Retirement visa requirements

[saminoz]

Here's a couple of queries;

Do your property purchases count towards (or actually replace) the need for the 800k in the Thai bank account? Why keep US$20k+ sat in a bank account doing virtually nothing when you can have it invested in Thai property and saving on rent?

For the income requirement, as a business owner (form a business outside of Thailand) whose income varies month on month but is always way in excess of the level required, having been non-resident in my home country in excess of 10 years and my money not originating there, what should I do about the declaration of income requirement?

Cheers in advance

[Swiss1960]

OP: For your first question, the answer is NO, property does not count. Reason is that from an immigration point of view, the 800K must be immediately available money for LIVING in case something goes wrong. That is also why certain type of bank accounts are not accepted. Property is NOT immediately available

[allane]

It is easy for anyone to walk in and tell Immigration a story. If you can't prove it though,you are out of luck.

[larsjohnsson]

Everyone that don't have 800k for the bank, or 65 k in monthly income. Always have a story similar to yours.

If you have a legal busines, pay your tax, and always have a monthly income way in excess of the required amount. Then you will not have any problem getting the income letter.

Edited May 9, 2015 by larsjohnsson

[skatewash]

My understanding of the income requirement is that you would have to go to your home country embassy in Bangkok and provide sufficient evidence to them that your income per month is B65,000 or greater.

I don't know what documents you would have to demonstrate your income. One would imagine any official reports you make to a government would be accepted: tax return, etc.

[Mario2008]

Only if the property (a condo) is worth at least 10 million baht does it count.

Normally it doesn't matter in which country the income is earned, you still go to your own embassy and they certify the income. (They also set their won rules of what they will accept as proof and normally it must be in a language they understand.).

[Jingthing]

The combo method is also an option.

Annual income plus Thai bank account at at least the 800K baht level.

[Swiss1960]

Only if the property (a condo) is worth at least 10 million baht does it count.

But with the 10 Mio, it will not be a retirement Visa anymore, but an investors Visa... (just for the OP's clarification, of course you, Mario, know that)

[saminoz]

Thanks to all who contributed their knowledge.

I shall simply transfer in sufficient cash to establish and maintain the balance for the requisite period I guess.

Cheers all.

[Langsuan Man]

Thanks to all who contributed their knowledge.

I shall simply transfer in sufficient cash to establish and maintain the balance for the requisite period I guess.

Cheers all.

If you are an American then don't forget that you will have to report to the US Treasury if you have more than $10,000 USD or Thai Baht equivalent in a Thai bank at any time during the calendar year

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR