Alternative to tying up 800,000 baht for Retirement Visa

[Bpuumike]

You don't have to tie any cash up in the bank to get your Retirement Visa. Go to the Australian Embassy in Bangkok, fill out a Stat Dec form along the lines.

I receive an Australian Government age pension per month AU $

I receive a Commonwealth Super Pension per month AU $

I receive an Allocated Pension from ? per month AU $

I receive interest from name of bank per month AU $

Total Per Month AU $

Hand the Stat Dec to the officer in the OZ Embassy, they ask you for the cash in baht and stamp the stat dec. The only thing they check is your Passport to make sure it is you making out the Stat Dec.

Immigration will work out what you are getting in Thai Baht on the day you submit your application on the going conversion rate that day.

I would imagine you would be well over the monthly amount required with these 4 monthly deposits coming in, as you have stated.

I have done this for the last 8 years at Pattaya/Jomtien Immigration and never been questioned of had to show my bank deposit in Thailand.

We Poms have to show documentary evidence to the Brit Embassy.

To the OP, surely 90 day reports on a retirement visa are cheaper and easier, and can can even be done by mail, than making visa runs.

[giddyup]

You don't have to tie any cash up in the bank to get your Retirement Visa. Go to the Australian Embassy in Bangkok, fill out a Stat Dec form along the lines.

I receive an Australian Government age pension per month AU $

I receive a Commonwealth Super Pension per month AU $

I receive an Allocated Pension from ? per month AU $

I receive interest from name of bank per month AU $

Total Per Month AU $

Hand the Stat Dec to the officer in the OZ Embassy, they ask you for the cash in baht and stamp the stat dec. The only thing they check is your Passport to make sure it is you making out the Stat Dec.

Immigration will work out what you are getting in Thai Baht on the day you submit your application on the going conversion rate that day.

I would imagine you would be well over the monthly amount required with these 4 monthly deposits coming in, as you have stated.

I have done this for the last 8 years at Pattaya/Jomtien Immigration and never been questioned of had to show my bank deposit in Thailand.

We Poms have to show documentary evidence to the Brit Embassy.

To the OP, surely 90 day reports on a retirement visa are cheaper and easier, and can can even be done by mail, than making visa runs.

I wasn't commenting on the 90 day reporting, that's mandatory for a retirement visa, nor was I suggesting anything about visa runs as an alternative. My post was purely about tying up 800,000 baht.

[Torrens54]

Cheers Langsuan Man. Appreciate your info.

I'm married to a Thai, so I have the Spouse Visa, which requires only 400,000 Baht in a Thai Bank for a prescribed term each year prior to renewing the visa.

If I were not married, I think I would simply stick the 800K in the bank anyway, rather than go through all the fooling around with letters of earnings etc.,

You could also buy a business here, get a work permit and go through even more Red Tape. Years ago, I did exactly that, which I admit was a dumb move and it cost me a LOT of money. As I said, better to just deposit the money, get a little Interest on it and save yourself a lot of pain.

[amse]

Your suppose to report to Thai immigration every 90 days, and there are farang volunteer officers there to help you with these kinds of issues, which is the most reliable way to go. You would be surprised that there are additional avenues available if you do enough networking, that are much less expensive than tying up so much money in a Thai bank.

[robertson468]

I personally think it is a lot easier to leave the ฿800.000 in a Thai bank account....it only cost ฿100 for a letter of proof of money in your account from the bank. I would have to travel to the UK Embassy in BKK 1.5 hours drive and wait all day in the hope of getting the letter on the same day and getting changed ฿2300 for the privilege + diesel + time.

Then after getting my extension visa I use the money from that account for my living expenses ...and once a year or when the exchange rate is what I think is favorable I top up my account....this way I do not incur monthly transfer fees of approx ฿1300 and Thai bank handling charges approx ฿150 this way I save around ฿19700 per year in changes which is not to be stiffed at

Two comments:

1. You don't have to visit personally, you can do it by post.

2. If you are married to a Thai National, you need to have a lesser amount than than a Single Foreigner (sorry forgot how much)

Don't understand why the OP does not contact his Embassy to get the info straight from the "Lion's Mouth" so to say.

[giddyup]

Your suppose to report to Thai immigration every 90 days, and there are farang volunteer officers there to help you with these kinds of issues, which is the most reliable way to go. You would be surprised that there are additional avenues available if you do enough networking, that are much less expensive than tying up so much money in a Thai bank.

Additional avenues, such as?

[giddyup]

I personally think it is a lot easier to leave the ฿800.000 in a Thai bank account....it only cost ฿100 for a letter of proof of money in your account from the bank. I would have to travel to the UK Embassy in BKK 1.5 hours drive and wait all day in the hope of getting the letter on the same day and getting changed ฿2300 for the privilege + diesel + time.

Then after getting my extension visa I use the money from that account for my living expenses ...and once a year or when the exchange rate is what I think is favorable I top up my account....this way I do not incur monthly transfer fees of approx ฿1300 and Thai bank handling charges approx ฿150 this way I save around ฿19700 per year in changes which is not to be stiffed at

Two comments:

1. You don't have to visit personally, you can do it by post.

2. If you are married to a Thai National, you need to have a lesser amount than than a Single Foreigner (sorry forgot how much)

Don't understand why the OP does not contact his Embassy to get the info straight from the "Lion's Mouth" so to say.

