Retirement Extension Income Requirement

[curtklay]

Hi all,

I have been renewing my "extension based on retirement" annually by keeping 800,000 baht in a Thai bank account. I go to immigration with my updated passbook showing 800,000 baht has been seasoned for 90 days, a letter from the bank confirming such, and all the other usual paperwork. There has never been a problem. 6 months ago, I started receiving US social security which is automatically deposited in my US bank account monthly. I would like to start using this income to satisfy part of my financial requirement using the "combination method", and want to be sure I understand how it works.

My social security is about $1000 per month (let's call it 30,000 baht or 360,000 baht annually). The way I figure is, I could reduce the Thai bank account to 440,000 baht making the combination total of income and savings 800,000 baht between my Thai and US bank accounts.

My understanding is I go to the US Consulate and get a letter confirming my income, which I bring to immigration with my bankbook and letter from the bank. I have read here that when obtaining the Consulate letter, no proof is required; they take your word for it. However, I can and will verify my income with printed monthly statements showing the deposits. I am not looking to deceive anyone. I just want to reduce the amount of money I need to keep in the Thai bank.

So here's my questions:

1. Am I figuring the logistics correctly?

2. How long before my renewal date at immigration can the Consulate letter be dated?

3. Do I still need the bank letter, or is an updated passbook enough?

4. Is it true that under this method, the 440,000 baht in the Thai bank does not need seasoning?

5. Am I correct that the 360,000 baht income can stay in my US bank?

6. Am I missing anything?

Thanks in advance for your help!

[JohnC]

My take on this is:

1)Yes

2) No more than one week

3) Depends on the office some still require a letter, worth getting to save any hastle

4)Correct

5)Yes

6) Do not think so

[Jingthing]

1. Am I figuring the logistics correctly?

Yes about the combo method. Be sure to check the exchange rate situation when you do this and err on the safe side (more money in the bank than the minimum in case immigration doesn't calculate the exchange rate the same as you). The U.S. consulate won't ask for proof but a good idea to bring documentation to immigration in the event they do ask (they probably won't).

2. How long before my renewal date at immigration can the Consulate letter be dated?

It varies by immigration office. There is no national written rule about that. I can say it doesn't need to be super fresh like for the bank letter. My impression is that a month old or even much older wouldn't be a problem. The letter shows income, not a fluctuating thing like an active bank account.

3. Do I still need the bank letter, or is an updated passbook enough?

You still need a very fresh bank letter. After all, this money is being used for qualification! For people having pension income covering the full requirement, generally it isn't needed. But you're talking COMBO METHOD.

4. Is it true that under this method, the 440,000 baht in the Thai bank does not need seasoning?

True in general. Some rare provincial offices may have funny ideas, but true under the national rules.

5. Am I correct that the 360,000 baht income can stay in my US bank?

Correct. No need to import one baht of it.

6. Am I missing anything?

Relax?

Edited April 11, 2012 by Jingthing

[lopburi3]

Believe most offices will accept Embassy letter within last month if not longer - just not from the previous year as often was accepted in the past. You should have a current bank letter of balance however even when not using it for the total amount.

[curtklay]

Thanks a million, gentlemen!

[OJAS]

Believe most offices will accept Embassy letter within last month if not longer - just not from the previous year as often was accepted in the past. You should have a current bank letter of balance however even when not using it for the total amount.

Yes, I have certainly not experienced any difficulty with my local office (Maptaput) in extending my stay on the basis of a 2-month-old Embassy letter - which they do, however, retain presumably to stop me using it again the following year. Is this not general Immigration practice?

[Mario2008]

It is indeed general practise to keep the letter. A new application means you need to provide a new letter.

[IMA_FARANG]

Wow...it just hit me!

I am retired and used the 800K Thai Baht bank account for my retirement extension last October (October 2011).

My next renewal is October 2012.

I am now getting approximately $1700 monthly from U.S. Social Security pension....since after I applied for my original retirement extension here in Thailand last year.

So based on the reply to the original OP's question above can I also use the income combination method for that renewal in October 2012?

Even though I applied last year based on that 800K bank account?

