retirement extension

[topt]

51 minutes ago, jazzdog32095 said:

All I can add is using my agent takes less than 30 minutes on my part and leaving that 800K in my CDB account for one year makes me THB$ 106500

I have no idea what a CDB account is? I am presuming something to do with shares as the return you quote is over 13%............

[skatewash]

1 hour ago, jazzdog32095 said:

All I can add is using my agent takes less than 30 minutes on my part and leaving that 800K in my CDB account for one year makes me THB$ 106500 minus the 14K I pay my agent leaves me THB$ 92500. Over the 5 years using the agent I am up over US$ 19000

as opposed to parking funds making zero and having to deal with an Immigration Official.

What did it cost for you to use your agent the first year?  14K or more?  If more, how much more?

What is a CDB account?  In that account you are saying you earn on average 13.31% a year.  Is the principal at risk of loss due to market fluctuation in that investment?

800k baht in a SCB EZ-Savings account would earn 1.5% a year or 12,000 baht.  Why would you put your 800k baht in an account that earns 0%?  Also, your principal in the Thai bank savings account is not at risk.  So you are comparing an investment where the principal is at risk (you could lose everything you have invested in CBD due to market fluctuation) to an investment when the principal is not at risk.  Not surprisingly you would expect the rate of return in such an investment would be much higher to compensate for the risk of loss.

If the average return you get from your CBD investment is 106,500 baht/year and you deduct the 14k you pay your agent every year (assuming that never increases and ignoring the fact that your first year you used that agent probably cost substantially more) then in 5 years you would have saved $13,732.18 USD at current USD/THB exchange rates, not $19,000 USD.

I have a friend who also used an agent.  This took about 30 minutes of his time, too.  However, it took his agent over 100 days to get his retirement extension.  How long does it take for your agent to get your retirement extension?  When I say it only took 30 minutes of his time I mean his first meeting with his agent.  I'm not counting the times his agent promised the extension would be received next week for sure but wasn't, but I'm sure you could imagine how many of those discussions were had given that it took 14 weeks for him to get his extension.

There is a risk to using an agent.  They can't possibly guarantee that you will get your extension in x number of days because they are at the mercy of their connections they have in immigration offices (in provinces other than the one you live in).  If the personnel in those offices change it can adversely effect the time it takes to get an extension through your agent.  All these factors are completely out of control.  There is nothing to guarantee that if it was 14k in the past it won't increase in the future.  Also, when your passport is out of your sight the risk exists that it goes missing.  Again, something out of your control.

Contrast that with getting your extension of stay by yourself at your local immigration office.  The decision on whether you will be granted the retirement extension is made the day you apply.  You are either given the extension the day you apply or (as in my case at Phuket Immigration) you see the immigration officer stamp your passport but you have to return the next day to collect your passport (so the officer in charge of the office can sign all the extensions at one time).  So I know every year that my passport will be out of my sight for one night and that night it will stay at the Phuket Immigration Office.  My cost every year for my extension of stay is 1,900 baht.  I calculate over five years I save 60,500 baht over someone paying an agent 14k baht.

Whenever I no longer wish to apply for a retirement extension of stay I can retrieve my 800K baht and I get to keep all the interest I've earned over the years.

Finally, if you have been on the agent-assisted path and decide you would like to do it yourself for whatever reason, it's obvious to the immigration officers at your local immigration office that you have used an agent in the past (they can tell by the stamps) and there have been reports of people in that situation being told that they could not apply at their local immigration office and that they should just continue to use their agent.  I don't have that problem when I visit the immigration office every year because my extensions were obtained in the province where I live.

 

Edited April 14, 2022 by skatewash

[skatewash]

38 minutes ago, Doctor Tom said:

Its only 3 months for the first extension, after that it is 2 months.  

The balance must be above 800k baht for two (2) months before your application, first extension or not.

Edited April 14, 2022 by skatewash

[Doctor Tom]

15 minutes ago, skatewash said:

The balance must be above 800k baht for two (2) months before your application, first extension or not.

That's what I said?? 

[skatewash]

1 minute ago, Doctor Tom said:

That's what I said?? 

It's always 2 months before your application.  For a retirement extension it's never 3 months, not even the first year.  It's 2 months the first year, it's 2 months for every year after that.  3 months doesn't enter into it (before the application).  It doesn't change depending on whether it's the first year or subsequent years.

