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Retirement Visa: Scary Stuff?


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4 hours ago, fishtank said:

800,000 Baht in the bank is one of the requirements.

Always has been.

Specifically, a Thai bank. This has always been a requirement  when converting to an O visa incountry which I gather is what you are doing. Nothing underhanded about it and nothing to do with wanting you to use an agent. (What the agent will do, given that you do nto meet the requirement, is another matter and may indeed involve something shady...)

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4 hours ago, ehgnyc said:

Thanks. Question answered. How would I have done that if I got the non immigrant O out of the country? Would I have to come to Thailand, open the account and then shown the proof at an embassy in another country?

 

The requirements are different for getting a non-O outside the country and converting to a non-O inside the country.

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2 hours ago, Saltire said:

I haven't tried it but I have heard plonking a large wad of cash on the teller's window and asking to open an account can work wonders.

 

Exactly what I did with my passport ( tourist visa at the time ) and 200,000 baht at a Bangkok Bank branch. Mind you, that was about 9 years ago. Couldn't shuffle the money into her drawer quickly enough. Drawer, not plural.

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So for those of us who went the OA route, what are we to do? Talked to an agent, 17,000 for extension, ins. and single entry. Sounds like a good deal. Now all you goody two shoes who put your money here when rates were optimum years ago, if I transferred over money now I'd be losing around 60,000 bht on the exchange rate or I can fork over 17,000 bht and alls well. I choose the agent route.:burp:

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2 hours ago, Keyser Soze666 said:

Hang on, I haven't read all 5 pages, but the 800k seasoned for 2 months for retirement ext has to come from overseas? If this is correct, has that always been the case?

When having entered Thailand Visa Exempt or on a Tourist Visa and applying at your local IO for the 90-day Non Imm O Visa for reason of retirement (you still need at least 15 days left on your permission to stay at the moment of application) and using the 800K funds-in-bank method, you need to provide evidence of the foreign oriigins of the funds.

When already on a Non Imm O Visa and applying for the 1-year extension of stay for reason of retirement, and when using the 800K funds-in-bank method, you only need to provide evidence that the funds have been seasoned on your personal thai bank-account for at least two months at the moment of application (with no need to prove the foreign origins of the funds).

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26 minutes ago, Peter Denis said:

When having entered Thailand Visa Exempt or on a Tourist Visa and applying at your local IO for the 90-day Non Imm O Visa for reason of retirement (you still need at least 15 days left on your permission to stay at the moment of application) and using the 800K funds-in-bank method, you need to provide evidence of the foreign oriigins of the funds.

When already on a Non Imm O Visa and applying for the 1-year extension of stay for reason of retirement, and when using the 800K funds-in-bank method, you only need to provide evidence that the funds have been seasoned on your personal thai bank-account for at least two months at the moment of application (with no need to prove the foreign origins of the funds).

Right, as I thought.

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1 hour ago, EVENKEEL said:

So for those of us who went the OA route, what are we to do? Talked to an agent, 17,000 for extension, ins. and single entry. Sounds like a good deal. Now all you goody two shoes who put your money here when rates were optimum years ago, if I transferred over money now I'd be losing around 60,000 bht on the exchange rate or I can fork over 17,000 bht and alls well. I choose the agent route.:burp:

Thats a fair price, pal paid 16k last month.

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12 hours ago, Puchaiyank said:

The visa process does not seem to get easier...every year brings more angst and problems at immigration...

 

It appears that an agent is the easiest way to keep from letting the Thai visa ruin your retirement...

 

Also, healthcare insurance may become problematic as you get older...

 

Good Luck!

Actually no harder than 10 years ago, a couple more pieces of paper but if you have everything to qualify it isn't a problem

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20 minutes ago, DouglasTsui said:

you could try Sunny grumpy Singapore for crying out loud.

Grumpy, really? That's not my experience having spent about 5 years there on and off. If you have the cash it's a great place to stay, especially if you have a family and children. There are not many places where you can take a walk in the park at midnight and be completely safe. 

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I'm a bit confused to the posting? it sounds like the op is in Thailand then it sounds if he isn't?  Said he talked to Immigration tough to do so if outside Thailand if not impossible?  Then there is reference he is on a Embassy extension letter? Then he said he talked to an Agent assume it was a Thai doesn't other wonder where his location might be?

 

In all the years here I've never had a problem opening a Bank account whether I was a tourist or living here as I'm doing now.

 

In the last 3 years I've used two sources to transfer large amount of money Transferwise and through my account with Brokerage Charles Schwab each time in these amounts $15,000 twice $30,000, $30,000 all came over as International Transfer with my account at Bangkok Bank. With all Transfer I just listed for Medical Expenses.

 

In all the years of transferring money I've only been stopped once or lets say a delay was transferring $250,000 USD from one of my property sales but the title company who wired the money clear it up in a few seconds with the bank. If it is legit it isn't anything you need to worry about just don't do huge amounts like $75,000 or over?

 

How you or other view these agents is another issue but it sounds familiar to me. I know a number of people who don't have the 800,000 baht, but they do have an account and use agents like this what they do is move their money into your account to show the 800,000 baht after they obtain your Extension they move it back out how they get away with the seasoning is by paying Tea money that will come with you fee.

