What's behind the current THB strength?

[sagra]

Greetings all.

 

Can someone help with information on the steps of converting from a Marriage Extension (400,000B in the bank method) to a Retirement Extension (monthly income method). I have been trying to research this but have not had success.

 

Any help will be much appreciated.

[DrJack54]

Does your embassy provide "income letter"?

If not then when you apply for extension based on retirement immigration will want to see 12 monthly transfers of 65k+

[sagra]

17 minutes ago, DrJack54 said:

Does your embassy provide "income letter"?

If not then when you apply for extension based on retirement immigration will want to see 12 monthly transfers of 65k+

Thank you. Is that to say I must start making those transfers now and continue for a year AND keep my 4000,000B in the bank for my current Marriage Extension? Wow, that's a lot.

 

Also, I thought I read somewhere that there is a lower monthly transfer amount for expats married to a Thai. Do you know anything about that?

[steve187]

5 minutes ago, sagra said:

Thank you. Is that to say I must start making those transfers now and continue for a year AND keep my 4000,000B in the bank for my current Marriage Extension? Wow, that's a lot.

 

Also, I thought I read somewhere that there is a lower monthly transfer amount for expats married to a Thai. Do you know anything about that?

why do you need to keep the 400,000thb in the bank, that can be withdrawn at anytime after you getting the extension stamp in your passport

you could do a combination method x amount of money in bank and x amount per month transfer with a joint total of 800,000thb 

[TheAppletons]

10 minutes ago, sagra said:

Thank you. Is that to say I must start making those transfers now and continue for a year AND keep my 4000,000B in the bank for my current Marriage Extension? Wow, that's a lot.

 

Also, I thought I read somewhere that there is a lower monthly transfer amount for expats married to a Thai. Do you know anything about that?

 

  Yes, you will need to show twelve consecutive months' of incoming foreign transfers prior to "switching" from the bank deposit method.

 

  The monthly deposit amount for a marriage visa extension is 40,000 thb/month.....but since you asked in the OP about converting from a marriage extension to a retirement extension (income method), you were told it's 65,000 thb/month.

[DrJack54]

15 minutes ago, sagra said:

Also, I thought I read somewhere that there is a lower monthly transfer amount for expats married to a Thai. Do you know anything about that?

 

Was thinking of extension based on retirement. The OP title is misleading..why change to based on retirement.

 

For marriage it is monthly transfers of 40k+ 

Apart from that I assume that you are aware that the 400k for marriage extension only needs to be in bank for 2 months prior to application and maintained during the under consideration period.

After that it can be spent..

 

[sagra]

6 minutes ago, DrJack54 said:

Was thinking of extension based on retirement.

For marriage it is monthly transfers of 40k+ 

Apart from that I assume that you are aware that the 400k for marriage extension only needs to be in bank for 2 months prior to application and maintained during the under consideration period.

After that it can be spent..

 

Thank you. Yes, I have just figured it would be best to leave it in their all year, but now, thinking about my tentative plan to change the extension type I can consider the options.

[DrJack54]

2 minutes ago, sagra said:

Thank you. Yes, I have just figured it would be best to leave it in their all year, but now, thinking about my tentative plan to change the extension type I can consider the options.

If you are married then most folk obtain extensions based on marriage.

A few opt for based on retirement as far less paperwork and no under consideration period, no home visit etc.

However the financials are far less onerous for extension marriage.

As pointed out the funds tied up for approx 3 months and then can be used to live on.

Pretty sweet deal compared to extensions based on retirement. 

[sagra]

13 minutes ago, steve187 said:

why do you need to keep the 400,000thb in the bank, that can be withdrawn at anytime after you getting the extension stamp in your passport

you could do a combination method x amount of money in bank and x amount per month transfer with a joint total of 800,000thb 

Thank you. So I understand correctly. I would start to transfer 65,000B per month into my Thai bank account (it has to be from overseas, right?) and after 12 months I can apply for a Retirement Extension. Of course since I have 8 months left to my Marriage Extension I would have to make sure I had the 400,000B in my bank account before that extension expires.

 

It's frustrating if the monthly must come from overseas since I have plenty of funds here, but for me it maybe cutting it close trying to transfer 65,000B some of those 12 months.

 

Additionally wouldn't those monthly transfers into Thailand have the potential for being taxed as income by the Thai government?

