Immigration Account

[Pdavies99]

I believe I need 800,000 baht in an account to meet retirement visa rules, can anyone tell me what interest rate I can get and where from etc please.

Thanks

[JollyRoger]

Hi Pdavies99. I'm surprised no one has picked up on this forum and given you some info. I've been out until now. Anyway, you don't need to deposit any money in a Thai bank account to qualify for a retirement visa. You do have to have a Thai bank account with just a token amount say 1,000 baht in it and you then download your bank statement from your home country and get the rep from the embassy to give you a letter confirming that your pension income from your home country is at least equivalent to 800,000 baht. I know the UK charges about 2,100 baht for this letter. You also have to take a photo copy of your bank statement not later than three days earlier and a copy of your housebook or where you live.

[fiberman]

Hi Pdavies99. I'm surprised no one has picked up on this forum and given you some info. I've been out until now. Anyway, you don't need to deposit any money in a Thai bank account to qualify for a retirement visa. You do have to have a Thai bank account with just a token amount say 1,000 baht in it and you then download your bank statement from your home country and get the rep from the embassy to give you a letter confirming that your pension income from your home country is at least equivalent to 800,000 baht. I know the UK charges about 2,100 baht for this letter. You also have to take a photo copy of your bank statement not later than three days earlier and a copy of your housebook or where you live.

<deleted>?

[kevjohn]

I have a Fixed Account with Bangkok Bank.

I have deposited 4 lots to the total of

Bht800.000+.

Depending when the amounts were deposited

the interest is either 2% OR 1.875%.

Hope this helps

Kevin

[CharlieH]

Hi Pdavies99. I'm surprised no one has picked up on this forum and given you some info. I've been out until now. Anyway, you don't need to deposit any money in a Thai bank account to qualify for a retirement visa. You do have to have a Thai bank account with just a token amount say 1,000 baht in it and you then download your bank statement from your home country and get the rep from the embassy to give you a letter confirming that your pension income from your home country is at least equivalent to 800,000 baht. I know the UK charges about 2,100 baht for this letter. You also have to take a photo copy of your bank statement not later than three days earlier and a copy of your housebook or where you live.

This is NOT entirely true !!

If you are applying for an extension based on Retirement and you are NOT using the income method the money MUST be in a Thai banlk account and be there for 3 months prior to the application (first) or 2 months prior for subsequent applications.

[Jingthing]

When using the 800K in Thai bank account method, the balance must be seasoned for TWO MONTHS for the first extension application, and THREE MONTHS for subsequent ones. The other poster got that mixed up.

The two other qualifying methods are based on embassy letter proving income of 65K monthly OR embassy letter PLUS Thai bank account totaling 800K annually. No bank account seasoning needed for these methods except for a few provincial offices who aren't following the national rule.

Interest on savings accounts with 800K? I make about 4,000 baht a year.

[chiang mai]

As the OP is no doubt becoming aware there are two methods available to him, the 800k in the bank route or the monthly/annual income method.

But the OP asked about interest rates for funds on deposit, presuming he goes the 800k route: the 800K must be available to him on demand during the months the money is being seasoned and whilst the visa is being applied for, that leaves around nine months of the year where the money could be put into a fixed rate deposit which vary in duration, currently around 3.75% (ish) is achievable. The interest ion the deposit is taxable at 15% but it is possible to recover this tax as long as it does not exceed certain parameters.

[padeakin]

What type of bank account does it need to be in?

Does it have to be a current account, or Is a savings account or a fixed deposit account acceptable?

I have just transferred 400K (for extension based on marriage) to a KTB fixed deposit account, will they accept this, or do I need to move it to a current account?

As the OP is no doubt becoming aware there are two methods available to him, the 800k in the bank route or the monthly/annual income method.

But the OP asked about interest rates for funds on deposit, presuming he goes the 800k route: the 800K must be available to him on demand during the months the money is being seasoned and whilst the visa is being applied for, that leaves around nine months of the year where the money could be put into a fixed rate deposit which vary in duration, currently around 3.75% (ish) is achievable. The interest ion the deposit is taxable at 15% but it is possible to recover this tax as long as it does not exceed certain parameters.

[cloudhopper]

Any term of account is acceptable for the retirement extension, but cannot be in a joint account even if more than 1.6 mil.

