Retirement Funds - 800,000 Baht

[Nielsk]

My Good Chiang Mai, Who do You think You are expressing Your sick attitude.

Maybe You are wordblind and can't read. Every single Word I have written is facts.

You Waste my time keep on dreaming "clever boy" :-(

[CMBob]

Hi I am actually going through this process this week. The mistake I made is that I had slightly over 800,000Baht in a Thai bank and applied for the Non O Retirement Visa which was given to me, starting with 90 days. I then took an amount out at an ATM. I was not told that I still needed the balance to be 800,000Baht or more when I extend the Visa for the full one year anytime between 60 and 90 days, in other words you need to keep the money in the bank for five months the first time you apply and then in the first year need to have it back in in the ninth month for the renewal.

I think what you found out was that you needed the 800k on deposit for 60 days (or two months) the first time you applied for a one-year extension based on retirement. I don't think you needed any money on deposit (or proof of income) for the 90-day Non-Immigrant O visa you received upfront.

When I first came to LOS many moons ago to live here long term, I stupidly came in with a 60-day Tourist Visa. I discovered that you can't get the retirement extension from that visa (or so Hua Hin Immigration informed me). But, in my case, on the same day (in fact, in about 40 minutes) Hua Hin Immigration cancelled my Tourist Visa, issued me a 90-day Non-Immigrant O Visa (yes, that's exactly what it says and was issued in Hua Hin), and at the same time gave me the one-year extension based on retirement that began on the expiration of the 90-day O visa. Somewhat strange but that's how I got my first retirement extension (and, in my case, I already had the 800k in the bank for 60+ days when all this happened).

[tanamnon]

I think Chiang Mai is 'Clever Boy' enough. It can be done. Why such harsh words?

Sent from my iPhone using Thaivisa Connect Thailand mobile app

[balo]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Or you can just visit a well known immigration office and they will know how you can get 800k in a thai bank and paying 20k for it . TIT .

Why on earth at this time of turmoil would you go promoting corruption? Are you crazy.

Well it's a fact that people have been doing this for years thanks to corrupted immigration officers . I hope they stopped doing it , but as long as there is money to be earned it will continue.

[mrfaroukh]

To make it simple you should have either 800 000 Baht in the Thai bank in 2 months first year and 3 months 2nd time, or , 65000 Baht a month as pension, or combination of the two. It means in you have 30 000 a month in pension the calculation is 30 000 x 12= 360 000 Baht, so you must have 440 000 Baht in the bank.

You must get a letter from your embassy to show how much is your income every month. You should request the authority to mention your income before the tax and not after the tax. If they do so then you need lesser money in the bank.

good luck

[Nielsk]

Facts:

Stick to this !

http://www.thaiembassy.com/retire/retire.php

3. economic requirements tu choose between. I'm Lucky to have fair monthly pension per month.

I got my visa by proving my monthly income above 65.000 bath.

I didn't have enough Money saved up to put 800.000 bath in a bank.

[chubby]

if one were to do this, how does the waiver thing at the US Embassy go, 'cause my understanding is that you vouche, you have the required "income" , not a combo ?

<br>

or does one just not get the letter from the embassy , and basically , just bring your own paperwork ?

<br>

My understanding was that you can make up any shortfall of 800k in annual income with a bank deposit and it does not have to be a 50/50 split.

Example: My US Social Security will be about $1800 USD per month if I retire at age 62, or $21,600 (About 700k BTH) so I would only have to put 100k BTH on deposit in a Thai Bank.

http://www.thaivisa.com/forum/topic/727315-retirement-visa/?p=7851293

[TallGuyJohninBKK]

Regarding the Consulate income letter, at least for U.S. folks, you're not vouching you have 65,000 baht per month or listing any amount in baht.

You are filling out a form wherein you state your monthly income in U.S. dollars, whatever that income may be.

If the stated amount in U.S. dollars is at least 65,000 baht at the current exchange rate, then the income letter alone will satisfy Immigration for the financial requirement of obtaining a retirement extension.

