Whats Latest On 800k In Bank For Retirment Visa

[number6]

ive done 2 retirement visa extensions no problems - my third extension is due in about 2 months

ive kept over 800k in my account (annoying) for last 3 months - real pain since I used to just top up

each year just before visa extension date - now i need to keep about 1.2 million to allow for

around 5 months living expenses

So when i go down to nice mr immigration do i need in addition to my normal bank letter saying ive

got money (why oh why isnt bank book enough - i know TIT) and do i need another letter saying

ive had over 800k for over 3 months

??? anyone done it recently

I understand i dont need a medical anymore ??

[lopburi3]

No medical and you probably would not have been asked about the 3 months but told to do so next time as only for new applicants have they been strict yet. In any case your passbook/copies should show the money in account so am sure, for you, the current balance letter is all you need. And expect it is all anyone needs if they have the passbook record but have not seen anyone mention yet.

[ernieK24]

I go in for my 90 day address report on January 23rd, then back to Jomtien Immigration on Feb. 13th, for my second annual visa "UP". I DO have sufficient monthly income, so THAT is not an issue with me, and my current bank account stands at about 500,000 baht. I don't expect any problems at all at immigration. I've been here a year now, and since I've been here my account has been as high as two million plus, but I've bought a house, paid cash, and bought a new car, and paid ALMOST caash, so I will be sure and call that to their attention.

Even if I'm clean, I will ask what my situation is expected to be in the next couple years, and will post the results. I think, (but not positive), that I can use my American Embassy letter confirming my monthly income for one more year, (this year), but not sure about the future. I will also ask aout that, and report back. Somewhere on here I read one poster being told he could use the letter again, and again, and again, etc.....wanna' find out...! ErnieK

[samtam]

What's involved in the 90 day report? In Bangkok, do you go to Suan Plu Immgration Office? Which floor? What do you take? Thanks.

[jayenram]

What's involved in the 90 day report? In Bangkok, do you go to Suan Plu Immgration Office? Which floor? What do you take? Thanks.

If you report in person, you take your passport in which your previous 90 day report receipt should be pinned. Then you complete the reporting form (or pre-complete it after downloading from the immigration website), obtain the receipt and you're done.

I look forward to the day when this can be accomplished on-line without the need to actually report in person or by post.

Thai immigration website for downloading:

http://www.imm.police.go.th/nov2004/en/bas...p?page=download

The Form is designated TM 47

[Mid]

Whats Latest On 800k In Bank For Retirment Visa

Is it possible to have this in a term deposit or must it be an ordinary savings a/c ..............

actual experience please , not my friend or i think replies

thanxs

mid

[lopburi3]

As has been reported here many times it is up to the immigration office/officer but there are many who have reported using such an account.

[geovalin]

No medical and you probably would not have been asked about the 3 months but told to do so next time as only for new applicants have they been strict yet. In any case your passbook/copies should show the money in account so am sure, for you, the current balance letter is all you need. And expect it is all anyone needs if they have the passbook record but have not seen anyone mention yet.

Thank you for your help Lop'

Well, you use the terms "would, should". This scary me. It means it can go like that but it can also be different. Right?

What is the proportion of people renewing their extension whom had been told to show 800 Kb on the account for a 3 months period?

My case : I have to renew my one year extension in May.

Will I need to prove that 800 Kb stayed on the account since February?

Of course I'll have 800 Kb on my account since one week prior to go to Suan Phlu + I'll prove that I'll have received more than 1.5 millions in the past year.

[lopburi3]

So it would be better we lie to you? We don't have crystal balls with 100% accuracy - yet.

I have not seen any report of anyone turned down for a second or more retirement extension for not having the money in account 3 months. But if I were using account as my option and knew the new rules I would, being paranoid, try to make it 100% by having the money in my account if possible. If if is not possible why worry - nothing you can do about it.

If you can prove to immigration 1.5 million earning why are using using bank deposit. Won't your Embassy issue you the necessary paper to use your pension/income?

