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Phuket Immigration confirms retirement ‘visa’ income combo still accepted


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Phuket Immigration confirms retirement ‘visa’ income combo still accepted

By Tanyaluk Sakoot

 

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Retired expats looking to confirm exactly what is needed for their application for a one-year permit-to-stay were urged to go to Room 103 at the main Phuket Immigration Office in Phuket Town. Photo: Tanyaluk Sakoot

 

PHUKET:-- Phuket Immigration has confirmed that retirees applying for a one-year permit-to-stay by providing proof of at least B400,000 kept in a Thai bank account plus an income that brings the total funds available to at least B800,000 a year is still being accepted.

 

The terms remain unchanged from over a year ago, Lt Col Worapol Panpetch, Inspector at Phuket Immigration, confirmed today (Oct 20).

 

“The financial requirements for foreigners applying for a 12-month permit-to-stay on the basis that they are retired and staying here remain unchanged,” he said.

 

Full Story: https://www.thephuketnews.com/phuket-immigration-confirms-retirement-visa-income-combo-still-accepted-77697.php

 

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-- © Copyright Phuket News 2020-10-20
 
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The combo method now seems to require a minimum of 400k that must remain in the account for 12 months regardless of monthly income, although that is different to previous requirements it does make sense as the 400k minimum balance covers the minimum insurance requirements that O-A holders must have i.e. 400k cover

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12 hours ago, AbeNormal said:

The combo method now seems to require a minimum of 400k that must remain in the account for 12 months regardless of monthly income, although that is different to previous requirements it does make sense as the 400k minimum balance covers the minimum insurance requirements that O-A holders must have i.e. 400k cover

Doesn't the income only method require 65k/month but there's no minimum balance? So if your monthly income were 64,999 baht, you'd need 400,000 in the bank in addition.

 

Or am I misunderstanding something?

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4 hours ago, Unify said:

Doesn't the income only method require 65k/month but there's no minimum balance? So if your monthly income were 64,999 baht, you'd need 400,000 in the bank in addition.

 

Or am I misunderstanding something?

yes that seems to be what it means

 

quote

 

“The general rule is that the foreigner must have at least B800,000 in a Thai bank account, which cannot hold less than B400,000 throughout the year, or they must have a monthly income of at least B65,000,” Lt Col Worapol explained.

“However, there is the option for the foreigner only to prove that they have kept a minimum of B400,000 in a Thai bank account and have an income that brings the total to B800,000 a year,” he added.

Edited by AbeNormal
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I'm sorry but anyone who pays a government or bank 400,000baht just to live in the country especially when there are so many other options. From what I'm reading all those who invested in retirement in Thailand some buying several apartments, even houses, even having millions sitting in Thai banks are finding themselves basically kicked out of their homes and unable to get their money out of their Thai banks all the while reading about chinese from the province that caused the pandemic being allowed back in on so called holiday visa... I do hope this wakes up a lot of expats that keep lingering with memories of pre 2006. Living voluntarily under a military government is madness.

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5 hours ago, Unify said:

Doesn't the income only method require 65k/month but there's no minimum balance? So if your monthly income were 64,999 baht, you'd need 400,000 in the bank in addition.

 

Or am I misunderstanding something?

As the Phuket Imm inspector explains it, that would mean if your monthly income is +65.000 THB (proven with an embassy issued income-letter) there is NO need to keep any funds on a Thai bank-account.

But if you only have 60.000 THB monthly income, you would need to keep 400K for 12 months on that Thai bank-account.  And if your monthly income is below 35.000 THB you would need to have more than 400K on your Thai bank-account during the 5 months that a minimum of 800K is required.

>> This 'never below' 400K on your Thai bank-account when using the combi-method as explained by the Phuket Imm inspector in the article doesn't seem correct.  At least I did came across other explanations of how it works (e.g. if your monthly income is +50.000 THB, you can meet the requirement by just keeping 200K on your Thai bank-account).

@ubonjoe might shine some light in this issue...

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53 minutes ago, Scot123 said:

I'm sorry but anyone who pays a government or bank 400,000baht just to live in the country especially when there are so many other options. From what I'm reading all those who invested in retirement in Thailand some buying several apartments, even houses, even having millions sitting in Thai banks are finding themselves basically kicked out of their homes and unable to get their money out of their Thai banks all the while reading about chinese from the province that caused the pandemic being allowed back in on so called holiday visa... I do hope this wakes up a lot of expats that keep lingering with memories of pre 2006. Living voluntarily under a military government is madness.

 

let me guess: You don't live in Thailand, do you?

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1 hour ago, AbeNormal said:

yes that seems to be what it means

 

quote

 

“The general rule is that the foreigner must have at least B800,000 in a Thai bank account, which cannot hold less than B400,000 throughout the year, or they must have a monthly income of at least B65,000,” Lt Col Worapol explained.

“However, there is the option for the foreigner only to prove that they have kept a minimum of B400,000 in a Thai bank account and have an income that brings the total to B800,000 a year,” he added.

 

48 minutes ago, Peter Denis said:

As the Phuket Imm inspector explains it, that would mean if your monthly income is +65.000 THB (proven with an embassy issued income-letter) there is NO need to keep any funds on a Thai bank-account.

But if you only have 60.000 THB monthly income, you would need to keep 400K for 12 months on that Thai bank-account.  And if your monthly income is below 35.000 THB you would need to have more than 400K on your Thai bank-account during the 5 months that a minimum of 800K is required.

>> This 'never below' 400K on your Thai bank-account when using the combi-method as explained by the Phuket Imm inspector in the article doesn't seem correct.  At least I did came across other explanations of how it works (e.g. if your monthly income is +50.000 THB, you can meet the requirement by just keeping 200K on your Thai bank-account).

@ubonjoe might shine some light in this issue...

 

It depends if people are using the embassy income certificate for their combination option or not.

 

If a embassy income certificate is used for the combination option then the half of the used bank account at the application has to remain in the account for the whole year.

When the income certificate is over the 65.000 Baht a month then no minimum bank account balance is required.

 

If no embassy certificate is used for the combination option then the 400.000 Baht has to remain in the bank account for the whole year regardless of the amount used in the bank account during the application.

 

The officer in the article only refers to the people applying without the embassy income certificate.

This is how Phuket immigration interpreted it and this can be different at other immigration offices 🙂

 

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17 hours ago, merijn said:

...

The officer in the article only refers to the people applying without the embassy income certificate.

This is how Phuket immigration interpreted it and this can be different at other immigration offices 🙂

Indeed, it is only at Phuket Immigration that the combi-method is interpreted this way.

See thread clarifying that issue > https://forum.thaivisa.com/topic/1188425-retirement-extension-combo-method-with-minimum-of-400k/?do=findComment&comment=15933161

 

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