At least according to our dept. here in the remote provinces.

[padeakin]

I opened a 6 month deposit account with KTB interest rate is 2.75%

Funds are always available to be withdrawn, but it they are withdrawn before the 6 month term, then no interest is paid on the sum withdrawn.

I have not yet applied for an extension, I will need to before Jan 2012, I hope that immigration will accept this account, I think they should because the funds are available to me at any time.

[Jingthing]

Most retirees can't open checking accounts so most retirees have savings accounts with passbooks. Immigration is very happy to see the copies of passbook activity plus of course the require bank letter.

There are actually THREE basic methods of qualification. The third being the COMBO method (embassy letter PLUS Thai bank account).

[garrfeild]

I opened a 6 month deposit account with KTB interest rate is 2.75%

Funds are always available to be withdrawn, but it they are withdrawn before the 6 month term, then no interest is paid on the sum withdrawn.

I have not yet applied for an extension, I will need to before Jan 2012, I hope that immigration will accept this account, I think they should because the funds are available to me at any time.

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months This past September was the second year I applied for my 1 year marriage visa with the funds in that account. I was not told that the money had to be available to spend. I got my 1 year visa no problems.

So unless you actually need the money to survive in Thailand you can deposit the required amount into a long term deposit account. Which to my mind is easier than having to bring 4-800.000 into the country every year.

I bring every month the amount I need for that month. I have not been ask by immigration to show this activity or show the passbook when applying for the new visa.

Edited October 23, 2011 by garrfeild

[Jingthing]

Whoa there!!!

For the bank account method --

There is NO requirement to import 800K into Thailand every year!

There is no requirement to even import ONE baht.

Importing the money and SHOWING the money in Thailand are completely different things.

People get confused about this so I am glad I could help.

Edited October 23, 2011 by Jingthing

[Darrel]

Interest on savings accounts with 800K? I make about 4,000 baht a year.

Hmm. I get 30K (before tax which can be reclaimed).

Up to you though, I suppose.

[cloudhopper]

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months

You cannot withdraw under any circumstances? That would be very unusual if really true. You do not need to bring in any additional amounts in subsequent years.

[Darrel]

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months This past September was the second year I applied for my 1 year marriage visa with the funds in that account. I was not told that the money had to be available to spend. I got my 1 year visa no problems.

So unless you actually need the money to survive in Thailand you can deposit the required amount into a long term deposit account. Which to my mind is easier than having to bring 4-800.000 into the country every year.

I bring every month the amount I need for that month. I have not been ask by immigration to show this activity or show the passbook when applying for the new visa.

It all depends on the whim and mood of the officer checking your paperwork.

Technically the money must be available for you, and so some time deposits may not be suitable. Many time deposits are suitable because they allow early withdrawals, albeit with loss of interest.

So to be on the safe side, just in case you get an officer who got out of bed on the wrong side, it is best to choose an account that allows for instant withdrawals (albeit with penalty) and also to get the bank official to note that on the letter which you have to produce to immigration. That's what I did, and it worked.

[garrfeild]

Whoa there!!!

For the bank account method --

There is NO requirement to import 800K into Thailand every year!

There is no requirement to even import ONE baht.

Importing the money and SHOWING the money in Thailand are completely different things.

People get confused about this so I am glad I could help.

Sorry you lost me on that one! how can you show the required amount being in a Thai account unless you bring the money into Thailand? You have to import as you call it at least once, even if you put the money into a deposit account to earn the bit of interest offered.

Also while I appreciate some people show they are earning the required amount and having to go to thier embassy to get the letter of proof, the hassle in doing that and the added cost's would suggest the Bank account method is the easiest. unless you live in BKK and like visiting your embassy!

[garrfeild]

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months This past September was the second year I applied for my 1 year marriage visa with the funds in that account. I was not told that the money had to be available to spend. I got my 1 year visa no problems.

So unless you actually need the money to survive in Thailand you can deposit the required amount into a long term deposit account. Which to my mind is easier than having to bring 4-800.000 into the country every year.

I bring every month the amount I need for that month. I have not been ask by immigration to show this activity or show the passbook when applying for the new visa.

It all depends on the whim and mood of the officer checking your paperwork.