If the stated amount in U.S. dollars is less than the required 65,000 baht per month amount, then Immigration would expect you to make up the difference with proof of a sufficient Thai bank deposit, as additionally documented by a letter from the Thai bank and an updated bank passbook, etc etc. This is what's often been referred to here as the "combo" method.

As far as Thai Immigration is concerned, the only way you prove the 65,000 baht of monthly income, or any lesser amount of monthly income, to start is via the Consulate income letter.

And the only way you prove the 800,000 baht of a Thai bank deposit, or any lesser amount, is through the bank's official letter, your updated bank passbook, etc.

[chubby]

so one would vouche to an amount < THB 65,000 at US embassy ?

Edited May 24, 2014 by chubby

[heybuz]

Your total annual income is 540k baht which means you need at 260k baht in the bank to reach the total of 800k baht.

thankyou ubonjoe

[CharlesHH]

Thank you......... must make USA Embassy appointment, then.

I just sent an email to the US Embassy BKK asking what do they have to see, documents, to certify my monthly income. Hope they or someone answers.

You swear under oath that the amount you are stating on your document is correct.

There is no requirement about providing documentation to the Consulate, though Thai Immigration is free to request documentation if they desire, which they usually don't.

[TallGuyJohninBKK]

so one would vouche to an amount < THB 65,000 at US embassy ?

Yes, one's consulate income letter CAN be for less than 65,000 baht (though the amount you're stating is in U.S. $, not baht).

The letter should/will reflect whatever monthly income amount in U.S. $ that you state on the form.

If the amount stated translates into 65,000 baht or greater, that income letter alone will satisfy the financial requirement Immigration has for a retirement extension.

If the amount stated translates into less than 65,000 baht per month, you'll need to make up the shortfall via a documented Thai bank deposit and use the so-called "combo" method to satisfy Immigration.

Or, you can skip the Consulate income letter altogether and rely on the Thai bank deposit only method, providing you've kept at least 800,000 baht in the account.

You have three choices of how to proceed: monthly income only, Thai bank deposit only, or combo monthly income and Thai bank deposit.

Edited May 25, 2014 by TallGuyJohninBKK

[Mousehound]

I understand that a couple require 800 000 each to retire in Thailand. However, if we were to use say half ie 800 000 (400 000 each) and our pension as a top up - how does it work as our pension can only paid to a joint account and we get a joint pension?

There is no requirement for both to have 800k baht in the bank unless both apply for the extension fo stay.

If one applies the other can have a dependent extension with only 800k in the bank in the name of only the one who has the extension.

If you have a joint account 1.6 million is needed in the bank.

You can have a joint account and then have one in the persons name that is applying for the extension that you top up to 800k 90 days before you apply for the extension.

Thanks for the reply. But what concerns me was this:

http://www.thaivisa.com/forum/topic/686171-retirement-visa-extension-restrictions-for-foreign-married-couples/

Does this mean that things have been relaxed again or do we need to be in effect treated as separate entities, in which case the fact we have a State Couples Pension could pose a problem.

[FiestyFarang]

What if funds are deposited in bank in Singapore? Does it have to be in Thailand?

Yes if you are using the single person 800,000Baht. Ayudhya bank is one of the few banks that let you open an account without a work permit. Also they give interest on their savings account around 2.3% last time I looked with instant access via ATM etc.

Rubbish, anyone can open a bank account anywhere in Thailand, visa status is not relevant, you just have to just keep looking for branches that will accomodate you, often they are next door to each other.

Not according to the bank's various websites, better to be 100% legal.

[GOLDBUGGY]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I just sent an email to the US Embassy BKK asking what do they have to see, documents, to certify my monthly income. Hope they or someone answers.

Embassy statement is pretty easy from U S Embassy in BKK but you need to go there in person.

