Retirement Visa 800,000 Thb

[IMA_FARANG]

Thank you all for your help.

I am not aware of any Thai banks that give good interest rates. Anyone got any suggestions there?

For HSBC Premier customers the benefit of using HSBC is that it is free to move money between HSBC accounts in different countries and open accounts in different countries. Therefore there would be the possibility of moving the money around to earn better interested elsewhere for 9 months of the year

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Perhaps but you didn't read the "small print".

Not only do you need to bring the money into Thailand, but you need to keep it that account for two months before your initial application for your retirement extension...often called the retirement visa. You have to do a 90 days reporting also..and one of the things they MAY want to see at that time is that the funds are still in that original account. So at best you will need to have that amount in that bank account each 90 days for your 90 day reporting checks. Effectively that means even if the Thais allow you to take the amount out after you get your initial retirement visa that you will have to put it back in that account before the 90 days are over.

Will even HSBC allow you to transfer your funds out of an account, into another account, and back again every 90 days and not charge you a fee for that serice? I don't know, but I doubt it.

And finally, the interpretation of the "rules" by different immigration offices varies. Some places get really upset if your 800K Thay Baht drops down below that 800K ammoint at ANYTIME during any 90 day period, some don't. But they almost all insist on seeing 800K in your accunt at each 90 day reporting check.

Bottom line, if you are going to use the 800K Baht method...you might just as well put it into an account and leave it there...regardles of the interest Otherwise you could be in trouble if they do ask you to verify the amount at a 90 day reporting check....and it isn't there at that time.

They may ask you for that funds verification each 90 days, and they may not; but they CAN if they wish to do so.

Edited July 27, 2011 by IMA_FARANG

[lopburi3]

I ask you to provide any report of this being asked for anything but annual extension of stay; there is no requirement to have money in account for 90 day address reports and officers do not require any such thing to my knowledge (and report itself you only have to do if you remain in country more than 90 days).