Answered3 years ago
What are the best tips for managing a Non-Immigrant O retirement visa in Thailand?
Ok. I’m here. Have my non immigrant retirement visa sorted all with all the other bureaucracy ( bank account, insurance, log in created to visa reporting, lease).
For now I’ll just keep the 800k parked and do a one year renewal.
Pointers, advice wisdom on the best way forward?
Longer term visa?
Switch to monthly bank transfers and away from the 800k
Anything else?
For now I’ll just keep the 800k parked and do a one year renewal.
Pointers, advice wisdom on the best way forward?
Longer term visa?
Switch to monthly bank transfers and away from the 800k
Anything else?
Answer summary
The post discusses strategies for managing a Non-Immigrant O retirement visa in Thailand, highlighting the importance of keeping the required funds for visa renewals, considering monthly bank transfers instead of holding 800,000 THB, and the need for insurance depending on visa type. Community members offer advice on financial management, emphasizing the potential costs associated with maintaining a large sum in a non-interest yielding account, and the option to bypass insurance requirements for certain visa types.
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Michael *******
sent you a PM Steve…..
Steve **********
@Michael ******
sent where ?Michael *******
@Steve *********
sorry wrong steve 😒Steve **********
Yes, if you have funds " from abroad " ( FTT ) coming to your DD account, no need to nest 800k.
Put more than the 65k to cover any conversion rate change...never had problem.
Never got insur. Have had same Hosp. and Dr for 20 years. Total expense in 20 years has been less than 1 month Health Premium.
Put more than the 65k to cover any conversion rate change...never had problem.
Never got insur. Have had same Hosp. and Dr for 20 years. Total expense in 20 years has been less than 1 month Health Premium.
Andreas *********
just my five cents: If you started with a Non-Imm-O retirement visa, Immigration doesn't care if you got a health insurance or not. A health insurance is not mandatory for a "1-year extension of stay permit" based on retirement out of a Non-Imm-O visa. Only if you started with a Non-Imm-O/A visa, the insurance is mandatory
Garrett ***********
@Andreas ********
He didn't say if he was on a Non-O or Non-OA
Steve *******
OP@Garrett **********
yeah. It’s O ABob **********
Insurance for what ?? As soon as you can start bringing in your monthly deposits of 65k+ you’ll need 12 months to re new your yearly extension make sure the transfers show as a foreign transfer
Steve *******
OP@Bob *********
health insurance.Bob **********
@Steve ******
not a non/o visa requirementBob **********
@Steve ******
you must have an O-A visa insurance is good but the ones required for an I-A aren’t if you switch to a non-o search for a better one
Kool *******
@Steve ******
the BOI makes all determinations on what qualifies. This is best managed through the BOI. This is not something an agent per SE can help you with, but, because of the investment documentation, and due diligence, an actual attorney can be very helpful. The BOI is also very helpful.Steve *******
OP@Kool ******
interesting. I already own landed property (not the land but the house built on it) jointly. Would that qualify? Also, sounds like this is something best managed thru an agentKool *******
@Steve ******
keep the insurance whether it is required, or not. As you get older here in Thailand, especially when you go over 70, it gets almost impossible to get any health insurance. Something else to consider, if you can afford it, at a minimum of bt10million, is the actual investment visa through the BOI, board of investment. It is the only visa, except a working visa, that you can make a profit on, as all investments have to be approved by the BOI, and they do not want those holding these visas to lose money. About a year before covid the BOI also added condo purchases to investments that can be part of, or all of the full bt10million. There are a number of advantages to this visa, including no 90 day reporting. It takes about three months for it to be approved, as there is also an extensive background investigation. The condo purchase was added as a person does need a place to live. As long as you maintain this level of investment you can stay here forever. Or, if you decide to leave, you normally cash everything out at a profit. This was designed for major corporation CEOs, and executives, but if you meet the investment requirements and pass the background investigation it is the best visa extension long term.Steve *******
OP@Bob *********
it was for my original application. Proof of insurance - with a certificate with a very specific statement (which only a Thai company could provide) was mandatoryBart **************
Try to find out if transferring is more cost effective. Having 800,000 sitting in an account that doesn't yield much interest incurs an opportunity cost.
Heather *******
@Bart *************
With the 400,000 bts that you must keep on deposit for immigration purposes I opened a fixed rate account with Bangkok Bank. Far from fabulous rate but at least it is earning somethingHeather *******
@Melissa ********
I use my Kasikorn account for daily spends and utilities 😁
Melissa *********
@Heather ******
same. Plus I opened a separate account for daily spendingAndreas *********
@Bart *************
he can't use transferring money in the first year application to an extension of stay. First of all he needs to collect 12 months of regularily incoming 65,000 THB into his Thai bank account, before he can get away from the banked money method and use the income method with the bank letter confirming the 12 months, month for month incomming moneySteve *******
OP@Andreas ********
true but that means that later this year I can start the transfers while maintaining the 800 k. Then 3 months (to be safe as I understand it’s currently 2) I can draw down 400k while maintaining the monthly transfers and then on the next one just use transfers. Can the monthly transfer be used for other than an annual O A?
Steve *******
OP@Andreas ********
thanks. Starting the transfers today which will put 18 months at next September. Good timing.Andreas *********
@Steve ******
leave the 800,000 THB in your account until you have secured the Extension Of Stay with the 12.months transfers of 65,000 THB. Don't withdraw before the application to a new extensionSteve *******
OP@Bart *************
fair point. I’ll do the math.
Gordon *******
@Steve ******
MathsSteve *******
OP@Gordon ******
arithmeticBart **************
@Gordon ******
yes, English. All very important. And since the man here didn't misspell anything, let's focus on our own knowledge of it and when we correct others and when not. Shall we?Gordon *******
@Bart *************
English sonBart **************
@Gordon ******
dude 😅
Brandon ************
Make sure you keep a couple of extra thousand baht to account for banking fees or other things that might pull a little bit out
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