Extension of stay based on retirement

[Felt 35]

What is easiest and less paperwork as income documentation for extension of stay based on retirement, Thb 8xxxxx,- in a Thai bank or statement from ones Embassy on income?

 

Thanks

Felt

[glegolo]

One thing is not especially harder than the other. It depends on how far away from your embassy you lives... That is one factor..

 

But many people believe that having money in the bank, go there and get a bankconfrmation and go to the immigration is the easist... Of course the people that do NOT have the 800.000 bahten in the bank, is more likely to find the embassy option better....

 

In other words - UP TO YOU

 

glegolo

[jerry921]

I think it depends a bit on what nationality you are and where in Thailand you'd be living. The different national embassies have different requirements for the letter. For US residents, FATCA and FINRA rules apply to the 800k bank account and create extra paperwork requirements.

[wgdanson]

1 hour ago, glegolo said:

It depends on how far away from your embassy you live

The British Consulate does it via email now, and post the certificate to you.

[Phuket Man]

The cost of the Embassy letter makes it an expensive option if you have a choice.

[wgdanson]

1 minute ago, Phuket Man said:

The cost of the Embassy letter makes it an expensive option if you have a choice.

52 quid, or Bht 800,000 in the bank?

[glegolo]

I think that you guys should remember that mother Earth consists of more than british citizens, I think that the most of the rest of us, do NOT have the option to have it mailed to us in any shape or form.... So distance to our embassy is a valid one.....

 

glegolo

[ubonjoe]

IMO if you can meet the 65k baht income requirement it is better than having the money in the bank.

No need to worry about having the money in the bank 3 months before the date you do the application or the chance of something the balance below 800k baht. Also you can keep the funds in any type of account that may have a higher return.

Even going to the embassy for the income letter is not that big a deal since it can be up to 6 months old on the date you apply for the extension. You can plan a holiday trip during the 6 months to get it if you want to.

[OJAS]

1 hour ago, wgdanson said:

52 quid, or Bht 800,000 in the bank?

Plus nearly 45 quid for an Immigration extension stamp occupying half a passport page, which no-one ever seems to complain about!

Edited February 23, 2018 by OJAS

[Eff1n2ret]

Neither method is particularly difficult. The charge by the British Embassy is a rip-off for knocking out a letter on a template which must take them all of three minutes, but other embassies charge less. If you're averse to filling in a form and can afford to keep 800k baht in your account, the bank letter method is dead easy. You just turn up with your passport and bank book, (which they'll update for you), hand over 100 baht and it's job done. I did it that way for the first time this year. I am fortunate that my bank and the immigration office are about 15 minutes' drive apart.

[buick]

if you don't currently have a bank account open in thailand, the income letter option is easier. 

 

[Boon Mee]

Updated bank book the day you go for the extension and the letter from the bank addressed to Immigration detailing the money is indeed in your account. 

Easy as pie. 

[English Engineer]

I stop off at the Bangkok Bank where I have an account. The bank produce all the documents for the extension, even including a passport copy. Normally takes about 10 minutes or so. Then drive on to immigration. The whole process takes around a hour.

[CMBob]

If you keep that much cash on hand either here or in your home country, perhaps better to keep it here for those who live here as (1) you earn about double the interest that you do in your home country and (2) should you have any kind of significant cash need here (e.g., medical emergency), you've got it on hand.  And, yes, the amount is currently insured by the Thai government (similar to the FDIC back in the USA).

 

But...it comes down to choice.  I do the cash method as I like the comfort of knowing it's there in case I ever need it.  And I'd rather pay the bank 200 baht once a year for the bank letter for Immigration than the approximately $60.00 one has to pay the US embassy/consulate to notarize the income letter.  

[robertson468]

8 hours ago, Phuket Man said:

The cost of the Embassy letter makes it an expensive option if you have a choice.

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

[CMBob]

9 minutes ago, robertson468 said:

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

Not sure I understand that.  Assuming you set it aside in a term account, one can get 1.5% nowadays.  Without going too far afield, an account to be acceptable to Immigration has to be one where you can get access to your funds anytime you want (but, if one does that before the maturity date, one loses all accrued interest).  

Edited February 23, 2018 by CMBob

[Tanoshi]

59 minutes ago, robertson468 said:

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

Don't know which bank your with?

 

Most pay 0.5% even on a Savings account.

I get 1.8% on a fixed term savings account.

[lelapin]

1 hour ago, robertson468 said:

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

I get more interest on that money in my Bangkok bank a/c than I would with my bank in Engalnd.

