Retirement Visa & Will

[WilliaminBKK]

I'm considering bringing my folks over to live with me, both early 70's & Canadian Citizens. I really hate to even think about this but I should know. If I do the retirement visa for both of them 800K X 2 in the event (God Forbid) something terrible happens to one or the other what would the procedure be to get the money out of the bank and back into my account in Thailand ? Would they have to amend their Canadian Will ? or would it be wise to do a Thai Will just for these monies ?

Much appreciated.

[Colabamumbai]

From a fellow Canadian. A bank card should allow you to withdraw funds, either theirs, with their pin number or the bank will give you an extra card, with the same pin, just like they do for husband and wife anywhere.

[Jingthing]

It is possible to do a married couple retirement extensions with ONE bank deposit of 800K, not two. Also are you saying neither has any government and/or private pension? Also works towards qualification. First step, explore the best methods for retirement qualification that fit their situation. As far as will for banked monies in Thailand, the proper legal method would be for them to draft wills in Thailand that cover their Thai assets including Thai bank accounts. Withdrawing by ATM from an account owned by a deceased person would be illegal in Thailand or anywhere. Such accounts should be locked and then the wills should be effected through the legal channels in Thailand by the executor, which could be you.

[WilliaminBKK]

It is possible to do a married couple retirement extensions with ONE bank deposit of 800K, not two. Also are you saying neither has any government and/or private pension? Also works towards qualification. First step, explore the best methods for retirement qualification that fit their situation. As far as will for banked monies in Thailand, the proper legal method would be for them to draft wills in Thailand that cover their Thai assets including Thai bank accounts. Withdrawing by ATM from an account owned by a deceased person would be illegal in Thailand or anywhere. Such accounts should be locked and then the wills should be effected through the legal channels in Thailand by the executor, which could be you.

Yes they do get CPP/OAP pensions from the Government in Canada and the UK & lots of retirement funds I'm sure they are very comfortable in terms of available funds, we never discuss money & I don't think I could ever ask my parents what they have or make in pension dollars. I really want this to be as seamless as possible so they can simply relax, enjoy life, eat well, play golf, shop and I can take care of them. I didn't realise the 2 for 1 deal, I'll learn more about that.

I really wanted to avoid a codicil to their Canadian and UK wills and make it purely a Thailand issue so I was able to get my hands on the money and satisfy the Thai banks accordingly. So Thai Will it is. I figured the ATM was an option but the emotional stress would kill me.

Many thanks, on a funny note I'll be 50 in a few years imagine Immigration doing 3 retirement visas - parents and child LOL

[chiang mai]

They will need a Thai will to cover their assets in Thailand, their Australian or UK wills will not suffice.

[Jingthing]

Let's start with the visa issue. Each can qualify separately with a pension income of 65K baht for month with NO bank account needed in Thailand (although they will want one for practical reasons). Income under 65K can be mixed with Thai bank account to add up to a sum over 800K annually. Talking about retirement extension rules, not O-A visa rules which are technically different (money in Canada can be used for that). You asked worrying about a big Thai bank account. If both have ample pensions, this should not be a concern.

If you want to help your parents with the retirement visa options, sorry, but you MUST talk to them about DETAILS of their finances. Otherwise, you can't possibly give them the best advice or get the best advice here.

[WilliaminBKK]

Let's start with the visa issue. Each can qualify separately with a pension income of 65K baht for month with NO bank account needed in Thailand (although they will want one for practical reasons). Income under 65K can be mixed with Thai bank account to add up to a sum over 800K annually. Talking about retirement extension rules, not O-A visa rules which are technically different (money in Canada can be used for that). You asked worrying about a big Thai bank account. If both have ample pensions, this should not be a concern.

If you want to help your parents with the retirement visa options, sorry, but you MUST talk to them about DETAILS of their finances. Otherwise, you can't possibly give them the best advice or get the best advice here.

