Chiang Mai ONLY - Agent specialising in financial requirements for retirement extensions?

[chalawaan]

 

I am leaning toward using an agent to get my third non-o retirement kicked off. Been and gone a few times, nothing beats LoS for all its faults!

 

 

 

Wasn't the initial purpose of that B800,000 cash being deposited there solely to fund annual retirement life? At some point Big Joke and his mates took our hard earned, and quietly turned it into a lifelong ransom held by the bank!

 

As a lad I was inspired by the Adventures of Robin Hood, and I feel that cash is better employed by being distributed among the poor in the everyday economy, so I'm looking for an agent who has helped like-minded retirees get squared away.

 

Can anyone in CM recommend an agent who can address my specific requirement by DM or link here, thanks! 

Edited just now by chalawaan

Edited February 5, 2023 by chalawaan

[itsari]

If you do not want your 800.000 baht languishing in a bank then use the income method .

If you can not show a income the Thai immigration require and do not wish to leave the 800,000 in a Thai bank then a agent would be required . You stress that the agent must be in Chiang Mai . I think that could be difficult to find in my experience and therefore need to go south .

[nigelforbes]

I'm not aware of Pattaya style dodgy agents that will do this and I think it's unlikely there are any/many, not in the North.

[CMBob]

Have friends here in CM who head to Pattaya once a year to find and use what you're looking for......an "agent specializing in financial requirements"; however, I'm not aware of any agent here that can help you get around the legal requirements for an annual extension based on retirement.  

I would think at some point it's possible that the agents and immigration officers that play these games might find themselves charged and the expats joining them may be deported and blacklisted.  Everyone makes their only choices but I personally like living here and wouldn't risk my right to do so; besides, I primarily look at the "ransom" you describe as a reasonable level of backup in case of personal emergency or need.  

 

  

 

Edited February 6, 2023 by CMBob

[nigelforbes]

The difference between investing the 800k inside Thailand versus outside, isn't that great, especially when you consider the downside risk of getting caught and being blacklisted. 800k baht can earn 2.15% at Kasikorn, the average  return on equities is 8% pa, the best one year fix in the UK is 4.17% (per money savings expert). For most people that would be an easy decision, especially those who regard Thailand their home and want to stay here.

[CharlieH]

Reported inflammatory remark and response removed.

[wwest5829]

I have been retired in Chiang Mai for 12 years now on an O-A Visa (USA) for reason of retirement. I have always used the monthly transfer of 65,000+ baht reasoning that, my retirement funds are invested and earning me dividends (about 5K in 2022) helping support my retirement. I will be allowing my O-A Visa to expire (yep insurance issue) and change to an O Visa this year. I plan on continuing my monthly transfers. $1526.00 USD of my monthly $2400.00 USD budget comes from US Social Security with the remainder from my retirement/invested funds. Works for me.

[chalawaan]

Thank you to all who responded. I have considered the downside to this request. Despite the risk, I am still waiting to hear of anyone donating to the policeman's benevolent fund and then experiencing police action in follow-up investigations.

As for the recent extortion arrests? Political. Political. Political. 
Look whose ordering the corruption crackdowns! Khun General Borrowed-Watch! 

Thailand would shut down if they all went straight overnight.

The income method needs to be more viable. However, I cannot restructure my affairs to accommodate this method.

Thanks again to those who offered practical insights into how and where to find an agent. Alas, Pattaya stamps would create issues down the line and possibly lock me into that method forever, and this is not necessarily a manoeuvre I intend to repeat. So that's my main concern with this method, getting locked in!

[WROBE]

7 hours ago, wwest5829 said:

I have been retired in Chiang Mai for 12 years now on an O-A Visa (USA) for reason of retirement. I have always used the monthly transfer of 65,000+ baht reasoning that, my retirement funds are invested and earning me dividends (about 5K in 2022) helping support my retirement. I will be allowing my O-A Visa to expire (yep insurance issue) and change to an O Visa this year. I plan on continuing my monthly transfers. $1526.00 USD of my monthly $2400.00 USD budget comes from US Social Security with the remainder from my retirement/invested funds. Works for me.

I apologize for hijacking this thread. But had to respond to your post. In CM you will be required to deposit 800k in the bank to obtain an O visa. Doesn't matter that you used 65k monthly for 12 years. I had to transfer 800k to Thailand to change from O-A to O. 

[wwest5829]

16 minutes ago, WROBE said:

I apologize for hijacking this thread. But had to respond to your post. In CM you will be required to deposit 800k in the bank to obtain an O visa. Doesn't matter that you used 65k monthly for 12 years. I had to transfer 800k to Thailand to change from O-A to O. 

No problem, open to discussion. I think what you say would be true if one entered Thailand on, say a Visa Exempt and then applied for the "O Visa" for retirement in CM. However, I'll let you ASEAN know if it works out for me getting an "O Visa" for retirement while outside Thailand, giving me a year before an Extension request while being able to show a year's worth of the required monthly deposits coming from outside Thailand.

[trax33]

7 hours ago, chalawaan said:

Alas, Pattaya stamps would create issues down the line and possibly lock me into that method forever, and this is not necessarily a manoeuvre I intend to repeat. So that's my main concern with this method, getting locked in!

Why would you get locked into this method forever, care to explain?

[DrJack54]

41 minutes ago, trax33 said:

Why would you get locked into this method forever, care to explain?

Not forever. However it's not a simple flick of switch to change from agent to doing it yourself.

If using money in bank method you would need to show previous 12 months of funds in the bank.

 

Alternatively exit Thailand and reenter to obtain new non O 

[WROBE]

1 hour ago, wwest5829 said:

No problem, open to discussion. I think what you say would be true if one entered Thailand on, say a Visa Exempt and then applied for the "O Visa" for retirement in CM. However, I'll let you ASEAN know if it works out for me getting an "O Visa" for retirement while outside Thailand, giving me a year before an Extension request while being able to show a year's worth of the required monthly deposits coming from outside Thailand.

If you're obtaining the O visa outside Thailand. You should be fine. That way you don't have to be concerned with CM immigration.

[wwest5829]

4 minutes ago, WROBE said:

If you're obtaining the O visa outside Thailand. You should be fine. That way you don't have to be concerned with CM immigration.

Well, not until 90 Day Report ad then request for extension. After 12 years retired, I am aware the potential twists and turns ...Also qualify for "O" based on marriage and have 400,000 baht in the bank.