retire in bangkok how much money?

[muffinzman]

I am over 50 and i have a thai wife but live in australia and now i want to come to bangkok to live with her. I have been told i need 800,000 baht in the bank or 65,000 baht a month income. Can i retire here if i have 1 million baht in my bank but no other income? I wont get a government pension for 3 more years but have enough to live off until then. Also does the money have to be in a thai bank or can it be in my bank in australia with a letter confirming how much i have?

I have also been told the 800,000 baht can be a mix of money in the bank and pension is that correct? My pension will only be 45,000 baht a month when it comes through. Any advice would be appreciated

Thank You

[ubonjoe]

You could get an extension of stay based upon marriage with your 45k baht income or 400k baht in a Thai bank for 60 days. You don't have to do retirement extensions.

[Mario2008]

Yes, you can retire based on 1 million in the bank with no other income. (Immirgaiton might want to see some activity in your bankbook toshow you have money to spend besides the lump sum in the bank).

Yes, based on retirement you can combine your money in the bank in Thailand with your yearly income to come to 800,000 baht.

Since you are married, you can also opt for an extension of stay based on your marriage to a Thai naitonal. Requirements:

- an income of 40,000 a monht

OR

- 400,000 baht in the bank for 2 months.

The savings must be in a bank acouny in Thailand, in your name only. Income can be from abroad and must be certified by your embassy in that case.

[lopburi3]

As said 800k in Thai bank account for previous 2 months is the bank financial requirement for retirement extension of stay - but having Thai wife would allow stay for same one year at a time with 400k in bank account for "Thai wife" extension if you would prefer or if money runs lower. Once retirement income starts you would only need a combination of the income and a bank account to meet the 800k per year requirement. If you want you could also get an O-A visa in Oz with proof of money in account there and that if multi entry could cover your first two year stay with only one exit/return required. So you have many options.

[muffinzman]

Thanks guys your replies are very helpful.

[Thanet]

If you are hoping for an Australian Aged Pension, be aware that you have to reside in Australia for the two years preceding your application for it. You might spend all your money here, then apply for your pension and be told that you won't get it for another two years, and that you have to stay in Australia. broke, for that entire two-year period.

[brucegoniners]

That is not an easy question to answer. It all depends on where in Thailand you will live and how you will live. 45,000 baht may be enough to retire on, but not if you like to live in the center of Bangkok and go to nice restaurants.

If instead you live simply, then it could be enough.

[Jingthing]

It's a visa / extension qualification query, not a cost of living one.

[ubonjoe]

Off topic post removed.

[weescotsguy66]

for retirement it is 800K or income not both for marriage extension it is only 400K. for living costs it depends how frugal you are you could get by with 40k but preferably with 100k it depends on your lifestyle if you are living in BKK or just outside where rentals can be as low as 5k per month electric 1k water 300 baht internet 600 baht food 3000 baht booze 9000 baht

[rotary]

With a bit of common sense. And not being silly with money you should be fine on B45K,

[pdwarf1]

One million Baht in Bangkok, maybe good for 1 or 2 years. After that with the way things are going, you will need a lot more.

[rgs2001uk]

It's a visa / extension qualification query, not a cost of living one.

Not much point in getting a visa if he cant afford to live here, up to him.

He says later, 45k per month pension coming in.

As someone who lives here in Bkk I am well aware of the prices, on that budget he will be retiring on a Thai life style.

The above assumes the OP is well aware of living costs in Bkk and associated expenses.

[thrilled]

If you like to live with no problems,I have been quoted it cost around A million baht A year to live in Bangkok.If you can live somewhere else in Thailand it might be cheaper.I have heard living in Issan A person can get by on 1000 baht A day.That was A couple of years ago.It's probably more now counting inflation.

[louse1953]

If you are hoping for an Australian Aged Pension, be aware that you have to reside in Australia for the two years preceding your application for it. You might spend all your money here, then apply for your pension and be told that you won't get it for another two years, and that you have to stay in Australia. broke, for that entire two-year period.

Can you tell me where you got this info.I have a form with all details on what is required and this 2 years is not there.I got the form from Mark Butler who was minister for pensions and the aged and my local MP.Also I know many Ozzy's living here and this didn't' apply.Just had to be in the country to apply.What you say has no logic,the govt.are going to pay me unemployment benifits plus health,etc for 2 years while I wait.On the other hand,I could wait in Th.at no cost to the taxpayer at all.I know logic and govt.don't always go together,but it doesn't seem right to me.

[louse1953]

It's a visa / extension qualification query, not a cost of living one.

Not much point in getting a visa if he cant afford to live here, up to him.