Technically the money must be available for you, and so some time deposits may not be suitable. Many time deposits are suitable because they allow early withdrawals, albeit with loss of interest.

So to be on the safe side, just in case you get an officer who got out of bed on the wrong side, it is best to choose an account that allows for instant withdrawals (albeit with penalty) and also to get the bank official to note that on the letter which you have to produce to immigration. That's what I did, and it worked.

Again not entirely true. It is not upto you're local immigration officer. All documantation goes to BKK for approval, all your local office does is make sure you have included the required documents, including your contact details just incase there is a problem. It is not for the local officer to decide what is right or wrong.

why else do you have to wait a month before they issue a backdated visa. If it was the way you suggest we could apply for and get the new visa at the same time, no waiting.

Edited October 23, 2011 by garrfeild

[garrfeild]

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months

You cannot withdraw under any circumstances? That would be very unusual if really true. You do not need to bring in any additional amounts in subsequent years.

I'm not in the habit of making up stories unless asked to. I am talking of my own personal experience in this matter. It is upto each to decide for themselves if they want to believe me.

[cloudhopper]

Again not entirely true. It is not upto you're local immigration officer. All documantation goes to BKK for approval, all your local office does is make sure you have included the required documents, including your contact details just incase there is a problem. It is not for the local officer to decide what is right or wrong.

why else do you have to wait a month before they issue a backdated visa. If it was the way you suggest we could apply for and get the new visa at the same time, no waiting.

The retirement extension that the OP is asking about is approved at the provincial office and does not go to BKK. And I'm afraid to report that the reality on the ground is that it is very much up to the local official to decide what is OK or not.

[garrfeild]

Again not entirely true. It is not upto you're local immigration officer. All documantation goes to BKK for approval, all your local office does is make sure you have included the required documents, including your contact details just incase there is a problem. It is not for the local officer to decide what is right or wrong.

why else do you have to wait a month before they issue a backdated visa. If it was the way you suggest we could apply for and get the new visa at the same time, no waiting.

The retirement extension that the OP is asking about is approved at the provincial office and does not go to BKK. And I'm afraid to report that the reality on the ground is that it is very much up to the local official to decide what is OK or not.

in which case I have been lucky 2 years running. we'll have to agree to disagree on that one.Though I will accept there may be certain advantages to being married to a Thai Lady.

Edited October 23, 2011 by garrfeild

[Darrel]

It is not upto you're local immigration officer. All documantation goes to BKK for approval, all your local office does is make sure you have included the required documents, including your contact details just incase there is a problem. It is not for the local officer to decide what is right or wrong.

why else do you have to wait a month before they issue a backdated visa. If it was the way you suggest we could apply for and get the new visa at the same time, no waiting.

Hmm. My visa extension was applied for, paid for, approved, issued and stamped into my passport in the space of 3 hours (including lunch break), based on the 800K deposit mentioned and a letter from my bank confirming the bank book contents. No other documentation required.

If they sent the paperwork from Jomtien to Bangkok and back in that time it must have been via Lear jet.

The local officer decides everything, at least in Jomtien. YMMV.

[Jingthing]

Whoa there!!!

For the bank account method --

There is NO requirement to import 800K into Thailand every year!

There is no requirement to even import ONE baht.

Importing the money and SHOWING the money in Thailand are completely different things.

People get confused about this so I am glad I could help.

Sorry you lost me on that one! how can you show the required amount being in a Thai account unless you bring the money into Thailand? You have to import as you call it at least once, even if you put the money into a deposit account to earn the bit of interest offered.

Also while I appreciate some people show they are earning the required amount and having to go to thier embassy to get the letter of proof, the hassle in doing that and the added cost's would suggest the Bank account method is the easiest. unless you live in BKK and like visiting your embassy!

You need to SHOW the money in the account annually. Yes.

You don't need to import 800K every year though ... just SHOW it. So typically, people "top off" their accounts annually to 800K. To repeat, it doesn't have to be all of 800K, only the amount needed to reach 800K.

There are people who have kept a static 800K here for many years and never touch it. It's only there for immigration qualification for them. That is totally OK rule-wise.

Of course you need to import ONCE unless you already live in Thailand and made the money here.

Cheers.