1. Make an appointment online, they won't let you in with out one, except in an emergency. Appointment are usually already booked about 1 to 2 weeks. Make a copy of your appointment and take it with you

2. Gather what ever you have to verify your income. Get what you have easily available as more than likely you won't need any of it.

When you get to the Embassy don't wait in the long line on the left, just go up to the window and show them your appointment and you get right in

3 When you check in tell them you need to do a verification of income statement and they will give you the form, I think you can download the form on the embassy website. You fill in the income amount

4. Fill out and take to cashier and pay fee around $50 U S

5. Next you will be called up to the window and asked to check over the form and verify that everything is correct. Once that is done you will be asked if you swear that all statements are true to the best of you knowledge. If you answer yes they will notarize it and you are all finished.

I know I will get a bunch of feed back on this but I just did it last month and this was my 7th time, same procedure

Also I recently read that the Thai gvmt. has extended the validity time of this statement up 6 months

Wow!

What has this World become when you can't even go to your own Embassy to read a Newspaper without booking an appointment 2 weeks in advance?

No Comment! But just can't help shaking my head side to side in disgust!

[ubonjoe]

I understand that a couple require 800 000 each to retire in Thailand. However, if we were to use say half ie 800 000 (400 000 each) and our pension as a top up - how does it work as our pension can only paid to a joint account and we get a joint pension?

There is no requirement for both to have 800k baht in the bank unless both apply for the extension fo stay.

If one applies the other can have a dependent extension with only 800k in the bank in the name of only the one who has the extension.

If you have a joint account 1.6 million is needed in the bank.

You can have a joint account and then have one in the persons name that is applying for the extension that you top up to 800k 90 days before you apply for the extension.

Thanks for the reply. But what concerns me was this:

http://www.thaivisa.com/forum/topic/686171-retirement-visa-extension-restrictions-for-foreign-married-couples/

Does this mean that things have been relaxed again or do we need to be in effect treated as separate entities, in which case the fact we have a State Couples Pension could pose a problem.

Some offices will accept a joint account with at lest 1.6 million baht in it. Otherwise the person that applies must have an account in their name only with at least 800K baht in it. As I wrote you could have a joint account and then use that money to top up the other account that is in the applicants name only.

In your example of two pension incomes the person doing the extension could use a income letter combined with money in the bank, The money in the bank could come from the others income or both to reach the required amount.

[Mousehound]

I understand that a couple require 800 000 each to retire in Thailand. However, if we were to use say half ie 800 000 (400 000 each) and our pension as a top up - how does it work as our pension can only paid to a joint account and we get a joint pension?

There is no requirement for both to have 800k baht in the bank unless both apply for the extension fo stay.

If one applies the other can have a dependent extension with only 800k in the bank in the name of only the one who has the extension.

If you have a joint account 1.6 million is needed in the bank.

You can have a joint account and then have one in the persons name that is applying for the extension that you top up to 800k 90 days before you apply for the extension.

Thanks for the reply. But what concerns me was this:

http://www.thaivisa.com/forum/topic/686171-retirement-visa-extension-restrictions-for-foreign-married-couples/

Does this mean that things have been relaxed again or do we need to be in effect treated as separate entities, in which case the fact we have a State Couples Pension could pose a problem.

Some offices will accept a joint account with at lest 1.6 million baht in it. Otherwise the person that applies must have an account in their name only with at least 800K baht in it. As I wrote you could have a joint account and then use that money to top up the other account that is in the applicants name only.

In your example of two pension incomes the person doing the extension could use a income letter combined with money in the bank, The money in the bank could come from the others income or both to reach the required amount.

OK - I get it now. obviously it is to try to stop "couples" that are not really together.

Thanks Ubonjoe for your comments.

[Mousehound]

I understand that a couple require 800 000 each to retire in Thailand. However, if we were to use say half ie 800 000 (400 000 each) and our pension as a top up - how does it work as our pension can only paid to a joint account and we get a joint pension?

There is no requirement for both to have 800k baht in the bank unless both apply for the extension fo stay.

