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

[jerrymahoney]

19 minutes ago, KannikaP said:

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

But thanks for the information.

Sure. But any NEW change would likely be modeled on the same type verbiage.

[DrJack54]

43 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 don't think your plan will work.

My guess is that you need to show 12 months of transfers AND comply with money in bank rules for the 12 months.

So next week when I do my extension (money in the bank) , I will start the monthly transfers.

Run the 2 methods in parallel for the next 12 months.

Will then use income method when apply for extension 2024..

[KannikaP]

1 minute ago, jerrymahoney said:

Sure. But any NEW change would likely be modeled on the same type verbiage.

We hope!

[KannikaP]

1 minute ago, DrJack54 said:

I don't think your plan will work.

My guess is that you need to show 12 months of transfers AND comply with money in bank rules for the 12 months.

So next week when I do my extension (money in the bank) , I will start the monthly transfers.

Run the 2 methods in parallel for the next 12 months.

Will then use income method when apply for extension 2024..

Is Combination Method not available at your IO?

[Pumpuynarak]

43 minutes ago, Caldera said:

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.

Good point but they would'nt have been buying baht for their extensions so not really relevant to this current situation.

[Pumpuynarak]

53 minutes ago, KhunLA said:

Why ask, if know the answer ?

and if me aunt had balls she'd be me uncle lol

[jerrymahoney]

Only to say that, at some future point, there may be an advantage to having a long continuous extensions of stay versus NOT so having.

[hotandsticky]

14 minutes ago, DrJack54 said:

I don't think your plan will work.

My guess is that you need to show 12 months of transfers AND comply with money in bank rules for the 12 months.

So next week when I do my extension (money in the bank) , I will start the monthly transfers.

Run the 2 methods in parallel for the next 12 months.

Will then use income method when apply for extension 2024..

I suggest that you start the transfers a month earlier if you you are likely to apply for your NEXT extension up to 30 days beforehand.

 

I now automatically transfer 65k on the first day of very month (they like that) with other monies transferred as and when required. For Jomtien I had to get a form of certification from Kasikorn Bank.

[noobexpat]

I don't  do retirement extensions, they are for the common folk of course, but some get very excited over £1k a year. 

 

What next? State pension increase party at your local bar ????

 

[brianthainess]

2 hours ago, DrJack54 said:

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

Surely it is much easier for a Thai partner to gain access from a Thai bank on your death.

[brianthainess]

11 minutes ago, Pumpuynarak said:

and if me aunt had balls she'd be me uncle lol

Did you check? 

[jerrymahoney]

3 minutes ago, brianthainess said:

Surely it is much easier for a Thai partner to gain access from a Thai bank on your death.

If a UK bank offers payment-upon death options (no probate) then it might be easier for the Thai partner to gain access than from a Thai bank that does not.

[quake]

7 minutes ago, noobexpat said:

I don't  do retirement extensions, they are for the common folk of course, but some get very excited over £1k a year. 

 

What next? State pension increase party at your local bar ????

 

Yes after Tax.

You naughty boy. 

[BritManToo]

2 hours ago, anchadian said:

THB800,000 divide by say 44 baht to the pound = 18,180 pounds earning interest in a UK bank at say 7% = GBP1,272 (THB56,000) yearly compared to using an agent say 12,500 baht yearly, gives a saving of approx THB43,500 annually.

Now which one would you choose?

Did you take 20% tax in your calculation?

[quake]

5 minutes ago, jerrymahoney said:

If a UK bank offers payment-upon death options (no probate) then it might be easier for the Thai partner to gain access than from a Thai bank that does not.

Could always give the other half the money to deal with death and probate plus a few months worth of cash,  before your demise.

 

[brianthainess]

5 minutes ago, jerrymahoney said:

If a UK bank offers payment-upon death options (no probate) then it might be easier for the Thai partner to gain access than from a Thai bank that does not.

If and Might. When my father died with a will, and owing no money to anyone, it still went for probate. 

[Captain Monday]

1 hour ago, CharlieKo said:

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! 

No income tax? What a wonderful realm to be subject to! ???????? In the US interest income is the taxed same as wages and salaries generally end of year when one  files a the tax return. 
 

600 GBP pays for plenty of Wise transfers ????‍♂️ 

Edited September 26, 2023 by Captain Monday

[sambum]

3 hours ago, 2baht said:

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

Surely you should realise that after 21 years of your lifetime paying 25% of your income in child maintenance, paying your ex wife 50% of the value of your house in a divorce agreement and  also having to find the money to pay for the outstanding mortgage, house and contents insurance, gas bills, electric bills, water rates, Council Tax, TV licence, telephone bills, keeping the house in a reasonable condition by decorating, purchasing carpets and furniture etc, the cost of buying, taxing and insuring a car to travel to work - and of course buying enough food so that you are physically capable of holding down a job in order to be able to be paying for all of the above, if your occupation is that of a "office clerk",  THERE IS NOT A LOT LEFT to put aside as savings to dip into for your 800,000 baht!!!! 

Edited September 26, 2023 by sambum

[foreverlomsak]

3 hours ago, DrJack54 said:

The other option is to use monthly transfers .

and the associated problem with getting 12 proof's of Foreign Transfer from banks (or maybe multiple banks if you use Wise and they don't deposit directly into your bank) due to only Bangkok Bank using FTT identifiers, also in the case of Bangkok Bank timing annual statements, ordering it early enough to be in time for your renewal, but also to be still valid when you go.

