Why are UK expats still doing the 800K deposit for retirement extensions ?

[Pumpuynarak]

1 hour ago, DrJack54 said:

The other option is to use monthly transfers .

After all one does require money to live off. 

Another bonus of using agent or income method is that 800k not locked in a bank and difficult for Thai partner to access

 

and that is exactly what i do and i have no problems getting my extension. Having spent most of my working life in financial services i'm always looking for the best returns on my money and depositing 800K in a Thai bank to obtain my extensions is just a no brainer for me what with the deposit interest rate currently available in the UK.

But of course if you're a millionaire i quite understand BM's could'nt GAF attitude lol  

Edited September 26, 2023 by Pumpuynarak

[Pumpuynarak]

1 hour ago, Captain Monday said:

Is it worth the hassle and uncertainty of maintaining the monthly transfers?

I have no problems whatsoever and as for hassle, what hassle ?

[Pumpuynarak]

1 hour ago, quake said:

Way more easy, come extension time.

for now anyway. 

I don't agree, i never have any problem getting my extensions using the income method. 

[quake]

1 minute ago, Pumpuynarak said:

I don't agree, i never have any problem getting my extensions using the income method. 

Good for you.

Next 

[DrJack54]

2 minutes ago, Pumpuynarak said:

and that is exactly what i do and i have no problems getting my extension.

Bit off topic but my guess is that many folk here (myself included) have not included in their thinking ......what happens to the 800k if hit by a bus.

 

Access to those funds for Thai partner (if not married) would be difficult/impossible.

Or repatriated to family home country

 

Very little consequences if using income method. 

At most few baht would be tied up.

[Pumpuynarak]

33 minutes ago, DrJack54 said:

You didn't include Window 3.

Transfer 65k+ per month from home country. 

 

Personally I use 800k+ all year round in bank and of course I require 100k+ per month to live on.

 

My option is stupid.

I should be using income method.

Will switch at some point. 

 

 

BINGO ????

[quake]

800K in the bank is also part of my financial safety net

over here.

 

 

[Pumpuynarak]

3 minutes ago, DrJack54 said:

Bit off topic but my guess is that many folk here (myself included) have not included in their thinking ......what happens to the 800k if hit by a bus.

 

Access to those funds for Thai partner (if not married) would be difficult/impossible.

Or repatriated to family home country

 

Very little consequences if using income method. 

At most few baht would be tied up.

BINGO ????

[Pumpuynarak]

Just now, quake said:

800K in the bank is also part of my financial safety net

over here.

 

 

So how can you use this 800K and still qualify for your next extension ?

[jerrymahoney]

Just to note that about the only payable-on-death no probate option here in Thailand is a paid up life-insurance policy.

[quake]

10 minutes ago, Pumpuynarak said:

So how can you use this 800K and still qualify for your next extension ?

Good god man.

Who cares.

If an emergency comes up.

I have serious funds here to deal with it. end of.

When emergency is over, start the process again.

in my case just bring in more dosh from outside of Thailand.

go to cambo/lao come back in 30 day stamp start again. if needed.

big deal. 

 

 

 

 

 

Edited September 26, 2023 by quake

[couchpotato]

1 hour ago, DrJack54 said:

Mine also however you did not include loss of opportunity.

5700+ 64,000

 

I see you are not great at math! In this case an extra '0' makes a big difference.

[jerrymahoney]

The last time there was an overhaul to the Police Order on retirement extensions of stay, there was a grandfather  provision based upon "consecutively permitted to stay in the Kingdom" extensions". 

 

I would want to lose my 15 previous continuous extension track record.

[atpeace]

54 minutes ago, DrJack54 said:

You didn't include Window 3.

Transfer 65k+ per month from home country. 

 

Personally I use 800k+ all year round in bank and of course I require 100k+ per month to live on.

 

My option is stupid.

I should be using income method.

Will switch at some point. 

 

 

I'm in the same situation and plan on finally doing something this year.  My plan is to run down the 1,000,000 I have now down to 400k and then start depositing 65k a month.  Theoretically this should work and will run by immigration.  If I run into difficulties, I'll move into one my GF condos in Pattaya and go the agent route.  Currently in Ubon area and immigration seems to be very helpful so don't anticipate problems.

 

My main issue is that running down the 1,000,000 to 400,000 might take 10 months because I now spend so little living Ubon.  GF has her own money and home so I live very well off 50,000 a month here where my enjoyment revolves around activities the don't involve much money.  Wonder if immigration might frown on switching to income at the tail end of a visa.  

 

So many get out jail options when it come to Thai retirement visas.

[KhunLA]

2 hours ago, Pumpuynarak said:

 It does'nt make any financial sense to me other than if you don't have 65K monthly income.

Why ask, if know the answer ?