[sagra]

7 minutes ago, DrJack54 said:

If you are married then most folk obtain extensions based on marriage.

A few opt for based on retirement as far less paperwork and no under consideration period, no home visit etc.

However the financials are far less onerous for extension marriage.

As pointed out the funds tied up for approx 3 months and then can be used to live on.

Pretty sweet deal compared to extensions based on retirement. 

Thank you. Do funds have to be tied up more months with a Retirement Extension?

[DrJack54]

6 hours ago, sagra said:

Thank you. Do funds have to be tied up more months with a Retirement Extension?

800k for 2 months prior to application then maintained for 3 months after application.

Not below 400k in other months.

Some folk maintain 800k all year round and some of those use and FD account.

You need to look at other aspects of income method.

Some immigration offices want to see proof funds coming from eg pension.

Some offices just want to see steady amount on consistent transfer date.

You also may require credit advice to show funds from abroad.

 

Edit: typo corrected

[DrJack54]

13 minutes ago, sagra said:

Thank you. Do funds have to be tied up more months with a Retirement Extension?

Thinking you need do some research.

Here is a thread regarding extension based on retirement.

It also contain links to other threads etc

https://aseannow.com/topic/1322107-extension-based-on-retirement/

[expat_4_life]

6 hours ago, DrJack54 said:

800k for 2 months prior to application then maintained for 3 months after application.

Not below 800k in other months.

Some folk maintain 800k all year round and some of those use and FD account.

You need to look at other aspects of income method.

Some immigration offices want to see proof funds coming from eg pension.

Some offices just want to see steady amount on consistent transfer date.

You also may require credit advice to show funds from abroad.

 

You have a typo there @DrJack54
Not below 800k 400k in other months.

Edited August 11 by expat_4_life

[DrJack54]

9 minutes ago, expat_4_life said:

 

You have a typo there @DrJack54
Not below 800k 400k in other months.

Thanks.

Will edit that post to reflect correct rule that you outlined. 

[foreverlomsak]

6 hours ago, sagra said:

Also, I thought I read somewhere that there is a lower monthly transfer amount for expats married to a Thai. Do you know anything about that?

Yes, there is a lower amount (40k pm) for those married to Thai's, but you did in the header ask specifically about retirement (which is 65k pm).

[Liquorice]

17 hours ago, sagra said:

Thank you. So I understand correctly. I would start to transfer 65,000B per month into my Thai bank account (it has to be from overseas, right?) and after 12 months I can apply for a Retirement Extension. Of course since I have 8 months left to my Marriage Extension I would have to make sure I had the 400,000B in my bank account before that extension expires.

 

It's frustrating if the monthly must come from overseas since I have plenty of funds here, but for me it maybe cutting it close trying to transfer 65,000B some of those 12 months.

As you only have 8 months until renewing your extension, and you haven't already started transferring income from overseas, then regardless of whether you intend to extend on the basis of retirement or Thai spouse, you can only extend next time based on funds in a Thai bank.

 

[steve187]

22 hours ago, sagra said:

Thank you. So I understand correctly. I would start to transfer 65,000B per month into my Thai bank account (it has to be from overseas, right?) and after 12 months I can apply for a Retirement Extension. Of course since I have 8 months left to my Marriage Extension I would have to make sure I had the 400,000B in my bank account before that extension expires.

 

It's frustrating if the monthly must come from overseas since I have plenty of funds here, but for me it maybe cutting it close trying to transfer 65,000B some of those 12 months.

 

Additionally wouldn't those monthly transfers into Thailand have the potential for being taxed as income by the Thai government?

why not renew 'marriage' extension next time if you do not qualify for a 'retirement' extension, then leave the 400,000 in the bank and bring in enough for a combination 'retirement' extension.

once you have the required 12 months of bank deposits renew early for the combination 'retirement' extension. which will start on the application date.

[sagra]

Thank you all for you generous advice. I am clear on everything. Have a great weekend!

On 8/11/2024 at 1:21 PM, sagra said:

Greetings all.

 

Can someone help with information on the steps of converting from a Marriage Extension (400,000B in the bank method) to a Retirement Extension (monthly income method). I have been trying to research this but have not had success.

 

Any help will be much appreciated.

Thank you all for you generous advice. I am clear on everything. Have a great weekend!

[DrJack54]

OP, has clear advice.

Thread closed