backing" as a dependant on your husbands extension.

Hope this helps.

Sophon

Thank you so much for the information, you have very clearly and very precisely answered all of my questions. I shall write to the Embassy and ask if they need to sight tax returns or if they will accept a letter from our accountant based on previous years' income and his opinion that the income fluctuates in a small range but will not change significantly. Even if they won't accept the letter, the embassy staff should know everyone uses they system to minimise tax and 20 years ago, the then richest man in Australia was ordered to appear at a Senate Enquiry because his personal income for the year was $2,000. His televised response:

"…Only a fool pays more tax than he has to" and my personal favourite "I would pay more tax if I thought you were spending what I give you now wisely."

[jazzbo]

I was in my friendly local IMM office today and after finishing my in-person 90-day report I queried of the IMM Officer:

When it comes time next for me to do Extension of stay based upon retirement, will you compute the BAHT income based upon my affirmation of $US income letter from the US Embassy using the 'best' rate (Bangkok Bank $100 note rate) or the 'worst' rate (Bangkok Bank $1 note rate)?

His answer was that based upon directives from the Dept. Of Immigration HQ at CW they are to use the 'worst' rate ... or a difference (today) of about $60 extra income required per month.

[theoldgit]

When it comes time next for me to do Extension of stay based upon retirement, will you compute the BAHT income based upon my affirmation of $US income letter from the US Embassy using the 'best' rate (Bangkok Bank $100 note rate) or the 'worst' rate (Bangkok Bank $1 note rate)?

His answer was that based upon directives from the Dept. Of Immigration HQ at CW they are to use the 'worst' rate ... or a difference (today) of about $60 extra income required per month.

I did mine yesterday, in Bangkok, and after the officer looked at my UK Embassy letter, which is in GBP, she asked my what rate do I want to use to convert, I said 48.75 which was the telex rate when I checked yesterday, she wrote that down without batting an eyelid.

[jazzbo]

Gee ... being a Brit must be wonderful ... On Bangkok Bank and elsewhere I believe the US is the only currency in Thailand with different rates based upon denomination as per Bangkok Bank website:

USD1-2

USD5-20

USD50-100

GBP

EUR

[theoldgit]

Gee ... being a Brit must be wonderful ...

It is actually, but the main point is that the Immigration Officers seem to just make the rules up, or at least their procedures, as they go along.

[jazzbo]

I was just reporting my first-hand experiences during my renewal last year and my conversation today... They most certainly emphasized both occurrences that I did not have the option to choose which currency conversion rate I preferred to use and that they would be using what is the least favorable.