Won't be a problem for me if either the U.S. embesy or immigration does request proof of that $1700 per month income...because it's from a U.S. Social Security pension and they will provide a proof of pension letter if i need it.

So I guess my real question is...can I do that?

By which I mean ....is can I use the combination method for my renewal in October2012 even though my original retirement extension/visa was based on an 800K bank account?

If I COULD use that combo method in October 2012...that would effectively "free up" about 50K Thai Baht monthly...which would make the family expenses (I support 6 Thais) a lot easier.

[lopburi3]

Yes you can - but will cost the normal Embassy fee for letter of $50 each year.

[NancyL]

Curtklay, congratulations on your new income! Have fun figuring out what to do with that "extra" 360,000 baht you've created. I'm already planning how to use my "extra" money when I can start SSA in a few years and won't need that full 800,000 baht, either!

[curtklay]

Curtklay, congratulations on your new income! Have fun figuring out what to do with that "extra" 360,000 baht you've created. I'm already planning how to use my "extra" money when I can start SSA in a few years and won't need that full 800,000 baht, either!

Thanks for that, Nancy!

[mahjongguy]

"Extra money"? How so? Switching to the combo method might allow you to get slightly better interest on that 360k baht but surely that's not enough to matter much.

[lopburi3]

6 months ago, I started receiving US social security

Seems this is an extra $1,000 per month. But indeed it is not created by a switch in retirement options.

[curtklay]

Lopburi3: You are correct as always. The $10000 social security income is indeed "extra money". Switching to the combination method allows me to spend 360,000 baht without having to replace it 3 months before renewal.

NancyL: I completely understood your meaning of "extra money".

Thanks to all!

[NancyL]

Yeah, it's like a one-time gift of 360,000 baht.

[phuketrichard]

the nicest thing is the money in the bank does not need to be seasoned. Been using the combo method for 2 years now!!!

[MarkCyr]

As a guy getting in that thinking-of-retiring-and-moving-to-Thailand frame of mind, threads like this really help. It's one thing I love about the ThaiVisa community -- you get accurate and detailed info without the flaming and nonsense!

[TallGuyJohninBKK]

As to one of the specific questions raised above, there are the three standard options for meeting Thai Immigration's income requirement for retirement-based extensions of stay:

--consulate income letter

--Thai bank deposits

--any documented combination of Thai bank deposits and consular letter-stated income

For someone on a retirement extension, and then renewing that year after year, you can use any of the three income methods year to year. Just because you used one method last year doesn't mean you have to use that same method the next or subsequent years. Each year's application is its own separate application and process.

But, you still have to meet the specific requirements and processes for whichever one income method you choose to use for your extension of stay application.

[curtklay]

As a guy getting in that thinking-of-retiring-and-moving-to-Thailand frame of mind, threads like this really help. It's one thing I love about the ThaiVisa community -- you get accurate and detailed info without the flaming and nonsense!

It's gratifying to know that my post is of help to others. The immigration process can be quite confusing and frustrating. I've always received the best assistance from TV members, and am very grateful.

[richard2u]

Hi All,

I have a state pension as well as a few smaller ones, would i need letters from each of the providers to satisfy Immigration in order to get a 90 day (yearly) visa.

Many Thanks

Richard

[Suradit69]

However, I can and will verify my income with printed monthly statements showing the deposits. I am not looking to deceive anyone. I just want to reduce the amount of money I need to keep in the Thai bank.

A couple of months before you go in to get the extension, request a statement from Social Security verifying the amount you are receiving. I get one each year. Have never needed it, but it substantiates your income claim.

[lopburi3]

YHi All,

I have a state pension as well as a few smaller ones, would i need letters from each of the providers to satisfy Immigration in order to get a 90 day (yearly) visa.

Many Thanks

Richard

You obtain one year extensions of stay from Immigration so not sure what the 90 day refers to unless you are asking also about converting a non immigrant visa entry for retirement at the extra 2,000 baht fee. But in any case income is on a letter from your Embassy so you have to provide what they required to get that letter (it varies) and if asked to prove it have paperwork to show immigration (although normally the letter is accepted on its own).

