Answered3 years ago
Should I wait two years to apply for the LTR Pensioner Visa or can I apply now with soon-to-commence unearned income?
Hello, am considering a LTR Pensioner Visa. The rules on the BOI website state personal income is “unearned income, such as a pension, rental, capital gain etc” For me the important statement on the website is : Earned income such as salary will not be considered as eligible income for LTR Pensioners application.
As a newly retired person, salary has only just ceased. My Unearned Income will shortly commence, satisfying the BOI requirements. It seems the BOI need at least a 2 year history.
What I’m unclear about is my history of salary does not count so I can’t cite that, but sufficient unearned income will kick in in a couple of weeks time.
Should I wait two years, then apply ( assuming that visa is still available then) or apply now with the proof of my new form of income? Everything else is ok, it’s just that Unearned vs Salary mystery. I can’t be the first person to be a newly retired person with a new income stream! I’m attracted to the LTR as it seems simple, multi entry, could potentially work, not so much reporting.
Thanks for your advice.
As a newly retired person, salary has only just ceased. My Unearned Income will shortly commence, satisfying the BOI requirements. It seems the BOI need at least a 2 year history.
What I’m unclear about is my history of salary does not count so I can’t cite that, but sufficient unearned income will kick in in a couple of weeks time.
Should I wait two years, then apply ( assuming that visa is still available then) or apply now with the proof of my new form of income? Everything else is ok, it’s just that Unearned vs Salary mystery. I can’t be the first person to be a newly retired person with a new income stream! I’m attracted to the LTR as it seems simple, multi entry, could potentially work, not so much reporting.
Thanks for your advice.
Answer summary
A user is seeking advice on applying for a Long-Term Resident (LTR) Pensioner Visa in Thailand, specifically about the eligibility of unearned income like pensions versus earned income such as salary. They recently retired, with their salary ceasing but unearned income set to begin soon. The user is uncertain if they should wait two years to apply for the visa to meet the requirement of having two years of unearned income documentation or if they can apply now with their impending income streams. Multiple comments provide insights, suggesting that while historical salary cannot be counted, prospective unearned income may still be eligible. There are mixed experiences shared regarding documentation requirements, with recommendations to contact the BOI directly while also detailing successful instances of applying with less than two years' documentation.
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John ******
i got a ltr visa , pensioner in februari. But could submit two years already. But you ar e right, just starting receiving pension makes it impossible to have 2 years statement. Just contact the BOI . The two ladies (half a year ago) are utmost helpfull .!
Marty *********
If your pension is going to be over $80,000/year then I would get a benefits statement from your pension provider. A couple of months of pension deposits shown in bank statements might be good too.
I would contact the BOI and describe your circumstance. I’ve seen people post that they have had difficulty communicating with the BOI before applying. In that case I would just apply, submit the documents you can, and then wait for them to start processing your application. I found them to be very easy to communicate with once my application was in process.
I would contact the BOI and describe your circumstance. I’ve seen people post that they have had difficulty communicating with the BOI before applying. In that case I would just apply, submit the documents you can, and then wait for them to start processing your application. I found them to be very easy to communicate with once my application was in process.
Dawn **********
@Marty ********
yes, they were very slow to respond before the application but very responsive once the documents were submitted. That’s why I went ahead and applied even though I did not have exactly what they were asking for.
Deborah *******
OP@Dawn *********
thank you Dawn. I shall follow your example! Appreciate your timeDeborah *******
OP@Marty ********
thanks for that response. My income will be derived from rentals in my home country rather than superannuation/ pension. I have copies of the lease agreements, bank statements etc showing the balances, but the conundrum was the BOI statement income derived from salary could not be taken into account - for me that only just ceased. The rentals will kick in as income once I move out and tenants move in.
Jo **********
@Deborah ******
i have heard of others that had a similar situation and they were successful the feedback was that they were flexible- so tryDeborah *******
OP@Jo *********
thanks Jo, that’s good to hear.I tend to overthink things so will give it a go.Deborah *******
OPThanks Marty, very helpful
Marty *********
@Deborah ******
I qualified with a pension so I can’t speak from experience about rental income. If I had to guess I would think that they will be more receptive to you having a lot of rental properties rather than just one or two. Just make the best case you can and go with it.Don’t expect this to be a quick process. You may have to wait it out in your home country or come to Thailand on a different visa and then switch when the LTR is approved. I had to extend my OA another year only to end up switching to my LTR 2 months later.
Adrian **********
I have the ltr, and I had to show the last 3 years set of tax returns, proof of dividend receipt from the company I run. No bank statements required its just evidence of income. And they will also accept an accountants audit if you don't have tax return. It is an onerous process and took me 7 months to complete. It also helps if you currently own property in thailand as this is proof of investment. Hope this helps some of you.
Dawn **********
@Adrian *********
if you have digital copies of your documents it’s easy. I did mine one afternoon from a hotel room.Deborah *******
OP@Adrian *********
thank you.
Jeffrey *********
You don't really need to show two years of income, even though that mysteriously appeared in the instructions a few months ago - they only care about the last year (and your most recent income tax return).
Whether they'll accept evidence of *prospective* unearned income, like a letter from your pension provider saying that you'll get x amount per month starting on y date, I have no idea. I would assume it would be better to at least be able to show a few months of the promised income, but that's only a guess on my part. No harm applying and seeing what happens, though.
Whether they'll accept evidence of *prospective* unearned income, like a letter from your pension provider saying that you'll get x amount per month starting on y date, I have no idea. I would assume it would be better to at least be able to show a few months of the promised income, but that's only a guess on my part. No harm applying and seeing what happens, though.
Deborah *******
OP@Jeffrey ********
thank you! Heartening advice.Dawn **********
If you have a document clearly stating this future income from a reliable source and money in bank or stocks, etc. I would try to submit it.
I didn’t have the required documentation and submitted an executive summary of the situation along with pertinent documentation. They asked for my tax returns… which I don’t have to claim (weird situation)so I gave them my last return from 2018 and they gave me the visa. The agent commended me on putting together a clear picture of the situation.
I didn’t have the required documentation and submitted an executive summary of the situation along with pertinent documentation. They asked for my tax returns… which I don’t have to claim (weird situation)so I gave them my last return from 2018 and they gave me the visa. The agent commended me on putting together a clear picture of the situation.
Deborah *******
OP@Dawn *********
thank you. I appreciate your helpful response and insight.Dawn **********
@Deborah ******
good luck!
Brandon ************
I really don't understand why people keep asking questions like this on Facebook.
Ask the BOI. They speak English. They make the decision. They are the ones to ask.
Ask the BOI. They speak English. They make the decision. They are the ones to ask.
Deborah *******
OP@Brandon ***********
you’re right. Had I had this question several months ago I would have I’m sure had the answers well before now. This is a new endeavour for me so it hadn’t formed part of my rare FB forays.Dawn **********
@Brandon ***********
well it’s useful to get others experienceActivity
8 joined8
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