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What are the requirements for a retirement visa in Thailand regarding monthly income and bank deposits?

Retirement VisaThai ImmigrationNon-O VisaBank StatementsMonthly Income RequirementsPensionTax Laws in ThailandLiving in Thailand as an ExpatVisa Regulations for Expats
Feb 14, 2024
10 months ago
Sophia ******
ORIGINAL POSTER
I'll apply for some kind of retirement visa for October 2024 so I need to know how many MONTHS of statements I have to show the required monthly income/combined with pension in my US bank account because I'm starting a new online business venture and it will take a while to build up.

And I have read so many sites, including government ones, that are vague or contradict each other about whether it's JUST the monthly income that would suffice or if depositing $20,000ish USD is required ALSO?

So essentially is it AND or OR?

I'm really not interested in putting that much in a Thai bank when I have my business in the US and pay all my bills through my US Bank and I've heard many times it's a real hassle to even open an account before you have the visa, so it's a catch 22.

Apparently there are new tax laws too which I'm also confused reading. I have a small social security and some $ from my online counseling business which already gets taxed by California State and Federal so I definitely don't want to pay another country too when I'm already financially challenged for many reasons (no insults or preaching about that please).

Many countries change rules quickly, so I'm checking for 2024. And the majority of countries are making it increasingly harder to retire there. I've lived in Mexico and other countries and Mexico's income requirements are insanely high now!!

Any site links that are extremely clear and reliable would be helpful too, so I can stay updated. Thanks much.
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TLDR : Answer Summary
To apply for a retirement visa in Thailand, you need to show either a monthly income of at least 65,000 baht (about $2,000) or a deposit of 800,000 baht in a Thai bank account. It's an 'OR' situation, but you can also combine both. If you're moving in 2024, be cautious about the examples, as rules can change quickly. You will likely need 12 months of bank statements that show monthly income and may require a Non-O visa to begin the process. Additionally, there are implications regarding US taxes and requirements for health insurance that can complicate applications. It's advisable to consult reliable sources or immigration agencies to get the most accurate and recent information.
NON-O RETIREMENT VISA RESOURCES / SERVICES
  • Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
  • For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
  • Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
  • Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
Ken ******
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565
10 months ago
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Ken ******
air quality seems serious

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558 thai stat
10 months ago
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Ken ******
better live away from high risk flood areas, and too near BTS as it maybe quite noisy, and live in high floors and away from highways to avoid noise and air pollution, less than one month airbnb is illegal
10 months ago
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Ken ******
guess you have enough advice on visa, you probably know all the

pros including cheaper living cost (depend on regions)

housing, friendly people,

and culture. Cons include air quality,

floods, public road safety

and quite a lot pedestrian walkway or pavement conditions not keep in good conditions and

need improvement (just

look up internet for details).

Air quality can be checked

real time downloading

some apps. For long

stayers, there are some

reporting requirements

such as 90days report on

residence, which is not very

convenient. Starting this

year, new tax mainly on remitted

income earned abroad

every country has its own

rule,so far it seems the

philippines is most friendly and

much less restrictive, nothing

like 90 day or TM30, for retirees, same for malaysia
10 months ago
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Steve *******
just an FYI - be aware if you are running your company remotely = they may state this implies you are working in Thailand = not allowed = taxed income. Best to say you have someone running it - you just check in weekly - Might save you some grief. I am in the same boat as you except I will have someone running the offshore workers for me - I just oversee the company. I was told a few years ago by a retired CPA friend who has been in Thailand for 35 years, as long as you do not employ Thai people then you will be ok. Nowdays I have no idea, due to the changes.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Steve ******
Thanks but I am the business. I'm just a counselor and health coach working online with people or maybe doing classes so that's not really applicable in my case. There is no way I'm going to pay California state tax, US federal and Thai at 70 years old when I've paid taxes my whole life and I don't even live in the US anymore! Such a tyranny 😱
10 months ago
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Steve *******
and I 100% agree... mine is a startup - however I am going to pay 50% + Tax (Personal and Corporate) in Canada - i am looking at offshore residence as well - leaving Canada for a while - i can always visit annually for a month or 2... and keep 90-100% of my income. I am 69.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Steve ******
Please tell me more about the stop shore residence but it might not apply to an American... Thanks and good luck!
10 months ago
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Steve *******
@Sophia *****
 never heard of it.
10 months ago
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Steve *******
i am probably going to get starlink - internet so I don't have to worry about connectivity or the government/ISP snooping into my usage.
10 months ago
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Steve *******
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Jamie ******
Cambodia is easier
10 months ago
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Jamie ******
First you have to decide if your going to apply outside or inside Thailand ..if outside ask the embassy your going to apply from ..each embassy can potentially say different requirements .

If inside Thailand again each immigration can potentially have different requirements .

