Retirement Visa Extension

[Cannyscot]

This question has been asked several times before,but I don't seem to have heard a definitive answer.Can the 800,000 Baht deposit for a one year visa extension based on retirement be in a Fixed Interest Account or must it be in a Savings Account? It would seem that some of our T.V. colleagues have had different answers to this question depending on which Immigration Officer they spoke to and which Immigration Bureau branch they went to! I would like to know what they say at Suan Plu. ( I would ask there myself but I have received incorrect information from their Information Desk in the past and,besides,it's a terrible hassle getting to Suan Plu from where I live!) Any information would be much appreciated.

[Sunbelt Asia]

This question has been asked several times before,but I don't seem to have heard a definitive answer.Can the 800,000 Baht deposit for a one year visa extension based on retirement be in a Fixed Interest Account or must it be in a Savings Account? It would seem that some of our T.V. colleagues have had different answers to this question depending on which Immigration Officer they spoke to and which Immigration Bureau branch they went to! I would like to know what they say at Suan Plu. ( I would ask there myself but I have received incorrect information from their Information Desk in the past and,besides,it's a terrible hassle getting to Suan Plu from where I live!) Any information would be much appreciated.

Our clients have been able to use either the fixed interest account or savings. It just comes down to the officer and if that officer is not aware it can be either , to climb the ladder till you get the answer that states "either" .

This of course needs to be done with care so the officer does not lose face.

www.sunbeltasiagroup.com

[Penkoprod]

Our clients have been able to use either the fixed interest account or savings. It just comes down to the officer and if that officer is not aware it can be either , to climb the ladder till you get the answer that states "either" .

This of course needs to be done with care so the officer does not lose face.

www.sunbeltasiagroup.com

This is where it gets a little daunting somewhat

Well, perhaps "daunting" is too strong a word, but, if you ask, say, 10 expats/experts these kind of questions and you will get 3 or 4 different answers, based on their experiences and what they have been told. Ask those same questions to 10 immigration officers, or try to get something processed based on both what you have heard and what you have been told by Thai consulates etc, and you STILL get varying answers from people who, lets face it hold your immediate future in their hands is slightly worrying to say the least !!

Perhaps the way round this is to go there, armed with a copy of THEIR rules, and ask the official who you go to if he would explain to this dumb falang in front of him whats needed, as you are confused by "this part" and "that part" etc. The "this part" and "that part" are the relavent rules that will make the processing a much smoother ride from the falangs point of view

This would GIVE him big face, and educate him about his own rules at the same time............no?

Penkoprod

[Krub]

Our clients have been able to use either the fixed interest account or savings. It just comes down to the officer and if that officer is not aware it can be either , to climb the ladder till you get the answer that states "either" .

This of course needs to be done with care so the officer does not lose face.

www.sunbeltasiagroup.com

This is where it gets a little daunting somewhat

Well, perhaps "daunting" is too strong a word, but, if you ask, say, 10 expats/experts these kind of questions and you will get 3 or 4 different answers, based on their experiences and what they have been told. Ask those same questions to 10 immigration officers, or try to get something processed based on both what you have heard and what you have been told by Thai consulates etc, and you STILL get varying answers from people who, lets face it hold your immediate future in their hands is slightly worrying to say the least !!

Perhaps the way round this is to go there, armed with a copy of THEIR rules, and ask the official who you go to if he would explain to this dumb falang in front of him whats needed, as you are confused by "this part" and "that part" etc. The "this part" and "that part" are the relavent rules that will make the processing a much smoother ride from the falangs point of view

This would GIVE him big face, and educate him about his own rules at the same time............no?

Penkoprod

If the written rules were that clear, it wouldnot be an issue but nowhere in the written rulesis it mentionned if the money may or may not be in a time deposit account....

Safest bet is to have it in a savings account

[Sunbelt Asia]

If the written rules were that clear, it wouldnot be an issue but nowhere in the written rulesis it mentionned if the money may or may not be in a time deposit account....

Safest bet is to have it in a savings account

You are correct. It’s not in the written rule. Even if it was, some Immigration offices simply state" This is our law in our province and we have the discretion to have a different( stricter) law than the written law" Bangkok Immigration follows the written law but up - country, the laws can be different.

www.sunbeltasiagroup.com

[Jingthing]

Wouldn't this be kind of a risk no matter what you are told by one officer on one day? Would they put it in writing (I doubt it)? You could show up later and be told it is against the rules. It seems to me the safe route is to forget getting decent interest and have the security of knowing the way you are doing it will definitely be accepted.

[Sunbelt Asia]

Wouldn't this be kind of a risk no matter what you are told by one officer on one day? Would they put it in writing (I doubt it)? You could show up later and be told it is against the rules. It seems to me the safe route is to forget getting decent interest and have the security of knowing the way you are doing it will definitely be accepted.

That’s why lawyers know which officers are known as the hanging judge and which ones are open minded. If your number is called and you get a hanging judge, time to move up the ladder to the commander.

The difference in interest from a savings and fixed deposit can be 4.75% a year.

www.sunbeltasiagroup.com

[whopper]

FWIW, I just finished a marriage extension and had my money in a fixed account. The officer told me next time she would like it in my regualar account to show a spending history. There is a 15% tax on the gains, so it really isn't worth it if it puts your status in question...best of luck

[Mobi]

I just had my visa renewed in Pattaya. It took about 30 minutes in the morning and I collected my passport in the afternoon.

I have never enquired whether I could have my money in a deposit account, but I do know that the senior officer there likes to look at the receipts and spending record. She likes to see that the pattern of money in and out is reasonable for a retired farang, and to me,that makes some sense. At least it gives them some indication that I didn't just borrow the money, and put it on on deposit for 3 months to get my visa.

Sure enough, after all my papers were checked and found to be in order by the junior officer, I was sent to the senior lady, who duly reviewed the print outs of my bank savings book. She also enquired of me and my wife if we owned the house we lived in and a few other odd questions.

Just a few cursury checks to see if I was worthy to stay in their land for another year.

4.75 % for 3 months is less than 10,000 baht. Not a fortune in the grand scheme of things.

Me? I leave a million Baht (+/-) permanently in a non interest bearing savings account and don't worry about it. The rest of my investments are all offshore making 10 % plus.

[Sunbelt Asia]

There is a 15% tax on the gains, so it really isn't worth it if it puts your status in question...best of luck

Depends on the bank but some give foreigners zero % interest on savings accounts but up to 4.5 % + on a fixed deposit.

You can use Thanachart Bank or Krung Thai Bank, Bank of Agriculture and Agricultural Cooperatives and have no withholding tax.

Being government owned or state controlled means that no withholding tax will be deducted so you will receive exactly 4.5% interest.

You also can get the 15% tax waived by filing the personal tax return the following year and claiming it back.

If you can be bothered claiming it back or opening a fixed deposit at a state controlled bank or government owned bank. You still are talking 5,400 Baht deducted on 36,000 Baht interest.

Big difference on 800,000 Baht at 0% and 4.5% interest which is 36,000 Baht.

www.sunbeltasiagroup.com