Retirement Extension- switching from monthly income to 800k in the bank

[statman78]

For my last 4 retirement extensions I used the monthly income method. I transferred over 65k baht from my US account to my account here in Thailand.  When I do my annual extension at the end of December I’ll have my 12 transfers complete.  I’ve never had ant issues with Chiang Rai immigration using this method.  For the next extension I am considering putting 800k in the bank. Here are my questions.

 

1. after this current extension is complete, my next extension will be due 29 January 2024.  When do I need to have the 800k in the bank?  Is it 2 or 3 months before my application?

 

2. I plan to get my next extension at the end of December since I can apply 45 days before my current one expires.  I do not plan on transferring money to Thailand unless I need it.  Is there a minimum balance I need to have in my account from the time I get my current extension and when I need to bring in 800k?  I plan to have 100k-200k in my account for unexpected expenses.

 

3.  Does the 800k need to be a foreign transfer?  We are trying to sell a farm we have and I would use some of the proceeds to cover the 800k.  (If you are interested in buying a nice farm in Chiang Rai send me a message ????)

[ubonjoe]

1. The 800k baht must be in the bank for 2 months on the day you apply. Then for 3 months after the day you apply and then 400k baht until you top up your account to 800k baht again.

2. You can apply early but the 800k baht will need to be in the bank for 2 months when you apply.

See number 1 for the amount needed after applying.

3.There is no requirement to prove the 800k baht  came from abroad.

[foreverlomsak]

1. officially 2 months before application, some offices insist on the old 3 months

2. see 1 above

3. for an initial Non O Retirement application it needs to be a foreign transfer, subsequently no

 

[DrJack54]

27 minutes ago, foreverlomsak said:

3. for an initial Non O Retirement application it needs to be a foreign transfer, subsequently no

He is not applying for a non O.

He is applying for an extension.

Funds do not need to be shown to come from overseas. 

[pmarlin]

good topic. I'm going to do the same after 12 years doing the income method. Just too much of a hassle of getting the documents together and last time the bank charge me almost 1000 baht for the credit advice letters cover letter and bank account ownership letter. Next one will be only 200baht for the bank letter.  Also, it cost me $45 every time I did a wire transfer and Wise is not dependable so now, I will only move money when I need it.

[DrJack54]

6 minutes ago, pmarlin said:

. Next one will be only 200baht for the bank letter.  Also, it cost me $45 every time I did a wire transfer and Wise is not dependable so now, I will only move money when I need it

The bank letter should be 100baht.

I'm guessing reference to WISE being "not dependable" is regarding FTT code on the transfers. 

Money in bank method is simple especially for those just leaving the 800k in the account. 

[NancyL]

On 10/26/2022 at 9:52 AM, ubonjoe said:

1. The 800k baht must be in the bank for 2 months on the day you apply. Then for 3 months after the day you apply and then 400k baht until you top up your account to 800k baht again.

2. You can apply early but the 800k baht will need to be in the bank for 2 months when you apply.

See number 1 for the amount needed after applying.

3.There is no requirement to prove the 800k baht  came from abroad.

I switched from monthly income to 800K method about three years ago.  Moved the money about five months before application for extension from several Thai bank accounts.  Visa agent claimed that:

1.  I should have switched methods as soon as I received previous extension (12 months before the next application); the 2 month rule applies only for first retirement visa extension

2.  The money HAS to come from abroad

3.  For an extra 15,000 baht Chiang Mai Immigration could overlook my sins and grant a retirement extension even though I hadn't done the switch correctly

 

I refused, telling the visa agent that I would just pay their normal fee and if CM Immigration refused my retirement extension, I'd take the matter to the U.S. Consulate because in a recent town-hall meeting they'd asked us to share instances where CM Immigration seemed to be developing their own rules.

 

Nothing further was said, either at Immigration or by the visa agent and I received my retirement extension.  I wonder how many others caved and paid 15,000 baht for "special consideration".

 

 

[ubonjoe]

25 minutes ago, NancyL said:

1.  I should have switched methods as soon as I received previous extension (12 months before the next application); the 2 month rule applies only for first retirement visa extension

2.  The money HAS to come from abroad

1. It was changed to 2 months in March of 2019 in the same order that started the 3 month after requirement.

2. That is not correct. Proof it came from abroad is not required unless applying for a non-o visa at immigration.