Retirement visa questions

[pattaya_mad 208]

Hi, I am planning to apply for a retirement visa in around 3 years time, I do know the financial requirements involved, it may be a struggle at first to aquire a monthly income of 65,000 baht but a bank account of 800,000 baht shouldn`t be too much of a problem with a company lump sum and maturing assurance policies.

after 6 years of living there my state pension should kick in which will take me closer to the monthly income required.

my questions:

do you need at least 800k in your Thai bank account at all times?, or just when you apply for the initial visa?..and how often do immigration require you to declare your financial situation?

and am I right in thinking that you need to declare your living address every 90 days?

 

cheers

 

 

 

 

EDIT: didn`t see the related thread on this issue here!

Edited April 25, 2008 by pattaya_mad

[Emil 0]

First it isn't either or on the 65 k monthly income or 800k deposit. If your income is only 33k a month then you would only need 400k on deposit. The guys I know who have the 800k on deposit draw on that account and then top it off I believe 3 months prior to the renewal of their visa. Been told that topping it off require a paper trail to prove that you didn't earn the money in LOS.

 

You need to report to immigration every 90 days and fill out a form. If you pass through BKK immigration then the report date resets. I fly in and out of LOS every 2 months so I have yet been required to go to Jomtien except when I changed residences which they want you to report within 24 hours.

[joekicker 53]

After you make the visa application, you can spend your 800,000 baht - that evening if you wish, and please invite me to that party if you do.

 

Bear in mind you'll need some next year, check with immigration to GET THE LATEST INFORMATION on how many days/months before re-application (next year) that you need to have the money showing in the account again. Believe it or not, sometimes they reduce the requirements, although usually any changes are against you.

 

To be clear: You will have to re-declare a financial position each year when you re-apply for a re-extension to your retirement visa. The requirements change way too often, so check well in advance of your one-year visa expiration to get the latest, exact requirements on bank balance and/or monthly income and/or any other requirements.

 

You must report to immigration after 90 days of each arrival in country, and every 90 days thereafter from that date. The reporting date, as indicated in the first, excellent, answer, depends on your latest arrival only - nothing to do with previous arrivals OR visa extensions so it's not difficult to keep track.

 

You also need a re-entry permit (exit visa if you prefer) to travel. If you don't get a re-entry permit, your hard-fought visa will be cancelled when you leave Thailand, no appeal, no drama, it's just gone.

 

In my opinion, you should get a re-entry visa the very day you get your one-year visa extension, so you'll always be prepared. The re-entry visa is good for the life of the visa extension. You can get a single re-entry for 1,900 baht or a multiple for more if you KNOW you'll be making a number of trips in the coming year. The re-entries expire at the end of your current visa limit and can't be carried over.

[Emil 0]

You also need a re-entry permit (exit visa if you prefer) to travel. If you don't get a re-entry permit, your hard-fought visa will be cancelled when you leave Thailand, no appeal, no drama, it's just gone.

 

In my opinion, you should get a re-entry visa the very day you get your one-year visa extension, so you'll always be prepared. The re-entry visa is good for the life of the visa extension. You can get a single re-entry for 1,900 baht or a multiple for more if you KNOW you'll be making a number of trips in the coming year. The re-entries expire at the end of your current visa limit and can't be carried over.

 

I get the multiple re-entry permit at a cost of 3,800 baht. I was told by friends that the single cost 1,000 baht and that the multiple was only cost effective if your making more than 3 trips a year out of LOS.

[Eneukman 1]

I get the multiple re-entry permit at a cost of 3,800 baht. I was told by friends that the single cost 1,000 baht and that the multiple was only cost effective if your making more than 3 trips a year out of LOS.

 

That's correct.

 

I have so far always gone for the multiple re-entry permit as it avoids the hassle of applying for a single permit when you want to leave the country. It was worth while this time as by the time I extend my visa in August I will have left Thailand 5 or 6 times.

 

Alan

[joekicker 53]

Yes it is 1,000 baht for single re-entry, sorry for the confusing typppo.

 

I'd argue there is a little more to cost-effectiveness than just the price, but once you know the two prices you can work out cost-effectiveness for yourself, yep. I always get a multiple.

 

I would argue everyone should get one, even if it turns out he never travels - beause it is more cost effective than running around trying to get it in case of an emergency trip such as winning the lottery and having to go pick it up.

[Gary 4,119]

Immigration wants to see activity in your bank account, so the answer is that the 800,000 baht in your account can and should be used and then topped up before your next extension. The first time the 800,000 must be in your account for three months. This is to prevent guys from borrowing the money and then taking it out after they get their visa.

[joebuck44 4]

So if my income is B 40,000 monthly i would need only B 400,000 in the bank 3 months prior to application? Thanks, Joe.

[Tengotodo 52]

So if my income is B 40,000 monthly i would need only B 400,000 in the bank 3 months prior to application? Thanks, Joe.

 

 

just curious so no offense. Is it possible to retire in LOS on 40K baht per month? less than 1500 baht per day?

[joekicker 53]

"Possible" is a very elastic word. It is absolutely possible to live on way under 1,500 a day. Whether you want a life style that restricted is a very different question.

 

Of course most Thai working stiffs don't make 40,000 - although they also don't live by themselves.

 

But bottom line, yes is is certainly possible to live and eat quite well indeed on that. Quite well. And have pay-TV to watch baseball.

