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Can I use my IRA brokerage account for the 800,000 baht requirement for an OA visa in Thailand?

OA Visa Visa Requirements Thai Immigration Brokerage Accounts Retirement Accounts Withdrawals Thai Bank Account

Feb 26, 2021

4 years ago

Nicky *********

ORIGINAL POSTER

I plan on applying for my OA visa in April. My question is for the 800,000 baht required, can I use my brokerage account from my IRA as my bank statement? I have more than enough in that account? Or do I need to remove it and put it in a bank? 

I have access to it immediately if I need it as I’m over 59 1/2. 

I just do not want to pull it out if I don’t need to...

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TLDR : Answer Summary

The question pertains to using funds from an IRA brokerage account to satisfy the 800,000 baht requirement for the OA visa in Thailand. Responses indicate that the funds must typically be in a Thai bank account in the applicant's name to meet the requirements for the visa application and subsequent extensions. There are some suggestions to contact the Thai consulate for specific guidance, as they may allow proof of funds from overseas accounts for initial application purposes.

NON-O RETIREMENT VISA RESOURCES / SERVICES

Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.

John ****************

If U withdraw $26,000 plus from your pretax account U will pay income tax at your current rate plus if this puts U in a higher bracket. Consider taking to an Agency for options = short term higher fees but long term savings. Also, know that Thai banks offer NO parachute, i.e. FDIC. Thin LONG TERM...

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Taz **********

Check with your local embassy that you will be applying

Some embassy’s are still showing that you can use your income

Eg. if you receive an income that equals 800,000 THB / year or combination of income plus savings

This if your local embassy accepts this for your initial O/A visa can not be used for an extension 12 months later as I’m sure now most embassies are not issuing the income letter statement & also immigration no longer accepts this for O/A visas

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Tod *********

Here lemme help you get the answer

Here's their email, and you can cut-n-paste what I posted and send it to them.

*****************************

𝗛𝗶,

𝗜 𝗮𝗺 𝗮𝗻 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝗻 𝗮𝗻𝗱 𝗴𝗼𝗶𝗻𝗴 𝘁𝗼 𝗮𝗽𝗽𝗹𝘆 𝗳𝗼𝗿 𝗮 𝘆𝗲𝗮𝗿-𝗹𝗼𝗻𝗴, 𝗺𝘂𝗹𝘁𝗶-𝗲𝗻𝘁𝗿𝘆 𝗡𝗼𝗻-𝗜𝗺𝗺𝗶𝗴𝗿𝗮𝗻𝘁 𝗧𝘆𝗽𝗲 𝗢-𝗔 (𝗟𝗼𝗻𝗴 𝗦𝘁𝗮𝘆) 𝘃𝗶𝘀𝗮 𝗶𝗻 𝗔𝗽𝗿𝗶𝗹. 𝗜 𝘄𝗶𝗹𝗹 𝗺𝗲𝗲𝘁 𝗮𝗹𝗹 𝘁𝗵𝗲 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗯𝘂𝘁 𝗵𝗮𝗱 𝗮 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗽𝗿𝗼𝗼𝗳 𝗼𝗳 𝗳𝘂𝗻𝗱𝘀.

𝗧𝗼 𝗺𝗲𝗲𝘁 𝘁𝗵𝗲 𝗽𝗿𝗼𝗼𝗳 𝗼𝗳 𝗳𝘂𝗻𝗱𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗰𝗮𝗻 𝗜 𝘀𝗵𝗼𝘄 𝗺𝘆 𝗜𝗥𝗔 𝗯𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗼𝗿 𝗱𝗼𝗲𝘀 𝗶𝘁 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗯𝗲 𝗶𝗻 𝗮 𝘀𝗮𝘃𝗶𝗻𝗴𝘀/𝗰𝗵𝗲𝗰𝗸𝗶𝗻𝗴 𝗮𝗰𝗰𝗼𝘂𝗻𝘁?

𝗧𝗵𝗮𝗻𝗸 𝘆𝗼𝘂 𝗶𝗻 𝗮𝗱𝘃𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗮𝗻𝘀𝘄𝗲𝗿.

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Tod *********

To get the initial O-A visa in YOUR country from a thai consulate before you come here you can indeed show proof of funds in your country.

Email the thai consulate you're going to apply at and ask them. You've got plenty of time to get the answer and make adjustments to your banking if you need to.

