Keeping 800,000thb in Thailand.......

[DefaultName]

1 hour ago, Sparkles said:

Thats is what I did some years back,my wife is a signatory to the account but its not shown.All we had to do was sign another form to confirm our wishes.

 

If I fall off the perch she can take the death certificate to the bank present the passbook  and withdraw the 800,000 b.

I've told my brother in the UK my ATM number, and my partner to contact him if I peg it.  Then to just use the card until the account is empty.

 

That way no bloodsucking lawyer will be involved.

[persimmon]

44 minutes ago, SunsetT said:

There would be if one has assets over £275k (I think that is the threshold) in the UK.,  but Im wondering if they would know about savings in Thailand, or if they would go out of their way to contact  a Thai bank, or if notification of death to the UK embassy triggers any such investigation by the UK tax authorities.

It depends how thoroughly HMRC investigates your affairs.Anything that leaves a paper or digital trail like bank transfers might be picked up and used as evidence for IHT purposes.Good point about cooperation between the UK authorities and Thai banks.Not sure,but I wouldn`t be surprised if there is an agreement to cooperate on things like this.

[FritsSikkink]

1 hour ago, SunsetT said:

If one holds the 800k thb in a single or joint Thai account and it is withdrawn by Thai spouse/partner immediately following one's death,  is it likely to be traced by UK tax authorites for payment of inheritance tax? Anyone know please?

 

How would the UK tax know about a withdrawal from a Thai bank?

[SunsetT]

2 minutes ago, FritsSikkink said:

How would the UK tax know about a withdrawal from a Thai bank?

See Persimmon's post above.............

[Beats56]

I used to have the required amount for the retirement visa but have decided to just use my yearly pension statements as proof of income. I now have the marriage visa. Can't see tying up money you can't use. Plus who knows what is going to happen in this country with present so called government. I will keep my financial investments in my home country.

[beet man]

You can have it on both names, but you must have 1600,000 in the account . I asked in Chaiyaphom

last month.

[Lite Beer]

14 minutes ago, john McLaren said:

You can have it on both names, but you must have 1600,000 in the account . I asked in Chaiyaphom

last month.

That depends on where you apply.

Most wont.

[The Deerhunter]

5 hours ago, Tanoshi said:

Unknown to many, you can have the account in one name, but have more than one named persons signature to withdraw funds.

 

I have a Savings account in my sole name, but both my wife and I have debit cards as she is registered to withdraw funds on the account.

 

Same with fixed term accounts, but more of a pain as the wife has to accompany you each time you renew the term.

 

You could also make a Will.

Two points to make.  One is that we set up an account in my name only (as opposed to a joint account) with exactly that in mind, some years ago.  However in most countries the account should become frozen for probate immediately on the death of the account holder.  That is why my wife has money of her mother's in joint account so that she can draw money in just her name, legally,  for funeral or medical expenses if Mum is incapacitated etc.   So if you are doing this then our wife should clean this account out ASAP after you (or I) pop our clogs, i.e. before the bank becomes aware that we have died.  or the bank might disallow her access.  Any money overseas that we have intended for her  to have should be in a joint account so it is not frozen.  We have it done this way.  And of course you must have a will over there.  I am not sure how important a will is here for some of us because although I have invested in my wife's property here, I have no assets here apart from clothes & personal tools & possessions and of course the above mentioned bank account. Even the Truck is in her name.   P..S,. your super from home will (should, 555) stop effective from the date you die too.

 

Second point: Someone mentioned that we should "Just put the 800,000 into a special account and forget about it."  But, I seem to remember that in the Thai Immigration rules, the account has to be your normal  "working account" and not a separate or investment account.  It must not be held apart from your normal working day to day expenses account.  There are two reasons that I can think of as to why that may be required but I will leave it to someone more experienced to comment on that..... (looking at you, Uncle Joe.) 

[laislica]

17 minutes ago, Beats56 said:

I used to have the required amount for the retirement visa but have decided to just use my yearly pension statements as proof of income. I now have the marriage visa. Can't see tying up money you can't use. Plus who knows what is going to happen in this country with present so called government. I will keep my financial investments in my home country.

Marriage requires 400,000 in a sole account or 800,000 in a joint account, neither of which is so much.

Great emergency funds and it only has to be tied up for 60 days before you apply for the extension,

(marriage rather than retirement, so after the first time, 90 days for the OP).