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1 hour ago, cmrichsw said:

or 65k into your Thai bank monthly

The new requirement is 800k in bank account 2 months prior until 3 months after extension of stay and 400k or more at all other times.  Previously this money was only required to be in account for the 2 months prior to extension application and was expected to be used for your support.  This can be a huge change for those that have to pay medical bills upfront and then obtain insurance reimbursement.  

 

The income requirement is 65k per month income.  For those from countries not able to obtain Embassy verification of income proof of monthly transfers into a Thai bank account can be used. 

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9 minutes ago, possum1931 said:

I can afford to meet the basic, or financial requirements, but like all expats (I can't think of any exceptions) am living here on a year to year basis, I only keep enough money in a Thai bank for living expenses, and the large bulk of my money stays in my UK bank.

 

Thailand is far too unstable a country to trust putting your life savings in one of their banks. for much of it's recent history it has been run by soldiers whose main education has been in military academies. Just how stable is that?

 

That's where I'm coming out, but don't want to let anyone else put money through a bank account with my id. Kind of like don't get on a plane with anything somebody else put in your luggage. I also spoke to people last night who said it's hard to get the money out once you put it in. I already this year had to get money out of an account in Cambodia while not there. Not easy, but I got it done. Don't want to go through that again. The only reasonable way for me to stay here is a retirement visa, but this forum has helped me see the downside. When embassy letters run out, I'll have to go. Again, thanks to all of you for your help.

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14 minutes ago, ehgnyc said:

That's where I'm coming out, but don't want to let anyone else put money through a bank account with my id. Kind of like don't get on a plane with anything somebody else put in your luggage. I also spoke to people last night who said it's hard to get the money out once you put it in. I already this year had to get money out of an account in Cambodia while not there. Not easy, but I got it done. Don't want to go through that again. The only reasonable way for me to stay here is a retirement visa, but this forum has helped me see the downside. When embassy letters run out, I'll have to go. Again, thanks to all of you for your help.

When going every 1-2 years to your home-country (e.g. to visit family/friends), you can apply there for a Non Imm O-A Visa at the Thai Embassy/Consultate.  That Visa will allow you to stay almost 2 years IO hassle-free in Thailand, with NO need to EVER having to visit an IO.  And as an extra bonus NO need to park or transfer funds to a Thai bank-account.

When you are in your home-country sometime at the end of the 2nd year you can simply re-apply for a NEW Non Imm O-A Visa there (or when inconvenient to return at that time, do one or more border-runs before returning to your home-country).

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On 9/22/2020 at 8:07 AM, Puchaiyank said:

The visa process does not seem to get easier...every year brings more angst and problems at immigration...

 

It appears that an agent is the easiest way to keep from letting the Thai visa ruin your retirement...

 

Also, healthcare insurance may become problematic as you get older...

 

Good Luck!

Why do think everyone needs a health insurance to get a Visa? That's only for people on O-A visas/ extensions. Don't compare getting a visa before the Covid-19 outbreak and now. FYI, imo, if you can't afford the financial requirements as a retiree, I suggest you stay in your home country,where ever it is. 

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7 minutes ago, Max69xl said:

Why do think everyone needs a health insurance to get a Visa? That's only for people on O-A visas/ extensions. Don't compare getting a visa before the Covid-19 outbreak and now. FYI, imo, if you can't afford the financial requirements as a retiree, I suggest you stay in your home country,where ever it is. 

I can fully afford the financial requirements. I just don't want to wind up leaving 800,000 baht in Thailand. Many other countries in SE Asia are now handling the COVID situation much better than Thailand. When I can get into one of them, I'll consider retiring there. And they don't demand large bank accounts. I'm female. I just want a nice beach. I don't have major ties or desires here. I have used the healthcare system for 10 years and really like it, but there are others.

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21 minutes ago, ehgnyc said:

I can fully afford the financial requirements. I just don't want to wind up leaving 800,000 baht in Thailand. Many other countries in SE Asia are now handling the COVID situation much better than Thailand. When I can get into one of them, I'll consider retiring there. And they don't demand large bank accounts. I'm female. I just want a nice beach. I don't have major ties or desires here. I have used the healthcare system for 10 years and really like it, but there are others.

>> I PM-ed you a Guideline document on how to meet the now required thai IO-approved health-insurance requirement when applying for the Non Imm O-A Visa in your home-country.

In case your existing insurance policy does not meet the Thai IO-requirements, I also attached some information on how to apply for the Thai LMG Insurance Plan 1 policy, which is the cheapest option on the market to meet that health-insurance requirement.

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On 9/22/2020 at 8:08 AM, ehgnyc said:

No I don't. Any advice? I had one in Cambodia, but it was opened for me by my job. I asked at a few banks here and they said no. I hear it can be difficult for US citizens.

SCB bank and Krungsri should allow US citizens to open accounts (provided you meet other requirements to open an acct), but you have to fill out the FATCA form that the US government requires. Most other banks in Thailand have opted out of participating in FATCA, so they won't open accounts for US citizens. Google FATCA if you aren't familiar with it.

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