[laffnliv 78]

You will retire in about three years? A possible complication is that the Thai government is always screwing around with the rules. Three years from now the rules/requirements may be changed. Try to stay informed so you won't have any surprises.

 

Little Roy

[horizons 1]

There are two statements in this thread that I don't quite understand, in terms of the official requirements. Can you guys who actually live in LOS on retirement visas confirm that these two (below) are accurate interpretations, please?

 

 

1) "If your income is only 33k a month then you would only need 400k on deposit."

 

2) "So if my income is B 40,000 monthly i would need only B 400,000 in the bank 3 months prior to application?"

 

 

thanx

[js007 795]

You need 800K in the bank or a combination of income and a bank deposit that would equate to 800K. 800 divided by 12 months is 66,666 baht a month. Thus, if you have 400K, you need monthly income of 400K divided by 12, or 33,333 or so.

 

They'll also accept a monthly income of 65K.

 

J

[horizons 1]

Thanks heaps, js007. A spot light of illumination in the swamp of my innumeracy ... or summat. Much appreciated.

[Zeus 56]

A different twist on this question that I have yet to see answered elsewhere:

 

For the 65k baht / month requirement, can a steady stream of interest from CDs, money market, dividends etc. be used? This income would be coming from a US bank/financial institution.

 

If you have $2,500/month in interest etc. that would translate into 75K+ baht/month.

 

I know..... If you have that kind of interest, the principle would give you more than enough to meet the 800K/year. But I figured if I managed to meet the income requirement, then I could base my funds in a US financial institution, and withdraw needed funds by ATM etc.

 

Finally - If this is allowed as meeting the income requirement, what proof/documentation would be needed?

 

Zeus

[js007 795]

Zeus,

 

Your income can be from any source. No documentation is required to get the form from the US Embassy. You just attest to your income and they sign off on the statement from you. The Thai immigration will accept the form, although they like to see some money in a Thai bank as well. Plan on placing at least some money in a Thai bank. 50K baht or so should do it. That's what I did without a problem. Of course, I had documentation to back up the monthly income, just in case Thai immigration wanted to see it. They didn't, though. They just asked me some questions, like how much I made before I retired, how many brothers and sisters I had, etc.

 

J

[Emil 0]

A different twist on this question that I have yet to see answered elsewhere:

 

For the 65k baht / month requirement, can a steady stream of interest from CDs, money market, dividends etc. be used? This income would be coming from a US bank/financial institution.

 

If you have $2,500/month in interest etc. that would translate into 75K+ baht/month.

 

I know..... If you have that kind of interest, the principle would give you more than enough to meet the 800K/year. But I figured if I managed to meet the income requirement, then I could base my funds in a US financial institution, and withdraw needed funds by ATM etc.

 

Finally - If this is allowed as meeting the income requirement, what proof/documentation would be needed?

 

Zeus

 

 

Like 007 stated I didn't need any proof of income. I had an OPM letter that is sent to me each January showing my new Federal pension after receiving my annual COLA and they didn't want to look at the form. Just give them the $30 USD or Thai baht equivant, raise my hand and affirm that the info I provided was true and then I was out of there with my stamped form. The form asked for monthly income so I would assume that what IRS accepts as income would suffice. Dividends, interest, pension, rental income, etc.

 

I had 10,000 baht in my Bangkok bank account when I got my retirement visa in Sep 06 and about 2,000 baht when I got my renewal in Aug 07. Heard a rumor that they now want 100,000 so I'll be ready when I go back for my renewal this August.

Edited May 10, 2008 by Emil

[nam-thip 1]

I recently went to see Barry Kenyan the British embassy rep in Pattaya with regard to my retirement visa which is due in July.

 

For the past few years I’ve obtained my retirement visa on the 800.000 baht in my Thai account but due to the poor exchange rate I asked what are the options and below is what he told me.

 

Note: 800.000 baht plus living expences until the money is freed amounts each year to a 1 million baht transfer.

 

There are only two options he said (I see three)

 

Option 1:

Deposit 800.000 baht in a Thai account for a period of not less than three months prior to your renewal date.

 

Option 1 (part 2):

A combination of monthly income and sufficient money in a Thai account to add up to 800.000 baht.

Example: If you’re monthly income is 40.000 baht that amount is multiplied by twelve months and equals 480.000 baht so you would need money in your Thai account to make that figure up to 800.000 baht.

Monthly income: 40.000x12 months= 480.000 baht

Money required in your Thai account would be 320.000 baht making the two amounts combined 800.000 baht.

Doing it that way the money does not need to be in your account for a period of three months.

 

Option 2:

To show an income per month equal to 800.000 baht per year.

65.000 baht multiplied by twelve months is 780.000 baht but 65k per month is the magic figure.

 

If you apply for a retirement visa using 65k income or income plus money in account route the amount has to be verified every renewal by your embassy or an embassy rep.

[jacko 8,822]

There has been some rule changes of late regarding validation of monthly income.... having documents verified by your embassy, and for a while having that verification verified by some Thai ministry ... money for the boys, but that went away for now.

 

It seems a lot of effort to verify income ..... the option of just keeping 800,000 in a Thai bank has a second benefit, it is money on hand to cover any emergency medical treatment while the insurance guys look at the policy small print for get out clauses. Your ATM will get you treated.