Extension granted, can I now spend most of the 800,000

[david_je]

I just got my annual extension of stay based on retirement visa, for the third time. Is there any reason why I cannot now immediately spend down most of the 800,000 baht, and just replenish it three months  before my next extension application next year? Is there any scenario where I might have to show the 800,000 -- or any amount -- in my savings account in the interim? I'm thinking about buying Thai stock market mutual funds, or putting most of it into a 6- or 8-month fixed deposit that earns better interest. Thanks.

[Jingthing]

Yes, you can now drain that account.

[ubonjoe]

You can do whatever you want to do with the 800k baht now. Just be sure you have it back in the bank 3 months before the date you apply for your next extension.

You can use a standard fixed term account to keep the 800k baht to apply for the extension. The funds have to be available for withdrawal with no delay or penalty other than loss of interest.

[ubonjoe]

A off topic post has been removed.

[gk10002000]

I have read accounts where some Thai officials would really prefer to see the 800,000 being spent down.  Then at the appropriate time more money is transferred in from overseas, in time for the proper seasoning requirements of course.  This shows to them that you are NOT working illegally and your money is coming in from outside the country.  It makes some sense to me.  I personally prefer to do the income verification method, mainly for two reasons:  1:  My money in the USA is invested in a good way for me, 2:  I prefer to minimize my USA governmental filings and having 800,000 thai baht ~$25,000 USD in a foreign account requires one to file the FBAR thingy.  Not a big deal, but just some paperwork I prefer to not do.  I finally finished my last taxable USA state tax form and now as a Florida resident with no state filing requirements, I prefer to keep paperwork simple. 

[elviajero]

No problem. It’s supposed to be the money you’re living on during the next year. 

[Jingthing]

You aren't required to spend it down either. There are no rules about minimum annual spending or importing of funds.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[elviajero]

1 hour ago, Jingthing said:

You aren't required to spend it down either. There are no rules about minimum annual spending or importing of funds.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
 

True, but if you don’t spend it IO’s have been known to ask for details of your income or other investment accounts at the next renewal.

 

The point is that spending the 800K is not a problem and actually what they expect to see. Keeping the money untouched throws up potential extra scrutiny.

[SCOTT FITZGERSLD]

16 hours ago, gk10002000 said:

I have read accounts where some Thai officials would really prefer to see the 800,000 being spent down.  Then at the appropriate time more money is transferred in from overseas, in time for the proper seasoning requirements of course.  This shows to them that you are NOT working illegally and your money is coming in from outside the country.  It makes some sense to me.  I personally prefer to do the income verification method, mainly for two reasons:  1:  My money in the USA is invested in a good way for me, 2:  I prefer to minimize my USA governmental filings and having 800,000 thai baht ~$25,000 USD in a foreign account requires one to file the FBAR thingy.  Not a big deal, but just some paperwork I prefer to not do.  I finally finished my last taxable USA state tax form and now as a Florida resident with no state filing requirements, I prefer to keep paperwork simple. 

i am going to apply for a retirement visa based on 800K deposit. but i did not transfer the money from overseas account. i changed it from foreign currency here in thailand. i kept some of the reciepts of the money exchange with my name and passport no. will that be a problem? will the immigration officers be stricked on the "evidence of money transfered" ?

[observer90210]

If I may put in a humble comment, it would appear that the most tricky issue is that it all depends on the officer present, the area, his mood etc. etc. ?

[Jingthing]

11 minutes ago, SCOTT FITZGERSLD said:

i am going to apply for a retirement visa based on 800K deposit. but i did not transfer the money from overseas account. i changed it from foreign currency here in thailand. i kept some of the reciepts of the money exchange with my name and passport no. will that be a problem? will the immigration officers be stricked on the "evidence of money transfered" ?

What I've read over the years --

 

Conversion to 90 day O visa in Thailand using bank account method -- proof of import of funds REQUIRED

 

Annual extensions based on retirement including the first one -- proof of import of funds NOT REQUIRED.

 

You referred to a "retirement visa" which is ambiguous as that doesn't technically exist (unless you want to call and O-A visa a retirement visa) but I just read on another thread that you DO need to do conversion to an O visa in Thailand, so you're wanting to do the TWO STEP process (conversion to O and then the annual retirement extension).