If one applies the other can have a dependent extension with only 800k in the bank in the name of only the one who has the extension.

If you have a joint account 1.6 million is needed in the bank.

You can have a joint account and then have one in the persons name that is applying for the extension that you top up to 800k 90 days before you apply for the extension.

Thanks for the reply. But what concerns me was this:

http://www.thaivisa.com/forum/topic/686171-retirement-visa-extension-restrictions-for-foreign-married-couples/

Does this mean that things have been relaxed again or do we need to be in effect treated as separate entities, in which case the fact we have a State Couples Pension could pose a problem.

Some offices will accept a joint account with at lest 1.6 million baht in it. Otherwise the person that applies must have an account in their name only with at least 800K baht in it. As I wrote you could have a joint account and then use that money to top up the other account that is in the applicants name only.

In your example of two pension incomes the person doing the extension could use a income letter combined with money in the bank, The money in the bank could come from the others income or both to reach the required amount.

Thanks for the clarification Ubonjoe. It is obviously a way of trying to stop "couples" that are not actually together getting around things.

[Greg Nixon]

I have had a Thai retirement Visa for over 2 years. The amount of your income must be confirmed by your embassy in Bangkok. The formula is Savings in a Thai bank + income/yr = 800,000.00 THB. If you have 50,000 THB/month in total income ( does not have to be all pension income) then multiply by 12 to give you 600,000.00 THB.

800,000 THB - 600,000.00 THB(yearly income calculated above) = 200,000.00 THB in a Thai Bank. You take the letter from your embassy confirming your income and a letter from the bank ( same day ) confirming your savings to Immigration Thailand.

A convenient currency converter is available through google ( I like XE currency converter ). One year the Thai Immigration asked me to sign opposite the conversion rate I used.

You will need a few copies of your complete passport and you must fill out an extension of stay in Thailand. One needs an Non-Immigrant O Visa prior to starting this process. The non-Immigrant "O" visa must be obtained outside the country. I obtained mine at the Thai consulate in Savanakhett , Laos. You only need this Visa at the outset. You will not need it in subsequent years as you will hopefully have the Thai Retirement Visa.

If you go to your own nations Embassy in Bangkok, I believe they will give you a statement of your income the same day. You must have your government's approved evidence of your income in order that the Embassy will issue you a statement confirming your income.

If you wish to avoid travelling to Bangkok you can get an affidavit of your income from a Thai lawyer. The lawyer's ID card and proof of their professional standing must be mailed to your embassy along with the affidavit. The Embassy will mail you the proof of income letter.

[ratcatcher]

I have had a Thai retirement Visa for over 2 years. The amount of your income must be confirmed by your embassy in Bangkok. The formula is Savings in a Thai bank + income/yr = 800,000.00 THB. If you have 50,000 THB/month in total income ( does not have to be all pension income) then multiply by 12 to give you 600,000.00 THB.

800,000 THB - 600,000.00 THB(yearly income calculated above) = 200,000.00 THB in a Thai Bank. You take the letter from your embassy confirming your income and a letter from the bank ( same day ) confirming your savings to Immigration Thailand.

A convenient currency converter is available through google ( I like XE currency converter ). One year the Thai Immigration asked me to sign opposite the conversion rate I used.

You will need a few copies of your complete passport and you must fill out an extension of stay in Thailand. One needs an Non-Immigrant O Visa prior to starting this process. The non-Immigrant "O" visa must be obtained outside the country. I obtained mine at the Thai consulate in Savanakhett , Laos. You only need this Visa at the outset. You will not need it in subsequent years as you will hopefully have the Thai Retirement Visa.

If you go to your own nations Embassy in Bangkok, I believe they will give you a statement of your income the same day. You must have your government's approved evidence of your income in order that the Embassy will issue you a statement confirming your income.

If you wish to avoid travelling to Bangkok you can get an affidavit of your income from a Thai lawyer. The lawyer's ID card and proof of their professional standing must be mailed to your embassy along with the affidavit. The Embassy will mail you the proof of income letter.