He says later, 45k per month pension coming in.

As someone who lives here in Bkk I am well aware of the prices, on that budget he will be retiring on a Thai life style.

The above assumes the OP is well aware of living costs in Bkk and associated expenses.

This would be better than an Austalian lifestyle in Aust.No joke.all the pension goes on paying the utilities.no eating at restuarants,drinking home brew,internet at 1800 baht is a luxury many can't afford.

[slipperylobster]

Many people live here on tourist visas, as long as you do not mind crossing a border 3 or 4 times a year. Flights are very inexpensive, and travel does good for your soul.You will must likely get tired of living in a congested place like Bangkok, and will look forward to your excursions. A double entry visa with two extensions is good for six months, and it will be less than six thousand. I add some 3o day exempt land/air arrivals (free when you come in) and an annual flight back home... no real benefits for retirement/marriages...unlike some other places like the Philippines or Cambodia..where you can apply for Immigration Status. (more paper drill but less expensive)

It took me over a year to figure out whether I actually wanted to live full time here... I lived 18 years straight in the Philippines and had an Immigration card. Only had to pay 200 pesos a year to retain that status. Unfortunately, I needed exit clearances and taxes everytime I left....which comes out to more than what you would pay for a one year extension here.

Quite alright to use tourist visas/Visa exempt arrivals. I just ensure that I do not overuse the same point of entry more than 2 or 3 times in succession.

Enjoy my little trips, but I have the nice advantage of being only 45 minutes from the Nong Khai border (one of the nicest crossings).

[hotrod4098]

1 million wont go far in bkk...a room will take out around .200000 a year..that only leave around 2000 a day for everything...

[mickjn]

If you are hoping for an Australian Aged Pension, be aware that you have to reside in Australia for the two years preceding your application for it. You might spend all your money here, then apply for your pension and be told that you won't get it for another two years, and that you have to stay in Australia. broke, for that entire two-year period.

Make sure you have got the pension sorted out before you think of making the move.They will send the papers to your Australian address and could call you in for an interview which happened to me

[muffinzman]

Thank to everyone for your replies.

[muffinzman]

If you are hoping for an Australian Aged Pension, be aware that you have to reside in Australia for the two years preceding your application for it. You might spend all your money here, then apply for your pension and be told that you won't get it for another two years, and that you have to stay in Australia. broke, for that entire two-year period.

Can you tell me where you got this info.I have a form with all details on what is required and this 2 years is not there.I got the form from Mark Butler who was minister for pensions and the aged and my local MP.Also I know many Ozzy's living here and this didn't' apply.Just had to be in the country to apply.What you say has no logic,the govt.are going to pay me unemployment benifits plus health,etc for 2 years while I wait.On the other hand,I could wait in Th.at no cost to the taxpayer at all.I know logic and govt.don't always go together,but it doesn't seem right to me.

[JJ Madcow]

1 mill for the first 3 years and no other money coming in (if i read it correct), before pension come in.

I don´t think it be enough for you.

Let take you own future money 45.000 baht X 12 = 540.000 baht pr year. that be max 2 years then, before that 1 mill baht is gone.

And after the first 2 years, you don´t have the money in the bank for your Visa Ext.

If you want to live where everything is going on in Bangkok, i don´t think 45k pr month is enough, BUT if you don´t mind staying like 25-40 min away, Sure it CAN be enough.

There is so many things to take into account. Do you and your wife like eat out on Farang place many time pr month, drink beer out, out and XXXX and so on.

In Bangkok a apartment i want cost around 30k-35k pr month, out here 12k.

Remember when looking for apartment to be sure you pay water and power direct to the company, many place the landlord SCAM the tenant a lot here take 6-8-10 baht unite power, and not the normal rate from the company.

I never pay more the max 2.000 baht in power in the hot time here, normal i pay 900-1200 baht for 2 people, water is free here i live, but before 160-200 baht for 2 people.

Internet 13mbit/1mbit, True super sport tv, 1 phone land line 1199 baht pr month plus vat/tax, and plus what i use on the land line.

Food we use 150-300 baht pr day for 2 people.

Some thing to think about.

Do you need medicine, and what the price for it here, i know some one´s medicine that not cheap here, as Thailand have to import that medicine.

Do you have a health insurance, can cost a lot of money pr year, and can be dangerous to skip that part.

You have a wife, so she might have a income all so to help out ?

She can find work here and help out if she still can work, it is not against the law for Farang wife to work and help out, and many thai gf/wife enjoy working and help out.

It can be done to live here for that money, we do it and we live super great, we use 35k-40k pr month for every thing. A little more when we go on trip.

