Extension of stay based on retirement

[Felt 35]

What if and as example my current retirement extension expire 1. September 2018 (allowed to stay until that date). I transfer money to an account accepted for the purpose by Immigration May 2018. I get the bank letter mid August get my extension approved and then "eat"  Thb 100K of the savings monthly until it is + 3 months to my extension in 2019 then top up with a transfer from abroad so the money is in bank 3 months + before extension. Wouldn't I avoid tax on a level which trigger tax payment that way?

 

Thanks

Felt

[mahjongguy]

Yes, after your extension has been renewed you are free to nibble away at the account month by month or withdraw all of it if you want. But you can only do that in a regular savings account, not a fixed account.

 

Recap: regular savings accounts are not subject to withholding taxes except when your total interest exceeds 20,000 baht at that institution.

[ubonjoe]

59 minutes ago, Felt 35 said:

Wouldn't I avoid tax on a level which trigger tax payment that way?

 

If you have a standard savings account they don't deduct the taxes until you have earned interest at a high level. For a fixed term account they will deduct the taxes for all interest earned. You can get a refund of the taxes paid by submitting a income tax return at the revenued department..

[thaikahuna]

On 2/23/2018 at 8:43 AM, ubonjoe said:

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.

Actually its 90 days on the letter now but the 800K in the bank has to be there 90 days prior to renewing the visa (60 days the first time).

[glegolo]

6 hours ago, thaikahuna said:

Actually its 90 days on the letter now but the 800K in the bank has to be there 90 days prior to renewing the visa (60 days the first time).

ou are right and you are WRONG on the days you mention. You shall NOT be so sure when you write. When it comes to the timeframe for how long the embassyletter is valid it is up to the different immigration-officicies. In my own case (Chaiyaphbum) it is for sure 6 months. And it differsa from office to office.

 

Dont write VISA when it is an extension of stay, you must learn the difference in order to keep apart all information about this area here in Thailand.

 

glegolo

[ubonjoe]

10 hours ago, thaikahuna said:

Actually its 90 days on the letter now but the 800K in the bank has to be there 90 days prior to renewing the visa (60 days the first time).

It is 6 months validity for the income document from you embassy or consulate unless you are using a rogue office that says otherwise.

See this immigration directive issued in 2013. Immigration directive for income letters.pdf

For the 800k baht in the bank it is 3 months not 90 days.

[thaikahuna]

7 minutes ago, ubonjoe said:

It is 6 months validity for the income document from you embassy or consulate unless you are using a rogue office that says otherwise.

See this immigration directive issued in 2013. Immigration directive for income letters.pdf

For the 800k baht in the bank it is 3 months not 90 days.

Time before last renewal they refused my letter at Chaeng Wattana at 4 months. Maybe someone had an off day. Usually I have no troubles with them.

[ubonjoe]

48 minutes ago, thaikahuna said:

Time before last renewal they refused my letter at Chaeng Wattana at 4 months.

Perhaps they are tighter since they are in Bangkok where the embassies are located.

The directive does state this.

Quote

Because all the governmental units under the Thai Immigration are located at the local areas, there has been an ongoing issue when it comes to the foreigners abiding by the practice of requesting permission to stay in Thailand temporarily, which is in connection with the income verification letter used as their financial evidence. The Thai Immigration Bureau, thus, would like to enact the updated practice attached herewith.

 

[JohnC]

I think I just achieved a record! I e mailed my proof of income form with pictures of my pension letters, completed the bank debit firm online and e mailed everything on Tuesday 27th Feb, on Thursday 1st my UK bank account was debited (£52) and today Saturday 3rd March I received the proof of income letter from the British Embassy! That's what I call service ( and before anyone whinges yes I know it was at a cost!) 

[JOC]

Seen mentioned several times on this thread that interest from a savings account is tax free up to 20.000 baht...

Not entirely correct....Special rules apply to foreigners  (surprise, surprise). If you surpasses 10.000, the bank will tax the full amount, unless you provide a tax ID number to the bank.

As you can see below....INN in June 8.112:-     No tax deducted             INN in December 8.388:-      TNX  Tax deducted on the full yearly amount 2.475:-

 

Kasikorn.....Checked with Head Office....Reply: Over 10.000 for foreigners and no Tax ID provided=Tax on the full amount.

Know I can claim it back, but hardly worth the trouble..

[Tofer]

On 23 February 2018 at 6:53 PM, 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.

Income letter received yesterday, 03/03/18, no dramas.

[Jim P]

Where do I go for the letter? Irish passport but income from the UK.

[Thailand J]

Embassy letter vs bank deposit.

Once you have understood both rituals, you are the best person who can tell which is easier ,cheaper and simpler for you.

[Phuket Man]

9 hours ago, Jim P said:

Where do I go for the letter? Irish passport but income from the UK.

Irish Embassy

[ubonjoe]

9 hours ago, Jim P said:

Where do I go for the letter? Irish passport but income from the UK.

You will have to do it at the Irish embassy.

[Jim P]

8 hours ago, Phuket Man said:

Irish Embassy

 

8 hours ago, ubonjoe said:

You will have to do it at the Irish embassy.

Thanks guys, the thought had never crossed my mind before as I have always lived in the UK.

[RWPhila]

I used the income method with a letter from the US embassy for my Non O visa in Khon Kaen last month.  They kept the original letter with the impressed seal.  Will I need another original letter for the first 1 year extension next month or will they accept a copy?  BTW, Khon Kaen also required my last 6 months statements of my US bank account showing deposits of my pension income.  At their suggestion, I used printouts of statements from on-line access to the account.

[ubonjoe]

30 minutes ago, RWPhila said:

I used the income method with a letter from the US embassy for my Non O visa in Khon Kaen last month.  They kept the original letter with the impressed seal.  Will I need another original letter for the first 1 year extension next month or will they accept a copy?  BTW, Khon Kaen also required my last 6 months statements of my US bank account showing deposits of my pension income.  At their suggestion, I used printouts of statements from on-line access to the account.

You will not need another income affidavit. They can pull the original one from the file for your visa application.