[Doctor Tom]

1 hour ago, skatewash said:

It's always 2 months before your application.  For a retirement extension it's never 3 months, not even the first year.  It's 2 months the first year, it's 2 months for every year after that.  3 months doesn't enter into it (before the application).  It doesn't change depending on whether it's the first year or subsequent years.

WRONG   Criteria Para  point  4. Its 3 months for the first extension, 2 months thereafter.  

 

https://www.immigration.go.th/en/?p=14714

Edited April 14, 2022 by Doctor Tom

[skatewash]

53 minutes ago, Doctor Tom said:

WRONG 

Why is it that the people who are wrong always seem to be the most sure of themselves?  
 

See Royal Thai Police Order No. 35/2561 dated January 2019, 2.22 (Retirement), Criteria (4):

https://drive.google.com/file/d/1ynNUtZj4uGrdcKAt-4r8DjxNR_7XwbOI/view

Edited April 14, 2022 by skatewash
Addid police order

[hotandsticky]

26 minutes ago, Doctor Tom said:

WRONG   Criteria Para  point  4. Its 3 months for the first extension, 2 months thereafter.  

 

https://www.immigration.go.th/en/?p=14714

 

 

Sorry, that is incorrect.

[Doctor Tom]

12 minutes ago, hotandsticky said:

 

 

Sorry, that is incorrect.

So Thai Immigration are wrong are they?  The Thai Immigration website is also wrong is it?  Can you not read mate? 

Give me strength!  

[skatewash]

6 minutes ago, Doctor Tom said:

So Thai Immigration are wrong are they?  The Thai Immigration website is also wrong is it?  Can you not read mate? 

Give me strength!  

While I can't give you strength, I can give you this:

See Royal Thai Police Order No. 35/2561 dated January 2019, 2.22 (Retirement), Criteria (4):

https://drive.google.com/file/d/1ynNUtZj4uGrdcKAt-4r8DjxNR_7XwbOI/view

[hotandsticky]

18 minutes ago, Doctor Tom said:

So Thai Immigration are wrong are they?  The Thai Immigration website is also wrong is it?  Can you not read mate? 

Give me strength!  

 

 

Please don't compound your ignorance.

 

Two people (who have the knowledge) have told you that are wrong.......... doesn't that give you a clue - and perhaps make you think to check the correct facts?

 

 

Go on then.......here is another clue:-  

 

 

Edited April 14, 2022 by hotandsticky

[skatewash]

10 minutes ago, hotandsticky said:

 

 

Please don't compound your ignorance.

 

Two people (who have the knowledge) have told you that are wrong.......... doesn't that give you a clue - and perhaps make you think to check the correct facts?

 

 

Go on then.......here is another clue:-  

 

 

The digging will continue until further notice ????

[hotandsticky]

2 hours ago, skatewash said:

The digging will continue until further notice ????

 

 

Give me strength......????

[jacko45k]

15 hours ago, jazzdog32095 said:

as opposed to parking funds

What, the 20 baht there?

[jacko45k]

15 hours ago, Doctor Tom said:

Its only 3 months for the first extension, after that it is 2 months.  

No it isn't. 

[jacko45k]

13 hours ago, Doctor Tom said:

WRONG   Criteria Para  point  4. Its 3 months for the first extension, 2 months thereafter.  

 

https://www.immigration.go.th/en/?p=14714

It does say that, but I think immigration have not updated their own requirements there. Yes for many years it was 2 months for 1st time retirement ext, and 3 months for renewals... but when the criterion was changed, whereby the money had also to be retained for 3 months after, then 400k for 7 months, and back up to 800k for 2 months prior to renewal, the 3 months 'seasoning' renewal (as it was called), was dropped to 2. 

Says so here..

https://forum.thaivisa.com/applications/core/interface/file/attachment.php?id=567951

 

Trouble is, you never know what individual offices will require of you, I can only say Pattaya is happy with the 2 months. 
 

 

[Doctor Tom]

1 hour ago, jacko45k said:

It does say that, but I think immigration have not updated their own requirements there. Yes for many years it was 2 months for 1st time retirement ext, and 3 months for renewals... but when the criterion was changed, whereby the money had also to be retained for 3 months after, then 400k for 7 months, and back up to 800k for 2 months prior to renewal, the 3 months 'seasoning' renewal (as it was called), was dropped to 2. 

Says so here..

https://forum.thaivisa.com/applications/core/interface/file/attachment.php?id=567951

 

Trouble is, you never know what individual offices will require of you, I can only say Pattaya is happy with the 2 months. 
 

 

Thank you for the clarification.