Do my wife and I need separate THB800,000 accounts for our OA retirement visa applications?

Mar 21, 2024
7 months ago
Craig *********
ORIGINAL POSTER
Hi, my wife and I are about to apply for our OA retirement visa and saw that we have to do individual applications. Does this mean we have to each have THB800,000 in separate bank accounts or does one deposit of THB800,000 into a joint bank account meet to requirement for both of us?
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TLDR : Answer Summary
The couple is inquiring about the requirement for the THB800,000 bank deposit for their individual OA retirement visa applications. They are uncertain whether this amount must be deposited in separate accounts for each applicant or if one joint account suffices. Responses indicate that individual applications necessitate separate THB800,000 deposits, cautioning against relying on a joint account. Advice is also given suggesting considerations for a Non-O visa, which may offer more flexibility and fewer requirements regarding health insurance and tax implications.
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Edwin *****
Following the discussion
Heather *******
Having read both your post and the replies you have received none have mentioned the tax implications that came into force this year. I would strongly advise you research this
Craig *********
ORIGINAL POSTER
@Heather ******
thanks for the heads up. I am aware of the proposed tax.
Nigel **********
@Heather ******
there are no tax implications that came into force, it’s speculative until it’s published in the Royal Gazette
Colin *******
@Nigel *********
Nigel, I think you may consider a little research first. The tax rules have not changed. It is a concession that is being withdrawn. Thus, there is no new legislation and of course no need to be gazetted. There are plenty of update papers published by the major tax consultancy partnerships. Might be worth your time reading a few of them. Giving, and taking, advice from the FB keyboard warriors is a dangerous way to plan your finances.
Heather *******
Nigel **********
@Heather ******
well if it doesn’t go in the Royal Gazette it’s not legal and can’t be enforced even in Thailand
Christopher *************
Do as Jan has suggested it works better.
Jan ******************
@Craig ********
don’t use O-A if you plan to settle down in Thailand. Use a normal O visa. If you use O-A you’ll need to maintain an expensive health insurance also in the future when you apply for your yearly extension of stay. Personally I would have applied for a Non O visa at home before you leave. Then you can use your own bank/income statements at home to verify your (monthly) income and you’ll easily be able to open a bank account in Thailand to apply for your extension of stay after 90 days. As your embassy don’t provide a letter to verify your income in Thailand you’ll both need 800 thb for the first year extension of stay. For the second year you can switch to the income method with 12 months transactions over sea to verify your income as I guess you already know.
Craig *********
ORIGINAL POSTER
@Jan *****************
thank you for your advice. One question, you mention switching to the income method for the 2nd year, does this mean we don’t have to have the THB800,000 x2 in a Thai bank and if so what income would we have to prove?
Jan ******************
@Craig ********
There’s three ways to prove funds for living in Thailand. The main requirement is that you have 65K thai baht a month disposable. 1) Some embassies offers to provide a letter to confirm your income. The US, UK, AUS and danish don’t. 2) As you then don’t have time to prove your income for the first year, you’ll need to put 65Kx12= 780K —-> 800K in a thai bank. 3) For the second year you’ll have time to prove your income min 65K a month -normally pension (or passive income)- transferred over sea for twelve months to meet the financial requirements for funds for living in Thailand and your 800K in your bank then is “free”. If you can’t meet the monthly requirements you can just leave the money in your bank.
Craig *********
ORIGINAL POSTER
@Jan *****************
thank you that is nice and clear and easy to understand. Have a great day.
Jan ******************
@Craig ********
Ok, hope you understand though my English isn’t perfect.😊
Craig *********
ORIGINAL POSTER
@Jan *****************
your English is perfect. Thank you for your well received advice.
Kathalyn *******
800,000b each. No more piggy backing
Brandon ************
Are you applying for the 1 year non-OA (only available from the Thai embassy in your home country by showing money in your home country bank account along with health insurance) or are you applying for the 90 day non-O visa (can be done from your home country or from Thailand)?
Craig *********
ORIGINAL POSTER
@Brandon ***********
we going to apply once we in Thailand. We have bought a house and will be in Thailand in July to open a bank account so we can transfer the THB800,000 so as to meet the financial requirements. We will wait till the funds have been in the bank for 2 months before applying for our O retirement visa. Will the THB800,000 cover my wife & I?
Brandon ************
@Craig ********
then you're not applying for the OA, you're applying for the O.

You cannot get a "trailing spouse" visa in Thailand or anywhere in SE Asia so you'll both need your own bank accounts and your own 800,000 to qualify for your visas.
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