Retirement Visa Renewal

[Doznotdiz]

When I applied for my “retirement” visa in Australia I provided bank statements but the Thai Consulate didn’t pay much attention to them. Getting the visa wasn’t a problem. I’ve been religiously transferring at least 65,000 baht every month to my Thai bank account – which has totalled over 800,000 baht. I have 400,000 baht remaining and now it is visa renewal time. If I get a renewal I want to keep 400,000 baht in the bank and transfer 38,000 monthly for expenses. My question is: If this option is allowable then why would anyone want to retain 800,000 in the bank? They would still have to annually transfer around 400,000 baht for expenses anyway. I am asking this question because I’ve noticed some comments recently that immigration is not taking too kindly to people putting 800,000 baht in the bank once a year and then living off it – i.e. – not putting any additional funds into their accounts.

[wayned]

The only requirement is that the 80000 be in the bank for 2 months prior to your first extension and 3 months prior to each extension thereafter. You do not have to transfer 65000 baht into your account each month.

[ubonjoe]

In order to split the amounts you have to show the 400,000 in the bank then have a letter from the Australian embassy that shows your income for the remainder. I think you could do the income letter for the full of 65K if you have savings in Australia. They do it as a sworn statement that you have the income and normally don't ask for proof from what I recall from other topics.

[lopburi3]

As said the is no requirement to transfer any set amount to a Thai account - it is money in Thai account at 800k or more for three months or 65k per month income letter from Embassy or a combination to meet 800k per year.

For me a visit to Embassy to obtain letter (done last week) and visit to Immigration (done this week) providing them TM.7 with 4x6cm photo attached plus fee of 1,900 baht with the original Embassy letter of income/copy of passport data/visa/extensions and departure card is all that is required for new one year extension (done in Bangkok). At desk you are asked to fill out one form understanding extension is dependent on meeting the conditions and the normal top part of data form that officer approves your application. A computer photo is also taken but no finger prints this year.

[IMA_FARANG]

Well, I may be the "test case".

I have to do a 90 day reporting run to Chaeng Wattana tommorow anyhow.

My yearly visa renewal is due on 15 October 2012.

Due to some unexpected family expenses here in Thailand I probably won;t have 800K in my Thai bank account for the required 3 months on 15 October....but I will be able to show 700K or more and a documented monthly income (U.S.Social Security monthly pension) of 50K baht equivalent.

So the combined total will be more than 800K.

Since I must go for 90 day reporting tommorow anyhow, I intend to ask that very question of them.

I'll see what they say tommorow.

[ubonjoe]

Well, I may be the "test case".

I have to do a 90 day reporting run to Chaeng Wattana tommorow anyhow.

My yearly visa renewal is due on 15 October 2012.

Due to some unexpected family expenses here in Thailand I probably won;t have 800K in my Thai bank account for the required 3 months on 15 October....but I will be able to show 700K or more and a documented monthly income (U.S.Social Security monthly pension) of 50K baht equivalent.

So the combined total will be more than 800K.

Since I must go for 90 day reporting tommorow anyhow, I intend to ask that very question of them.

I'll see what they say tommorow.

You will need to get an income affidavit ($50 or 1600 baht) from the embassy. Be sure you make an appointment. You will only need to have 180K in the bank to make up the difference between your income and the 65K requirement. Of course the amount that you can show will vary along with the exchange rate.

[moe666]

To the Op where did you read that the immigration frowned upon you useing your bank money and then replenishing it. The 800,000 is there for a reason proof you have the funds to live in Thailand, if you spend it and then repenish it 3 months before is all they care about.

[Doznotdiz]

This thread gives the impression that immigration doesn't like you drawing down on the 800,000:

http://www.thaivisa.com/forum/topic/544898-retirement-visa-requirement/

But nobody seems to understand my question (based on this thread) anyway. Which was simply:

If it is acceptable for you to keep 400,000 in a Thai bank and bring in more than 400,000 additionally on an annual basis, then why would anyone keep 800,000 in a Thai bank account and then have to bring in additional funds for living expenses? I am assuming of course that you can get more interest on your money elsewhere than the 1-3% offered in Thailand. Do people have money stashed in a mattress, or return money to their homeland after they have satisfied visa requirements?

[lopburi3]

Nobody is being asked to keep 800k in a Thai bank for anything but the required 3 months each year. If you want to make it 400k or zero k the rest of the time so be it. The only question would be how you support your stay if asked - and those that do this will have an account or ATM receipt or some such show of living cash and not have further issues.

[Sophon]

This thread gives the impression that immigration doesn't like you drawing down on the 800,000:

http://www.thaivisa....sa-requirement/

But nobody seems to understand my question (based on this thread) anyway. Which was simply:

If it is acceptable for you to keep 400,000 in a Thai bank and bring in more than 400,000 additionally on an annual basis, then why would anyone keep 800,000 in a Thai bank account and then have to bring in additional funds for living expenses? I am assuming of course that you can get more interest on your money elsewhere than the 1-3% offered in Thailand. Do people have money stashed in a mattress, or return money to their homeland after they have satisfied visa requirements?

The requirement is:

• Income of 65,000 baht per month, or
  
• 800,000 baht in a Thai bank account, or
  
• a combination of income and money in a Thai bank account totalling 800,000 baht
  

Having savings in your home country and transferring some of those savings into Thailand will not turn the savings into income. Since income (unless it's Thai income) is supported by an embassy letter, then it will be up the embassy what they consider income, but I doubt that many embassies will be happy to confirm savings moved from one account to another as income. If your embassy is one of those that do not require evidence, then it's up to you whether you want to claim something as income that really isn't.

Besides, you can get more than 3% interest in Thailand if you look out for the special offers. And for many, that's more than they can et in their home countries. Having some of your money in Thailand also works as a partial hedge against currency fluctuations.

Sophon