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Didierhardy

Retirement visa / funds

23 posts in this topic

Pattaya Business Services

Some lawyer offices advertise openly that they will take care of the needed funds to obtain a retirement Visa. So one has to assume that this option is legal (and really works at least for one of my friends).

Joe

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No.

 

Just another example of the 'Thai way' of doing things.

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Can't see it being legal, mate. Ask the lawyer exactly what is involved. If it's legal, he'll put in in a contract, right? 

Edited by ex-pat

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Some lawyer offices advertise openly that they will take care of the needed funds to obtain a retirement Visa. So one has to assume that this option is legal (and really works at least for one of my friends).

Joe

 

Works, yes, Legal, no.

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Ok, interesting, as Goolabert said, works yes, legal no. I wonder how many retirees are using this easy option. (Available since ever, costs between 16 - 25 k)

Joe

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Ok, interesting, as Goolabert said, works yes, legal no. I wonder how many retirees are using this easy option. (Available since ever, costs between 16 - 25 k)

Joe

That 16-25K has got to be for the Visa only, not the extensions. For retirement Visa you need to show 800K every year for the extension. Either 800K in the bank at least 3 months or combination of same plus monthly pension.

 

This is not a difficult Visa to apply for if you have the 800K and are over 55 (I think it is 55). Younger than that is possible also. Acceptance is routine if you meet those two criteria. It certainly doesn't require a lawyer

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That 16-25K has got to be for the Visa only, not the extensions. For retirement Visa you need to show 800K every year for the extension. Either 800K in the bank at least 3 months or combination of same plus monthly pension.

 

This is not a difficult Visa to apply for if you have the 800K and are over 55 (I think it is 55). Younger than that is possible also. Acceptance is routine if you meet those two criteria. It certainly doesn't require a lawyer

 wrong, here how it works exactly: you must have at least 20 days on your current Visa, which will be converted in a Non O Visa, this will give you a 90 days Visa

Then they will provide you with a 12 months retirement Visa extension, giving you a Visa of total 15 months. And now the important fact: THEY WILL PROVIDE YOU WITH THE NEEDED 800,000 PESO IN THE BANK (MUST BE BBL, they will assist you in opening the account. My friend paid for all this 25k and is now happily living in Pattaya. 

Joe 

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That 16-25K has got to be for the Visa only, not the extensions. For retirement Visa you need to show 800K every year for the extension. Either 800K in the bank at least 3 months or combination of same plus monthly pension.

 

This is not a difficult Visa to apply for if you have the 800K and are over 55 (I think it is 55). Younger than that is possible also. Acceptance is routine if you meet those two criteria. It certainly doesn't require a lawyer

Over 50 mate ... Anyway , bit silly to hire an agent for 25,000 bt . I know a German charging my former tenant for 25,000 bt everytime because he don't have the 800,000 in the bank .. He had no choice to hire an agent.

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That 16-25K has got to be for the Visa only, not the extensions. For retirement Visa you need to show 800K every year for the extension. Either 800K in the bank at least 3 months or combination of same plus monthly pension.

 

This is not a difficult Visa to apply for if you have the 800K and are over 55 (I think it is 55). Younger than that is possible also. Acceptance is routine if you meet those two criteria. It certainly doesn't require a lawyer

Except of course I can't open a bank account without a 'retirment' Visa and I can't get a 'retirment' Visa without opening a bank account.

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Except of course I can't open a bank account without a 'retirment' Visa and //

Why that?

All you usually need is a Residence Attestation from Jomtien Immigration

and your bank will be happy to open you an account

 

// and I can't get a 'retirment' Visa without opening a bank account.

You don't need a Thai bank account to get a retirement Visa

 

 

Looks like you have many things wrong about how Visa & extensions work here :wink:

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800k baht is a lot of money to have as a lump sum and also to tie up for 3 months prior to the extension. Especially for people trying to get by on 500 baht per day or even less.

 

You could say they can't afford to be there but try telling them that.

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Over 50 mate ... Anyway , bit silly to hire an agent for 25,000 bt . I know a German charging my former tenant for 25,000 bt everytime because he don't have the 800,000 in the bank .. He had no choice to hire an agent.

Yes, its expensive, but if you dont have the funds or YOU DONT WANT THE FUNS TRANSFERED TO THAILAND, then not a bad option. Remember, you also can avoid the Visa runs.

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Not legal of course and if the army starts cracking down on this one people will get into trouble

as you're not able to show the funds for at least 3 months before you received the Visa

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Over 50 mate ... Anyway , bit silly to hire an agent for 25,000 bt . I know a German charging my former tenant for 25,000 bt everytime because he don't have the 800,000 in the bank  or a pension/income equivalent to over 65,000 baht per month .. He had no choice to hire an agent.

Edited by Billyboy294

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If you're a US citizen, you can get an income affidavit from the US Embassy instead of showing a bank account w/800K.

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If you're a US citizen, you can get an income affidavit from the US Embassy instead of showing a bank account w/800K.

 

Fine if you have a Pension/Income  equivalent to  over 65,000 baht per month. Or you can take the risk of telling them a lie if you  haven't.

Edited by Billyboy294

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I think what happens is these lawyers have an account with 800,000 bt ,then just let it be assigned to different people so to show they have the funds .. probably more than one official giving it a wink.Makes for a very lucrative interest on 800,000.

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I think what happens is these lawyers have an account with 800,000 bt ,then just let it be assigned to different people so to show they have the funds .. probably more than one official giving it a wink.Makes for a very lucrative interest on 800,000.

 

They move the 800K into your account for the few minutes it takes the bank to draw up the bank letter certifying the account balance. That letter is also back dated 3 months. As you said, more than one involved in giving the process a wink, while the 20K+ fee paid gets spread around to all involved.

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If I bring a bank check from the u.s. for 25.000 usd, to deposit into a Thai bank. Do I need to declare it at customs? Their website seems to state only paper money needs to be declared. I'm confused!!

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You better report it, however not sure they will worry about it.

Take in consideration that it will take about 45 days to cash your cheque.

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Hi remember also for Americans if you have more than $10,000 on deposit in a foreign country you must report it to FATCA. If you do not and the American government catches you they can seize up to 50% of the money and good luck getting it back. It must be reported every year at tax time.

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Hi remember also for Americans if you have more than $10,000 on deposit in a foreign country you must report it to FATCA. If you do not and the American government catches you they can seize up to 50% of the money and good luck getting it back. It must be reported every year at tax time.

Can thank Obama for that. 

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You better report it, however not sure they will worry about it.

Take in consideration that it will take about 45 days to cash your cheque.

I was just going to deposit it to make the 800,000 baht retirement account. But thinking about it now, I guess a electronic transfer is the way to go. Thanks for your response.

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