Retirement Visa

[leither69]

I am applying on or around 17/8 for my retirement visa (or non immigrant o visa) I have had the 800k in the bank for over 3 months, do I have to prove this every time I report or annually, the reason I ask is I may want to do something with this money in LOS. Not a major problem if I have to retain in bank but the money is doing little for me. Advice appreciated

Thanks

John

[hhfarang]

Each time you go for an annual extension the 800k has to have been in the bank for the previous three months is the way I understand it.

So, after you get the annual extension, you could draw down the money using it to live on or whatever as long as you remember to top it up three months before your next annual extension.

The whole idea of having it in the bank is to prove you can support yourself without working illegally for the next year so I think you are expected to use it to live here on... but just don't forget the 3 month top up rule.

[leither69]

perfect, that was what I had hoped and thought but, in LOS I don't want to take an uneducated guess.

Thanks

[lomuamart]

The above is correct. Most people use some or all of the 800K and top up in time for the next year.

[migrant]

Does the 800K need to be in a checking account, or can it be put in a investment account like CD's or money market, or even stocks

[Nereus]

Does the 800K need to be in a checking account, or can it be put in a investment account like CD's or money market, or even stocks

I keep mine in 90 day term deposit. It has to be cash in some type of accessible account, as I was informed.

[lomuamart]

Yes, you need to be able to get your hands on the money at the drop of a hat. Imm won't like it if the funds are tied up in any way.

[hhfarang]

Plus another potential problem for married people using this... as I understand it the 800k has to be in an account of your name only, not a joint account with your spouse. This could potentially cause problems with her/him having access to the money upon your death. It would have to be covered in a Thai will and even then would still be held up for a potentially long period awaiting probate.

That's why I go to the trouble to use the income method which means a trip to Bangkok (U.S. Embassy) once a year.

[JohnTBaptist]

Hi! First time on this forum (Hua Hin virgin?) but not my first time in Thailand - Loooong time ago! Ok - looking to "retire" to Hua Hin around the middle of September this year. I have a good friend of mine is living there with his Thai wife of many years, captain of a gas ship. So he can sort me out with the whys & wherefores of local living over there long term? My question is: I seen a lot on the forum about you having to have "show money" to retire over there? (I was 65 last December)BUT - I have asked the Thai Embassy here in London & they told me this:
"Dear Sir/Madam, Non-immigrant O we require only a photo copy of UK state pension. You still need to leave Thailand every 90 days, OR Non-immigrant O-A Long stay (no need to leave every 90 days can stay 1 years but need to report immigration every 90 days"
The former "O visa" only asks for a "photo copy of the state pension"? No mention of the show-money needed for the "O-A visa"? The latter gives a whole list of stuff you'll need including the show money.
Am I reading this right that I WONT need show-money, just proof of my State Pension? My friend says I can go out there on the O-visa for ninety days BUT convert it locally when there to the full one-year visa - possible?? (oh - no I dont have the "show-money" just a grand or two savings plus a small annuity. But I do plan to live as cheap as possible, avoiding MOST of the local pit-falls as possible!?)

[Big Boy]

You will need the show money, and it will have to be sat in a Thai bank account untouched for 3 months.

[hhfarang]

I may be missunderstanding the question, but I thought there were two ways, 800k in Thai bank for 3 months or proof of pension (or any kind of income) from abroad of 65k Thai baht per month.

[Big Boy]

Yes, but he said State Pension. A UK state pension will not be enough.

[gerryha]

There is no problem as far as immediately concerned in locking your money up. I decided not to risk using money and forgetting to top up in time. Decided on a one year fixed deposit a/c for the higher interest also didn't want it in baht so got a one year foreign currency. Account in sterling. Only difference is don't get statements so present the certificate and a bank letter dated day you go to imm

[lomuamart]

The O visa the Embassy is talking about is multiple entry. Hence having to depart Thailand every 90 days. (Single entry is just in once for 90 days and are easier to get). I believe that a copy of your state pension is now required to get a multi entry in the UK and that's it. No minimum amount of pension required. (I'll stand corrected on that though). The OA visa gives a year on entry but the paperwork to get one is the UK is more expansive then for the O visa
Once you're here, you can apply for an annual extension to the O visa (single or multiple entry), or OA for that matter, at the appropriate time.
As hhfarang says, at the extension stage you'll need to show either 800k THB in a Thai bank account that has been in there for 3 months prior to application or the equivalent of 65k THB a month overseas income or a combination of the two as long as the total comes to more than 800k THB.
Perhaps your friend is referring to the combination method of getting an extension. If your state pension is not sufficient to reach the 65k THB level, you can combine it with savings.
Either way, you need to "show money" at extension stage here in Thailand as explained above.

[benmo]

Surely the 65k BT level can include private as well as state pension? Can't see 65k being achieved with UK state pensionalone.