Major changes announced to financial requirements needed for retirement visas in Thailand

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Major changes announced to financial requirements needed for retirement visas in Thailand
Major changes announced to financial requirements needed for retirement visas in Thailand

Thai immigration has announced a major change regarding the financial requirements needed for foreigners applying for a retirement visa.

Thai immigration has announced a major change regarding the financial requirements needed for foreigners applying for a retirement visa. T he changes affect anyone who applies for a retirement visa using the 800k baht in the bank or the combination of income method. The new rules state that foreigners must now show 800k in the bank for 2 months before they submit their application.

They must then keep that 800k in the bank for 3 months AFTER the visa has been granted. And that’s not all. In addition, the foreigner must also not allow the balance of the account used for the retirement visa application to drop below 400k baht at any point throughout the year. Effectively the new rules mean retirees will have to show 800k in a Thai bank for a total of five months per year, and then keep 400k in the bank thereafter. The new rules, which are effective from March 1st 2019, were confirmed in police order No. 35/2561, which is available in Thai language on the Immigration website, and first reported by Thaivisa. According to the order the new rules are as follows: (1) Must have been granted a non-immigrant visa (Non-Im). (2)

Must be 50 years of age or over. (3) Must have evidence of having income of no less than THB 65,000 or; (4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have funds deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the funds 3 months after being g ranted permission and the remaining balance must be no less than THB 400,00 or; (5) Must have an annual earning and fund deposited with a commercial bank in Thailand totaling no less than THB 800,000 until the filing date. The said funds must remain in the account prior to and after the permission is granted and the alien can make a withdrawal under the same conditions as stated in (4).

The new requirements are said to be the result of immigration officials trying to put an end to the practice of visa agents falsifying bank statements for foreigners who do not have enough money to meet the financial requirements needed for a retirement extension. I n October 2018, the then newly appointed immigration chief Surachate Hakpan – known as Big Joke – vowed to crackdown on visa agents who falsify documents for foreigners applying for visas and extensions of stay

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