"You only need this Visa at the outset. You will not need it in subsequent years as you will hopefully have the Thai Retirement Visa."

I am prepared to be corrected here, but your Non-Immigrant-0 visa obtained at Savanakett remains in your passport. Every 365 days you fill in a TM7 and extend your "Permission to stay in the Kingdom" at your local Immigration Office. I believe there is no such thing as a Retirement Visa, merely an extension of the existing visa based on retirement or in many cases marriage to a Thai citizen.

Edited May 25, 2014 by ratcatcher

[smotherb]

My understanding was that you can make up any shortfall of 800k in annual income with a bank deposit and it does not have to be a 50/50 split.

Example: My US Social Security will be about $1800 USD per month if I retire at age 62, or $21,600 (About 700k BTH) so I would only have to put 100k BTH on deposit in a Thai Bank.

http://www.thaivisa.com/forum/topic/727315-retirement-visa/?p=7851293

is there no income tax payable at the $21,600 level?

Not if that is your only income, if you have income from other sources you may be taxed

[smotherb]

ok ,if my monthly income [pension] is 45000month how much do i have to have in the bank. sorry if this is a bit of a stupid question as all this leaves me a bit bewildered

Do the math. B45000 x 12 = B540,000; B800,000 - B540,000 = B260,000 you need in Bank

[morryinperth]

Does anyone know how long 800,000bht, has to be in your account when applying for a retirement visa, i read that if you apply for the visa from your own country embassy,(ozz)it has to be in your account for at least six months, is this correct.

[tropo]

I just sent an email to the US Embassy BKK asking what do they have to see, documents, to certify my monthly income. Hope they or someone answers.

Embassy statement is pretty easy from U S Embassy in BKK but you need to go there in person.

1. Make an appointment online, they won't let you in with out one, except in an emergency. Appointment are usually already booked about 1 to 2 weeks. Make a copy of your appointment and take it with you

2. Gather what ever you have to verify your income. Get what you have easily available as more than likely you won't need any of it.

When you get to the Embassy don't wait in the long line on the left, just go up to the window and show them your appointment and you get right in

3 When you check in tell them you need to do a verification of income statement and they will give you the form, I think you can download the form on the embassy website. You fill in the income amount

4. Fill out and take to cashier and pay fee around $50 U S

5. Next you will be called up to the window and asked to check over the form and verify that everything is correct. Once that is done you will be asked if you swear that all statements are true to the best of you knowledge. If you answer yes they will notarize it and you are all finished.

I know I will get a bunch of feed back on this but I just did it last month and this was my 7th time, same procedure

Also I recently read that the Thai gvmt. has extended the validity time of this statement up 6 months

For any Aussies needing to do this:

1. No appointment necessary - turn up any time between 9am and 4pm

2. Download the Statutory Declaration form from the government website and fill out at home (but don't sign). You sign in front of a consulate staff member.

3 600 baht (for June) (AUD $20 - they calculate the fee once a month and make the adjustments based on exchange rate)

Never had to wait more than 5 minutes and the process takes about 2 minutes., It's usually very quiet at the Australian Consulate.

Edited July 3, 2014 by tropo

[mikhill]

I have a 57,000 baht a month pension so for retirement extension need 100,000+ in the bank. This is ok but does it have to be seasoned ?

Thanks in advance, regards mike

Sent from my GT-N5100 using Thaivisa Connect Thailand mobile app

[tropo]

Does anyone know how long 800,000bht, has to be in your account when applying for a retirement visa, i read that if you apply for the visa from your own country embassy,(ozz)it has to be in your account for at least six months, is this correct.

It could depend on what area you are going to settle, but if you are planning on staying in Pattaya, don't bother getting a visa beforehand as they will give you the visa and extension in one go straight from the 30 day visa free entry. (fee 2000 + 1900)., They'll do it that way at other immigration offices too, so a quick question on here will determine if it can be done where you are planning to settle.