Proof of income

[comfortablynumb54]

No more letters of proof of income for Canadian expats....so what else is there?

[Upnotover]

Thai bank statements will do it.

[DrJack54]

You can change to using "money in bank method" OR

Use income method as some USA, AU, UK citizens do by showing 12 month bank statement.

Not known at this stage as what immigration want for transition period.

 

If you previously have been doing monthly transfers from abroad then just bank statement would be ok to show the financial compliance.

 

The issue is if you have been doing irregular transfers. Example a few much larger transfers than monthly ones.

 

Is the extension based on marriage or retirement 

[JustinCredible]

I intend to discuss this matter with the Top Brass at my office.  Since the UK stopped the letter it has been a nightmare, because although my annual income well exceeds the required amount, the "Monthly income falls short. This is because my UK Pension is paid monthly, but my Private Pension is paid quarterly. The office tends to ignore "average".

My thoughts are that now that I am paying Tax in Thailand, the Thai Revenue Office have verified the annual income. Immigration should (IMHO) respect that.  However, I will not hold my breath.

[DrJack54]

10 minutes ago, JustinCredible said:

....my annual income well exceeds the required amount, the "Monthly income falls short. This is because my UK Pension is paid monthly, but my Private Pension is paid quarterly. The office tends to ignore "average"

Seems that you have your private pension sent directly to your Thai bank quarterly 

Why not have the pension paid into your UK bank then transfer to Thai bank account monthly. 

[Unamerican]

5 minutes ago, DrJack54 said:

Seems that you have your private pension sent directly to your Thai bank quarterly 

Why not have the pension paid into your UK bank then transfer to Thai bank account monthly. 

That is exactly what I do: this also helps to control how much taxable income gets transferred here! 

[DrJack54]

2 minutes ago, Unamerican said:

That is exactly what I do: this also helps to control how much taxable income gets transferred here! 

Indeed.

Note an idea for @JustinCredible would be to do those transfer on or about same date as the pension that is deposited monthly.

I use WISE others use various transfer options.

[sandyf]

1 hour ago, JustinCredible said:

I intend to discuss this matter with the Top Brass at my office.  Since the UK stopped the letter it has been a nightmare, because although my annual income well exceeds the required amount, the "Monthly income falls short. This is because my UK Pension is paid monthly, but my Private Pension is paid quarterly. The office tends to ignore "average".

My thoughts are that now that I am paying Tax in Thailand, the Thai Revenue Office have verified the annual income. Immigration should (IMHO) respect that.  However, I will not hold my breath.

There is no "monthly income" requirement. The requirement is based on monthly transfers of income, a subtle  difference.

When the UK stopped the letters I had to wait for the 12 months to pass before I could do another 12 month extension.

If you cannot make use of an overseas account then money in the bank may be the most convenient option. Apparently agents have a magic wand.

[JustinCredible]

20 hours ago, DrJack54 said:

Seems that you have your private pension sent directly to your Thai bank quarterly 

Why not have the pension paid into your UK bank then transfer to Thai bank account monthly. 

 

You are correct. However, the payment dates are not flexible.  If the money was sent to a UK Bank I would be required to pay UK Tax on my total income. Paying me in Thailand the PP becomes Tax Free under the UK QROPS rules.

My FA in the UK calculated that having the QROPS paid into a Thai Bank and paying Thai Tax, my Tax liability is about one third of what I would pay the UK Government.

[DrJack54]

@JustinCredible I'm very naive regarding what UK refer to as "pensions" and as a result know, nothing re tax. 

In Oz we have "old age pension"

That's means tested. 

I along with many get nothing. 

We have superannuation and that's basically a shares portfolio. 

Anyway I see your issue. 

Many on retirement extensions use money in bank method. 

It's an option.