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Janin ******

Asking for OA in your country only require proof of 800.000 in any bank. But the one year extension requires that amount in a Thai bank, or proof of income of 65.000 a month.

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Nicky *********

ORIGINAL POSTER

I have no interest in 65k baht per month. My OP has nothing to do with this answer.

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Greg ********

65k THB per month

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Janin ******

Yes correct

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Janin ******

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Kathy ****************

Are you getting a 1 year or 5 year?

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Kathy ****************

Yes they do, or at least this past November, Had to have $18,000. In an account in my name only... This was for a 1year OA retirement visa..

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Tod *********

@Kathy ***************

I think you are confusing getting a year extension from an O-A visa INSIDE the country and buying an O-A visa at a thai consulate in your country OUTSIDE thailand

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Tod *********

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Joe ***********

For an O-A visa it is processed in the Thai Embassy or Consulate in your home country. 800,000 Baht Equivalent must be in the your home country bank account. For the first time out trying to use 12 months of 65K Baht Equivalent cannot really happen.

A Non O 90 Visa should be able to be obtained. This Non Immigrant O Visa can be Extended inside Thailand for one year at Immigration by meeting the 800,000 Baht in a Thai Bank.

A married couple (non Thai) can do this: One spouse is primary - files normally... the other spouse applies as a Follow On and does not have to file separate financials

A Non O 90 day visa can be applied for at Thai Immigration after arriving on a tourist visa. Then extend one month to allow time to set up a Thai Bank Account and have the money in the account for two months

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Nicky *********

ORIGINAL POSTER

@Kathy ***************

1 year OA visa

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Kathy ****************

then you only have to show 65,000 baht ($2500.00) a month in a US account..

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Kathy ****************

For a 1 year.. If you are going with a spouse each MUST have their own account with monies... you can PM if you want other info...

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Kathy ****************

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Joanne *****************

@Nicky ********

following. We’re doing same - going to Thailand in June. Can you let me know what they say please? I’ll be using the DC embassy though. We’d like to use our retirement portfolio as well and not take money out until absolutely needed.

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Nicky *********

ORIGINAL POSTER

@Joanne ****************

no problem! I just wrote the embassy this morning as the idea came up here. Also I hope someone that has used this process can chime in.

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Nicky *********

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Andy *********

Pop a email to the embassy, asking. Keep the reply, if positive, and send the email with your application. I asked about joint named account for my and my wife's application, got a answer in a couple days

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Ray *****

The funds have to be in a Thai bank account in your name

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Tod *********

That is totally incorrect

:/ you are confusing getting an O-A VISA from a thai consulate in your country BEFORE you come here and getting a year extension from a thai immigration office AFTER you're here.

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Ray *****

yes i realised that after a couple of people posted after me, Bob and Janin above

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Ray *****

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Bob **********

not for an O-A which you apply for in your home country

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Janin ******

, correct. But his first extension of visa it has to be in the Thai bank, at last that’s what the embassy told us

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Janin ******

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Benjamin ******

When you say you are applying for the OA visa, that means you're overseas, and you are trying to get a visa sticker to enter Thailand, right?

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JD ********

One tip about getting the O-A Visa in the Home Country at the Thai Embassy / Consulate... The 800,000 Baht equivalent only has to be in your bank account for 3 months prior to applying for the O-A visa (some people say only two months - but check it out)... Unless there has been a drastic change recently - unlike getting an one year Extension of Stay in Thailand for an O-A or O visa - the money you bank in your home country to meet O-A visa requirements IS NOT required to be held in that account for a whole year - rather only the few months. A friend of mine just loaned himself the 800,000 equivalent from an investment fund - put it into an account. Then paid himself back after 3 months.

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Nicky *********

ORIGINAL POSTER

@Benjamin *****

correct. I will be applying at the Thai embassy in Chicago.

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Benjamin ******

@Nicky ********

I *THINK* you can use IRAs to meet the minimum amount. HOWEVER, you will need to eventually put that money in a Thai bank account to get the one year extension of stay

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Nicky *********

ORIGINAL POSTER

@Benjamin *****

absolutely! I understand that. I just do not want to take it out before I need to. Hopefully someone knows for sure if I can use it...

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Frank ******

@Nicky ********

I had to have money in bank USA for O A,

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Tod *********

and

did you ask them IF you could use an IRA brokerage account?

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Frank ******

yes, they said only bank account but that was in feb 2020 NYC. Consulate

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Frank ******

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