Unanswered2 months ago
Can I retire in Thailand using multiple Non-O visas and the 65,000 baht monthly deposit rule?
I am 69 and looking to retire in Thailand. Currently in Cambodia and applying on line for a Non-O 90 day visa.
I dont want to tie up 800,000 baht in a low interest Thai bank account so here is my plan.
Return to Thailand on the Non-O, get the residency certificate and open a bank account.
Then organise monthly deposits of 65,000 baht. Use ATM to withdraw money in Thailand to finance my expenses. Leave after 90 days and travel OS. Keep the 65,000 deposit going but withdraw money as I need it.
After 12 months get another Non-O visa and come back. Using the bank account record showing 12 months of 65,000 deposits apply for the 12 month retirement extension every year.
This way I comply with the finance rules but not tie up large amounts earning little interest.
Any problem with A) getting multiple Non-O visas B) using the 65,000 rule for the first 12 month extension C) putting the 65,000 in and then withdrawing some for expenses both in Thailand and otĥer countries D) making the monthly deposits whilst outside Thailand in order to qualify?
I would appreciate advice on whether this approach would work. What do you think?
I dont want to tie up 800,000 baht in a low interest Thai bank account so here is my plan.
Return to Thailand on the Non-O, get the residency certificate and open a bank account.
Then organise monthly deposits of 65,000 baht. Use ATM to withdraw money in Thailand to finance my expenses. Leave after 90 days and travel OS. Keep the 65,000 deposit going but withdraw money as I need it.
After 12 months get another Non-O visa and come back. Using the bank account record showing 12 months of 65,000 deposits apply for the 12 month retirement extension every year.
This way I comply with the finance rules but not tie up large amounts earning little interest.
Any problem with A) getting multiple Non-O visas B) using the 65,000 rule for the first 12 month extension C) putting the 65,000 in and then withdrawing some for expenses both in Thailand and otĥer countries D) making the monthly deposits whilst outside Thailand in order to qualify?
I would appreciate advice on whether this approach would work. What do you think?
Summary so far
The original poster (OP) is a 69-year-old seeking to retire in Thailand and is attempting to navigate the financial requirements of the Non-O visa. They plan to use a strategy of not locking up 800,000 baht in a Thai bank account but rather making monthly deposits of 65,000 baht. The community responds with mixed opinions, cautioning that the 65,000 baht transfer method may not work as intended since the transfers must occur while on an appropriate visa. Many suggest obtaining an agent for assistance, and there are concerns about the risks of being blacklisted if the funds are deemed recycled or improperly managed. Overall, the consensus leans toward the importance of maintaining the initial 800,000 baht deposit to ensure compliance with the visa requirements.
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Edward ********
Got my O when the US embassy would still certify my declaration as to income. That was fortunate. Breaking out 800K would have required a withdrawal which would have been a taxable transaction--not desirable.
Phil ******
GJW fine for 2nd year. You need ฿
*****
0 in the Thai bank
Ian ********
An agent will sort it for you no sweat.
Jesper *******
The first extension had to be 800k baht in thai bank acct.....for the second extension and changing it to a 12mth 65k deposit every mth .....it depends on the immigrations office that u are facing....for mine (bkk CW branch) they require affidavit from my embassy together with the 12mths deposit statements.......my embassy doesn't provide that so my only way is the 800k method....been doing it for years......married to a thai but still holding nonO retirement instead of the nonO marriage (400k) ....interest lost is little compared to less trouble staying in thailand
Ernest *******
Get a agent and have them handle everything for you. Some even file your 90 day reports so you don’t have to
Wannikea *********
Most offices won't look at your monthly transfer method because you are not on an eligible Visa at the time of the transfers.
Philip *******
The interest you lose from home country with 800,000 baht equivalent invested to having it in Thai bank account for a year is insignificant in the big picture of things.
George ******
You should stay on in Cambodia. You can’t afford to stay in Thailand. This is the best advice. 👍🏻
Joiner *****
George Pang but who wants advice from an idiot ?