If you will be applying for an O-A visa from your home country, you can show the funds there.

Edited May 29, 2018 by Jingthing

[SCOTT FITZGERSLD]

11 hours ago, Jingthing said:

What I've read over the years --

 

Conversion to 90 day O visa in Thailand using bank account method -- proof of import of funds REQUIRED

 

Annual extensions based on retirement including the first one -- proof of import of funds NOT REQUIRED.

 

As you referred to a "retirement visa" readers have no idea if you will need to do the first step in Thailand or not. 

 

There is no such thing as applying for a retirement visa in Thailand. 

If you will be applying for an O-A visa from your home country, you can show the funds there.

yes, i mean conversion to 90 days O visa, so the 800,000 must come from TT into the thai bank account? they won;t accept reciepts from money exchange in thailand?

[Jingthing]

3 minutes ago, SCOTT FITZGERSLD said:

yes, i mean conversion to 90 days O visa, so the 800,000 must come from TT into the thai bank account? they won;t accept reciepts from money exchange in thailand?

I edited my previous post because I read on another thread that you need to do a conversion to O, using the two step process.

All I know is that technically you are required to show IMPORT of funds for that first step, conversion to O, which you need.

Whether they are flexible at all on that I don't know but my guess is that you will have a problem if you can't somehow show the IMPORT.

Good luck. 

Edited May 29, 2018 by Jingthing

[BritTim]

34 minutes ago, SCOTT FITZGERSLD said:

yes, i mean conversion to 90 days O visa, so the 800,000 must come from TT into the thai bank account? they won;t accept reciepts from money exchange in thailand?

Immigration might allow funds seasoning instead of proof (from the bank) of a transfer into your account from overseas. Proof that money was deposited into the account in Thailand, whether accompanied by receipts from money exchanges, will not be accepted. Even use of TransferWise will probably not work, as the transfer is not direct from abroad. This is annoying, as the combined cost of the transfer and not great exchange rate is pretty outrageous in these days where the cost to the bank should be pennies if they were properly organized.

[bkk6060]

11 hours ago, elviajero said:

No problem. It’s supposed to be the money you’re living on during the next year. 

That's about 1/2 I live on, but I get your point.

[Cricky]

13 hours ago, gk10002000 said:

Thai officials would really prefer to see the 800,000 being spent down

The next bank statement the officials will see is 3 months prior, so how will they know if the money is spent down?

[SCOTT FITZGERSLD]

19 hours ago, BritTim said:

Immigration might allow funds seasoning instead of proof (from the bank) of a transfer into your account from overseas. Proof that money was deposited into the account in Thailand, whether accompanied by receipts from money exchanges, will not be accepted. Even use of TransferWise will probably not work, as the transfer is not direct from abroad. This is annoying, as the combined cost of the transfer and not great exchange rate is pretty outrageous in these days where the cost to the bank should be pennies if they were properly organized.

what do you mean FUNDS SEASONING INSTEAD OF PROOF OF A TRANSFER FROM OVERSEAS...isn't funds seasoning must be from overseas???

[PerkinsCuthbert]

There is nothing in the rule book that stipulates whether the 800k is spent or saved, and it would be highly impractical if there were - would an IO waste hours a day examining each applicant's spending habits every time they applied or reapplied? On what basis would any cutoff operate - "sorry, you only spent 59k in February, you should have spent 60k"?

 

[BobBKK]

1 hour ago, bkk6060 said:

That's about 1/2 I live on, but I get your point.

You spend 130,000 a month?  wow

[ubonjoe]

28 minutes ago, SCOTT FITZGERSLD said:

what do you mean FUNDS SEASONING INSTEAD OF PROOF OF A TRANSFER FROM OVERSEAS...isn't funds seasoning must be from overseas???

It means they might and I mean a very big might that they would accept the funds if the money had been in the bank for 2 or 3 months or more before you apply for a non immigrant visa at immigration. Some people have tried but it did no work.