[Mid]

As has been reported here many times it is up to the immigration office/officer but there are many who have reported using such an account.

thanxs ,

so to minimize risk , put it in a savings a/c for 3 months prior and then transfer to term deposit once visa granted will be my method.

[geovalin]

So it would be better we lie to you?

Of course not.

I appreciate your transparency.

I have not seen any report of anyone turned down for a second or more retirement extension for not having the money in account 3 months. But if I were using account as my option and knew the new rules I would, being paranoid, try to make it 100% by having the money in my account if possible. If if is not possible why worry - nothing you can do about it.

Yes it's possible to deposit 800 Kb on the account but Thai Baht is sooooo high these days.

Well, I guess what you do think: "This is not a good reason".

I'm another farang Kiniao. Solly.

If you can prove to immigration 1.5 million earning why are using using bank deposit. Won't your Embassy issue you the necessary paper to use your pension/income?

I'm pretty sure the Embassies give their stamps only for pensions not for personal income. I don't live on a pension because I'm too young (52 y o).

[VBF]

So it would be better we lie to you?

Of course not.

I appreciate your transparency.

I have not seen any report of anyone turned down for a second or more retirement extension for not having the money in account 3 months. But if I were using account as my option and knew the new rules I would, being paranoid, try to make it 100% by having the money in my account if possible. If if is not possible why worry - nothing you can do about it.

Yes it's possible to deposit 800 Kb on the account but Thai Baht is sooooo high these days.

Well, I guess what you do think: "This is not a good reason".

I'm another farang Kiniao. Solly.

If you can prove to immigration 1.5 million earning why are using using bank deposit. Won't your Embassy issue you the necessary paper to use your pension/income?

I'm pretty sure the Embassies give their stamps only for pensions not for personal income. I don't live on a pension because I'm too young (52 y o).

Not sure if this is completely on topic, but has anyone got a definitive answer to the question "Is the 800,0000 Baht destined to support a Visa extension subject to the 30% witholding"?

As 800,000 Baht is more than $20,000 it may be affected but the threads on this subject contradict - some say the new rule was rescinded, others say not.

Sunbelt, this happened whilst you were on your festive break - any updates please.

Thanks folks.

[lopburi3]

I believe most Embassies will sign off on income - after all they are just confirming that you say this or that and perhaps that you presented documents to show it. Tax receipts or other proof of income would probably be required but would make things easier if you don't like the large bank balance.

Withholding (30%) is only for transfers (not accounts) of over $20,000 and only applies to specific stock type activity. Even if you brought it all in and were hit with the 30% the bank should return the funds as soon as you explain the use you will be making of them. But the idea is to keep transaction for this type of thing below $20k to avoid any delay.

[Asia4ever]

I believe most Embassies will sign off on income - after all they are just confirming that you say this or that and perhaps that you presented documents to show it. Tax receipts or other proof of income would probably be required but would make things easier if you don't like the large bank balance.

Withholding (30%) is only for transfers (not accounts) of over $20,000 and only applies to specific stock type activity. Even if you brought it all in and were hit with the 30% the bank should return the funds as soon as you explain the use you will be making of them. But the idea is to keep transaction for this type of thing below $20k to avoid any delay.

I opened an account today on a T visa and tried to wire transfer $25,000 USD for purposes of later securing a retirement extension, and for income while in Thailand. The banker adamantly refused to do so without the 30% withholding. My only option is to transfer it in two smaller increments, but that leaves me without a Foreign Exchange Transaction Form, so my money may be stuck in Thailand. Too risky, and I am having serious thoughts leaving Thailand as soon as possible.

[samtam]

I transferred USD40,000 last week for two "retirement visas" through HSBC. They allowed this as an exemption to the 30% withholding. Initially they did not, but I persuaded them otherwise. I was required to provide my passport visa/permission to stay details. I also placed the funds on 3 month fixed deposit, which they advised was OK for other customers. My lawyer also said as long as it's in a bank account (and a fixed deposit is in a bank account), Immigration would be OK with it. I'll let you know after I apply in three months' time. Thanks jayeram for the 90 day report requirements.