They will be here is a few weeks, I wanted to walk them into my bank open an account with them (Manager already said No problem)

Have the family talk that I will "take care" of the requirements 800X1 or 800X2 and then start the process. I do see your point and I know they have incomes in excess of 65K per month I just am scared to discuss money with them.

Many thanks

[meatboy]

as my wife has assets in the uk she had to make a will in the uk.that will only cover what ever estate she has in the uk.a seperate will must be made in thailand to cover any estate in thailand only.

[lopburi3]

You will not have to do that (discuss money) - just ask them to visit there Embassy for letters of income - you will never see them as they present that to Immigration for extension of stay. Requirement is 65k per month in baht (they use normal exchange rates) and if either income is below that they can use a bank account to make up the difference (800k per year total). They should arrive on non immigrant O visas if they can - if not they can convert here in an extra 2,000 baht step but will require 2 financial document submissions (one for conversion to non immigrant entry and one for extension 60 days later). This method would remove major funds being in bank after death for any period of time.

You can also go with original plan using 800k deposit(s) but that ties a lot of cash up for no real reason.

[mahjongguy]

The disadvantage of using the income method is having to get new letters from their Embassy every year. This has to be done in person and might be inconvenient for the elderly, especially if they do not live in Bangkok.

While it really is important for each of them to have a Thai Will, there would be no need to wait for the Will to be probated unless that person died suddenly. In the case of a serious illness, the money could be withdrawn in advance.

[WilliaminBKK]

Understood loud and clear, I like the option let them deal one on one with the Thai Embassy in Canada or the UK, I don't need to be involved or know their details and I save a tonne of cash on hold. It was that conversation of "how much do you have" I was trying to avoid.

-Yearly Embassy visit if they go the pension route

-800K X 1 or 2 either from me or them if not the pension route

-Thai Will an absolute

Thanks Guys I really appreciate your assistance.

[chiang mai]

PS: should perhaps ensure they have health insurance also, likely cheaper here than overseas if they don't already have it. I see from the press that Krungsi Bank is offering health insurance via AXA up to age 80 years so maybe worth a look.

[lopburi3]

In my post was talking about letter from Embassy of Canada of income - that is done in Thailand and relatively easy but as said may involve them having to visit Embassy to sign the document each year. If they have health insurance that will pay overseas I would not stop it yet - let them be sure they can adopt to life here first as obtaining after stoppage might be an issue and even obtaining in Thailand will be a real issue for anyone with any current conditions. But not sure what the situation is in Canada so can not be specific.

They could also start with non immigrant O-A visa allowing one year stay on entry from Thai Embassy in Canada but that would require a short medical form and police clearance as well as the financial proof so suspect doing here with your help would be easier.

[meatboy]

from what i have seen[2quotes the wf had] for health ins.if you have money [ yes] from what you have said i wouldnt bother at their age.

[madmitch]

If they have private health insurance in Canada do not cancel it under any circumstances. Despite what Chiang Mai says, it is practically impossible to buy decent health insurance from new after the age of 65.

[meatboy]

from what i have seen[2quotes the wf had] for health ins.if you have money [ yes] from what you have said i wouldnt bother at their age.

should have said in thailand.

[Jingthing]

If they both have incomes over 65K per month, both going with the INCOME method for retirement extensions seems a no brainer! I didn't mean that you need to know everything about their finances. You need the important points relevant to retirement qualification in Thailand. Turns out you already knew that both have incomes over 65K per month.

BTW, for the O-A visa done from Canada using a bank account, NO Thai bank account is needed at that point, only later in Thailand. Your concern about millions of baht in Thai bank accounts is not a concern if they both go with the income route. Starting with an O-A is an option. It is not a required way to start. You can do the O-A qualifying by showing money in Canada and/or showing income. Later in Thailand, they enter the extension system. The O-A played right can last two years before the need to enter the extension system.

If for some reason you don't think they should go with the INCOME method and want to go with the bank account method, using piggybacking, (one account), be sure that you get and understand all the technical details about that HERE on the forum from a few experts here. It is trickier to get started than the bank account method for one person.