The reason for the proof that the funds came from abroad is due to the funds only needing to be in the bank on the date you apply. The intent is to prevent a person from borrowing the money to do the application.

Also please do not shout by posting in capital letters.

[bkk6060]

1 hour ago, BobBKK said:

You spend 130,000 a month?  wow

Sure, on a slow month.

Golf alone runs me 40k plus a month.  Just thoroughly enjoying my retirement. ?

[Tanoshi]

3 hours ago, SCOTT FITZGERSLD said:

what do you mean FUNDS SEASONING INSTEAD OF PROOF OF A TRANSFER FROM OVERSEAS...isn't funds seasoning must be from overseas???

No.

For the Non O application their is no seasoning period, just proof the funds came from abroad.

For the extension application there is no requirement to show where the funds came from, but it must be seasoned in a Thai bank account for at least 60 days for the first application, on the date of the application.

[SCOTT FITZGERSLD]

14 hours ago, ubonjoe said:

It means they might and I mean a very big might that they would accept the funds if the money had been in the bank for 2 or 3 months or more before you apply for a non immigrant visa at immigration. Some people have tried but it did no work.

The reason for the proof that the funds came from abroad is due to the funds only needing to be in the bank on the date you apply. The intent is to prevent a person from borrowing the money to do the application.

Also please do not shout by posting in capital letters.

i do apologise, i did not mean to shout, just a technical problem in my keyboard...

[bkk6060]

I would spend it all.

1/2 on booze and hookers and the other half on wasteful things.

[arithai12]

21 hours ago, gk10002000 said:

I have read accounts where some Thai officials would really prefer to see the 800,000 being spent down.  Then at the appropriate time more money is transferred in from overseas, in time for the proper seasoning requirements of course.  This shows to them that you are NOT working illegally and your money is coming in from outside the country.  It makes some sense to me. 

 

I have never ever had any issues with keeping 800k seasoning for years.

If they ask me how I support myself, I show them my other passbook with the international transfers and the expenses/withdrawals.

 

[Kalasin Jo]

You can spend all of it, as long as it's there again 3 months before your next extension application

[Lacessit]

21 hours ago, elviajero said:

True, but if you don’t spend it IO’s have been known to ask for details of your income or other investment accounts at the next renewal.

 

The point is that spending the 800K is not a problem and actually what they expect to see. Keeping the money untouched throws up potential extra scrutiny.

Until I converted to income on my last extension, the 800K stayed in my account untouched for about 6 years. I may have had extra scrutiny; however, nothing was ever mentioned to me.

This was Chiang Mai immigration, which does seem to have a certain reputation.

[Mike Teavee]

19 hours ago, SCOTT FITZGERSLD said:

yes, i mean conversion to 90 days O visa, so the 800,000 must come from TT into the thai bank account? they won;t accept reciepts from money exchange in thailand?

My understanding is that you have to show proof that the funds came from outside of Thailand as there is no seeding requirement for the initial Non O Visa.

 

I'm in a similar situation as I changed approx 300k with a mate who works in Thailand & wanted $SGDs, so my plan is to go to Penang to get the Non-O from there (showing them proof of 800k in the Bank & proof of income from British consulate in Bangkok - I know it's either 1 or the other but have read Penang like to see you've got some income coming in).

 

Failing that I'll just transfer another 300K across & do the conversion in Thailand, going to need spending money anyway & the 1st couple of months are always more expensive due to set-up costs so I won't be any worse off so long as I make sure I keep 800K in the account for at least 2 months prior to the 1st extension... Or go back to the Embassy & get another income certification, pretty painless process it just costs £52 as a Brit.

 

 

[SCOTT FITZGERSLD]

20 hours ago, bkk6060 said:

I would spend it all.

1/2 on booze and hookers and the other half on wasteful things.

what is the difference between booze and hookers and wasteful things ???

[SCOTT FITZGERSLD]

22 hours ago, Tanoshi said:

No.

For the Non O application their is no seasoning period, just proof the funds came from abroad.

For the extension application there is no requirement to show where the funds came from, but it must be seasoned in a Thai bank account for at least 60 days for the first application, on the date of the application.

all so complicated...maybe i'll retire in japan