Financial for the Retirement Visa

[rmicheald 6]

I am confused about the financial requirement for the retirement visa. do you need to have 800,000 in the bank AND 65,000 baht a month income? Or, is it like the marriage visa where you just have to show the income?

Thanks in advance.

[Fatboyfat 361]

I am confused about the financial requirement for the retirement visa. do you need to have 800,000 in the bank AND 65,000 baht a month income? Or, is it like the marriage visa where you just have to show the income?

Thanks in advance.

Either 800K OR 65K/Month

[jacko 8,822]

I guess you mean a retirement extension.

Yeah either or, if you can afford the 800k in the bank that is easiest. Needs to be 'seasoned' for 2 months for first application and 3 for subsequent ones. (ie balance stays at or above 800k for that time prior to application.)

If you choose the proof of income alternative you will need the support of your embassy/consulate and how straightforward it is varies depending on your Nationality. Some letters cost a few thousand baht.

[SimplySam 517]

Actually you can mix the two thresholds, e.g., 400k in the bank for a few months and 65,000/2 monthly income (which is less than the current average monthly SS check amount in the US).

 

If you are a US citizen, the US Embassy in Bkk will issue the income verification just for your asking, and $50. They don't require any proof, so you may as well go the monthly income route.

[jacko 8,822]

Actually you can mix the two thresholds, e.g., 400k in the bank for a few months and 65,000/2 monthly income (which is less than the current average monthly SS check amount in the US).

 

If you are a US citizen, the US Embassy in Bkk will issue the income verification just for your asking, and $50. They don't require any proof, so you may as well go the monthly income route.

Yeah I had forgotten that, plus I believe that eliminates the 'seasoning' requirement! But the same guy has another thread suggesting he wants to bypass that!

[SimplySam 517]

Yeah I had forgotten that, plus I believe that eliminates the 'seasoning' requirement! But the same guy has another thread suggesting he wants to bypass that!

 

Yeah, I saw that ... weird.

 

Most of the coffin dodgers up here in Udon Thani seem to opt for the certified income route. The US Embassy sends a rep up here to UT each year and there are dozens of retirees there getting those income letters.

 

I'm curious as to why any Yank would do it any other way. There is no proof asked for so the income can be anything the petitioner decides.

[js007 795]

 

Yeah, I saw that ... weird.

 

Most of the coffin dodgers up here in Udon Thani seem to opt for the certified income route. The US Embassy sends a rep up here to UT each year and there are dozens of retirees there getting those income letters.

 

I'm curious as to why any Yank would do it any other way. There is no proof asked for so the income can be anything the petitioner decides.

 

Yea, but knowing Thailand, they could demand "proof" at any time, right? When I did it, I had the income verification letter from the US embassy, but I also had my pension statement. They never wanted to see that, but they did want to see proof of a Thai bank account with at least some money in it and a "letter" from that bank. Neither are required by the official rules, and yet I had no choice but to return to the bank to get the "letter."

[Gary 4,119]

I do my extensions at Chiang Khan in Loei. The very first time I applied I had the income letter. The immigration boss sent me back to Bangkok to have that document legalized. No where else needed that. The next time he told me that some people lie about their income so he needed some proof, which I had. He told me that the 800,000 would work better for me. I have done it that way since.

 

Now they have a new boss and she is a total bitch. I had the money in a deposit certificate that I could take out the money anytime. That was fine until the new bitch came. She wouldn't accept that so I told her that I would put it in a savings account the next day. That wasn't good enough either. It had to be in the savings account for three months. I ended up having to get the income letter from the US embassy in Bangkok. By the time I got that and got back to Loei, I had to pay a thousand baht for a two day overstay. I don't mind following the rules but it would be nice if the rules were consistent. They make up their own rules as they go along.

[tko 219]

I'd have to go to BKK or try to make one of the outreach visits in Patts or Khon Kaen to do the income affidavit. None of those options are ideal, so I just go the 800K/3mo route by only sending money to my Thai accounts twice a year. That also cuts down on per transaction transfer costs and ensures we always have a good buffer of funds locally should a medical or other emergency come up.

 

Interest on cash accounts in the US are so low now, I don't lose much by leaving the funds in Thai savings accounts.

[Idefix 2,275]

 

Actually you can mix the two thresholds, //

Yeah I had forgotten that, plus I believe that eliminates the 'seasoning' requirement!

 

According to the strict rules, yes, but many reports on ThaiVisa on seasoning now asked even in this case.

Too easy before to declare 10'000 B/month + 700'000 B in bank "1 day only" against 800'000 B during 3 months.

Again, a few people abusing the system made it now more difficult for others.