65,000 Thb method for Retirement Visa

[spambot]

If arriving back into Thailand on a Visa Exempt and applying for a change to O Visa (also for 1 year extension afterwards), can the 65K Thb income method be used?

 

Or is this option only available for the renewal of the extension - 1 year later?

 

 

 

.

[DrJack54]

4 minutes ago, spambot said:

arriving back into Thailand on a Visa Exempt and applying for a change to O Visa (also for 1 year extension afterwards), can the 65K Thb income method be used

Does your embassy provide income letter.

Eg not UK, USA or AU. 

[EVENKEEL]

For 90 day Non O you need 800K in the bank to start. After that you can use the 65K/mo, 12 months worth.

[spambot]

29 minutes ago, DrJack54 said:

Does your embassy provide income letter.

Eg not UK, USA or AU. 

No - The Embassy does not provide an income letter - UK passport

[DrJack54]

24 minutes ago, EVENKEEL said:

For 90 day Non O you need 800K in the bank to start. After that you can use the 65K/mo, 12 months worth.

Not sure what you mean.

For income method without income letter from embassy he would need to show 12 months of transfers (at most immigration offices) for extension. 

Edited October 22, 2022 by DrJack54

[spambot]

24 minutes ago, EVENKEEL said:

For 90 day Non O you need 800K in the bank to start. After that you can use the 65K/mo, 12 months worth.

Thanks EVENKEEL

So in essence:

Convert to Non O - Show 800K in Bank.

Apply for 1 yr Ext -  Show 800K in Bank.

On the next 1yr Ext - Only then can use 65K/m - Must show 12 months of transfers.

 

 

[EVENKEEL]

5 minutes ago, DrJack54 said:

Not sure what you mean.

For income method without income letter from embassy he would need to show 12 months of transfers (at most immigration offices) for extension. 

Guess my 12 months worth only made sense to me. You're right and 800K in the bank to start.

[spambot]

5 minutes ago, DrJack54 said:

Not sure what you mean.

For income method without income letter from embassy he would need to show 12 months of transfers (at most immigration offices) for extension. 

I have responded before seeing your last post.

Hopefully - My post has framed the actual requirements correctly.

[EVENKEEL]

2 minutes ago, spambot said:

Thanks EVENKEEL

So in essence:

Convert to Non O - Show 800K in Bank.

Apply for 1 yr Ext -  Show 800K in Bank.

On the next 1yr Ext - Only then can use 65K/m - Must show 12 months of transfers.

 

 

I had the monthly requirement when I applied for first extension. Or else the way you wrote needing to show 12 months.

[DrJack54]

11 minutes ago, spambot said:

No - The Embassy does not provide an income letter - UK passport

In that case you will not be able to use income method for your first extension.

However you can change to income method in the future. 

[DrJack54]

2 minutes ago, EVENKEEL said:

I had the monthly requirement when I applied for first extension. Or else the way you wrote needing to show 12 months.

Yes as OP has just advised...UK pp. So no income letter from embassy. 

The immigration office (most) will want to see 12 months of transfers.

Harsh...I agree.

He will need to use "money in bank" method for first extension. 

 

[amexpat]

2 hours ago, DrJack54 said:

In that case you will not be able to use income method for your first extension.

However you can change to income method in the future. 

For future extension what about the combination method. Monthly income plus bank acct = 800k / yr. 

[DrJack54]

5 hours ago, amexpat said:

For future extension what about the combination method. Monthly income plus bank acct = 800k / yr. 

Would need to check with immigration office.

Should be possible but some offices don't allow combination method..

Most do allow. 

[JAS21]

Nonthaburi always ask me to provide proof of the last 13 months of pension transfers when I go for my annual extension …

[ubonjoe]

1 hour ago, JAS21 said:

Nonthaburi always ask me to provide proof of the last 13 months of pension transfers when I go for my annual extension …

Same for mine. They want the month I applied for the previous year and the one for the month I apply the new one.

[Will27]

If you arrive visa exempt, will it be easy to open a bank account?

[DrJack54]

29 minutes ago, Will27 said:

If you arrive visa exempt, will it be easy to open a bank account?

No.

Especially in recent years.

Banks in Bangkok in particular are requesting residence certificate and in Bangkok that requires you to be doing 90 day reports.

Obviously not possible on visa exempt entry.

Banks will also accept letter from your embassy.

Bottom line is that it is not straightforward.

One option is to use an agent. 

[mikem20]

On a side note.

Would it matter if you weren't in Thailand for all of the 12 months of building up monthly transfers?
Would the immigration office accept a combination method of 12 months of 50K/mo. plus 200K in bank to convert to Non O and subsequent 1 yr Ext, if you had stayed in Thailand on tourist visas and visa exempts for 7 to 9 of the previous 12 months? Given that the immigration office allowed the combination method at all.

