Question about changing from Money in the Bank to Income Method for Retirement EOS

[Equatorial]

With Money in the Bank, one has to have seasoned 800k two months prior and three months after the EOS application, then 400k, and then back up to 800k two months prior. 

 

If one intends to switch to the Income Method, and can show 12+ months of 65k foreign sourced deposits, it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

 

Can anyone confirm, preferably based on experience? Would this also be one of those things that may vary from one office to another? 

[Liquorice]

8 minutes ago, Equatorial said:

If one intends to switch to the Income Method, and can show 12+ months of 65k foreign sourced deposits, it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

Correct.

The 800K for 5 months and 400K (min) for 7 months covers a 12-month period.

 

However, note that if you intend to change from using the 800K funds method to the 65K monthly income method, then you will have to provide evidence of meeting the requirements of both. When your existing extension was approved using the 800K funds method, the condition was that you would maintain a balance of 800K for 3 months after the extension was granted, and a minimum of 400K for the remaining 7 months. So you need to provide evidence you met that criteria.

 

For the income method, you need to provide evidence of 12 x monthly overseas transfers of min 65K per month for the next extension application.

[Equatorial]

4 hours ago, Liquorice said:

then you will have to provide evidence of meeting the requirements of both.

 

Thanks, @Liquorice, yes, that is my understanding as well. I was just wondering if I need to bring the balance up to 800k for the last two months before the application, after the seven months of 400k. 

[Tod Daniels]

4 hours ago, Equatorial said:

it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

Totally correct, no need to bring the balance back up as long as you have met the new requirements of the monthly income method for the previous 12 months 

[DrJack54]

1 hour ago, Equatorial said:

...that is my understanding as well. I was just wondering if I need to bring the balance up to 800k for the last two months before the application, after the seven months of 400k

No. For the two months prior to next extension the balance does not need to go back up to 800k...however...   IMO best to take it back up to 800k just in case they reject something regarding the monthly transfers. 

 

The only negative is they may try to push you to continue with money in bank method. 

I'm Just covering all bases