Once you have the extension you can spend some or all until the seeding period before your next application for your extension.

5 minutes ago, The Deerhunter said:

Two points to make.  One is that we set up an account in my name only (as opposed to a joint account) with exactly that in mind, some years ago.  However in most countries the account should become frozen for probate immediately on the death of the account holder.  That is why my wife has money of her mother's in joint account so that she can draw money in just her name, legally,  for funeral or medical expenses if Mum is incapacitated etc.   So if you are doing this then our wife should clean this account out ASAP after you (or I) pop our clogs, i.e. before the bank becomes aware that we have died.  or the bank might disallow her access.  Any money overseas that we have intended for her  to have should be in a joint account so it is not frozen.  We have it done this way.  And of course you must have a will over there.  I am not sure how important a will is here for some of us because although I have invested in my wife's property here, I have no assets here apart from clothes & personal tools & possessions and of course the above mentioned bank account. Even the Truck is in her name.   P..S,. your super from home will (should, 555) stop effective from the date you die too.

 

Second point: Someone mentioned that we should "Just put the 800,000 into a special account and forget about it."  But, I seem to remember that in the Thai Immigration rules, the account has to be your normal  "working account" and not a separate or investment account.  It must not be held apart from your normal working day to day expenses account.  There are two reasons that I can think of as to why that may be required but I will leave it to someone more experienced to comment on that..... (looking at you, Uncle Joe.) 

Re: Point 2

 

They only need the proof of funds.

It can be locked up in a savings account, as long as the rules for that account allow you to withdraw on demand,

(you may lose some interest).

 

I used to worry about that so I always take my "working" savings account along in case of a query but they have never asked to see it and I never offer it.

So for me, 3 accounts, one for the proof of funds, a working savings and another savings account with an ATM card.

Internet banking lets me keep a small amount of cash in the ATM account to limit theft exposure.

 

.

[MadMuhammad]

Just a random thought. Considering that one must have 800Kthb ‘locked’ away every year, I do understand it’s technically only 3 months but realistically you must have it each year anyway so let’s call it 12 months, and at a rough estimate retirement extensions cost approx 12000thb a year (read earlier somewhere).

20 x 12600thb = 252000thb. Add you 800Kthb you must have each year and one has just over 1Mthb.

Now if your advanced in years, say 70, and quite healthy can anyone give me the reason they wouldn’t just buy the Elite visa to see them through to the end. I understand we can’t pick our end date but I’m aiming at 90 because it’s a fair innings.

Genuine open question. I obviously have my own ideas why one wouldn’t but I’d like to hear from others their thoughts.

[laislica]

17 minutes ago, MadMuhammad said:

Just a random thought. Considering that one must have 800Kthb ‘locked’ away every year, I do understand it’s technically only 3 months but realistically you must have it each year anyway so let’s call it 12 months, and at a rough estimate retirement extensions cost approx 12000thb a year (read earlier somewhere).

20 x 12600thb = 252000thb. Add you 800Kthb you must have each year and one has just over 1Mthb.

Now if your advanced in years, say 70, and quite healthy can anyone give me the reason they wouldn’t just buy the Elite visa to see them through to the end. I understand we can’t pick our end date but I’m aiming at 90 because it’s a fair innings.

Genuine open question. I obviously have my own ideas why one wouldn’t but I’d like to hear from others their thoughts.

Oops.....

The cost of the ext is 1,900baht.

The cost of a single re-entry permit is 1,000Baht.

 

The 800,000 (retirement or 400,000 (Marriage) or monthly income funds are simply proof that you have sufficient funds to live in the Kingdom, nothing more.

If you have the embassy letter, the UK cost for the letter is roughly 50 quid and a bit of photocopying.

No funds are needed in the bank.

To be completely pedantic:

It is also possible to have some seeded money and a letter showing that between them, your income equals or exceeds the 800,00 per year.

 

[MadMuhammad]

36 minutes ago, laislica said:

Oops.....

The cost of the ext is 1,900baht.

The cost of a single re-entry permit is 1,000Baht.

 

The 800,000 (retirement or 400,000 (Marriage) or monthly income funds are simply proof that you have sufficient funds to live in the Kingdom, nothing more.

If you have the embassy letter, the UK cost for the letter is roughly 50 quid and a bit of photocopying.

No funds are needed in the bank.

To be completely pedantic:

It is also possible to have some seeded money and a letter showing that between them, your income equals or exceeds the 800,00 per year.