[2baht]

3 minutes ago, sambum said:

Surely you should realise that after 21 years of your lifetime paying 25% of your income in child maintenance, paying your ex wife 50% of the value of your house in a divorce agreement and  also having to find the money to pay for the outstanding mortgage, house and contents insurance, gas bills, electric bills, water rates, Council Tax, TV licence, telephone bills, keeping the house in a reasonable condition by decorating, purchasing carpets and furniture etc, the cost of buying, taxing and insuring a car to travel to work - and of course buying enough food so that you are physically capable of holding down a job in order to be able to be paying for all of the above, if your occupation is that of a "office clerk",  THERE IS NOT A LOT LEFT to put aside as savings to dip into for your 800,000 baht!!!! 

I think my life has been a bit smoother and better organised than yours! 

[hotandsticky]

2 minutes ago, sambum said:

Surely you should realise that after 21 years of your lifetime paying 25% of your income in child maintenance, paying your ex wife 50% of the value of your house in a divorce agreement and  also having to find the money to pay for a mortgage, house and contents insurance, gas bills, electric bills, water rates, Council Tax, TV licence, telephone bills, keeping the house in a reasonable condition by decorating, purchasing carpets and furniture etc, the cost of buying, taxing and insuring a car to travel to work - and of course buying enough food so that you are physically capable of holding down a job in order to be able to be paying for all of the above, if your occupation is that of a "office clerk",  THERE IS NOT A LOT LEFT to put aside as savings to dip into for your 800,000 baht!!!! 

Oh dear!

 

This is a great example of why socialism doesn't work. For whatever reason, and absolutely no criticism of samburn, people are not equal and never can be.

 

Whatever has happened in our lives brings to here; and, yes, 800k is not a lot to expect to have accumulated after a 'lifetime' of work. I didn't have that when I first came here and it was a financial struggle, but I knew that, with plans I had made, it would come good.

 

If someone can't afford to be here, then they shouldn't be here. If they can afford to live here but can't satisfy the immigration requirements there are workrounds available. 

[RafPinto]

2 hours 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. 

 

 

And window 4: Affidavit from your embassy. No 800k in bank and no need to send 65K every month.

I know, US, Canada, UK, AUS not more doing them.

[DrJack54]

7 minutes ago, RafPinto said:

I know, US, Canada, UK, AUS not more doing them.

Canada do.

 

[DrJack54]

20 minutes ago, foreverlomsak said:

and the associated problem with getting 12 proof's of Foreign Transfer from banks (or maybe multiple banks if you use Wise and they don't deposit directly into your bank) due to only Bangkok Bank using FTT identifiers, also in the case of Bangkok Bank timing annual statements, ordering it early enough to be in time for your renewal, but also to be still valid when you go.

I use Kasikorn.

My WISE transfers so up as FTT. 

[DrJack54]

47 minutes ago, brianthainess said:

Surely it is much easier for a Thai partner to gain access from a Thai bank on your death.

The topic of "what happens to funds in Thai bank after death" 

without a Thai will in place has many opinions.

Threads in "Finance Forum" debate options

[ballpoint]

3 hours ago, DrJack54 said:

Mine also however you did not include loss of opportunity.

5700+ 64,000

 

But that 800,000 is being eroded every month as you make your "income" transfers to Thailand, so you won't be getting 64,000 baht from it.  If transferring 65k monthly then you will end up with about a 30k gain, but it's really up to each individual how they want to do it, which is why these threads are pointless.  You want to do the monthly income route? Then do it.  You want to do the money in the bank route?  Then do that instead. 

 

Personally, I keep a minimum of 1,000,000 baht here at all times, and don't really care about the loss of around 50k baht from interest that 1,000,000 could be earning at 8% (when the monthly 65k transfer is figured in - though I would be transferring more than that, so my gain would be a fair bit lower.  In fact, if you're getting 2% on the 1M baht here then you're only gaining around 30k in total when transferring 65k from that 1M every month).  I find it amusing that some people make so much from their 800k that they can't afford to have it sitting in a Thai bank account, yet make so little from the rest of their money that they can't afford to have 800k sitting in a Thai bank account.

[5davidhen1]

Please can someone explain the THB 65,000 pm option?

I thought that the funds had to be shown/proven to come from pension receipts, but from reading this thread, it appears to be OK to simply show proof of a monthly transfer into BBK.

[foreverlomsak]

Just now, DrJack54 said:

I use Kasikorn.

My WISE transfers so up as FTT. 

Wasn't aware that Kasikorn could do that, sure I've seen reports to the contrary, but I stand or in my case sit corrected.

Will maybe investigate further, but my local Kasikorn (after they shut the Lotus's branch) is always queued out the door, last time I went there it took me 75 minutes to get served.

[foreverlomsak]

2 minutes ago, 5davidhen1 said:

Please can someone explain the THB 65,000 pm option?

I thought that the funds had to be shown/proven to come from pension receipts, but from reading this thread, it appears to be OK to simply show proof of a monthly transfer into BBK.

I believe the only expats that need to show only 65k deposits are from US, UK and Aus as they cannot get income statements from their embassy. All others should be using proven income via their embassies, witness the thread in here about changes to the Norwegians income route.

[DrJack54]

10 minutes ago, foreverlomsak said:

Wasn't aware that Kasikorn could do that, sure I've seen reports to the contrary, but I stand or in my case sit corrected.

Actually you may be correct.

Will check that out.