I know all about having a lesser amount if married to a Thai, no need for me to do it by post as I'm only a 15 minute drive away from the Jomtien Immigration. Why don't I contact the embassy direct? Basically I wanted to know the fors and againsts of either option, the embassy isn't going to tell me that. As it stands with the information that's been provided I've decided to stay with the 800,000 baht in the bank option.

[jpinx]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

[giddyup]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

I understand your reasoning and agree with you, except there would be no point having the money invested in a bank outside of Thailand getting 5% because immigration wouldn't accept that.

[jpinx]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

I understand your reasoning and agree with you, except there would be no point having the money invested in a bank outside of Thailand getting 5% because immigration wouldn't accept that.

Immigration don't have to accept it - your embassy does.

[giddyup]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

I understand your reasoning and agree with you, except there would be no point having the money invested in a bank outside of Thailand getting 5% because immigration wouldn't accept that.

Immigration don't have to accept it - your embassy does.

Having the money invested in Australia at around 4.5% doesn't do me any good, as I lose 50 cents in every dollar off my pension. I'm better off having the 800K invested here at 3%.

[jpinx]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

I understand your reasoning and agree with you, except there would be no point having the money invested in a bank outside of Thailand getting 5% because immigration wouldn't accept that.

Immigration don't have to accept it - your embassy does.

Having the money invested in Australia at around 4.5% doesn't do me any good, as I lose 50 cents in every dollar off my pension. I'm better off having the 800K invested here at 3%.

We're wandering off the discussion about retirement extension requirement alternatives and into the realms of where/how to best invest.

As I said earlier - everyone has to do their own calculation according to their situation. There is no "one-size-fits-all" answer to the original post.

[Mudcrab]

800K @ 3% in Thai bank is 24k. 800K @ 5% in various other international banks is 40k.

Cost of Embassy letter 1,900. Cost of Thai bank letter 100 baht.

Do the maths.

I understand your reasoning and agree with you, except there would be no point having the money invested in a bank outside of Thailand getting 5% because immigration wouldn't accept that.

Immigration don't have to accept it - your embassy does.

Having the money invested in Australia at around 4.5% doesn't do me any good, as I lose 50 cents in every dollar off my pension. I'm better off having the 800K invested here at 3%.

I'm not old enough to get the pension and the way things are going may never be able to get the OAP. A word of advice.....keep a very close look at what is happening in Australia, particularly with social security payments being sent overseas. i think it may well turn out quite ugly. I'm not sure if they grandfathered the recent changes but from what I have read some payments will cease after 6 weeks out of Oz. Might not be the pension yet - certainly some of the family benefits. The OAP is now 67 (with talk of going to 75) and you have to have spent the previous 2 or 3 years actually in Oz to be able to apply. I can see the logic in that for people who blow in, get citizenship then bugger off. Unfortunately it will affect even the dinki di's as well.

Edited December 17, 2013 by Mudcrab

[umbanda]

800.000 sleeping in a bank account?....3% interest?...

I will love to know what is the value now of the nice and furnished studio apartment beach front in Cha Am, I rented for 6000/month December last year, and was for sale exactly for 800.000.........................

[UbonOz]

Below is the reply email I received from the AU Embassy a couple of years ago.

I have been using this option ever since.

"Thank you for your enquiry. The proof of income letter that Thai Immigration refers to is actually a Statutory Declaration, on which you attest to your income etc. This may be completed and witnessed at the Australian Embassy Bangkok. You will need to bring your passport so that we can verify your identity and signature.

As I'm sure you would appreciate, the Embassy cannot actually verify a person's income or their ability to transfer funds etc, however as Thai Immigration insist that people have a document from the Embassy, we use the Statutory Declaration format which is accepted by Thai Immigration authorities. While we do not need to see them, Thai Immigration may also want to see your bank documents and may want these "certified" at the Embassy (you would need to check this with Thai Immigration I'm afraid as this requirement seems to differ from one immigration office to the next).

Unfortunately we have to charge a fee for such notarial services. The fee for witnessing the Statutory Declaration is currently THB640 although this does vary with exchange rate fluctuations. If you need any documents certified, the fee for making a certified copy is THB 960 per document.

The Australian Embassy is located at 37 South Sathorn Rd, Bangkok and the Consular Services Section is open from 0830 - 1630 Monday to Friday. No appointment is necessary.

kind regards

Tracey Wunder

Consular Services Section

Australian Embassy

Bangkok"

[Langsuan Man]

Someone recently told me that for the last three years that they were able to get an extension of stay for retirement at Jomtien by providing a bank letter that stated that they transfer in 65,000 THB per month from overseas, backed up by presenting their bank book

This year they said it wasn't accepted by Jomtien so they went the Embassy Letter route

Did Jomtien make a mistake in the previous three years or is showing a 65,000 monthly foreign deposit into a Thai bank a solution to the OP's question:

Alternative to tying up 800,000 baht for Retirement Visa