Retirement Visa

[tfa1957]

Hi, I'd like to introduce myself and my wife. My name is Tom and my wifes' name is Joanne. I'm 49 years old, and a disabled, retired military veteran. I turn 50 next year and am not sure of all the changes that have taken place in regardsto visa stays. I'm asking if I'm able to still have the year long retirement visa with in-country renewal if my income is at least 800,000b per year? The other question I have that I'm not sure has been touched upon, is that some countries try to tax your income regardless if it is a retirement income from another country or not. Does anyone know if my social security and V.A. disability income is taxable in Thailand? Thanks for any feedback and I hope to look forward to my wife and I settling in Thailand for our retirement years.

[lenss]

Tom, better to access a thai consulate in the US, on the internet for the information you seek. The jurisdiction for west coast is the Thai LA consulate. They have a good website. Plus specific instruction's. Also there are honorary thai consulate's thru out the US that could also give correct information. I'm also retired disabled military. Had a one year retirement visa issued out of the LA consulate, last year. Follow their instructions and you'll be OK. Better, not to look for short cuts. Military disabled compensation is not taxable by thai law. BUt, beware. and ask the LA thai consulate. Yu can get reimbursed for specific health care related to disabilities from the VA foreign claims program. Their HQ is in Colorado. Do you draw CRSC? I draw at the 100% rate. not taxable. VA disability, not taxable. There are a whole bunch of americans and other farang drawing a social security type of payment. Not taxable., See what the LA consulate says tho. Lots of confusing info regarding almost everything. I would only guess and say the retirement visa is safe for now.

[visionchaser45]

The income requirement is 60,000 THB per month. The 800,000 in a Thai bank is an alternative option if your income doesn't meet the minimum requirement.

[lenss]

Well, FIP, are ya gonna get into what VC says? Thought you mentioned that minimum income is 60,000 plus, after the first year, when yu extend yur visa, got to show proof that you've got 800,000 in the bank. Tom, that's why it's best to get your info from a thai consulate. People see rules differently. Interpret differently and experience differently

[FaranginPhetch]

OK, I will log in on this one as I have been doing it yearly for 6 years.

The minimum is 65,000 baht per month, and that does figure to 800,000 a year and they will add your income up and see if it is that much.

Depends on which office you use to activate your O visa to retirement what they will require you to have as proof and how much and if you will also need a Thai bank account to qualify.
The rules state 65,000 a month ORA Thai bank account, but some require both an account and proof of monthly income, which you get from the American Embassy or councilate at either BKK or Chiang Mai.

I use CM office as the BKK office is tougher to do business with, at least for me.
I have a Thai account that I use and transfer from US to it every month, not the 65,000 , but living expenses and that is all they require is to see that you do bring money in every month and use it from the account.

No you are not taxed on retirement income brought into Thailand.

[lenss]

Sounds mighty confusing. If's, or's and but's. 65,000 times 12 equals 780.000. Seems to me the best source of info would be the thai consulate. Then experience what comes. And solve for oneself. . There's no perfection here. No information contributor on this forum is sitting on the stand, swearing to the accuracy of information given.

[FaranginPhetch]

That is right,, Check the printed, published rules and then when you go to immigration you will be very surprised at what you find.

I know I was, as I contacted minister of immigration and he said that each office and officer is autonomous and can make any changes to said rules as he/she sees fit to make. No rules are cast in stone.
The rules do state 65,000 baht a month which does figure out to 780,000 but they say 800k because 20k baht aint that much when ya getting close to a mil. and they do not figure the rate on $=TBH at todays rate, but it was figured at 40=1$ when I got mine and the days rate was 44+ that day.

The reason that folks come here to get info is because of the fact that they can get exactly what happens, you should know that as you say you were here for 6 months, did everything happen exactly as posted on the Thai Immigration site??? I think not.

When I got my visa in BKK they wanted me to have 65k AND a bank account with 200k, so told me to go get an account and come back in 2 weeks. They also require a new paper from the embassy for your income verifacation every year.

Nong Khai also requires a bank acct of 200k.+ 65k a month.

Chiang Mai requires either 65k a month OR a Thai bank account, BUT not both. Which I do have for verification of money transfered into Thailand.And they do not require a new notarized letter every year.

Now can you show us anywhere in the posted rules about that..??? But I do know it happened as it happened to me and some friends of mine..

[FaranginPhetch]

A foreigner who entered the Kingdom after October 21st 1998, aged 55 years or over must have the same financial evidence, also 800,000b in the bank, an income of not less than 65,000b per month or income and savings together of not less than 800,000b. A letter from a Thai bank must certify this and a letter from the foreigner’s Embassy or Consulate must confirm the monthly income. Evidence must be shown of the need to stay permanently. Not more than one year each application is allowed.

A foreigner who entered the Kingdom since 15th November 2001 and who is 50 years or older must have income as follows: not less than 65,000b per month, at least 800,000b in the bank or income and savings together of that amount. Evidence from a Thai bank and Embassy or Consulate as above, the need to stay permanently as above, also a doctor’s certificate to say that the foreigner does not have any infectious disease according to the Health Ministry details issued on November 14th 1992. Examples include TB, malaria, elephantisis

[Richard Barrow]

Seems to me the best source of info would be the thai consulate.

Of course, that should always be your first stop and I would hope the OP had already done that. Personally, if it was me, I would then seek the advice from people who had recently been through this experience. The longer you stay in Thailand the quicker you will realize that the left hand doesn't always know what the right hand is doing. Like opening a bank account. One branch will tell you that it is not possible for a tourist. Then you walk to the other side of town and inquire at another branch and they welcome you with open arms. If you do your homework first, then there will be no surprises. But remember, at the end of the day, what matters the most is what the government official sitting across the desk from you says and not people on any forum. Keep an open mind. Listen to the advice and then make your own decisions.

[paul_au]

At least they reduced the retirement visa age to 50 years old in 2001, a very attractive option, to some people living in Australia, who may have a prospect of retiring at 65 years old. Only needing savings of 800,000 baht to retire and a basic income to live on, quite achievable, just from the rent received from ones house in Sydney. I still got a few years to go yet till I reach 50 though.