I wish you and your wife and the use on Thaivisa, a Mary Christmas and happy new year.

Edited December 24, 2013 by JJ Madcow

[Jasun]

"I wont get a government pension for 3 more years"

All payments from Dept of Human Services or Centrelink require you to pass the minimum 'residency requirement' - that is 24 months in Australia as an ordinary resident. If you leave for three years you'll have to go back and do the time.

[F4UCorsair]

I don't yet live in Thailand, but have spent a lot of time there, and my opinion is that if you intend retiring on the Australian aged pension, you may be struggling.

You must take into account that the Thai government may increase their monetary requirements, and the pension may not increase in step. Thailand wouldn't be a good place to be on the bones of your butt.

You're quite right that logic and governments don't always, or even often, go hand in hand.

[bangon04]

Yes, you can retire based on 1 million in the bank with no other income. (Immirgaiton might want to see some activity in your bankbook toshow you have money to spend besides the lump sum in the bank).

Yes, based on retirement you can combine your money in the bank in Thailand with your yearly income to come to 800,000 baht.

The savings must be in a bank acouny in Thailand, in your name only. Income can be from abroad and must be certified by your embassy in that case.

"can be" from abroad - does this mean that you can use local savings if you have them, or you must use money from abroad?

[Mario2008]

You don't must use money from abroad and there is no requirement to bring the income into Thailand, as long as you have the required income.

But often immirgation will want to see a bankbook to see if you have actual money to spend. The source of the money is no concern, just that you have money to spend in Thailand.

[muffinzman]

I will be living in roi et with no accommodation costs except electricity and water. I know i have to come back to australia for 2 years to live to qualify and for someone who is born and bred australian and worked there ( payed taxes etc ) for nearly 50 years i find that concept strange . My wife is 10 years younger and will still be doing some work.

My question was more how much i actually need to meet the retirement requirements as i know i will have enough to live off. I hope .....

[louse1953]

"I wont get a government pension for 3 more years"

All payments from Dept of Human Services or Centrelink require you to pass the minimum 'residency requirement' - that is 24 months in Australia as an ordinary resident. If you leave for three years you'll have to go back and do the time.

Not true.This residency is for recent immigrants to Oz.If you have been available to work in Australia for 25 years,you will get the old age pension.My ex Thai wife has just clocked up 25 years and she will be eligble,even though she has been on the dole most of this time.You have to read the requirements several times in conjunction with other sections,to get a handle on it.As i said before,Mark Butler MP is my local member and he confirmed this to me.Don't rely on the web site,because there is a lot more than that.Just a word of warning,you may have to be a bit creative with your finances to get the full pension.You may have super which can be used in conjunction with the pension and this will get you 56-60K a month,no penalties.I would advise seeking financial advice,as one small mistake could cost you heaps over the years.The govt.won't tell you if your short changing yourself,only if they overpay you.Good luck mate,it's hard yakka to work out,but well worth it.

ps Cash is king,2 baht more for every $ if you bring cash as opposed to internet transfers.PM me if you want some advice,happy to help.

[louse1953]

I will be living in roi et with no accommodation costs except electricity and water. I know i have to come back to australia for 2 years to live to qualify and for someone who is born and bred australian and worked there ( payed taxes etc ) for nearly 50 years i find that concept strange . My wife is 10 years younger and will still be doing some work.

My question was more how much i actually need to meet the retirement requirements as i know i will have enough to live off. I hope .....

So you are not living in Bangkok,you are living in Roi Et,Thailand!I live in a neighboring province and as long as you have a "normal" lifestyle you will have plenty.You better do more homework mate,50 years is double the requirement and you can access your super tax free now.You will be pissed off when you are in Oz for no reason,when you should be up here,just because you listened to a TV member.Go to your local member and get the right form.The SS office never seemed to have any,and the office was in the ministers electorate!Keep at em,it will be even harder to get info now with the new regime.Your right mate,you have worked for it,and you will get it,just do your homework.

[lahgon29]

If you are hoping for an Australian Aged Pension, be aware that you have to reside in Australia for the two years preceding your application for it. You might spend all your money here, then apply for your pension and be told that you won't get it for another two years, and that you have to stay in Australia. broke, for that entire two-year period.

You're correct, but I was led to believe, by Centrelink that, you can return to Australia, after having been living in Thailand [or other] for a few years, and get the OAP nearly immediately, but you then have to stay in Australia for at least 2 years after that, before you are once again allowed to go offshore again, and receive the pension. Personally, I think life is too short to have to stay there, living below the poverty line for 2 years, to get a few thousand bucks a year, later.