[EVENKEEL]

6 hours ago, mikem20 said:

On a side note.

Would it matter if you weren't in Thailand for all of the 12 months of building up monthly transfers?
Would the immigration office accept a combination method of 12 months of 50K/mo. plus 200K in bank to convert to Non O and subsequent 1 yr Ext, if you had stayed in Thailand on tourist visas and visa exempts for 7 to 9 of the previous 12 months? Given that the immigration office allowed the combination method at all.

For me I started depositing 65K+/mo into Thai bank during my OA extension, then I left Thailand for 2 mos, came back visa exempt, 30 day extension, covid extension and then started on the Non O plus extension when I had 12 months deposits. Immigration never said anything about my status during the deposits.

 

[flexomike]

If you have twelve months worth of deposits before your extension than you can use the income method, that is what I will be doing in December,

[ubonjoe]

7 hours ago, mikem20 said:

Would it matter if you weren't in Thailand for all of the 12 months of building up monthly transfers?
Would the immigration office accept a combination method of 12 months of 50K/mo. plus 200K in bank to convert to Non O and subsequent 1 yr Ext, if you had stayed in Thailand on tourist visas and visa exempts for 7 to 9 of the previous 12 months? Given that the immigration office allowed the combination method at all.

It would not matter if you left the country while doing 12 months of transfers into the country.

For the combination on income and money in the  it would depend upon the office you apply at as to whether they accept it or not. It is in written rules but some don't want to it.

Be aware the money must be in the bank for 2 months after you apply and then for the remainder of the year.

[Mickeymaus]

A friend of mine wants to use this 65000 version. Do you need to transfer the pension directly to a Thai account or can this be any amount from a foreign account as long as it is 65000? 

[DrJack54]

7 minutes ago, Mickeymaus said:

A friend of mine wants to use this 65000 version. Do you need to transfer the pension directly to a Thai account or can this be any amount from a foreign account as long as it is 65000? 

Does not have to be direct transfer of pension.

Just needs to be 65k+ every month transfered from overseas into your Thai bank account. 

[Mickeymaus]

5 minutes ago, DrJack54 said:

Does not have to be direct transfer of pension.

Just needs to be 65k+ every month transfered from overseas into your Thai bank account. 

This is good. Correct me if I am wrong. I have the information that you will have to pay tax in Thailand if you transfer your pension directly to Thailand. Of course not if you transfer money from a foreign account. 

[ubonjoe]

9 minutes ago, Mickeymaus said:

This is good. Correct me if I am wrong. I have the information that you will have to pay tax in Thailand if you transfer your pension directly to Thailand. Of course not if you transfer money from a foreign account. 

You will not have to pay Thai taxes on income a pension either directly or from a account in you home country. It would not be considered earned income.

[DrJack54]

14 minutes ago, Mickeymaus said:

This is good. Correct me if I am wrong. I have the information that you will have to pay tax in Thailand if you transfer your pension directly to Thailand. Of course not if you transfer money from a foreign account. 

No tax either way

[Mickeymaus]

11 minutes ago, ubonjoe said:

You will not have to pay Thai taxes on income a pension either directly or from a account in you home country. It would not be considered earned income.

I know the regulation that if you transfer foreign income in the same year when you got it you will have to pay taxes here. So this is not correct what I assume?

 

 

Edited October 24, 2022 by Mickeymaus

[hotandsticky]

29 minutes ago, Mickeymaus said:

This is good. Correct me if I am wrong. I have the information that you will have to pay tax in Thailand if you transfer your pension directly to Thailand. Of course not if you transfer money from a foreign account. 

Thailand

Individual - Taxes on personal income

Thailand taxes its residents and non-residents on their assessable income derived from employment or business carried on in Thailand, regardless of whether paid in or outside Thailand. Residents who derive income from abroad are taxable on that income if remitted into Thailand in the year in which it is received.

 

https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-incom

[sandyf]

On 10/22/2022 at 9:10 PM, EVENKEEL said:

I had the monthly requirement when I applied for first extension. Or else the way you wrote needing to show 12 months.

I had a protracted discussion with immigration and this point arose. They said the only time you can use the reduced time allowance on income is if it is a genuine first extension, as opposed to first extension on another visa.

Obviously a discretionary issue so interpretation will vary and generally speaking the 800K(or 400K for marriage) will prevail as the majority that have obtained another Non O will have in all likelihood interrupted funding their Thai account.

[ubonjoe]

11 minutes ago, Mickeymaus said:

I know the regulation that if you transfer foreign income in the same year when you got it you will have to pay taxes here. So this is not correct what I assume?

It has to be earned income. Pension income is not earned income.

I can assure you that many people have not paid a satong of tax for their pension income unless they did it to help lower their home country taxes.