Retirement - 65,000 A Month!

[astor]

I got my money from abroad by atm visa card , for the daily expenses , and never touch the 400k in my thai bank.

[samran]

You don't need to show it is from abroad if you are working here with a WP. Marriage visa only.

OTE(Neeranam @ 2005-10-24 02:41:05)

I am thinking of retiring in 30 years, after working here for over 40 years.

I won't get a pension, but I will have given a lot to Thailand and her people, and likewise them me.

*

If you are going to be working here that long, why don't you apply for a residency permit after 5 years?

The rules state that you can, and I know people who have residency, and they are not by any means connected or anything special.

It's nearly 200,000 baht now, isn't it? But it would be worth having and save a lot of hassle.

<{POST_SNAPBACK}>

Yeah, best way to go...means you can stay here for as long as you like with no restrictions. From the money front, the one off charge is definetly a good investment when compared to the retirement funds that you will need.

[lanny]

I just read on another thread that 65,000 a month is required for retirement visa.

Bloody h3ll, why?

I am thinking of retiring in 30 years, after working here for over 40 years.

I won't get a pension, but I will have given a lot to Thailand and her people, and likewise them me.

With a Thai wife and kids, and maybe grand-kids by then , am I right in thinking that they will kick me out? I don't have a pension.

They will let any Tom, Dick or Harry in if they are getting a big pension?

I have a friend here who has recently retired. His grown up son is a bit of a superstar on the Thai soaps and earns a lot. He already own some very nice houses and a new car. The family own a restaurant too so no money needed for food.

He said he can live on 10,000 a month!

My question is, if he didn't have money to satisfy the marriage visa, would he get kicked out? He has been here for over 30 years.

65,000 is a LOT of money, why did they choose such a ridiculously high amount.

None of these guys at immigration get nearly half as much. They probably survive here alright.

Seriously,

Is there any way I could retire here if I don't have a pension from abroad, especially if I have lived and worked here for most of my life?

I plan to buy a farm when I retire and be pretty much self-sufficient.

Maybe I'll just overstay, will work out cheaper.

<{POST_SNAPBACK}>

For a retirement visa, the current requirement is that you have 800,000 in a combination of money in the bank and income from outside Thailand. If you have the money in the bank, you don't need the income -- and vice versa.

A friend of mine went to renew his visa a couple of years ago and took his attorney with him. He wasn't actually retired and couldn't show the income so they said he had to produce a bank statement and a letter from the bank. The left and went to the bank. He didn't have 800,000 so he asked his attornery (Thai). The attorney said "Simple." He withdrew enough from his account at the bank, deposited it in my friend's account, and they got the letter. Once it had been signed, my friend withdrew the money and returned it to the attorney. They then went back to immigration and he got his visa. End of story

I have never had them ask where the money came from and the copy of the bank book clearly showed that the balance was often lower than at the time I was applying.

[johnnyk]

I know an Aussie did samesame, basically bounced the money in and out of his account to get the letter.

I don't unnastan all the fuss about this.

The 800K is like your safety net.

They want to be sure you can get yourself through a bad patch or at least buy yourself a plane ticket out, unlike the falang I saw begging with his guitar at Victory Monument BTS station.

&lt;deleted&gt;, its US$20K or 11K sterling not serious money.

Edited October 24, 2005 by johnnyk

[Neeranam]

I wonder how many Thais borrow the money to get UK visas?

[meadish_sweetball]

A man I met claimed that if you are married and have a child who is a Thai citizen, you only have to pay 100,000 baht for residency. Is this correct?

[Neeranam]

I heard that too - but I think the fee was 90 something thousand.

[Maestro]

I heard that too - but I think the fee was 90 something thousand.

For a bit of history, go here.

The old fee of THB 97,500 was doubled about 2 years ago.

[samran]

I wonder how many Thais borrow the money to get UK visas?

<{POST_SNAPBACK}>

Dunno about Thai's, but alot of Aussies do to get a working holiday visa. They dump $2000 of borrowed cash into an account, get a statement printed up, and then return the cash to their friends

[alesypalsy]

Neeranam

Excuse me for asking your age but you seem to be talking about in 30 years? are you short of a full deck, Why worry about it now? 30 years is a long way off; anything can happen, if you are that bothered go back to your country of origin and earn the money needed in record time and return so you are in the financial position to live the dream you want. Are you married? if so have some children and in 30 years they will look after you the thai way. I wonder if this has ever happened yet?

Whatever you decide good luck to you; you seem happy enough there but a little to much of a worrier say I. Relax and every thing should come together.

[Heng]

I wonder how many Thais borrow the money to get UK visas?