[RichardColeman]

But, but, the Thai government are about to steal any extra income from interest rates when you transfer the extra money you made by taxing you :)

[CharlieKo]

2 hours ago, Captain Monday said:

Is it worth the hassle and uncertainty of maintaining the monthly transfers? How much income tax would you pay HMRC for the interest earned in year on 800k baht Pounds sterling equivalent?

There is no income tax on interest earned from banks. Certainly not on 800K Baht which is only about 24K GBP luck to get about 600GBP interest per year! 

[Caldera]

2 hours ago, Pumpuynarak said:

I pose this question guys cos i'm seeing UK bank deposit interest rates up to as much as 7% when the interest here in Thailand is no more than 2% so i believe.

Ask those who once bought baht at 70+ THB/GBP. Or in other words, some of those UK expats might expect that the GBP will continue to depreciate against the THB, so holding (some of) their assets in THB might not be a bad idea.

[quake]

1 minute ago, Caldera said:

Ask those who once bought baht at 70+ THB/GBP.

Those were the days. 

[KannikaP]

32 minutes ago, jerrymahoney said:

I would want to lose my 15 previous continuous extension track record.

You forgot the word NOT!

[KannikaP]

8 minutes ago, CharlieKo said:

800K Baht which is only about 24K GBP

£18039 today.

[jerrymahoney]

5 minutes ago, KannikaP said:

You forgot the word NOT!

Correct. What I write and what's in my head sometimes do not correlate.

 

BTW the 'grandfather' provision is at Item 6.

 

 

[KannikaP]

2 hours ago, Captain Monday said:

Is it worth the hassle and uncertainty of maintaining the monthly transfers? How much income tax would you pay HMRC for the interest earned in year on 800k baht Pounds sterling equivalent?

That would depend on what other income you have in UK. The tax threshold is  £12570, so anything over that, up to £50270 is at 20%.

As for the 'hassle' of monthly transfers......use Wise where there is the facility to set up a regular monthly transfer, or 'repeat the transfer' on a previous one.

[KannikaP]

1 minute ago, jerrymahoney said:

Correct. What I write and what's in my head sometimes do not correlate.

 

BTW the 'grandfather' provision is at Item 6.

 

 

This will only apply to retirees , over 50, back in 1998, who will be about 76 now.

But thanks for the information.

[KannikaP]

2 hours ago, DrJack54 said:

The other option is to use monthly transfers .

After all one does require money to live off. 

Another bonus of using agent or income method is that 800k not locked in a bank and difficult for Thai partner to access

 

Another option, which my IO allows, is the Combination Method. I have Bht410,000 in Bangkok Bank and transfer, via Wise, Bht 40,000 per month to live on (or is it OFF ?)

Total must be over Bht 800k. I haven't asked if the bank deposit can go down by 50% for the middle 7 months of the year.

Edited September 26, 2023 by KannikaP

[hotandsticky]

32 minutes ago, atpeace said:

I'm in the same situation and plan on finally doing something this year.  My plan is to run down the 1,000,000 I have now down to 400k and then start depositing 65k a month.  Theoretically this should work and will run by immigration.  If I run into difficulties, I'll move into one my GF condos in Pattaya and go the agent route.  Currently in Ubon area and immigration seems to be very helpful so don't anticipate problems.

 

My main issue is that running down the 1,000,000 to 400,000 might take 10 months because I now spend so little living Ubon.  GF has her own money and home so I live very well off 50,000 a month here where my enjoyment revolves around activities the don't involve much money.  Wonder if immigration might frown on switching to income at the tail end of a visa.  

 

So many get out jail options when it come to Thai retirement visas.

 

I did that this year.

 

Be aware that Immigration (in Jomtien) will first check that you have complied with the terms of approval of the previous extension (ie terms relating to the 800k) THEN they will check for compliance with the 65k pm coming in foe the preceding 12 months. As you can see, it is a double whammy because you have to comply with BOTH requirements for that 12 month period

[Gottfrid]

So much talk over nothing. It´s just that some people can do it, and do not care over such small amount of money.

 

Others, do care, and do agent or monthly income instead.

 

See, guys! The whole thread was solved in 2 sentences.

[blackshadow]

2 hours ago, 2baht said:

Surely, at retirement age, after a lifetimes work, 800,000 Baht should'nt be to hard to come up with! ????

it is if have no money........

[2baht]

Just now, blackshadow said:

it is if have no money........

No money, No honey! 

[dingdongrb]

I can't believe all the fuss and bickering in this post about a pitiful 5k THB a  month.

 

If folks are needing this pitiful 5k THB a month to survive then I feel sorry for them for not having the ability to plan for their future when it comes to money.....sad...sad...sad

 

As far as the 800k in the bank and I die, I think my better half can make withdrawals by using my debit card and PIN, right?