Edited October 23, 2011 by Jingthing

[Bosse137]

What is this,that two posters mention,that the tax paid can be reclaimed???What are the rules for this?By the way,reclaim is one thing,is it also possible to really get it..?

[garrfeild]

It is not upto you're local immigration officer. All documantation goes to BKK for approval, all your local office does is make sure you have included the required documents, including your contact details just incase there is a problem. It is not for the local officer to decide what is right or wrong.

why else do you have to wait a month before they issue a backdated visa. If it was the way you suggest we could apply for and get the new visa at the same time, no waiting.

Hmm. My visa extension was applied for, paid for, approved, issued and stamped into my passport in the space of 3 hours (including lunch break), based on the 800K deposit mentioned and a letter from my bank confirming the bank book contents. No other documentation required.

If they sent the paperwork from Jomtien to Bangkok and back in that time it must have been via Lear jet.

The local officer decides everything, at least in Jomtien. YMMV.

Well, they keep the Lear Jet on standby here in our province

I have never applied for a 1 year visa as a single person. I can see from your experience that the process is different depending on which visa you are applying for. I guess the question is why is there a different process?

[aurelius]

That's not entirely true. I deposited 400.000 into Kasikorn Bank for nearly three years at 4.5% interest rate. I cannot withdraw this money untill the end of 33 months

You cannot withdraw under any circumstances? That would be very unusual if really true. You do not need to bring in any additional amounts in subsequent years.

I'm not in the habit of making up stories unless asked to. I am talking of my own personal experience in this matter. It is upto each to decide for themselves if they want to believe me.

What you have been told is not correct. The funds can be withdrawn, however there will be an interest penalty.

[aurelius]

What is this,that two posters mention,that the tax paid can be reclaimed???What are the rules for this?By the way,reclaim is one thing,is it also possible to really get it..?

Definitely possible, if you are below a specified minimum income level in Thailand. Supposedly as retirees, there is no or little, other income.

[JimGant]

What is this,that two posters mention,that the tax paid can be reclaimed???What are the rules for this?By the way,reclaim is one thing,is it also possible to really get it..?

Definitely possible, if you are below a specified minimum income level in Thailand. Supposedly as retirees, there is no or little, other income.

And, if you're a Yank -- and have to report worldwide income on your tax filing -- the Thai tax can be claimed as a credit against your US tax. Thus, you effectively recover all the Thai tax withheld.

So, to apply for a refund with Thai tax authorities (with all that involves) would be worthless -- for Yanks, anyway.

As an aside, believe all fixed accounts have 15% of interest earned withheld. But savings accounts, I believe, do not withhold on the interest (although, years ago, we did have withholding on our savings account. But that was shortlived, and believe we even got credit for that *mistake.* Never did understand what was going on.....)

[sms747]

The first three years I applied for an extension I had the 800k in a deposit account, just a letter from the bank the day before and book not updated on the day, in and out in a few minutes with no questions asked. Last year I had moved it into a savings account and had a letter from the bank done two hours earlier. That was not good enough for the officer this year in BKK. He wanted to see activity in the book on that day, said the letter could have been forged, so whats the point of getting one? Had to get on a bike and go to the nearest branch, put money in and photocopy the book again. Of course I could have then withdrawn money on my ATM card and the officer would have been none the wiser. I have put the money back into a deposit account again, if they want to give you grief they will, whatever you do. I would like to know how to reclaim 15% tax back.

Edited October 23, 2011 by sms747

[chiang mai]

What is this,that two posters mention,that the tax paid can be reclaimed???What are the rules for this?By the way,reclaim is one thing,is it also possible to really get it..?

Definitely possible, if you are below a specified minimum income level in Thailand. Supposedly as retirees, there is no or little, other income.

And, if you're a Yank -- and have to report worldwide income on your tax filing -- the Thai tax can be claimed as a credit against your US tax. Thus, you effectively recover all the Thai tax withheld.

So, to apply for a refund with Thai tax authorities (with all that involves) would be worthless -- for Yanks, anyway.

As an aside, believe all fixed accounts have 15% of interest earned withheld. But savings accounts, I believe, do not withhold on the interest (although, years ago, we did have withholding on our savings account. But that was shortlived, and believe we even got credit for that *mistake.* Never did understand what was going on.....)

Savings accounts do with hold the 15% tax.