Dunno about Thai's, but alot of Aussies do to get a working holiday visa. They dump $2000 of borrowed cash into an account, get a statement printed up, and then return the cash to their friends

Yes, Thais do. Helping one get a Danish visa at the moment.

edit: His English is quite good, and might read this forum, so I don't want to embarrass him.

Edited October 25, 2005 by Heng

[PeaceBlondie]

Neerunaum, if you're only saving 800 baht per month long term toward retirement, perhaps that's not enough. I know, if you're supporting wife and kids, you probably think you can't save 500 baht per month. But when I was finishing off the raising of six kids, I had about 13% of my gross income being saved for retirement, and at least that much was being matched by my employer. Now I'm comfortably retired.

It's nice to say that his Thai kids will support him, but Immigration doesn't have a category for that.

Remember, those 800K and 400K formulae can be mixed with pension funds. Sorry if that's off topic here, since the OP won't have a pension, but you can make any combination of annual pension income to make up the shortfall in the sum in your Thai bank account - chaimai?

[jackr]

I heard that too - but I think the fee was 90 something thousand.

For a bit of history, go here.

The old fee of THB 97,500 was doubled about 2 years ago.

It's still 97,500 according to CM immigration, double for non-married parsons

[Neeranam]

Thanks Jackr. that's what I thought.

[Maestro]

It's still 97,500 according to CM immigration, double for non-married parsons

My apologies: I posted erroneous information. I thought I knew but I should have verified it before posting. Now that I did look it up, it’s all there, exactly as Jack says.

And thank you, Jack, for your gentle treatment, merely rolling your eyes

Edited October 25, 2005 by maestro

[Maestro]

You show 800k/400k for the retirement/marriage visa extension for the first year on a Thai bank account. There is no rule   that this money must come from abroad. During the year you can spend all that money and top it up 2 weeks before renewal date. You can do this in the same way every year.

I had a wrong notion on this subject, too (as you may have noticed).

Looking it up now I see that on the website of the Immigration Bureau no foreign source is mentioned for “support Thai wife". After all, this non-O extension allows the visa holder to apply for a work permit and work in Thailand to support his wife.

Financial documentation:

- Bank statement and copy of bank account showing at least 400,000.- Baht deposit

- Employment evidence, work permit, and tax documentation showing an income of at least 40,000.- Baht.

Source: http://www.immigration.go.th/nov2004/en/ba...p?page=service#

It’s different for someone on a non-O for retirement, as he is not allowed to apply for a work permit. Here, the website of the Immigration Bureau does make specific reference to income from abroad, but does not make it an absolute requirement.

1. Financial Evidence:

1. Bank account pass-book, bank statement

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

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

http://www.immigration.go.th/nov2004/en/ba...p?page=service#

Note: Not the English text, but the Thai text refers to Bank account balance of THB 800,000

However, from the context it is clear that the three items listed are either-or conditions, and I assume the Thai text indicates the same. If you cannot show minimum 800K in the bank, then if you cannot show a monthly pension income of minimum 65K, then show either other sources of income or evidence of money transferred from abroad. A transfer from abroad is one option, the last of the four options mentioned, to satisfy the requirement of “financial evidence”.

I have seen reference on this forum to the requirement of a bank confirmation – form Tor Thor, I believe – to certify that the money came from abroad. On the other hand, some posters have said that their deposits did not come from abroad and Immigration raised no questions.

As Endure says, if the money doesn’t come from abroad and if you’re not on a non-O for support of Thai wife plus work permit, Immigration could raise questions, but from posts here they don’t always, or perhaps rarely, do so. Difficult to say what can make the difference.

//Edited for puntuation.

Edited October 25, 2005 by maestro

[Seen all,learnt nothing]

//Edited for puntuation.

But not for spelling

MAESTRO.

O Retirement visa based on 800k

If applying abroad then obviously it does not need to be in Thai bank a/c. But 800K must subsequently be transferred.

If applying (not extending)in Thailand money need not have come from abroad (e.g you may be on a B work visa, have saved money and now wish to retire). However if you have arrived on a tourist visa I expect (am sure) they will want to see evidence of transfer from abroad. .

When you renew (sorry EXTEND) you must have topped up to 800K and top up must have come from abroad. Imm know from code in bank book

[Neeranam]

It's still 97,500 according to CM immigration, double for non-married parsons

Still 10 x more than it was a couple of years ago, wish I'd got it then.

I know it is the future and I'm not really worrying about it, but maybe trying to find faults in the system.

If by some miracle I get a UK pension(I only paid into it for about 4 years), everthing will be fine. I may start paying the 1000 baht a month or whatever, but maybe better doing it another way.

Then again the Govt may decide to stop all pensions - it's a gamble.

As someone said, let my kids look after me in 30 years.

If I wanted to retire at 50, with my eldest daughter giving me cash(she'll be a famous international model, I'm sure). Would this be allowed, or would she have to send the money to the UK then in again?

