retirement visa

[nidnoyham 30]

My mates retirement visa is due for renewal in June, he is not sure how much he needs in Thai bank. He seems to think because the bah tis stronger he needs abaout 3 times last years amount. I have a feelng a bit of shuffling of money may be required.

[elef 0]

"A copy of bank statement showing a deposit at the amount equal to not less than 800,000 Baht or an income certificate (an original copy) with a monthly income of not less than 65,000 Baht, or a deposit account plus a monthy income totalling not less than 800,000 Baht."

 

"In case of the bank statement, a letter of guarantee from the bank (an original copy) is to be shown as well."

 

Source

[nidnoyham 30]

Thanks elef. That's a few bob to find !

[biggles 509]

a friend went to immigration in soi5 couple of weeks ago to get retirement visa. mentioned seeing a post that amount was going up to 1.5million baht. immigration lady confirmed "yes we are working on it. probably about July/august" so it can get worse.

[Rex7777 0]

I wonder if an increase to 1.5 million baht would mean an equivalent increase in the monthly income amount as well? 65,000 baht a month is one thing, 120,000 baht a month is something else again. I think at 120,000 baht, they'd find themselves with a few less retirees. Why would they want that?

 

Rex

[Daveyh 0]

I think the increase to 1.5 million baht will effect only those that are applying for a retirement visa for the first time. I'm sure I read this sometime ago when this was rumoured & first reported in the local papers. The Head of Immigration agreed in the article that this was a fair & proper way forward for those that already had this visa in their passports as they had planned their retirement on the 800,000 baht requirement. Fingers crossed anyway or there will be lots of expats on regular visa runs making life difficult for many, especially with the exchange rate causing havoc at this present time too.

[Gary 4,096]

Someone on the Thai visa web site asked that question and the experts say it's not true and actually ended the thread saying it amounted to rumor mongering.

[biggles 509]

the thread in thai visa was the reason my friend asked the question of the immigration official while he was there. the thread was a couple of months ago and at that stage it probably was just a rumour and the experts could have been right. My friend is a regular poster on this board and not in the habit of starting rumours!!!

Usually any changes to retirement visa rules are "grandfathered" in to not affect someone already with a visa. for that reason it could be worthwhile bringing forward an aplication just to be sure, if you would have trouble qualifying under the new rules.

[Gary 4,096]

If it were to go to a million and a half I would think the monthly income requirement would go up nearly double also. That would mean there will be a LOT of retirees looking at a different country to settle in including ME! The 65,000 baht now costs $1,805 at 36 baht per dollar. At 40 baht to a dollar it was $1,625. Since it is easy to live here for $1,000 per month I think the 65,000 baht is too much.

[Soi7 1]

Gary,

 

March 28 or 29th I went in as Biggles stated and the young lady that did my retirement Paper work did indeed say that they were raising the Amount needed for retirement to 1.5 Million Baht. But that being said I am also active on the ThaiVisa board and they are saying that it is a rumor only so who knows ??

[pattysteve 34]

If it does go up 1.5mill,it would indeed be a blow to many.

 

Whoever its only the first yr it effects you,after that you just top up what

you spend during the yr.

 

I guess its worse for those just using pensions etc.to meet the 800,000B

requirement.

[Owen` 2]

From the Thai perspective, what sense does it make to grandfather any increase? They pick a number to generate government revenue and presumably they pick a number that in their view maximizes revenue -- meaning that so much more is made by those who do not flee elsewhere that it overwhelms the loss from those who do flee elsewhere.

 

I don't see how grandfathering is beneficial to their government coffers in this regard. Everyone would pay the same, new arrival or old arrival.

[Rex7777 0]

Look on the bright side. They'll probably allow for some combination of a bank deposit and a monthly income stream. If you ask me, though, 1.5 million is a lot to have sitting around in a Thai bank for no good reason. I've also read that the money only has to stay in the Thai bank long enought for the bank to certify that you do indeed have such a deposit, which means you could borrow the money if need be.

 

Rex.

[Owen` 2]

No huge value to this information below, but it's easily available from expatfocus.com and provides a comparison

 

Costa Rica:

 

Residency for Pensioners or Retirees (Pensionados or Rentistas)- If you earn $600 per month from your pension, or $1000 a month from your investments you can qualify for these permits.

 

Phillipines:

 

The requirements are basic: ID documents and medical/police checks. Bank certification of dollar time deposit as followed are required:

 

- 35-49 years old - US$ 75,000

- 50 years old and above - US$ 50,000

- Additional dependent (in excess of two) - additional US$ 15,000 each

 

One-time fees are US$1,500 processing and service fee and US$10 for the annual PRA ID card fee (waived for the first year). Spouses must provide the ID/medical/police information and pay a reduced (US$300) processing and service fee plus US$10 for the annual PRA ID Card.

 

Singapore (yikes!):

 

For individuals who have not previously worked in the country and/or obtained permanent residency, the only remaining option allowing them to retire in Singapore is to provide significant investment into the economy (minimum of S$1,000,000). As such, the opportunities for many who might want to retire to the island nation are limited.

