Monetary requirement for retirement visa

[movsrus]

Does anyone know what the requirements are for the 800,000 baht requirement for a retirement visa? Does it have to be invested in a savings account or can it be in a CD or investment account. I noticed today that BBL has a CD paying 3% on a 15 month term with a minimum 200,000 baht deposit. If one were to invest the 800,000 in this type of account and could show that it has been "seasoned" for the required 2 or 3 months prior to requesting the visa, would this be acceptable to Immigration?

Thanks for any feedback you can supply.

[Mario2008]

As long as the money can be withdrawn at any time, the account is acceptable to immigration. Whether it is with a penalty or not.

Not allowed are accounts where you cant access your money for a fixed period during the seasoning period.

[personchester]

Matters outlined by "Mario" are correct,

Re: fixed deposit rate.

On a fixed deposit account one has got to pay 15 % tax which is deducted by the bank, thus the net deposit rate is not 3 % it is 2.55 %.

[NancyL]

Yes, I saw this today at Bangkok Bank. If the account is in a "goldenrod", i.e. yellow-orange, passbook, then it will be accepted.

[Sophon]

Matters outlined by "Mario" are correct,

Re: fixed deposit rate.

On a fixed deposit account one has got to pay 15 % tax which is deducted by the bank, thus the net deposit rate is not 3 % it is 2.55 %.

But if you have no other income in Thailand that tax can be reclaimed.

Sophon

[mahjongguy]

"...that tax can be reclaimed."

Yes it can, but if you are American it's easier to let them keep it and claim it as Foreign Tax Paid.

[Gweiloman]

Does anyone know how long it takes (on average) from submission of papers to actual approval of the retirement visa? Would I have to leave the country and then return and go to the immigration for the required sticker?

[jrtmedic]

It is a one stop same day service !

I you have the required documentation + the financials in place the immigration guys will provide your EXTENSION of stay immediately.

[Gweiloman]

It is a one stop same day service !

I you have the required documentation + the financials in place the immigration guys will provide your EXTENSION of stay immediately.

That is if you already have the visa. How about for first time application?

[lopburi3]

But you first must have a non immigrant visa entry - if you do not have that you would have to obtain from a Consulate outside Thailand or do a conversion with 15 days or more remaining on your current tourist visa or visa exempt entry at an addition cost of 2,000 baht and you might have to wait 60 days of that 90 day entry before doing the actual retirement extension. This is for extension of stay for retirement.

[Gweiloman]

But you first must have a non immigrant visa entry - if you do not have that you would have to obtain from a Consulate outside Thailand or do a conversion with 15 days or more remaining on your current tourist visa or visa exempt entry at an addition cost of 2,000 baht and you might have to wait 60 days of that 90 day entry before doing the actual retirement extension. This is for extension of stay for retirement.

Thanks for that. Nothing is ever simple in Thailand, is it? Haha

[morning glory]

Lopburi, am I to understand that if I currently hold a non-immigrant B work visa, I can change it to a retirement visa without leaving the country?

[Mario2008]

Yes.

[lopburi3]

It is not a visa but an extension of stay for retirement - and yes you can change reasons for extensions of stay and to obtain extensions of stay you have an original non immigrant visa.

[morning glory]

Thanks so much!

[mikhill]

Not strictly relevant but am on a retirement visa. Have recently put 1,000,000 baht in a 15 month fixed deposit account for my wife. If I switched to a married visa would this be acceptable as means of support.

Cheers Mike

[Sophon]

Not strictly relevant but am on a retirement visa. Have recently put 1,000,000 baht in a 15 month fixed deposit account for my wife. If I switched to a married visa would this be acceptable as means of support.

Cheers Mike

Are you saying that the account is in your wife's name? If so, then it will not qualify you for an extension (neither based on marriage nor retirement). The money or income has to be yours and yours alone.

Sophon

[mikhill]

Sophon

Yes its in my wifes name. Thanks for clearing that up as someone told me you could have a joint income for a marriage visa.

[lopburi3]

That was allowed for a short period but has been husband only since police order 777/2551 took effect.

[personchester]

Matters outlined by "Mario" are correct,

Re: fixed deposit rate.

On a fixed deposit account one has got to pay 15 % tax which is deducted by the bank, thus the net deposit rate is not 3 % it is 2.55 %.

But if you have no other income in Thailand that tax can be reclaimed.

Sophon

How & where in Thailand can "banking interest rate tax" be reclaimed by retired farangs with no other

income in Thailand.

[ubonjoe]

By getting a tax ID number and filing an annual tax return.

Lots of info here: http://www.rd.go.th/publish/5998.0.html

[richardemery839]

Can anyone tell me please. My retirement visa is renewable in February - if my Bangkok Bank amount fell below the 800,000 briefly in August but went back over in September if it would cause me problems in February?

[lopburi3]

The requirement is only for the three months immediately proceeding application so would not be a problem if application is made next year.

[Mario2008]

No, you must have the money seasoned for 3 months before you apply for the extension. The balance outside that time frame is of no concern.

[richardemery839]

Great. Thanks guys.

[NancyL]

The money must age for 90 days prior to application for extension, not for 90 days counting back from the effective date of the extension. Not a problem in this situation, but I thought I'd point out this fact for those who may be shaving it close on the 90 day rule.

Remember, you can apply for a new extension up to 30 days ahead of the expiration of your current extension, so in reality your funds may have to age for up to 120 days if you apply early.

[ubonjoe]

The 90 days is at time of application not when permit to stay ends.

[lopburi3]

We had advised correctly that the money must be in account 90 days prior to application - it does not have to be in account more than than 90 days as retirement extension is issued immediately. Only when on a marriage or other come back in 30 days has there been an issue of account having funds during the under review period - and that has been very seldom since the money has started to have a fixed period in account system started.