Extension of Stay (Retirement Visa) Question.

[PattayaGik]

I'm planning retirement around the end of this year. I intend working until a month before I make the plunge and will then come to Thailand on a 60 day visa, before applying for RV. My question relates to the initial Extension of Stay Visa financial requirements & that is:

What documentation is needed to prove I can bank $65,000 baht per month?

As yet I haven't opened a Thai Bank Account, so I won't have a track record of banking in Thailand.

I'll have a Superannuation balance from which I can set up a monthly transfer of $65,000+ baht per month, but not until I have actually retired.

Of course I could just transfer a deposit $800,000 baht from the Superannuation Fund after I retire, but that is not my preferred option as the interest earning track record of Super Funds is fairly healthy. So leaving the coin in the fund makes financial sense.

Would a statement from my Superannuation Fund in Australia suffice to show Thai Immigration I meet the financial requirements? (Just for the initial RV). Do I need a letter from the Fund as well? Subsequent visas shouldn't be an issue because I will then have established a track record of regular banking in Thailand.

Some of you have a wealth of knowledge in Visa related matters & I would be most grateful for your informed guidance.

 

[davidge]

You can’t get an Extension based on Retirement from a 60-day Tourist visa.

If you can, get a Non-O/A in Australia. If not, get a Non-O. (Both based on Retirement).

The O/A gives you 12 months each time you enter Thailand and is valid for 12 months. Get a Multiple-entry so you can come & go as you want. If you time things to enter for the last time just before it expires, you can make it last almost 2 years. You can then get an Extension of Stay towards the end of this.

Otherwise, get the non-O. In the UK you can now only get this if you are in receipt of a State Pension, but other countries are more flexible. This gives you 3 months in Thailand and towards the end of this you get an Extension of Stay for a further 12 months.

You can then sort out the bank side of things in Thailand. Things are in flux at the moment so if you get the non-O, rather than the O-A, I would plan on putting 800000 baht in a Thai account immediately as there is some uncertainty on the income proof at the moment.

Edit: had a quick look at the Thai Embassy Canberra website and the Non-O based on Retirement isn’t mentioned as far as I can see. If so, the O-A may be the only option.

I should have mentioned, if you enter on a Tourist Visa you can change that into a Non-O in Thailand but it requires a lot of patience and correct paperwork. It’s also possible to get one in a nearby Consulate such as Savannakhet or Penang. 

[dave01]

Non Imm o/a is available in OZ for 275$ AU for a multi entry.  Couple of hoops to jump thru.. Medical to make sure you don't have any horrid diseases, and a police check.   Plus they will want to see that you can support yourself for the 12 months..As above, each entry gives you 12 months in Thailand, and you are subject to 90 day reporting.

I get and agree with the idea of NOT using super funds to finance the 800K THB. From where I sit, it makes no sense to rip that out of your super where it is earning good money, to put it in A Thai Bank where it earns bugger all.

 

[PattayaGik]

Thanks Guys

Your guidance is very much appreciated - I will investigate the Non Imm O & OA further.

Happy to buy both of you a few drinks when I hit town.

[davidge]

The other advantage of the O-A is that you’d then have the chance to show 12 consecutive months (or close to it) of money going into a Thai bank account before applying for an Extension of Stay so you wouldn’t need to have 800000 there.

[Scuba+]

Usually for a non imm O-A you need equivalent of 800k baht, I'd definitely go for that if in Oz, assuming you haven't got a criminal record and medical criteria is ok. You can get the application forms detailing everything on the Thai Aussie embassy

As for THB earning nothing, CIMB has a 2 year time deposit account with 2.45% interest,not too bad

[PattayaGik]

8 hours ago, Scuba+ said:

Usually for a non imm O-A you need equivalent of 800k baht, I'd definitely go for that if in Oz, assuming you haven't got a criminal record and medical criteria is ok. You can get the application forms detailing everything on the Thai Aussie embassy

As for THB earning nothing, CIMB has a 2 year time deposit account with 2.45% interest,not too bad

Thanks Scuba I've checked out the application forms on the website. All seem fairly straight forward.

Also 2.45% isn't too shabby, probably around the same returns in Aussie Banks. Earning interest in Australia is taxable - no idea if same applies in Thailand (see I got a lot to learn still).

[Scuba+]

Thanks Scuba I've checked out the application forms on the website. All seem fairly straight forward.
Also 2.45% isn't too shabby, probably around the same returns in Aussie Banks. Earning interest in Australia is taxable - no idea if same applies in Thailand (see I got a lot to learn still).

Sometimes these accounts are tax free for a certain amount annually, such as first 20,000 baht, worth checking in the t&cs

[usexpat46]

On ‎28‎/‎03‎/‎2019 at 04:48, Scuba+ said:

On ‎28‎/‎03‎/‎2019 at 02:18, PattayaGik said:

Thanks Scuba I've checked out the application forms on the website. All seem fairly straight forward.
Also 2.45% isn't too shabby, probably around the same returns in Aussie Banks. Earning interest in Australia is taxable - no idea if same applies in Thailand (see I got a lot to learn still).

Sometimes these accounts are tax free for a certain amount annually, such as first 20,000 baht, worth checking in the t&cs

I claim the interest I earn on my Thai accounts on both my federal and state (California) income taxes.  The Thai banks automatically deducts 15% of the interest earned however I'm allowed to recoup that amount from the Thai Revenue department the following fiscal year by submitting the forms provided by the Thai Banks.

[Scuba+]

I claim the interest I earn on my Thai accounts on both my federal and state (California) income taxes.  The Thai banks automatically deducts 15% of the interest earned however I'm allowed to recoup that amount from the Thai Revenue department the following fiscal year by submitting the forms provided by the Thai Banks.

When you submit the forms from the bank does it open a can of worms with other income back in farangland?

[usexpat46]

3 hours ago, Scuba+ said:

 

 

When you submit the forms from the bank does it open a can of worms with other income back in farangland?

 

No as I claim the interest income to the IRS and California franchise tax board.  Starting a few years back Americans also have to report all money deposited in foreign banks if it totals over 10K USDs