Financial Requirement Change For Retirement Visa

[Thaiquila]

OK, visa gurus, enlighten us please:

The so called retirement visa.

This allows foreigners aged 50 and over to extend a non-immigrant visa for up to 12 months from the date of the last entry into Thailand. It requires either 800,000 baht in a Thai bank or a combination of cash in the bank and proof of pension paid in the home country. A letter from the respective embassy is required for proof of pension. From now on, the immigration officer will need to see proof that the 800,000 baht has been there for three months prior to the visa being issued. This is to stop the practice of moving money into a bank account, and promptly out again, once the visa is granted.

To simplify this, lets assume we are talking about retirees qualifying on BANK ACCOUNT alone (not pension).

OK, when I first read this I thought it meant you have to show that you have 800K in your account for 90 days BEFORE application for extension based on retirement. Some others have commented that the real meaning is that immigration needs to see the 800K in the account for 90 days AFTER the application for extension.

So how would this work exactly?

Lets imagine the applicant applies for an extension about 30 days before expiry of his previous extension to stay (or perhaps is trying to get his FIRST extension of stay).

Lets say the applicant then has one million baht in his Thai bank account.

So, what does immigration do at that point? This applicant only has 30 days left and yet he won't get the NEW extension for 90 days from application, correct? So does he get a 30 day stamp for each 30 days up to the 90 days, or one 90 day stamp for the whole period? If a series of 30 day stamps, I suppose that would mean a series of pleasant trips to immigration?

And so at the end of 90 days, the applicant gets the full year extension of stay, right? Is that backdated to the end of the previous extension of stay, or would it begin at a later point, after those series of application under consideration stamp(s)?

And does the new rule require that the FULL 800K be in the account after 90 days? Or could say an applicant make an initial application with 800K and then spend normally for 90 days and perhaps have 600K? I understand the spirit of this new (to my mind rather draconian) rule is to prevent rapid money transfer "abuse", but an individual who is doing normal spending is not doing that, but that is irrelevant, I suppose, will this normal spending down be allowed or not?

If not, this new rule in effect really INCREASES the real financial requirement on application to more like a million baht, than 800K baht? Is that the reality?

I am sorry. This sounds complicated. Does anyone know the real story about this new change?

Edited October 3, 2006 by Thaiquila

[Mobi]

Good question, and I too would appreciate clarification.

As far as I can see, the only reference to this 3 month requirement is in the article written in 'Pattaya Today'. Are there other sources with similar information.?

Presumably it wouldn't be too hard for someone to go down to immigration and get a clear ruling from the top?

Edited October 3, 2006 by Mobi D'Ark

[Firefan]

I agree that it does seem to add up to having 1 M Baht at extension application (or 800k+whatever one spends in 3 months). I would presume that emmigration will be flexible initially and that the focus will be only after application (as new rule).

I have not read anything as to changes to the 30 day "under consideration" stamp - but that is really the same process as for other visas (married/investment Etc.) - so yes, I think it is 3 x 30 days. This gives them time to check on actual bank holdings with your bank over a period of time. Just as it gives them time to go and knock doors to ensure you truely "love" your wife.

Personally I would ensure that there was 800k in account until I got my 1 year stamp. The 1 year stamp will only count for the remaining 9 months actually, just like all other visas today.

Cheers!

[lopburi3]

From the first report today it is in the future - those obtaining retirement extensions of stay using bank deposit are being told to have the money in account 3 months early next time. But that it will not be a baht count - only to be sure you do have funds so if you have an active transfer history the full 800k will likely not be required. I would suspect only those suspected of not having the means will have a problem and that most people will not see much difference. But it is early innings of this ball game.

[Thaiquila]

OK, so for the FUTURE, the money will have to be in there three month early.

So, like I said before, that seems to translate that you have to transfer 800K PLUS over three months living expenses, so the requirement has indeed been raised for all practical purposes.

Am I correct in assuming that for a NEW (first) extension based on retirement the looking back three months will NOT be an issue?

Also, does anyone know if a medical certificate is required for NEW (first) extensions based on retirement?

[tominchaam]

OK, so for the FUTURE, the money will have to be in there three month early.

So, like I said before, that seems to translate that you have to transfer 800K PLUS over three months living expenses, so the requirement has indeed been raised for all practical purposes.

Am I correct in assuming that for a NEW (first) extension based on retirement the looking back three months will NOT be an issue?

Also, does anyone know if a medical certificate is required for NEW (first) extensions based on retirement?

After reading through National Police Office Order No 606/2006 I found there is one point in the end of the order that should be of interest to all of us.

“Within 1 year from the enforcement date of this Order, for the case of the foreigner who has entered Thailand and has been granted to stay temporarily in the Kingdom of Thailand before this Order will be enforced and disqualifies to the criterions set forth on this Order, The Commander of the Immigration Bureau or the authorized officer shall be responsible to consider granting the permission, based on the necessity of the applicant, case by case.”

With the above in mind I would not worry about having 800k in my account 3 months before renewal of retirement visa until after October 1st 2007. The signature Twin got his renewal done yesterday. He let us readers know all the details in a well written report posted yesterday as well.

There is no more a need for a medical certificate - new or renewal.