The only way to be absolutely sure and up to date is by deciding first where you will apply and then asking the office your applying from .

Good luck
10 months ago
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David *******
You can either get your initial Non O Visa in the USA or enter on a Tourist Visa, or even Visa Exempt, and get the Non O in Thailand.

That gives you 3 months before you need your first Annual Extension.

For your first Extension you will have to show the 800k in a Thai bank account for at least 2 months.

For future Extensions you could use income but you must send at least 65k from overseas to your Thai bank account every single month without fail all year.

You can combine income and bank balance but again must show it every single month for a year.

Some offices insist on proof the money sent is from a pension.

You are not allowed to work on a Retirement Visa so don’t tell them (or anyone) you are running an online business.

If you can’t do this the alternative is to pay an agent which will cost you about
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baht for the initial 15 months then about
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baht or so each year after that. It depends if you are comfortable doing this. Many people use them, others do not want to.

As for the new tax laws, no one knows yet how, or even if, they will be enforced and probably won’t know until 2025.

If they do enforce them as written then it could be an issue for lots of people, especially those sending money each month, but as I said NO ONE KNOWS YET.
10 months ago
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Kenny ******************
And your monthly income (pension(s)) must be at least equivelant to 65k Thai Baht per/month, based on the current exchange rate when you apply.
10 months ago
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Kenny ******************
12 consecutive months of bank statements from a Thai bank account. Each statement must indicate direct deposits into your Thai bank account, coming via international wire transfer from an pension plan or government pension plan (ie: Social Security, or other) into your Thai bank account. The catch 22 is what do you do in Thailand for 12 months while accumulating bank statements. That's why you need to go through an agent. All that B.S. is irrelevant when your reitrement visa (Non-O immigrant visa) is processed with assistance of agent or visa service. It seems since this policy was implemented back in 2019, immigration prefers you go through an agent/agency, for it enables more money to flow into the coffers at disctrict offices.
10 months ago
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Steve **********
Read again.
10 months ago
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Wylie *******
If you plan on applying in Thailand you first need to obtain the 3 month non-o visa by showing 800k baht in a Thai bank account in your name only. You then apply for the 1 year extension after that. Since the US embassy won't supply an income affidavit you have to show the 800k baht again 2 months prior to applying and keep it at that level for 3 months after and not to go under 400k at any point in that year. Even if you plan to switch to the income method since it is a requirement of the first 1 year extension. During that year you will also need to transfer the monthly requirement each month. When you apply for your second 1 year extension you can then use the income method. Even if you were to somehow show monthly transfers for 12 months prior to applying for the first 1 year extension I don't believe they will accept it.
10 months ago
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John **********
The only visa that allows you to keep your money in a bank in the states is the Non-OA visa. You can only obtain this visa in your home country so you need to get it before travelling to Thailand. All other retirement visa options require you put money in a Thai bank.