[curtklay]

However, I can and will verify my income with printed monthly statements showing the deposits. I am not looking to deceive anyone. I just want to reduce the amount of money I need to keep in the Thai bank.

A couple of months before you go in to get the extension, request a statement from Social Security verifying the amount you are receiving. I get one each year. Have never needed it, but it substantiates your income claim.

Great tip! I didn't know I could do that. Many Thanks!

[Aforek]

"Is it true that under this method, the 440,000 baht in the Thai bank does not need seasoning?"

I am sorry, ( english is not my language ), in this case, what is the meaning of " seasoning money " ?

I am interrested by the combo method too

[curtklay]

"Is it true that under this method, the 440,000 baht in the Thai bank does not need seasoning?"

I am sorry, ( english is not my language ), in this case, what is the meaning of " seasoning money " ?

I am interrested by the combo method too

"Seasoning" means the money has to be in the bank for a specific length of time prior to your renewal or application. "Aging" would probably be a better term. If your doing the 800,000 baht in the bank method, it has to be in there for 90 days prior to your renewal, 60 days if it's your first application. If you're doing the combination method, seasoning is not required (for some strange reason).

Edited April 15, 2012 by curtklay

[Jingthing]

Seasoning money is actually the correct term. Saying 'aging' would not be better. Seasoned money is a well established financial concept. Learn it if you don't know it, and move on ...

http://activerain.co...ney-what-is-it-

Edited April 15, 2012 by Jingthing

[streetlite]

Nakhon Sawan Immigration:

US passport.

Application

Embassy letter stating monthly income (minimum 65000TB). No need to prove at the Embassy.

Passport pages.

Pictures

Proof of residency.

Spent 2 hours at the bank for a letter I did not need. Numerous copies of bank deposits I did not need

In and out in 15 minutes.

What a great Immigration office in Nakhon Sawan. No hassles. Thank you.

[KCPhuket]

Yes, right you are. The US Embassy issues the letter based on your truth on the form. The letter is notarized after you verbally confirm what you have written and signed the letter. The embassy provides the form. The income can come from multiple sources...no need for support documentation. The letter can be dated any time in the year in which you are renewing.

Phuket asks for a copy of your ATM card from the US. Don't know why this is so.

[TallGuyJohninBKK]

YHi All,

I have a state pension as well as a few smaller ones, would i need letters from each of the providers to satisfy Immigration in order to get a 90 day (yearly) visa.

Many Thanks

Richard

You obtain one year extensions of stay from Immigration so not sure what the 90 day refers to unless you are asking also about converting a non immigrant visa entry for retirement at the extra 2,000 baht fee. But in any case income is on a letter from your Embassy so you have to provide what they required to get that letter (it varies) and if asked to prove it have paperwork to show immigration (although normally the letter is accepted on its own).

I suppose it also depends on what exactly the poster here is asking about. The Thai consulates in the U.S. and other countries typically are the ones that issue VISAS, including non-Imm O-A (retirement) visas.... Whereas Thai Immigration inside Thailand typically issues extensions of stay based on retirement.

--Applying for a non-Imm O-A retirement visa from a Thai consulate in the U.S. In that case, the L.A. consulate lists the following info they'd want to see:

5. Four copies of:

- applicant's bank statement (U.S.) showing a balance in the amount of not less than 800,000 Baht (current Thai exchange rate is available from the Bank of Thailand web site)

- or an income certificate with a monthly salary of not less than 65,000 Baht

- or a combination of a deposit account plus a monthly income totaling not less than 800,000 Baht a year.

(When submitting the bank statement, a letter from the bank verifying the account and balance is to be presented)

or

--Applying for a retirement based extension of stay from Thai Immigration in Thailand. If this and applying on the basis of 65,000 baht or more in monthly income, Thai Immigration normally only wants to see ONE consular letter stating/certifying your total monthly income from all sources. Immigration could, but usually doesn't, ask you to provide the individual account statements that would document the $ claim made by your consular letter.

[PoodMaiDai]

Sounds complicated.

Thailand needs to take a hint from Malaysia on retiree visas.