Does anyone know how the immigration department calculates how much money we need in the bank for a retirement visa.
Say you have a monthly income of 1000 Uk pounds how much do you need to have in a Thai bank? Is it still 800,000.00Bt, if not how are the calculations done?
Immigration calculations
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terry+carmen
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I think it has to be a total (in combination) of 65,000 baht per month (minimum), so change your monthly U.K. pounds income to baht and if it is less than 65k then you have to have the amount (under 65k) per month times 12 months on deposit in a Thai bank at least 3 months before you apply or renew.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
These are the latest requirements, more detail in this thread:
http://www.huahinafterdark.com/res/1208-english.pdf
SJ
http://www.huahinafterdark.com/res/1208-english.pdf
SJ
Example: Your 1000 pounds is now around 54,000 baht.
65000 - 54000 = 11000 x 12 (months) = 132,000 which is the amount you need on deposit in a Thai bank.
(though I wouldn't cut it that close as the rate fluctuates daily)
65000 - 54000 = 11000 x 12 (months) = 132,000 which is the amount you need on deposit in a Thai bank.
(though I wouldn't cut it that close as the rate fluctuates daily)
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
Opps, forgot to paste this in:
(1) The alien has obtained a temporary visa (NON-IM);
(2) The applicant is 50 years of age or over;
(3) Proof of income of not less than Baht 65,000 per month; or
(4) Account deposit with a bank in Thailand of not less than 800,000 Baht as shown in the bank account for the past 3 months at the filing date of the application. For the first year, the applicant should have that amount in his bank account for not less than 60 days or
(5) Annual income plus bank account deposit totaling not less than Baht 800,000 as of the filing date of application
Your spouse would 'piggy back' on the main applicant, ie: no need for both to show these funds.
SJ
(1) The alien has obtained a temporary visa (NON-IM);
(2) The applicant is 50 years of age or over;
(3) Proof of income of not less than Baht 65,000 per month; or
(4) Account deposit with a bank in Thailand of not less than 800,000 Baht as shown in the bank account for the past 3 months at the filing date of the application. For the first year, the applicant should have that amount in his bank account for not less than 60 days or
(5) Annual income plus bank account deposit totaling not less than Baht 800,000 as of the filing date of application
Your spouse would 'piggy back' on the main applicant, ie: no need for both to show these funds.
SJ
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terry+carmen
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- Location: Hua Hin
Good news thank you
Great information, we have a retirement visa already but want to reduce the amount of money tied up in local banks.
Next step letter from Embassy.
Oh no! not another night in Bangkok with nothing to do!
Next step letter from Embassy.
Oh no! not another night in Bangkok with nothing to do!
No need to do a Bangkok trip:
Proof of Income Letters
British nationals applying for a visa, or an extension of a visa, with the Thai Immigration Bureau may be asked to obtain a letter from us verifying their income. To obtain the letter you must be registered with us. We will also need to see a copy of your passport and, either bank statements for the previous 3 months, or the original evidence of your pension or income. We charge a fee of THB 2,088 for the letter, which is ready to collect from the Consular Section at 09:00 on the working day after the application is submitted to us. You can also apply for a proof of income letter by post. To apply by post you must ensure that the above documentation is included and that the total amount of pension or income you receive is clearly stated. You can only pay in the following ways;
* Banker's Draft, plus THB 200 administration fee;
* Postal orders payable to 'British Embassy' to be cashed at Nana Post Office, Bangkok 10110 (Please note that online postal orders are not accepted.
Return of the letter by EMS, if you apply in person or by post, costs an additional THB 100.
Dont forget about reducing money in the bank, add up service charges for withdrawing on a foreign card (if that is applicable to you) against one off fee for transfer from UK to Thai bank.
Given that interest rates in a savings account in thailand are probably as good as the UK !
Proof of Income Letters
British nationals applying for a visa, or an extension of a visa, with the Thai Immigration Bureau may be asked to obtain a letter from us verifying their income. To obtain the letter you must be registered with us. We will also need to see a copy of your passport and, either bank statements for the previous 3 months, or the original evidence of your pension or income. We charge a fee of THB 2,088 for the letter, which is ready to collect from the Consular Section at 09:00 on the working day after the application is submitted to us. You can also apply for a proof of income letter by post. To apply by post you must ensure that the above documentation is included and that the total amount of pension or income you receive is clearly stated. You can only pay in the following ways;
* Banker's Draft, plus THB 200 administration fee;
* Postal orders payable to 'British Embassy' to be cashed at Nana Post Office, Bangkok 10110 (Please note that online postal orders are not accepted.
Return of the letter by EMS, if you apply in person or by post, costs an additional THB 100.
Dont forget about reducing money in the bank, add up service charges for withdrawing on a foreign card (if that is applicable to you) against one off fee for transfer from UK to Thai bank.
Given that interest rates in a savings account in thailand are probably as good as the UK !
YOU DON'T NEED ANYTHING IN A THAI BANK ACCOUNT!!! Just read past the first line of the financial requirements and you will find that you merely need to prove that you have a monthly income equivalent to at least 65,000 thb. To get this income verification I go to the U.S. embassy and fill out a form listing my monthly income (no proof necessary). Pay the notary fee of 1,050 thb and they ask me to swear if it is true, I sign it, they stamp it and sign it and I presented the form last week (for the second year) when I renewed my Retirement Visa. I am sure your UK embassy has a similar form and procedure that should not be too onerous.
Who would want to keep those large amount of funds in a Thai Bank for them to charge you every time you want to do anything with YOUR money?
Who would want to keep those large amount of funds in a Thai Bank for them to charge you every time you want to do anything with YOUR money?
brianks,
As noted in mr lonely's post, the British Embassy do require proof of income.
It's also worth pointing out the if you use the combination income and savings method, there shouldn't be any time constraint on how long the savings have to be in a Thai bank account for (ie 2 or 3 months before application if you're doing it on savings alone).
However, I would advise a trip to local Imm to ensure that they observe this rule. They may not.
As noted in mr lonely's post, the British Embassy do require proof of income.
It's also worth pointing out the if you use the combination income and savings method, there shouldn't be any time constraint on how long the savings have to be in a Thai bank account for (ie 2 or 3 months before application if you're doing it on savings alone).
However, I would advise a trip to local Imm to ensure that they observe this rule. They may not.
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terry+carmen
- Specialist
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- Joined: Sun Sep 03, 2006 2:18 pm
- Location: Hua Hin
Complied already
We have just renewed our retirement visa and have the 800,000 in the bank. As it has been pointed out the interest isn't bad but we can get 3% offshore.
The initial question was about the calculations its always useful to know there is another 600,000 for emergencies. You never know when Carmen wants another shopping trip home to Honk Kong.
We have all the information we need to make a decision about the renewal next year assuming the requirements are not changed.
The information was very useful.
The initial question was about the calculations its always useful to know there is another 600,000 for emergencies. You never know when Carmen wants another shopping trip home to Honk Kong.
We have all the information we need to make a decision about the renewal next year assuming the requirements are not changed.
The information was very useful.