G**
OPGeorge Pang Dont make assumptions about others. It shows ignorance, not helpful.
Potpon******
Just stay in Cambodia and buy a year visa for around $400
It’s that easy no bank requirements or anything
It’s that easy no bank requirements or anything
Steve ******
Agent, problem solved.
Brandon ************
The 65,000 transfers only count if they occur while you're already on a non-immigrant status. You will not be on any status at all, so immigration will not accept those transfer.
If you want to use the transfer method, then you need to bite the bullet and deposit the 800,000 for the first year. Keep it at 800,000 for at least 3 months after the first extension, at which time you can reduce it to 400,000. During this time you would be making the 65,000 transfers. Come the 2nd extension, you can then switch fully to the monthly transfers and remove your remaining deposit.
Your only other option is using an agent.
If you want to use the transfer method, then you need to bite the bullet and deposit the 800,000 for the first year. Keep it at 800,000 for at least 3 months after the first extension, at which time you can reduce it to 400,000. During this time you would be making the 65,000 transfers. Come the 2nd extension, you can then switch fully to the monthly transfers and remove your remaining deposit.
Your only other option is using an agent.
Robert ************
I get it losing out on low interest. But I would also think you will be subjecting yourself too taxes on the money transferred to your Thai bank every month. I think long run better to just bite the bullet keep the 800,000 in account then easy peasy
Lydia ***********
You need a legitimate visa agent. I can’t recommend mine bc they think I’m advertising vs helping & I get blocked all for helping.
Johnny ********
Hard no. there are a number of issues needed to qualify for the monthly payment plan and this is based on experience. 1 you must already have a retirement visa to transfer over from. 2. the 65,000 per month must be from pension income only. 3. You must submit a letter a letter from your pension provider proving this is pension money. They will not accept a tax return. and 4 be very cautious about using a fund me plan offered by some visa people as due to more stringent immigration enforcement if you are caught you can be blacklisted
Johnny ********
as for the retirement visa done in this manner you are in the most danger of being blacklisted if you leave the country and when you return they decide to check the bank to see if the funds are there
G**
OPJohnny Pequin Thanks Johnny, very helpful. I have 2 pensions and statements from pension funds and bank statements shows the deposits. Can I transfer the 65,000 from any account or the bank account that my pensions are paid into. OR do I have to organise my pension fund to pay directly into my Thai bank account in order to comply?
Thanks again 😀
Thanks again 😀
Johnny ********
You are better off asking someone more experience about banking. Everything I know about it is written in my comment. I don't want to give advice on something I don't know. Tod Daniels know a lot
Cliff *********
No no, you are confused.
The 800 K is your financial safety net and the interest rate is the ability to live in Thailand for a low price.
The 800 K is your financial safety net and the interest rate is the ability to live in Thailand for a low price.
Pat *********
Get a visa agent, they can put things right.
John ********
It's 800,000 baht, not 80,000.
Stuart ***********
I think this is one of those in theory it should work, but in reality it probably won't work. You really need to ask at the immigration office you intend to use, but even then it's probably safer to transfer the 800,000 baht for one year.
Ron *****
You need detailed wire information. Thai bank needs exact details and, bring your bank withdrawals receipt record.
This is why the 800k account balance is used all the time.
This is why the 800k account balance is used all the time.
John ********
Not sure how much saving there is in reality in terms of interest? .. 40k baht a year ? If finances are that tight might well result in some problems or restaints
Adam ******
I can't see how that wouldn't work. Unless the first has to be the lump sum.
John **********
In my view the chances of this working are slim to non existent. The 12 months of 65k baht transfers should be made while you are on an appropriate visa which you won't be. It will also look like you are recycling the money which is also a big no. Bite the bullet, find 800k baht and use that to apply for the first extension. During that year make 12 months of transfers from overseas and use it for the next extension. Once you have that withdraw the lump sum
RadiantC********
@John *********
You could recycle the 800K year on year though. Just keep it in your account continuously.
Neil ********
I thought you had to deposit B800k for the first extension? 🤔
Graham ******
Neil Taylor yes or an Embassy affidavit
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