Retirement visa extension, mix bank an monthly income ?

[finnsk]

I just got a retirement visa, based on 800.000 in bank method.

 

Now I am thinking about the extension next year, actually we would like to use some of the money in the bank, to make the life here more comfortable.

 

How is it about mixing income and bank ? I have some pensions I can documentate and some other outside income I can not /will not tell about to IM in details.

 

As an example: Can I make income with my documentated pensions at 30.000 baht a month and then fill up with a thai bank account at 440.000 baht ?

 

Where to find some immigration rules about this ?

 

I will be happy at serious answers

 

Thanks in advance

 

 

 

 

 

[ubonjoe]

You can apply for the extension based upon retirement using a combination of money in the bank and income totaling 800k baht.

To prove the income you will letter from your embassy if they do them or proof of 12 months of transfers into a Thai bank from abroad. 

The money in the bank portion must be in the bank for 2 months when you apply and for the 3 months after that day. And then at least half of it will need to be in the bank for until you top it up to the required amount to apply for the next extension. Before reducing the amount afterword you will need to confirm how much your local office requires to be kept in the bank.

[finnsk]

39 minutes ago, ubonjoe said:

You can apply for the extension based upon retirement using a combination of money in the bank and income totaling 800k baht.

To prove the income you will letter from your embassy if they do them or proof of 12 months of transfers into a Thai bank from abroad. 

The money in the bank portion must be in the bank for 2 months when you apply and for the 3 months after that day. And then at least half of it will need to be in the bank for until you top it up to the required amount to apply for the next extension. Before reducing the amount afterword you will need to confirm how much your local office requires to be kept in the bank.

Hi Ubonjoe

 

Thank you for a serious an precisely answer, I appreciate that.

 

So there is no limits for how much shal be monthly income and how much min in bank ?

 

That means that I must begin now to be able to proof the monthly income.

 

Thank you again

 

 

[KannikaP]

My IO in Phitsanulok will accept 50k per month from UK as FTT (Wise), = 600k, plus 200k in the bank. I didn't realise, but as Joe says, that 200k can be reduced to 100k for the middle 7 months of the year. 

[ubonjoe]

13 minutes ago, finnsk said:

So there is no limits for how much shal be monthly income and how much min in bank ?

That is correct.

[lungbing]

Whilst, of course, ubonjoe is correct, I would check with your local office to see what is acceptable to them.

[finnsk]

49 minutes ago, lungbing said:

Whilst, of course, ubonjoe is correct, I would check with your local office to see what is acceptable to them.

Yes off cource, but good to be prepared before visit the im office. I have got some wrong answers at Im officers, so now I like to be prepared before visit them.

[kevc]

4 hours ago, ubonjoe said:

You can apply for the extension based upon retirement using a combination of money in the bank and income totaling 800k baht.

To prove the income you will letter from your embassy if they do them or proof of 12 months of transfers into a Thai bank from abroad. 

The money in the bank portion must be in the bank for 2 months when you apply and for the 3 months after that day. And then at least half of it will need to be in the bank for until you top it up to the required amount to apply for the next extension. Before reducing the amount afterword you will need to confirm how much your local office requires to be kept in the bank.

Can the same be done for a Non O twelve month extension.

[fishtank]

26 minutes ago, kevc said:

Can the same be done for a Non O twelve month extension.

That is what they are talking about providing it is for retirement.

[Moonlover]

I was gong to do this last year at Sakon Nakhon, but it was declined because the lump sum was not in a separate account from the one into which my income was paid into.

 

So plan ahead.

[DrJack54]

30 minutes ago, Moonlover said:

I was gong to do this last year at Sakon Nakhon, but it was declined because the lump sum was not in a separate account from the one into which my income was paid into.

 

So plan ahead.

Good advice. Also to re-enforced what some have mentioned above, when planning anything ....Check with your immigration office. 

I don't care about rules regarding combo method (which is allowed), it's always up to imm office, and don't tell me to ring 1178.

[DPKANKAN]

On 3/23/2021 at 4:17 PM, ubonjoe said:

You can apply for the extension based upon retirement using a combination of money in the bank and income totaling 800k baht.

To prove the income you will letter from your embassy if they do them or proof of 12 months of transfers into a Thai bank from abroad. 

The money in the bank portion must be in the bank for 2 months when you apply and for the 3 months after that day. And then at least half of it will need to be in the bank for until you top it up to the required amount to apply for the next extension. Before reducing the amount afterword you will need to confirm how much your local office requires to be kept in the bank.

Kanchanaburi immigration just said no to that last week. Also that monthly income could only go through one bank account!!! ????????????????

[ubonjoe]

30 minutes ago, DPKANKAN said:

Kanchanaburi immigration just said no to that last week. Also that monthly income could only go through one bank account!!!

They are not following the written rules that state it is allowed.

I can understand them wanting all of the income to be transferred into one account.

[DrJack54]

51 minutes ago, DPKANKAN said:

Kanchanaburi immigration just said no to that last week. Also that monthly income could only go through one bank account!!! ????????????????

Is Kanchanaburi imm one of those nutty offices that make you return after 3 months if using money in bank method (retirement)?

If they are, how does that work for combo method. They just look at the combined amount?

 

Edited March 24, 2021 by DrJack54

[DPKANKAN]

32 minutes ago, ubonjoe said:

They are not following the written rules that state it is allowed.

I can understand them wanting all of the income to be transferred into one account.

They know everything !!

It was Transferwise who gave me the bank problem as 3 transfers went to Bangkok Bank first not direct to my Kasikorn account for some reason. Now I have renewal issues!! ????????????

[DPKANKAN]

22 minutes ago, DrJack54 said:

Is Kanchanaburi imm one of those nutty offices that make you return after 3 months if using money in bank method (retirement)?

