xerostar Posted March 1, 2017 Share Posted March 1, 2017 (edited) If you retire in Thailand you're expected to have 800,000 Baht in the bank to maintain your permission to stay OR you need demonstrate a monthly income of not less than 65,000 Baht. The Australian pension is about 43,695 Baht per month. Assuming the single pensioner does not have the 800,000 Baht in the bank account, I would like to know how Australian pensioners manage to satisfy the 65,000 Baht requirement when there is a shortfall of 21,305 Baht per month. Do these pensioners have some other income from Australia such as small investments ? Earnings from Internet could be a problem. You would need to declare the earnings and then they'd want a work permit and expect you to pay tax on that income. Positive replies and discussion welcomed. Edited March 1, 2017 by xerostar missing word Link to comment Share on other sites More sharing options...
ubonjoe Posted March 1, 2017 Share Posted March 1, 2017 You could use the combination of income and money in the bank to reach the 800k baht number. Using 43k baht for a the monthly income that is annual income of 516k baht meaning you would need at least 284k baht in the bank. You can use any income when you do your statutory declaration at the Australian embassy needed to prove your income at immigration. If immigration wanted back up proof for the declaration you could use a Thai bank book showing funds coming into the country on a regular basis. 1 Link to comment Share on other sites More sharing options...
Colabamumbai Posted March 1, 2017 Share Posted March 1, 2017 If you can show a monthly deposit of 65,000 Baht going into your bank account, for one month that will suffice, with an income affidavit from your embassy and their letter to immigration. A foreign bank account is fine. I have been doing this for years for my extensions. 1 Link to comment Share on other sites More sharing options...
Popular Post gkroo Posted March 1, 2017 Popular Post Share Posted March 1, 2017 Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ??? 3 Link to comment Share on other sites More sharing options...
Aussie69 Posted March 1, 2017 Share Posted March 1, 2017 Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ???Yes you need to apply for a portable pension, which I believe is hard to attain/justify. Link to comment Share on other sites More sharing options...
ronrat Posted March 1, 2017 Share Posted March 1, 2017 The Government would be stupid to stop pensions because you lived overseas.. If they did that and thousands moved back demanding housing, hospital beds, concessions and the vote the system couldn't cope. The media would be all over it as well with sob stories. Can';t bring the new wife. Can't stay with my kids. Worked and paid taxes for 50 years. Thailand would be small fry compared to those c in Lebanon and Greece. The political fallout would be huge. I am a superannuant and the only rule is you must pay into an Australian bank. I took my my super statement to the embassy and they didn't look at it. Neither did the Jomtiem immigration office. They just witnessed my signature in bangkok and Jomtiem just filed it. 1 Link to comment Share on other sites More sharing options...
NorK Posted March 1, 2017 Share Posted March 1, 2017 Ubonjoe is correct. I am an Australian living in Thailand on the Australian Age pension and it is exactly as he describes. Outside Australia, assuming you are entitled to the full pension, you will currently get $820.60 per fortnight ($21,336 p.a.) or 544,000 baht p.a. Therefore you need to have 256,000 sitting in a Thai bank for three months. If you return to Australia for a visit, your pension will increase to $877.10 per fortnight. This will continue to be paid to you on your return to Thailand for a further 42 days. Remember, there are 26 fortnights in a year not 24. 2 Link to comment Share on other sites More sharing options...
Popular Post giddyup Posted March 1, 2017 Popular Post Share Posted March 1, 2017 (edited) The Aussie Embassy will issue a statutory declaration based on whatever income you say you have, no proof needed. Whether you are honest or not is up to you. You show this to Thai immigration and bob's your uncle. Edited March 1, 2017 by giddyup 3 Link to comment Share on other sites More sharing options...