 

Ah, I may have been thinking of extensions that require visa runs etc for the yearly cost. 

 

Thanks for clarifying 

[Tanoshi]

3 minutes ago, MadMuhammad said:

Ah, I may have been thinking of extensions that require visa runs etc for the yearly cost. 

 

Thanks for clarifying 

Or you can have heard it from a barstool idiot who paid an agent 12,000 baht to do what he could have done for a fraction of the cost.

[Tanoshi]

1 hour ago, The Deerhunter said:

Two points to make.  One is that we set up an account in my name only (as opposed to a joint account) with exactly that in mind, some years ago.  However in most countries the account should become frozen for probate immediately on the death of the account holder.  That is why my wife has money of her mother's in joint account so that she can draw money in just her name, legally,  for funeral or medical expenses if Mum is incapacitated etc.   So if you are doing this then our wife should clean this account out ASAP after you (or I) pop our clogs, i.e. before the bank becomes aware that we have died.  or the bank might disallow her access.  Any money overseas that we have intended for her  to have should be in a joint account so it is not frozen.  We have it done this way.  And of course you must have a will over there.  I am not sure how important a will is here for some of us because although I have invested in my wife's property here, I have no assets here apart from clothes & personal tools & possessions and of course the above mentioned bank account. Even the Truck is in her name.   P..S,. your super from home will (should, 555) stop effective from the date you die too.

Probate only happens when either;

1. No Will was in place, then the disbursement of assets and estate would follow the Inheritance laws of Thailand.

2. The Will was contested. (A professionally drawn up Will would cover that eventuality). 

 

1 hour ago, The Deerhunter said:

Second point: Someone mentioned that we should "Just put the 800,000 into a special account and forget about it."  But, I seem to remember that in the Thai Immigration rules, the account has to be your normal  "working account" and not a separate or investment account.  It must not be held apart from your normal working day to day expenses account.  There are two reasons that I can think of as to why that may be required but I will leave it to someone more experienced to comment on that..... (looking at you, Uncle Joe.) 

The account must be immediately accessible to withdraw funds. (ATM or over the counter)

Savings accounts, Fixed term deposit accounts, and Foreign currency accounts are acceptable.

Accounts where a period of notice has to be given, are not acceptable.

 

A typical ''working'' account such as a Savings account with debit card attracts a typical 0.5% interest rate.

If you have 800,000 (even 400,000) that you can afford to ''lock'' away for Immigration purposes why not put it in a Fixed Term account earning 1.8% and make your Savings work for you.

[theoldgit]

4 hours ago, Orton Rd said:

They do have wills here don't they?

Yes, they do and I have one, but thanks for asking.

[eddysmit]

7 hours ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

You could make out a will.

[eddysmit]

7 hours ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

You could make out a will.

 

6 hours ago, Aussieroaming said:

With respect Ubonjoe, I have had both Marriage and Retirement extensions and I only have 1 x joint bank account with my wife, I have never had a separate account, hence it is possible to have the money in a joint bank account. 

I think you will find that is no longer the case,but,if it works,why fix it,if they do decide to pull you though, you will have the three months,or two months to wait.

[Tanoshi]

5 hours ago, SunsetT said:

So what is the income requirement for extension of stay renewal?

Extension of stay based on retirement is 800,000 baht held in a Thai bank, OR

an income of 65,000 baht per month OR

a combination of the above two providing they add up to 800,000 baht annually.

 

For marriage extensions the combination method isn't available, it's either 400,000 in a Thai bank, OR an income of 40,000 baht per month.

Edited January 23, 2018 by Tanoshi

[SunsetT]

1 hour ago, Tanoshi said:

Extension of stay based on retirement is 800,000 baht held in a Thai bank, OR

an income of 65,000 baht per month OR

a combination of the above two providing they add up to 800,000 baht annually.

 

For marriage extensions the combination method isn't available, it's either 400,000 in a Thai bank, OR an income of 40,000 baht per month.

Does the income of 65000 thb need to be shown to be coming to Thailand or just in the UK?

[laislica]

5 minutes ago, SunsetT said:

Does the income of 65000 thb need to be shown to be coming to Thailand or just in the UK?

When I did it, I took copies of bank statements showing the cash into my UK bank.

It was accepted.

For Americans, their embassy trust them and I believe no copies need be shown.