Living in the present is good advice - Christ, I'm staying awake at night wondering whether my son should play for Celtic or Rangers - he hasn't even been born yet!

N N

[Seen all,learnt nothing]

Maestro,

In my previous post I corrected you. I believe further explanation is due. The extract from Immigration bureau website you quoted refers to documention to bring with you. It is not intended to describe CONDITIONS for extension of the visa. You are expected to know these before applying.

Retirement (& marriage unless you have income from Thai employment) the top -up to 800/400k money must have been transfered from abroad. I am not contradicting those who say they have obtained extensions without money coming from abroad - some get lucky.

It may appear unfair on those who have been working many years in LOS, saved money in LOS, and now wish to retire - but this is where official discretion comes into play. I doubt if anyone in this situation has had to depart LOS because of strict interpretation of regulations.

[Guest endure]

It's still 97,500 according to CM immigration, double for non-married parsons

Still 10 x more than it was a couple of years ago, wish I'd got it then.

I know it is the future and I'm not really worrying about it, but maybe trying to find faults in the system.

If by some miracle I get a UK pension(I only paid into it for about 4 years), everthing will be fine.

<{POST_SNAPBACK}>

Not much chance of that, I'm afraid. You need 44 years of contributions to get a full pension.

[Neeranam]

Ok, plan B it is!

[Ijustwannateach]

I'm sure it's already been said here somewhere, but assuming someone is retiring "young," say right at 60 years old, they could easily live another 15-20 years. At that time, 65K baht may no longer seem as much money in Thailand (at least in Bangkok) as it does today- this may be why the requirement is set so high.

"Steven"

[harpman88]

Can confirm that for a retirement visa, monetary requirement is 80,000 Bt / month if you are not married to a Thai national, 40,000 Bt / month if you are.

Why not forget the retirement visa and keep going with the Non-immigrant visa you can get if you have Thai dependents? It means a visa run every three months though.

<{POST_SNAPBACK}>

It is actually 65000 baht per month for a retiree.

<{POST_SNAPBACK}>

Thanx for that Doc, I was going to post the same thing,but I havent been checking in much lately and thought they may have slipped a new reg. in on me .

[Tarragona]

Ok, plan B it is!

<{POST_SNAPBACK}>

Don't forget that if you're making your social insurance contributions in Thailand, you'll be eligible for a pension here (on 15-years worth of paying in or something). I missed out on almost 10 years when I worked for a government institution (as they don't make contributions?). But I'm up to 5 years now and I'm assured that even a foreigner will be eligible if they have been paying in.

Edited October 26, 2005 by Tarragona

[Seen all,learnt nothing]

I'm sure it's already been said here somewhere, but assuming someone is retiring "young," say right at 60 years old, they could easily live another 15-20 years.  At that time, 65K baht may no longer seem as much money in Thailand (at least in Bangkok) as it does today- this may be why the requirement is set so high.

"Steven"

<{POST_SNAPBACK}>

So high!.

When 65k was set the Thai Govt hoped to attract what they considered to be the better off retirees. They didn’t want you or I. They want our money. They want us to spend it here.

It is surprisng that the 65k has not been raised to reflect western inflation.

Govt have the option of raising the financial requirement as they were expected to do last July. Fortunately they relented at the last minute.

[Maestro]

…assuming someone is retiring "young," say right at 60 years old, they could easily live another 15-20 years.

…whereas I have decided to live to the age of at least 108 years.

[RDN]

...It is surprising that ....

<{POST_SNAPBACK}>

Quiet!

...Fortunately they relented at the last minute.

<{POST_SNAPBACK}>

Do you have any links to this? It would be very useful for a lot of ex-pats to know when and where to look for information about what the govt. is doing that could dramatically affect their lives.

[Seen all,learnt nothing]

RDN,

Sorry. I should have referred to July 2004. Time flies in this earthly paradise.

Well documented on this site.

[jef]

The number is appropriate in my view; afterall this country has enough poverty packers on a daily basis with the requirement, certainly they don't need to increase that number by lowering the standard

<{POST_SNAPBACK}>

Hmmmm, they increased the amounts for marriage/retirement 3 years ago from 200k/400k to double that, to get rid of the poverty packers I guess, nice thinking...

[Seen all,learnt nothing]

Jef,

they increased the amounts for marriage/retirement 3 years ago from 200k/400k to double that, to get rid of the poverty packers I guess

The financial requirement for marriage was raised last year for "new entrants" . But the "poverty packers" remain. Don't think anybody in the country at time it was increased has been thrown out.

I think retirement income requirement was last increased as way back as 1998. Some retirees still qualify for extensions at 200k in bank. Sadly not me.