Popular Post Phuket Man Posted March 1, 2017 Popular Post Share Posted March 1, 2017 2 hours ago, MikeN said: Anybody who expected to live comfortably ( as opposed to survive) on just the pension has been deluding themselves for far too long. During their working life they should have invested in the stockmarket, or bought themselves a house and now either be renting that out or make the most of housing cost rises to sell and re-invest. My military pension is less than the age pension but with my extra income from investments I can make the 65000B/month comfortably. If I could manage it on an average wage most people should have been able to do it. That is a great help and answers the ops question perfectly. NOT. 10 Link to comment Share on other sites More sharing options...
malt25 Posted March 1, 2017 Share Posted March 1, 2017 " If you retire in Thailand you're expected to have 800,000 Baht in the bank to maintain your permission to stay OR you need demonstrate a monthly income of not less than 65,000 Baht. You can retire in Thailand using the marriage extension. This method only requires you to have 400,000 baht deposited. OR, 40,000 baht monthly income. The Australian pension is about 43,695 Baht per month. Assuming the single pensioner does not have the 800,000 Baht in the bank account, I would like to know how Australian pensioners manage to satisfy the 65,000 Baht requirement when there is a shortfall of 21,305 Baht per month. Do these pensioners have some other income from Australia such as small investments ? Yes, small private annuity pension. I can nominate the monthly draw down or withdraw the total balance. Earnings from Internet could be a problem. Not necessarily. You would need to declare the earnings and then they'd want a work permit and expect you to pay tax on that income. Why would you declare the income if paid into an Australian bank account ? Positive replies and discussion welcomed." Link to comment Share on other sites More sharing options...
rickp Posted March 1, 2017 Share Posted March 1, 2017 Following on from what NorK said, you only get A$820.60 per fortnight (A$21,336 p.a.) if you have lived in Australia for a minimum of 35 years. Fewer than 35 years, and you get a pro rata amount, eg, 30 years gets you about A$703.40 per fortnight. Maybe that won't affect you. Link to comment Share on other sites More sharing options...
malt25 Posted March 1, 2017 Share Posted March 1, 2017 46 minutes ago, gkroo said: Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ??? This must have been introduced within the last 24 hours. I would like to see some official notification re this comment. 2 Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 54 minutes ago, gkroo said: Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ??? Of course you can get an Aussie pension paid overseas, I've been getting mine every month for the last 8 years in Thailand. You do need to qualify by spending the 2 years before (or 2 years after) becoming eligible residing in Australia. Link to comment Share on other sites More sharing options...
rickp Posted March 1, 2017 Share Posted March 1, 2017 This web page shows the rules for getting the aged pension outside Australia: https://www.humanservices.gov.au/customer/enablers/age-pension-while-travelling-outside-australia The rule relating to the pension rate received after being out of Australia for more than 26 weeks is being changed; it will reduce after 6 weeks, if you have lived in Australia less than 35 years. The bill has been approved, but it's not actually law yet, so 26 weeks applies at the moment. I don't think it will be for much longer though. Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 9 minutes ago, malt25 said: This must have been introduced within the last 24 hours. I would like to see some official notification re this comment. As I just mentioned, you need to qualify for the pension by residing in Australia for the 2 years prior to turning 65. 1 Link to comment Share on other sites More sharing options...
Peterw42 Posted March 1, 2017 Share Posted March 1, 2017 10 minutes ago, malt25 said: You can retire in Thailand using the marriage extension. This method only requires you to have 400,000 baht deposited. OR, 40,000 baht monthly income. Yes, but you are then "Married" and your pension amount changes. Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 Just now, Peterw42 said: Yes, but you are then "Married" and your pension amount changes. That's correct, I almost tied the knot until I was informed of that. Link to comment Share on other sites More sharing options...
heybuz Posted March 1, 2017 Share Posted March 1, 2017 10 minutes ago, giddyup said: That's correct, I almost tied the knot until I was informed of that. You lose 200 dollars a fortnight no ifs or buts Link to comment Share on other sites More sharing options...
Peterw42 Posted March 1, 2017 Share Posted March 1, 2017 7 minutes ago, giddyup said: That's correct, I almost tied the knot until I was informed of that. I would imagine there is no way they would know, unless you told them. But that then affects getting an Australian visa for your "not wife" girlfriend. I am already married to a Thai and have told her we get divorced just before I get to pension age, lol Link to comment Share on other sites More sharing options...