If they are, how does that work for combo method. They just look at the combined amount?

 

Don't know. Never had issues before with them. They are saying cannot do the combo method!!

Uk embassy started problems by refusing to notarize pension income letters!!

[fvw53]

On 3/23/2021 at 5:04 PM, finnsk said:

Hi Ubonjoe

 

Thank you for a serious an precisely answer, I appreciate that.

 

So there is no limits for how much shal be monthly income and how much min in bank ?

 

That means that I must begin now to be able to proof the monthly income.

 

Thank you again

 

 

 

I am returning to "money in the bank" and I will keep it there year to year because tax authorities told me I must declare the previous monthly transfers of my pension  as income despite the fact there is an agreement to avoid double taxation between my country and Thailand.

[johnmcc6]

i am told by my agent Chiangmai will not do combo method without consulate letter. many countries will not  issue the letter.U S A and   AUSTRALIA to name two who wont give such letter. 

[DrJack54]

On 3/23/2021 at 4:04 PM, finnsk said:

I can not /will not tell about to IM in details

If that means no detail which immigration office you deal with then you deserve zero advice. Reason for harsh reply is that every immigration office is different.

Edited March 24, 2021 by DrJack54

[DrJack54]

24 minutes ago, johnmcc6 said:

i am told by my agent Chiangmai will not do combo method without consulate letter. many countries will not  issue the letter.U S A and   AUSTRALIA to name two who wont give such letter. 

It's not many. It's UK, USA, AU. Perhaps one other I have overlooked. 

[foreverlomsak]

On 3/23/2021 at 4:17 PM, ubonjoe said:

Before reducing the amount afterword you will need to confirm how much your local office requires to be kept in the bank.

Very good advice as I have read of people being told that "yes you can half the mount in the bank provided it doesn't go below 400K".

[foreverlomsak]

On 3/23/2021 at 5:17 PM, KannikaP said:

My IO in Phitsanulok will accept 50k per month from UK as FTT (Wise), = 600k, plus 200k in the bank. I didn't realise, but as Joe says, that 200k can be reduced to 100k for the middle 7 months of the year. 

Verify that before you do it.

[DrJack54]

7 minutes ago, foreverlomsak said:

Verify that before you do it.

I agree. What a foolish thing to do using combo method to assume imm office is ok with that. In fact I think Thai imm was foolish to even allow combo method. 

Are expats so financially strapped living in Thailand.

[foreverlomsak]

1 hour ago, fvw53 said:

 

I am returning to "money in the bank" and I will keep it there year to year because tax authorities told me I must declare the previous monthly transfers of my pension  as income despite the fact there is an agreement to avoid double taxation between my country and Thailand.

If you come from the UK the "Pay tax in UK means no Tax in Thailand" agreement is dead. Was changed 2014 I believe, only limited parts can be taxed once, and that is by claiming a rebate of tax paid in Thailand from HMRC. However under Thai tax law 1) you need to be registered for Thai Tax, i.e. have a tax ID, and that is not mandatory even for Thais. 2) you have a personal allowance of 30,000 per year and taxable income up to 150,000 is currently exempt of tax.

[foreverlomsak]

4 hours ago, DPKANKAN said:

Kanchanaburi immigration just said no to that last week. Also that monthly income could only go through one bank account!!! ????????????????

In the paperwork I have been given by Immigration to include in my next extension submission (April) an is acknowledgement of the financial requirements for retirement, is a paragraph which states

"5. Must have annual earning and fund deposited with a commercial bank in Thailand totaling of no less than THB 800,000 until the filing date. The fund must remain in the account prior to and after the permission is granted and the alien can make a withdrawal under same conditions as stated in (4)"

If you want I'll upload a copy of the form, which is in Thai and English.

[foreverlomsak]

19 minutes ago, DrJack54 said:

I agree. What a foolish thing to do using combo method to assume imm office is ok with that. In fact I think Thai imm was foolish to even allow combo method. 

Are expats so financially strapped living in Thailand.

Some yes others no, I just don't like the idea of not having to lock up a large sum of money when I do have an income.

[KannikaP]

10 hours ago, DrJack54 said:

I agree. What a foolish thing to do using combo method to assume imm office is ok with that. In fact I think Thai imm was foolish to even allow combo method. 

Are expats so financially strapped living in Thailand.

What are you on about the IO being foolish? It is so simple, income and bank deposits total 800k per annum.

Because an expat (myself) is prudent and careful with his hard earned money does not mean I am 'strapped' living in Thailand. I import whatever I need to live on, and top it up to 800k as the IO requires.

 

Tell me DrJack what is SAD about that please.

[DrJack54]

20 minutes ago, KannikaP said:

What are you on about the IO being foolish? It is so simple, income and bank deposits total 800k per annum.

Your taking me out of context.

Foolish to not  check with your immigration office if they will accept combo method. Granted that they SHOULD, however some do not.

 

These are the words I used. Don't quote half a sentence

"What a foolish thing to do using combo method to assume imm office is ok with that"

Edited March 25, 2021 by DrJack54

[KannikaP]

1 minute ago, DrJack54 said:

Your taking me out of context.

Foolish to not  check with your immigration office if they will accept combo method. Granted that they SHOULD, however some do not.

I did check last year and all was ok with 50k/200k. It was whether the 200k can be halved for 7 months in the middle which I was questioning.

[KannikaP]

7 minutes ago, DrJack54 said:

Your taking me out of context.

Foolish to not  check with your immigration office if they will accept combo method. Granted that they SHOULD, however some do not.

 

These are the words I used. Don't quote half a sentence

"What a foolish thing to do using combo method to assume imm office is ok with that"

I was quoting a FULL sentence which you used. And then you criticised the IO for allowing the Combo method. Why?