What are the financial requirements and calculations for the Thai O-A visa related to monthly income and bank deposits?

Jan 28, 2023
2 years ago
Han ******
ORIGINAL POSTER
* Hello guys, need your guidance:

* I am applying for O-A visa. On the thai e visa site, as financial requirements " 3. Financial evidence : a guarantee letter from the bank and a copy of bank statement showing a deposit of the amount equal to and not less than 800,000 THB or an income certificate with a monthly income of not less than 65,000 THB or a deposit account plus a monthly income in total not less than 80,000 THB."

* the 3rd option, a deposit account plus a monthly income. How will this monthly income be calculated to retire the 800,000 THB quota? Just the monthly pension x 12 then + the deposit if that is more than 800,000 THB? What do I need to prove this monthly income? How many months of pension income statement or anything else?

* many thanks for your help! 😊
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TLDR : Answer Summary
The discussion revolves around the financial requirements for obtaining an O-A visa in Thailand, particularly focusing on how to fulfill the monthly income requirement of 65,000 THB or how to combine it with a bank deposit of at least 800,000 THB. Key points include the interpretation of financial evidence needed, such as proof of pension income and bank statements, and the practical implications of either tying up a large sum of money in a Thai bank account versus using other visa options. Various opinions highlight the advantages and disadvantages of each approach, especially regarding the handling of finances while living in Thailand.
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Robert ************
@Roberto **********
Happy that works for you. I've weighed the options carefully, and for my wife and self definitely ok with Thai Bank deposit method. If we used your method, for my wife and self, that would be 130K Baht (65K x 2)/month, and we currently are living comfortably on only about 25K-30K/month for both of us. So, were we to do it your way, we would have substantial excess of monies "tied up" anyway. And, not "tied up forever", as we can always change our mind and withdraw. FYI -- you also fail to account for the additional hefty application fees for your alternatives versus ordinary 1yr Retirement Extension of only 1900 Baht/pp.
Robert ************
@Roberto **********
Maybe you can Adopt me, and then I can get Aussie Passport. 😂
Roberto *********
@Robert ***********
Absolutely. The Aussies who have taken the 5+5 year OX are loving it. Not one cent tied up in a Thai bank account, which is a huge plus, if you can earn 7-8% tax free keeping your money in Aus. But, yep, it's each to their own, and plenty of options available
Robert ************
@Roberto **********
And, as I said, good for you Aussies. Doesn't work for us. And, "no struggle" with the 65K/mo., just don't need it, and would "tie up" even more money in Thai Bank after transfers. FYI -- My 1yr Extension only costs 1900 Baht/year (approx. $57/yr), with only one 20-30min. visit to Immigration each year. Big deal. I guess we're both Happy with our way.
Roberto *********
@Robert ***********
I'm looking at from the point of view of Australians. However you try to spin it, the 800k IS most definitely tied up for as long as you stay in Thailand under that extension. You talk of "hefty" fees, the OX is $600 for five years, which works out at 2800 baht per annum, with no visits to immigration required for five years. That's pretty neat I think. The OA is $300, which works out at $150 per year (no visit to Immigration) or 3500 baht. If you think these fees are "hefty" I can understand why you would struggle with the 65k/month process. But as I said, the Sydney Consulate is arguably the most "laissez-faire" consulate in the world, so the OX is a total winner for Aussies
Robert ************
@Roberto **********
Certainly an "Option", though whether it is the "preferred" on is highly debatable. The "O-A" Option requires additional expense of mandatory insurance, which the Non-O does not. In addition, if you are like many Ex Pats, 65K/month is FAR more than you need to live comfortably in Thailand. So, the extra monies you are transferring every month (especially the full year prior), would likewise wind up being "tied up" in a Bank here. Same Same.
Roberto *********
@Robert ***********
It's a good option for retired Australians, as Australia has a very lucrative superannuation set up, which once past 60 is tax free, and earnings are generally in the 7-8% p.a. region. To withdraw 800,000 baht equivalent to put into a Thai bank account earning 1% is financial lunacy. The additional interest earned by keeping any such lump sum in Australia comfortably pays for insurance requirements. The smart people get declined for insurance and use value of assets in lieu of the insurance. Of course, Australians can also avail themselves to the OX 5 year visa, which similarly does not require any money transfer to a Thai bank account. Others have the option to visit their home country every 18-24 months and pick up a new OA each time, again negating the need to transfer money to Thailand. Personally I transfer 85k to Thailand each month, as I'm genuinely retired and wish to enjoy my retirement years to the fullest. The 65k is never tied up, any excess monies can easily be transferred elsewhere for a multitude of purposes. The 800k is essentially locked down forever, or for as long as you stay in Thailand. I simply couldn't bolt down such a sum of money. But it's each to their own and there's many options open. My stance is directed more at money-savvy retired Aussies
Roberto *********