[wgdanson]

8 hours ago, OJAS said:

Plus nearly 45 quid for an Immigration extension stamp occupying half a passport page, which no-one ever seems to complain about!

You must pay that whichever method you use. But if 52 + 45 = 97 quid per year is a problem, you shouldn't be living here. 

Edited February 23, 2018 by wgdanson

[Tofer]

I'll let you know in a couple of weeks time.

 

I just sent off all my proof of income documents to the UK embassy which was an extremely simple exercise, they accepted photographs of the documents, as I don't have a scanner, a credit card mandate for the £52 charge, and I got a personal email confirming receipt of all 4 emails, due to limitations on attachment file size, as well as the automated receipt notifications. Surprisingly efficient considering my previous experiences with the U.K. Embassy. Their enquiries phone service was also very polite and helpful.

 

I would have used the £800k bank deposit option but hadn't realised the  money had to be in the account for 3 months, since my first extension where the requirement was only 2 months. Why the change in period is a mystery to me! Unfortunately I missed the date by a week, so chose to err on the safe side and get the income letter instead of risking being sent off to KL again.

 

Fingers crossed.

[glasswort]

2 hours ago, robertson468 said:

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

Why no interest? Ok the rate maybe low but it is interest. 

[inThailand]

If you don't have a measly 800K what are you doing here?

[Phuket Man]

4 minutes ago, inThailand said:

If you don't have a measly 800K what are you doing here?

Living very well on under 800K.

Easy to do.

[Nuddy]

4 hours ago, robertson468 said:

But getting no interest on 800K in Thai Bank is also a loss of income methinks!

But you do get interest on the deposit!

[Felt 35]

Thanks for all good advices I allow me a few more questions What kind of account do Immigration accept and do we have to pay tax on the eventually interest annually? I have had an account with Bangkok Bank for some years which is my money "in out" account and nothing more because I have always seen the small life savings I have as safer back home. But Thb 800K I could always have as savings here as situation are now but would like a separate account from my "in out" account"!

 

Thanks

Felt

 

 

[HampiK]

6 minutes ago, Felt 35 said:

Thanks for all good advices I allow me a few more questions What kind of account do Immigration accept and do we have to pay tax on the eventually interest annually? I have had an account with Bangkok Bank for some years which is my money "in out" account and nothing more because I have always seen the small life savings I have as safer back home. But Thb 800K I could always have as savings here as situation are now but would like a separate account from my "in out" account"!

I use a deposit account from Kasikorn which gives me between 0.9 and 1.7% interest.

This was accepted in Chaeang Watthana without problems. But I think if depends where you Immigration office is.

[sumrit]

4 hours ago, Tofer said:

I'll let you know in a couple of weeks time.

 

I just sent off all my proof of income documents to the UK embassy which was an extremely simple exercise, they accepted photographs of the documents, as I don't have a scanner, a credit card mandate for the £52 charge, and I got a personal email confirming receipt of all 4 emails, due to limitations on attachment file size, as well as the automated receipt notifications. Surprisingly efficient considering my previous experiences with the U.K. Embassy. Their enquiries phone service was also very polite and helpful.

 

I would have used the £800k bank deposit option but hadn't realised the  money had to be in the account for 3 months, since my first extension where the requirement was only 2 months. Why the change in period is a mystery to me! Unfortunately I missed the date by a week, so chose to err on the safe side and get the income letter instead of risking being sent off to KL again.

 

Fingers crossed.

I completed my extension earlier this week. As for the UK Embassy letter I applied for that about three weeks ago. I emailed the application early on the Monday morning, the money was taken from my card on the Tuesday and the Embassy letter arrived by EMS at my house on the Thursday morning. For me I thought four days from sending the email to receiving the letter was a very efficient service. 

[gmac]

5 minutes ago, sumrit said:

I completed my extension earlier this week. As for the UK Embassy letter I applied for that about three weeks ago. I emailed the application early on the Monday morning, the money was taken from my card on the Tuesday and the Embassy letter arrived by EMS at my house on the Thursday morning. For me I thought four days from sending the email to receiving the letter was a very efficient service. 

That's good service, I emailed my application last Thursday and still waiting.  I guess it depends on how busy they are on the day your documents hit their desk.

[inThailand]

TV posters. Don't have money for a visa. 5555!

It should be called cheap Charlie visa.. CCV

[chipkimberimd]

So if you use the combination method of income and savings to reach the magic 800,000 THB, is that the worse of two options combined?

 

Would you need the updated bank book and an Income Affidavit (I'm American) from the embassy?