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ResourcesVisa & Immigration LawThailand Immigration LawHow Many Bank Accounts are Needed for Thai Retirement Visas?

How Many Bank Accounts are Needed for Thai Retirement Visas?

Transcript of the above video:

As the title of this video suggests, we are discussing Retirement Visas and Bank Accounts. In a recent comment on our channel, quoting directly: "How many bank accounts do we need? Why do you not go into this extremely important topic for expats?" Well here I am going into this extremely important topic for you expats. This was in the context of another video we did on bank accounts for Retirement Visas and the short answer to that question is "well, at least one if you are using a bank balance for proving income from abroad or a pension to maintain retirement status in Thailand”. So certainly one although we do have clients oftentimes that will just put the 800,000 into a Thai Bank Account and then just leave it there and then use that to basically show their requisite financial requirements associated with a retirement visa extension. Again that may not be feasible for some folks depending on their financial situation.

But long story short with respect to this is definitely one. I could see a set of circumstances where yes you have an isolated account. You just leave that alone and you do your day today out of your other bank account. Again it is going to be “different strokes for different folks” as they say. Different things are going to work differently depending on the circumstances of one's case. I don't think it is wise to take a one size fits all approach to how many bank accounts one should have in order to maintain retirement status. It should be noted that one dedicated account is not a requirement so long as you maintain the balance requirements in the account you don't have to worry about it. You can actively be using the account and have transactions coming in and out of it so long as the balance under the regulations are maintained throughout a given calendar year.

But yes as I said some folks find it convenient to have a second account just to lock in the money there, leave it and go on about their business so they don't have to worry about that. Again, that is not going to be possible for some folks so some folks are going to do things a little differently