Answered3 years ago
What are the pros and cons of processing a retirement visa at the Thai embassy in the USA versus in Thailand for those over 60 with IRAs?
Retirement visa processing in the USA (NY Thai embassy) versus doing it in Thailand for over 60 that have IRA’s. Pros and cons? It appears that you may not need to deposit $800,000 if your pension account shows adequate retirement income.
Answer summary
The discussion outlines the pros and cons of applying for a retirement visa either through the Thai embassy in the USA or within Thailand for individuals over 60 with Individual Retirement Accounts (IRAs). Key points include the necessity of a certain amount of funds (800,000 baht) in a Thai bank account for a long-term visa if applying in Thailand, while the Non-OA Visa obtained in the USA may eliminate this requirement with proper insurance. Moreover, the Long Term Resident Visa is highlighted as a preferable option for those with sufficient retirement income, offering a ten-year visa without the need for large funds in Thailand.
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John ********
You won’t want to take 800k Baht out of your IRA Account.
It will be Taxed as income. More than likely putting into a different Tax category.
It will be Taxed as income. More than likely putting into a different Tax category.
Richard ********
All my friends used "
Welcome to Thailand
@Lawyers *******************
" for their retirement visa, all good for them... they haven't blocked 800k in the bank account... they help for all legal needs and expatriation. Welcome to Thailand
Stacey ****************
If you have $80k a year in retirement income (pension, etc), $100k in the bank or health insurance that covers you in Thailand?
Go with the Long Term Resident Visa which is ten years if approved (5 year renew check up).
They don’t require the 800,000 baht to sit in a Thai account.
This is the best retirement visa by far if you qualify
Go with the Long Term Resident Visa which is ten years if approved (5 year renew check up).
They don’t require the 800,000 baht to sit in a Thai account.
This is the best retirement visa by far if you qualify
****************************
Bob *********
Leave your money in the IRA. Come to Thailand, then visit Chang mai, Pattaya, or Hua Hin and find an agent who will lend you the money and do all the legwork for less than 1k usd
Jay ****
@Bob ********
will u pm any recommendations? Tia
Fred ******
OP@Bob ********
a youtuber is advertising $300 USD to get your retirement visa in the USA before going to Thailand, seems to be a $700 USD savings? If so, why not do it in the USA if your employer is paying for your health insurance.
Graham ******
@Fred *****
Specific Thai insurance is needed for a Non-OAJay ****
Fred Rick link or pm to video? I can't find it. Ty. 🙏🙏
Greg *********
@Bob ********
what's the interest on loan from agentBob *********
@Greg ********
no interest, only in your bank account for 5 minutes so a photocopy of your bankbook can be made, then it goes back to the agentBrandon ************
@Greg ********
It's not actually a loan. The money is in your account and out long enough for the bank to print the information. Then they bribe the immigration officer's to accept it since it didn't meet the requirements of being in the account for 2 months.
CN ****
@Greg ********
there are enough that will this for you. Good luckBrandon ************
@Greg ********
there's lots of Pattaya. You can search the group for other recommendations or make a post asking for themGreg *********
@Brandon ***********
can you recommend any agentsGreg *********
@Brandon ***********
I guess you have to find the right agent in pattya
Ken ***********
@Bob ********
everyone should be advised that this is illegal.
Jan ******************
And you’re stuck with an agent to continue to bypass the requirements in the future.
Jim ********
Can someone confirm this: IF I get a non-O visa in the US, purchase the insurance needed, I'll be issued a one year multiple entry retirement visa. Then I deposit 65,000 per month in a Thai bank account for one year. At that time I can renew my retirement visa based on the 65,000 income.??? And so forth for the next years.
Pascal ********
@Jim *******
you don´t renew a visa. You get an extension.
Glenn *****
@Jim *******
must be at least 12 consecutive deposits. With an O-A you can easily manage your deposits for the next year.Jan ******************
@Jim *******
I guess you mean a Non O-A one year visa. This visa gives you up to two years in Thailand, and it’s multiple entries. (You’ll need to renew your health insurance and apply for re-entry permit for your last year). And you don’t renew the retirement visa, you apply for an Extension of Stay. The extension of stay based on a Non O-A visa also have a mandatory health insurance. You’ll need to leave, cancel your stay based on a Non O-A and re-enter on a tourist visa or visa exemption and apply for a regular Non O in country.
But to your point, if you’ve done consecutive transactions of 65K thb a month over sea to your bank account in Thailand while you’re on a Non O-A visa, I know people also have managed to use this to prove their income for a new Non O without bank 800K in a thai bank. (65K every months for almost two years from AUS). If this is possible at all immigrations, I really don’t know.
Ken ***********
The deposit is THB 800,000 which is about USD 21,724 not USD 800,000.
Vinn *********
@Ken ******
Yeah just a small difference 😆.Brandon ************
The ONLY way to not have to show 800,000 in a Thai bank account is if you apply for the non-OA Visa in the US before going to Thailand. This is a 1 year multiple entry visa and it has a large insurance requirement to make up for not having to show money banked in Thailand.
Otherwise you're looking at the 90 day non-O visa. You can either get this from the embassy, or apply to convert to it in Thailand. If you apply in Thailand you'll need the 800,000 in the bank already to apply, and it can be difficult to open a bank account if you're not already on a long term visa.
If you travel to Thailand with the non-O then you would open a bank account and deposit your 800,000 and then after that's been in your account for 2 full months you can apply for the 1-year extension. Your pension income is irrelevant because the ONLY thing immigration will accept is embassy certified income, and the US embassy has not offered this for many years.
Otherwise you're looking at the 90 day non-O visa. You can either get this from the embassy, or apply to convert to it in Thailand. If you apply in Thailand you'll need the 800,000 in the bank already to apply, and it can be difficult to open a bank account if you're not already on a long term visa.
If you travel to Thailand with the non-O then you would open a bank account and deposit your 800,000 and then after that's been in your account for 2 full months you can apply for the 1-year extension. Your pension income is irrelevant because the ONLY thing immigration will accept is embassy certified income, and the US embassy has not offered this for many years.
Graciela ***********
@Brandon ***********
just to be clear, I get the non O visa BEFORE arriving to Thailand and then I can open a Thai bank account with that visa?Brandon ************
@Graciela **********
not a guarantee but it will be much easier than without a long term visa. Many banks require a long term visa and you should be able to find one if you check a fewGraciela ***********
@Brandon ***********
thank you!Greg *********
@Brandon ***********
so your saying if you get Social Security *****
baht deposited every month, you will not qualify for a retirement visaBrandon ************
@Greg ********
you will not qualify to convert to a visa in Thailand or for the first yearly extension. You would need to use 800,000 in the bank. Then during that year you could have 65,000 deposited from overseas every month, and for your second year you could use proof of these deposits for your extension application. But for the first year they always require either embassy certified income or 800,000 in the bank
Alfred ***********
@Brandon ***********
thank you I knew you'd clarify itBrandon ************
@Alfred **********
the only way around the 800k for the first annual extension is the embassy certified income. But many embassies do not offer this. So the only option is the 800,000 for the first year.Alfred ***********
@Brandon ***********
I do believe the only way around the 800k requirement is to have your embassy here in thailand confirm your income in a formal letter. They'll need back statements etc, plus a host of other forms. I looked into it once admittedly a long time ago but my income far supercedes the 50k or whatever it is you need to prove you can stay here. Maybe you could confirm if that is still the caseActivity
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