 

[crazygreg44]

10 hours ago, Boon Mee said:

The Absolute best way to secure that Retirement Extension is to deposit that money into an account and forget about it. 

Consider it emergency funds. 

doesn't the bank deduct some fees over the years?  Or will the fees be egalized or outhweighted by the incoming interest? Because in case the fees drain the account slowly,  it would be advised not to park 800,000 but 810,000 before forgetting about it 

Edited January 23, 2018 by crazygreg44

[ubonjoe]

4 minutes ago, SunsetT said:

Does the income of 65000 thb need to be shown to be coming to Thailand or just in the UK?

To get the income letter from the UK embassy you only have to show income paid there.

Immigration could ask for proof you are bringing some funds into the country as a back up to the letter but it does no have to be 65k baht. Not normally done though.

[laislica]

7 minutes ago, crazygreg44 said:

doesn't the bank deduct some fees over the years?  Or will the fees be egalized or outhweighted by the incoming interest? Because in case the fees drain the account slowly,  it would be advised not to park 800,000 but 810,000 before forgetting about it 

Kasikorn don't make charges and I get interest that goes into a different account.

There is no ATM card on that account so no charges and no thieving (hopefully LOL)

 

Edited January 23, 2018 by laislica

[SunsetT]

4 minutes ago, ubonjoe said:

To get the income letter from the UK embassy you only have to show income paid there.

Immigration could ask for proof you are bringing some funds into the country as a back up to the letter but it does no have to be 65k baht. Not normally done though.

So would a copy of one's annual self-assessment HMRC accounts/tax statement showing total income and tax paid to the previous April ending tax year be OK to get the Embassy letter?

[SunsetT]

3 minutes ago, laislica said:

Kasikorn don't make charges and I get interest that goes into a different account.

There is no ATM card on that account so no charges and no thieving (hopefully LOL)

 

Im with Kasikorn. What account is it and how much is the interest please?

 

[laislica]

3 minutes ago, SunsetT said:

Im with Kasikorn. What account is it and how much is the interest please?

 

A regular savings account.

Currently only locked for a rolling 3 M period.

Near the end of April, after I have renewed my retirement ext, I shall change the period to 12 M.

Interest is then about 1.3% can't remember.

Sometimes they have a promotion.

I want to be sure that the change over point does not occur in the seeding period, just in case that may cause a problem.

Normally, I add about 1,000b on the day I ask for the letter (100b) and the book is updated and shows 800,001 or whatever.

The IO is then satisfied cos the book was made up.

If there are no transactions, the book can't be made up.....

Actually, cos I regard it as emergency cash too, there's a bit more than a million in it now.

 

 

 

[Sparkles]

7 hours ago, Orton Rd said:

They do have wills here don't they?

Yes of course they do but why go through that process and pay the laywer when you can just have your wifes name tied in on that account and she can withdraw at her leisure.

 

We have  wills but only because we might both be in an accident resulting in both dead ,then a close friend will process the will to the beneficiaries which are my children and her sister,alll have copies of the registered will.

 

I frankly forget about the 800,000b ,over 12 mths its about 1.5%  interest and tax taken out is reclaimed through my tax card.

That amounted this year to about 8,000 b from memory,tax 1,800 baht

[MyFriend You]

6 hours ago, DefaultName said:

I've told my brother in the UK my ATM number, and my partner to contact him if I peg it.  Then to just use the card until the account is empty.

 

That way no bloodsucking lawyer will be involved.

Good for you, but, but, but, she better hope she doesn't lose the card.   That happens, no way will the bank issue another one without your signature face to face.   Its better making a will with disposition of your money.

[simoh1490]

6 hours ago, DefaultName said:

I've told my brother in the UK my ATM number, and my partner to contact him if I peg it.  Then to just use the card until the account is empty.

 

That way no bloodsucking lawyer will be involved.

That's a false economy, your brother could lose the PIN or die, your girlfriend could lose the card, the card may expire......make a will for god's sake, it only costs a hundred quid, or is your partner not worth that to you!

[Tanoshi]

14 hours ago, laislica said:

A regular savings account.

Currently only locked for a rolling 3 M period.

Near the end of April, after I have renewed my retirement ext, I shall change the period to 12 M.

Interest is then about 1.3% can't remember.

@laislica

Those are ''fixed term'' savings accounts, no debit card.

They currently offer a 3 year fixed term @ 1.8% if your interested