 

Panama:

 

Residency in Panama is very easy to obtain when compared to most other countries. There is special legislation for “pensionersâ€, who can qualify for residency with a guaranteed pension income of $500 per month ($600 for a couple). You don't necessarily have to be an elderly person either, since anyone over 18 can qualify. However, it must be a pension from a recognized source: for example a government agency (e.g. Social Security, disability, armed forces, etc.) or if it is a company pension, it must be a defined-benefit pension.

 

If you don't have a fixed pension, but you have capital, you might consider investing in real estate. If you invest $200,000 or more in any kind of real estate, you can automatically receive an investor residency that allows you to live in Panama legally. There are other possible programs, such as "reforestation" and "small business investor", depending on your personal objectives once you are living in Panama.

 

 

 

I won't paste more. If interested scope www.expatfocus.com

[Eneukman 1]

Look on the bright side. They'll probably allow for some combination of a bank deposit and a monthly income stream. If you ask me, though, 1.5 million is a lot to have sitting around in a Thai bank for no good reason. I've also read that the money only has to stay in the Thai bank long enought for the bank to certify that you do indeed have such a deposit, which means you could borrow the money if need be.

 

Rex.

Rex,

 

From what I've heard, the Thai Immigration authorities will want to see your account in Thailand being used to finance your retirement here. If they see money being deposited one day and being withdrawn 2 or 3 weeks later, they may very well ask you to provide evidence of where your day to day living expenses are coming from. The suggestion here being that you are not really retired but are working illegally in Thailand.

 

Having retired to Thailand 10 months ago, I would say that a cash requirement of 1,500,000 baht is excessive. My regular monthly outlays amount to a bit under 80,000 baht (a quarter of which goes on rent) though this does depend on how often I go out seeking an overnight companion.

 

Alan

[carpediem 0]

alan

 

and how often is that? not to pry, but without that info your estimate of expenses isn't of limited use, surely.

 

cd

[Owen` 2]

alan

 

and how often is that? not to pry, but without that info your estimate of expenses isn't of limited use, surely.

 

cd

 

cd

 

Eneukman does yeoman's work keeping the board updated on living expenses. There are lots and lots of details in other posts. Recommend a search on Eneukman.

 

Alan, you have been talking 80K baht/mo for many months now and apparently that is holding up long term? Your 20K baht 2 bdrm condo/apartment is a big chunk of course but there's always other stuff.

 

cd has at least a valid point that the numbers are as dependent on women as on housing. If one is a drinker, one is going to have to come to terms with costs. Everyone is different so Alan's habits may not mean anything to someone else.

 

BTW, the math on 80K used to be so much easier at 40 baht per dollar. At 37:1, one needs a calculator.

 

Oh, and you talked about a Vietnam jaunt. What was airfare?

 

As always, please don't let us pry into anything you consider personal and accept any deserved apologies if a question is improper.

[nidnoyham 30]

Chaps,

 

Remember Alan is a Scot, the canniest people with money, give him a stone and he'll get a drop of blood for you !

 

Scott's and money- you'r not in their league mates. :-)

Edited April 24, 2006 by nidnoyham

[doolish 14]

Hi,

If you are married to a Thai the amount goes down to 400,000B. On going to immigration the other week they told me that if you get a R. Visa in another country IE home or across the boarder, in my case Lao, you will only have to prove that your yearly income is 800,000b, or 400.000B. On talking to a few retirees in Udon they say that they have to go to immigration every 3 months to verify there address in LOS and every year they go to the Thai embassy in Lao in V stay overnight and get a years retirement visa.

I read in the Pattaya newpaper in Jan. that they are to phase out the retirement visa and to bring in something easier???

Cheers Doug.

Happy as a pig in shit now that i've retired here, should have done it 5 years ago.

[Emil 0]

From the Thai perspective, what sense does it make to grandfather any increase?  They pick a number to generate government revenue and presumably they pick a number that in their view maximizes revenue -- meaning that so much more is made by those who do not flee elsewhere that it overwhelms the loss from those who do flee elsewhere.

 

I don't see how grandfathering is beneficial to their government coffers in this regard.  Everyone would pay the same, new arrival or old arrival.

Increasing those numbers don't guarantee an increase in the Thai coffers as there is no requirement on how much you spend. Take Soi 7 for an example, he'll still spend approximately 20,000 baht a month to live.

 

Those new figures aren't that difficult to meet as they are a combination of the 2. If you have a social security pension of $1200 a month you'll probably on need a deposit of around $25-30K USD. Does owning a home or condo help reduce the deposit requirement?

 

The money on deposit requirement could turn out to be a blessing in disquise. One boardmember tranfered in USD earlier this year when the exchange rate was 41 to 1, on top of that the Thai bank gave him 5% interest on the money.

Edited April 25, 2006 by Emil

[Soi7 1]

Does owning a home or condo help reduce the deposit requirement?

 

Nope