[Asia4ever]

I transferred USD40,000 last week for two "retirement visas" through HSBC. They allowed this as an exemption to the 30% withholding. Initially they did not, but I persuaded them otherwise. I was required to provide my passport visa/permission to stay details. I also placed the funds on 3 month fixed deposit, which they advised was OK for other customers. My lawyer also said as long as it's in a bank account (and a fixed deposit is in a bank account), Immigration would be OK with it. I'll let you know after I apply in three months' time. Thanks jayeram for the 90 day report requirements.

samtam, it looks like you found a good way around it. My banker said there were "no exceptions" to the 30%requirement. Just the fact that the BOT official documents clearly omitted excluding this withholding category, even though they know retirees have to have it, seems pretty ominous.

Personally, I don't want to deal with a system where you are subjected to the whims of bankers and immigration officers, and where everything seems to be done with smoke and mirrors. This system makes Alice's trip through Wonderland seem downright sensible.

If Thailand truly wants to encourage foreign retirees, then why did they not implement a legitimate retirement scheme such as Malaysia's?

[Jingthing]

Asia4ever, I think the message from Thailand is you are welcome to retire in Thailand, on a year by year basis based on whether you have the current funds for the time being. You are not encouraged to think that your situation long term is secure. You are not encouraged to think you will become more welcome over the years. If retirees were truly welcome, there would be a near automatic upgrade in residency status after being here a number of years, for example, five years. And so it is take or leave it. And if you leave it, there is a long line of people still wanting to take it. So don't expect Thailand to act like a big wagging dog to you. More like a very aloof cat. If you don't like this attitude, you should get out before you get hurt.

Edited January 10, 2007 by Jingthing

[samtam]

Asia4ever I know these exchange control rules, on top on the requirements for an extension of stay (retirement visa) seem bewildering at the beginning, and irritating at best, once you attend to them systematically, there is no great hardship. I am perfectly prepared to discover that Immigration wont accept a fixed deposit when I put in my application form, but if that is the case, I'll try again with a savings. I understand perfectly your reaction, but in time, if you want to pursue retirement here, I think you'll find a way to overcome it. Sure there are alternatives like Malaysia, (a country of which I am very fond, having grown up there in part), but I want to be in Thailand, which is quite different. You have to decide whether you do.

[number6]

Whats Latest On 800k In Bank For Retirment Visa

Is it possible to have this in a term deposit or must it be an ordinary savings a/c ..............

actual experience please , not my friend or i think replies

thanxs

mid

id also like to know this but sorry im told cannot be in higher interest deposit account

let me know if you get any actual real info but even immigration give u different

answers edpending on who u talk to or if its raining or if its a full moon or

whatever irrational reason u can think of

TIT

[Asia4ever]

Samtam and Jingthing, thanks for your insights. There is more to the story than that. I also opened a savings account for TGF and and educational savings account for her son that I had intended to fund on a monthly basis. As soon as I got back to her village, all the extended relatives, including a farang boyfriend, started asking for more money.

Between the responses of the Thai government, and responses of the TGF and family (whom I showered with expensive gifts upon my arrival), it has become a very unhealthy situation. And in the event you are wondering, TGF has never worked in a bar, but may be getting excellent coaching from those that have. So I am more than happy to let that next person take my place.

I have traveled extensively throughout Asia and know that Thailand is not the center of the universe, although that may come as somewhat of a shock to a few of its citizens. So I will extricate myself from this situation despite possible recriminations from family in the village. The old adage about killing the goose that laid the golden egg may apply here.

[taxexile]

i was told by immigration officials at the hua hin office that it is perfectly ok to have part of the 800,000 in a higher interest deposit account.

my query was referred to the "big cheese" there and he confirmed that it can count towards the 800,000 necessary for retirement visa renewal.