Retirement visa extension financial requirements

[treetops]

On 8/4/2019 at 12:38 PM, OJAS said:

State Pension income should, in my view, be easily verifiable by the British Embassy in a matter of seconds by merely punching our NI number into a secure online link which they had established with the DWP.

Agree.

 

On 8/4/2019 at 12:38 PM, OJAS said:

Likewise, occupational pension income stated in the end-of-tax-year P60 certificates we receive from our pension providers should be capable of being verified through a separate secure online link between the Embassy and HMRC, through a reconciliation with figures contained in the annual payroll monitoring reports which our pension providers are required (as quasi-employers) to supply to HMRC:-

 

https://www.gov.uk/payroll-annual-reporting

Disagree.  Only taxable income appears on the P60.  Most occupational pension schemes also give the opportunity to drawdown 25% tax free.  It'll be recorded somewhere, but not necessarily by the government.  You're then requiring the embassy staff to be given the ability to interrogate every UK pension company's records which is just what they can't do.

 

On 8/4/2019 at 12:38 PM, OJAS said:

That all said, I do accept that there are certain types of income, such as UK property rents, which the Embassy would simply not, in practice, be able to verify without incurring disproportionate effort in all probability.

And that's the killer when combined with the point above. There's no way all types of income can be easily verified so the embassy is rightly out of the loop, as verification is what was asked for it appears.

[Mike Teavee]

On 8/3/2019 at 8:34 PM, Lamkyong said:

the uk embassy requirement was for original documents as proof of claimed income so i do not see why the service was terminated  like no copies and updated yearly  the embassy could easily have confirmed this with work and pensions uk

I did mine via email so know that they used to accept scanned copies, in my case it was a computer generated pay slip from Singapore which would have taken seconds to pull together but the fact that I also shared copies of my bank statements showing the monies going in & a copy of my Singapore Employment Pass would have helped.

 

Back to the OP, I maintain > 800K in my Thai Bank Account 12 months of the year but will be using an agent to complete the paperwork & help to ensure I get the extension on the 1st attempt as I don't have the time to go back for a 2nd attempt because of something I missed, nothing illegal in doing that (I hope!!!)

 

[OJAS]

3 hours ago, treetops said:

Disagree.  Only taxable income appears on the P60.  Most occupational pension schemes also give the opportunity to drawdown 25% tax free.  It'll be recorded somewhere, but not necessarily by the government.  You're then requiring the embassy staff to be given the ability to interrogate every UK pension company's records which is just what they can't do.

OK, so what’s so wrong about the Embassy merely verifying gross taxable annual P60 occupational pension amounts (plus, where applicable, gross 4- or 13-weekly State Pension rates indicated in DWP letters), then? Any consequential shortfall on a monthly basis in meeting the 65,000 THB minimum requirement can, of course, be offset by a suitably-sized Thai bank balance under the “combo” method for retirement extensions.

 

3 hours ago, treetops said:

And that's the killer when combined with the point above. There's no way all types of income can be easily verified so the embassy is rightly out of the loop, as verification is what was asked for it appears.

Sure, there is a limit to which the Embassy can reasonably be expected to verify income streams. But for them to claim that they can do absolutely nothing to assist us in that regard is, in my perception, symptomatic of a defeatist attitude and unwillingness (or inability) to think outside the box.

Edited August 7, 2019 by OJAS

[Kadilo]

Who cares. Worry about yourself not what others do. 

If they want to play with the rules it’s not hurting you.

[yodsak]

7 hours ago, Naam said:

i think that's a misconception. i know a number of people (and that includes me) who use agents to handle extensions as well as 90day reports but based on matching all legal requirements, i.e. 800k in a Thai bank.

 

the answer to the Captain's "don't understand why thousands of Baht" is "because they can." as simple as that.

Using agents to supply 800k is not a misconception in Pattaya.  Hard to find someone that doesn't have the 800k supplied.    

I agree that not all people that use an agent need the 800k.    People with funds use them ''because they can'',  for ease ,convenience, and to avoid crowds, queues, waiting and Thai officialdom.     

My agents just done my 90 day. 400 baht.      

 

   

[Naam]

2 minutes ago, yodsak said:

Using agents to supply 800k is not a misconception in Pattaya.  Hard to find someone that Quote selection doesn't have the 800k supplied.

i stand corrected but ask to be excused for my lack of knowledge as i don't mix with people who participate in clearly criminal actions.

[yodsak]

16 minutes ago, Naam said:

i stand corrected but ask to be excused for my lack of knowledge as i don't mix with people who participate in clearly criminal actions.

Fairynuff,   you're excused, It does depend on who you mix with, and where you live. 

 

Not many ads for   ''Retirement Visa: Funds Needed''

 

 

[treetops]

18 hours ago, OJAS said:

OK, so what’s so wrong about the Embassy merely verifying gross taxable annual P60 occupational pension amounts (plus, where applicable, gross 4- or 13-weekly State Pension rates indicated in DWP letters), then? Any consequential shortfall on a monthly basis in meeting the 65,000 THB minimum requirement can, of course, be offset by a suitably-sized Thai bank balance under the “combo” method for retirement extensions.

We've just gone one from one potential verification system required to two.  Double the effort, cost infrastructure etc.  If they won't do it for one system then they're certainly not going to do it for two, especially as there are other methods to obtain/retain status.

 

18 hours ago, OJAS said:

Sure, there is a limit to which the Embassy can reasonably be expected to verify income streams. But for them to claim that they can do absolutely nothing to assist us in that regard is, in my perception, symptomatic of a defeatist attitude and unwillingness (or inability) to think outside the box.

If you can't do it right, don't do it at all?  I would like to see them do more but in truth they are only there for little more than show.

[JimGant]

On 8/6/2019 at 4:05 PM, yodsak said:

cant understand WHY anyone wants to pay an agent several thousand BHAT just to make copies for you.

Well, I was about to make all those copies needed on my home inkjet printer. It hasn't been used in awhile, so it needed new ink cartridges -- priced those lately! (I use legitimate ones.) Then I read on this forum I'd better have a recent photo, as they now check last year's photo for sameness. Yep, no photo paper. Then, of course, the bank letter. No problem getting it a few days prior to extension application -- but reportedly, some IO's want same day update of passbook; the mall where I bank doesn't open very early, so early show-up at Immigration was not an option. So, I called the agent I used last year, told me to show up at her office at 1:00PM with passport, tm30, tm47, tm6, bank letter and bankbook. All copies needed then made; photo with requisite dark blue background taken; employee walked five minutes to adjacent Bangkok Bank and updated passbook; signed all copies (yeah, no avoiding that labor, especially with arthritis); me and agent departed for immigration with car and driver; pulled up in front (no parking hassle); agent led me thru the hoops (no queue jumping, tho' not needed, but not certain agents do this anymore.....); out in 30 minutes with extension and re-entry permit (the latter required photocopy of new extension stamp, but of course she handled that -- I hadn't seen a handy zerox machine anywhere). Jumped into car with driver, then back to the office and my car.

 

It was obvious I had an agent hand holding me thru the process -- and I wondered if the stares questioned whether or not this was an AGENT -- or an AGENT* (you know, MASSAGE GIRL or MASSAGE GIRL*). She was a cute college girl type, so I doubt they added an asterisk to indicate her status as maybe an agent that fudges financial requirements...

 

Anyway, I certainly could have done all the paperwork, photo work, parking problem, etc myself. But, as Na'am said: BECAUSE THEY CAN. Simple cost/benefit analysis can be done in the head. And if cost is an issue, not sure one is yet able to retire......

Edited August 8, 2019 by JimGant