To avoid the 800,000 "dead money" process, take the OA visa (where money stays in your home country), which effectively gives you two years with just one border bounce. Commence the 65k per month transfers at your leisure, and towards the end of your second year, leave the country, visit an embassy which sells the non-O (50+) visa, re-enter on this, and after the 90 days, you can extend on the basis of the 65k per month regime. Keep in mind the 65k per month is money you can spend immediately, whereas the 800k is tied up for as long as you remain in Thailand. Financially the 65k is the preferred method.
Robert ************
Dominique Em: STEP-BY-STEP DO-IT-YOURSELF INSTRUCTIONS -- APPLYING FOR RETIREMENT STAY AFTER ARRIVAL IN THAILAND (Must be over age 50): i. You may arrive either Visa Exempt (currently 45-days), or on a 60-day Tourist Visa. ii. Then, immediately after your arrival, you must promptly open a Thai Bank Account, and transfer 800,000 Baht into Thai Bank Account (if married, some Immig. Offices like CM, accept Joint Account with 1.6 Mil. Baht. Also Note, that either Passbook Savings or Fixed Deposit is acceptable, but not Investment Account. Finally note, that some Immig. Offices, but not all - e.g. CM, require proof of foreign source of funds. WISE is an inexpensive, easy & reliable service to transfer funds). iii. Then, you apply for a 90-day Non-O Visa at local Thai Immigration Office. If on Visa Exempt, you use Form TM87, if on Tourist Visa TM86. You are required to apply with minimum 15-21 days remaining on permitted Stay, depending on Office (Chiang Mai, requires 21 days). Requirements: TM87 or TM86 (Note: Fear not, only 1-page Form simple to fill out in English with only basic info., name, address, passport info., arrival info, and stated purpose: "For Retirement"), Must be Over Age 50, 2000 Baht, Copy of all relevant pages of Passport (i.e. Facepage, and Entry Stamp); copy of TM30 (that is the required arrival form that is either completed by your Hotel or Condo, or you do yourself at Immig. Office w/i 24 hrs of arrival); copy of proof of residency (Rental Agreement, or Hotel Reservation -- some offices may not allow if only staying at a HOtel); and most importantly proof of the money in Bank (Copy of Bank Book, and a certified Letter from the Bank usually costing 100 Baht). Above is all simple and straightforward, so no need for spending money on a Visa Service. iv. If all docs. in order, Immig. Office will put a Sticker in your Passport that you are "under consideration", and a date to return to pick up your Visa Stamp (prior to your Stay expiration). v. Next, when you have 30 days remaining on the Non-O (and your Bank Money has "seeded" 60 days -- i.e. stayed on deposit), you go back to Immig. Office to apply for the 1-yr Retirement Extension. Requirements.: TM7 (Req. for Extension of Stay); 1900 Baht, and all other same docs. as above (newly updated of course). And, you will receive 1-yr Extension of Stay -- usually same day, if you arrive in morning. Note: For both processes above, your Bank Passbook Balance must be updated same date as application, and the Bank Letter should be no more than 7 days old -- easiest just to do both same day just before going to Immig. Office). vi. Finally, you should/must get a Re-Entry Stamp -- easiest/best to just do immediately after you get your 1-yr. Extension stamp. It can be single Re-Entry for 1000 Baht, or 3800 Baht for unlimited multiple Re-Entry. The Re-Entry Stamp allows you to leave and return to Thailand, without invalidating your 1-yr Extension. If you fail to do that, then your Extension of Stay is nullified, and you must start the process again. (IMPORTANT: If you want or need to leave Thailand while on the initial 90-Day Non-O, same thing -- must get Re-Entry Stamp.). Hope that is all clear.
Robert ************
@Jimmy *********
Good question. The sad fact is, that it has become increasingly difficult for Foreigners to open new Bank Accounts in the past few years. However, as most here would tell you, every Bank and every Branch enforces its own policies, so you just have to ask around. If necessary, you just might have to pay an "Agent" to help you open a Bank Acct. -- as much as I deplore having to say that.
Jarkko *********
Let's say that one gets pension of
*****
Thb / month. That would be
*****
0 Thb / year. So the needed amount to deposit would be
*****
Thb. ->
*****
0 Thb combined. (Embassy affidavit of pension required.)
Han ******
ORIGINAL POSTER
@Jarkko ********
thank you, so just the monthly pention x 12 + deposit >=
*****
0 THB, with notarization? Is this confirmed by Thai Embassy anywhere, or a general understanding from applicants?
Bobby ********
@Han *****
It's your own embassy who provide the affidavit.
Jarkko *********
@Bobby *******
And as far as I know, many embassies have seized provinding those affidavids.
Bobby ********
@Jarkko ********
The only ones I'm aware of are US, UK and Australia.
Jarkko *********
@Bobby *******
I only know finnish embassy still does. 😉
Bobby ********
The OA doesn't require any money to be transferred into a Thai bank account, and you can get two years out of it with one border bounce.
Han ******
ORIGINAL POSTER
@Bobby *******
Hi Bobby, can you also comment on the question: how do I prove 800,000 THB with a combination of deposit and monthly pension?
Bobby ********
@Han *****
I don't know anything about the combination method unfortunately. I've always used the 65k/month method
Han ******
ORIGINAL POSTER
@Bobby *******
Thank you sir.
Robert ************
Not quite sure I understand your question(s). But, first, what is your Nationality? Can you afford to deposit the 800K Baht at one time? If yes, then I would suggest Non-O rather than "O-A". And, can provide simple Do-It-Yourself Instructions to getting your Non-O and Retirement Extension, after arrival in Thailand.
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