Jedsada3 Posted March 1, 2017 Share Posted March 1, 2017 14 minutes ago, malt25 said: You can retire in Thailand using the marriage extension. This method only requires you to have 400,000 baht deposited. OR, 40,000 baht monthly income. I would say the OP should keep the "retirement" option: if the Baht get stronger or the AUS$ weaker, bigger problem will be: there is no combination of income and bank deposit for the "marriage extension". 23 minutes ago, malt25 said: Earnings from Internet could be a problem. Not necessarily. You would need to declare the earnings and then they'd want a work permit and expect you to pay tax on that income. No work allowed if you have a "Retirement extension" then I would avoid to declare it! So if you work on internet, keep it secret and use that income to fill the bank deposit needed for your extension... 1 Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 1 minute ago, Peterw42 said: I would imagine there is no way they would know, unless you told them. But that then affects getting an Australian visa for your "not wife" girlfriend. I am already married to a Thai and have told her we get divorced just before I get to pension age, lol You also run the risk of when they do find out, and they will, of having to pay back everything you've been overpaid. 2 Link to comment Share on other sites More sharing options...
dotpoom Posted March 1, 2017 Share Posted March 1, 2017 I'm not trying to be clever......but shortage of money affects many people in lots of different ways in life and disables them from doing many things they wish they could do. The question just sounded a bit odd to me. Link to comment Share on other sites More sharing options...
Evilbaz Posted March 1, 2017 Share Posted March 1, 2017 1 hour ago, gkroo said: Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ??? Load of rubbish! I've lived here for 9 years on the OZ OAP and Centrelink is fully aware I live here. If I wish (I don't because of their lousy FX rate) I could have my pension payments deposited directly into my Kasikorn Bank account. 1 Link to comment Share on other sites More sharing options...
kennw Posted March 1, 2017 Share Posted March 1, 2017 1 hour ago, gkroo said: Zerostar,if I was you I would carefully check the Aust pension rules because I am to believe that you are not entitled to a pension now if you do not reside within Aust ??? That is my understanding also. My reading is that you are only allowed to be absent from Aust for a limited time. 1 Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 (edited) 1 minute ago, kennw said: That is my understanding also. My reading is that you are only allowed to be absent from Aust for a limited time. Wrong! What's a limited time? Because I've been here collecting the pension for nearly 8 years, am I about to run out of time? Edited March 1, 2017 by giddyup 1 Link to comment Share on other sites More sharing options...
gkroo Posted March 1, 2017 Share Posted March 1, 2017 The main punchline being as quoted by a previous member " You do need to qualify by spending the 2 years before (or 2 years after) becoming eligible residing in Australia" . Link to comment Share on other sites More sharing options...
Peterw42 Posted March 1, 2017 Share Posted March 1, 2017 3 minutes ago, kennw said: That is my understanding also. My reading is that you are only allowed to be absent from Aust for a limited time. It depends how many years you worked in Australia, and in the worst instance you loose part of the pension. Link to comment Share on other sites More sharing options...
Popular Post giddyup Posted March 1, 2017 Popular Post Share Posted March 1, 2017 1 minute ago, gkroo said: The main punchline being as quoted by a previous member " You do need to qualify by spending the 2 years before (or 2 years after) becoming eligible residing in Australia" . Yes, quite a few Aussies were residing in Thailand prior to turning 65, totally unaware that they had to return to Australia for 2 years to qualify for the pension. It was quite a blow. 3 Link to comment Share on other sites More sharing options...
Centrum Posted March 1, 2017 Share Posted March 1, 2017 38 minutes ago, giddyup said: As I just mentioned, you need to qualify for the pension by residing in Australia for the 2 years prior to turning 65. I think the age maybe 67 now 1 Link to comment Share on other sites More sharing options...
giddyup Posted March 1, 2017 Share Posted March 1, 2017 (edited) 2 minutes ago, Centrum said: I think the age maybe 67 now Yes, I'm sure you are correct, as it was 65 some time ago, and I'm sure they've upped it now for both men and women. They'll keep on increasing it until it reaches an age that nobody can reach. Edited March 1, 2017 by giddyup 1 Link to comment Share on other sites More sharing options...
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