As to the tax laws and how they will affect you I believe SS is free of thai tax but other income may not be. It will depend on the tax agreement between the states and Thailand which you should look at. Generally how it works is that any income you bring into Thailand, SS aside, is assessable for Thai tax, you calculate how much that is and then get a credit for any tax already paid in your home country
10 months ago
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Dave **********
@John *********
 the LTR also let's me keep my money outsider Thailand.
10 months ago
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Dave **********
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Marty *********
Regarding the OA visa, it requires health insurance which may or may not be a headache to purchase as well as being a recurring expense.
10 months ago
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Michael ********
Have you looked at OA visa you can get nearly two years out of it and your funds can be in your US account.
10 months ago
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Marty *********
For an American to apply for a 1 year extension of their O visa you have to show 12 months of deposits of 65,000 baht to a Thai bank. This typically means you have to deposit the 800,000 baht the first year to give you the time to build up the bank records. The advantage of the monthly income method is that you can spend all of it and your money is not tied up. It just will take you a year+ to get there.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Marty ********
Not applying for an extension of an o visa because I haven't even applied for any visa yet. All my other entries were on US Visa exemption and then extensions, and returning at other times.
10 months ago
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Neil ********
@Sophia *****
 you can use your savings in the USA to prove you can support the
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0 and then when you have the visa you can open the Thai bank account.
10 months ago
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Marty *********
@Sophia *****
 The typical retirement visa is the O visa. It is only a 90 day visa so you quickly get to 1 year extensions.
10 months ago
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Marty *********
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Jan ******************
It’s an OR, but also a combination it’s possible.
10 months ago
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Dan *****
@Jan *****************
 what are you talking about after tax I get my same Social Security amount month after month there’s no tax what are you talking about?
10 months ago
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Jan ******************
@Dan ****
 This is the requirement if you an apple for a Non O visa at the Thai Embassy in your own country before you leave. Then you need to prove net income. But when you’re in Thailand it’s of course the amount you get in your bank every month that counts.
10 months ago
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Dan *****
@Jan *****************
 and that’s exactly what I was saying there’s no tax
10 months ago
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Jan ******************
@Dan ****
 I don’t think you’ve got it. The point is that the 65K a month is net income after tax in your bank. I don’t know anything about your tax situation as it varies from country to country and agreement with Thailand. But the requirements are net amount a month. If you don’t pay any tax at all then your gross income and net income would be the same.
10 months ago
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Dan *****
@Jan *****************
 Social Security only has a net amount
10 months ago
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Jan ******************
@Dan ****
 Ok, but in Norway and several otter countries you also pay tax on social security and pension. Also when they live in Thailand. Therefore net amount could be a point. But if you use your bank statement it will always show net amount. But if you apply direct from Norway or get you income verified somehow, it matters.
10 months ago
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Dan *****
@Jan *****************
 how does it matter when all you have to do is report your net income simple as that you guys are making this way to difficult 
10 months ago
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Jan ******************
@Dan ****
 You’re the one who didn’t understand the requirements for applying for a Non O visa at the Thai Embassy in Norway. And by the way we got our income verified by the Norwegian embassy and consulate in Thailand and don’t need to show proof of bank accounts or money in our bank. Your embassy doesn’t offer this kind of service.
10 months ago
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Dan *****
@Jan *****************
 who the hell cares about an embassy just go to Thailand, get the right visa agent and you’re done simple as that quit overreacting 
10 months ago
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Dan *****
@Jan *****************
 actually you’re the one that made this seem like you need a four year degree to figure it out. You go over there get a Thai bank account blah blah blah you’re done quit overreacting. 
10 months ago
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Dan *****
@Jan *****************
 I don’t
10 months ago
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Dan *****
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Av **********
@Sophia *****
 I use anytime mailbox in the usa to get all my mail just so you know. its super simple.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Jan *****************
Great. Thanks but no one ever says how many months of bank statements you need to provide for proof of income.
10 months ago
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Neil ********
@Sophia *****
 12 months as need to show consistency of earning. Money has to go into Thai baht to prove you can support yourself.

For you I would go for the deposit. I understand you can earn interest now. You can withdraw during the year but put back 3 months before renewal. Easiest way is to leave in and place in an interest earning account
10 months ago
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Frank **********
@Sophia *****
 the only proof of income Immigration accepts is an Affadavit from the Embassy but the American Embassy stopped doing them. So its either 800k baht in the bank or an agent.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Frank *********
Well that could be a deal breaker and I don't know what an agent involves but so complicated at age 70! But can't afford to live in California anymore. And I have intermittently tried other countries and they all have their challenges.

Do you actually have a link about this because I have not seen that stated anywhere. So then I'm going to get taxed on it if it's in a Thai bank plus have to pay an agent?! UGH

California alone has 15% state income tax plus the federal plus another country... Not willing to give half or more of my money away to governments, especially when I don't even live in US anymore!
10 months ago
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Stacey ****************
@Sophia *****
 Do what you can to change your address before you leave CA to a state that does not have income tax (SD), if it appears CA will tax you even after leaving.
10 months ago
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Sophia ******
ORIGINAL POSTER
@Stacey ***************
 Yes that's exactly the problem and it's about 15%, but I don't have any family or any friends in any other state that would be also convenient for me to get my mail when I visit San Diego. There aren't many left and I believe Nevada is one.

But getting residency in the state you don't live in is not easy anymore either.
10 months ago
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Stacey ****************
@Sophia *****
 I don’t know what their service rates are; however, it would be a lot cheaper than CA robbing you in taxes. Nice people and they’ve been in business a long time.
10 months ago
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Stacey ****************
@Sophia *****
 South Dakota has no income tax. There are businesses there that allow you to have an address and claim SD as your home of record.

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10 months ago
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Frank **********
@Sophia *****
 no link sorry. You can Google the American Embassy in Thailand and I think it tells you they do not provide it. You can also check the Thai Embassy website in the US and see if you qualify for another type of visa.
10 months ago
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Frank **********
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Jan ******************
@Sophia *****
 But you could apply for a non O visa in your home country before you leave and use your own tax papers and bank statements to verify your income. Then you’ll have three months before your apply for one year extension of stay in Thailand.
10 months ago
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Ruth *******
@Jan *****************
 actually, I didn’t need to supply any tax documents, only bank statements.
10 months ago
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Jan ******************
@Ruth ******
 Thanks, most important is you can do this the documentation you already have your self.
10 months ago
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Jan ******************
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Jan ******************
@Sophia *****
 Some immigrations require the fund seasoned for unit two months before you apply and for some it’s sufficient if the money is in the bank the day you apply. For income and us citizens I’m not quite sure because we Norwegian just gets our income verified by the Norwegian Embassy or the local consulates.
10 months ago
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Jan ******************
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