800k Not In the Bank Method

[Packer]

8 hours ago, proton said:

 

Agents pass on expensive bribes, not needed

 

14,000 per year is not expensive, to most people, especially when the 800,000 invested in a basic asset returns more than this per annum. 🙂

[scubascuba3]

1 hour ago, flexomike said:

If he would have had his financials correct he would never have started this post.

Some people change their mind, agent vs own financials, op just said he dipped below

[Liquorice]

2 hours ago, Packer said:

Nothing at the moment as I haven't set up a retirement visa and extension yet. When I do I will likely pay 14,000 a year with no need to show the 800,000 funds, which will instead be invested in assets that return far more than the 14,000.

Curiosity, but which Province do you intend to reside in?

Which Provincial Immigration office will issue the extension?

[DrJack54]

Off topic posts removed

[gk10012001]

20 hours ago, Packer said:

 

Agents are cheap. 800k is not needed. 🙂 

how cheap?  Is it a one time fee or when the next year extension comes do you pay again?  what does the agent do?  Do they put 800,000 baht in an account for you?  what do the agents do that makes immigration rules satisfied about the financials?

[Rob Browder]

18 hours ago, scubascuba3 said:

I've already posted previously about this and i recall someone else did.

 

All you need to do get the financials correct for a transitional period, so for around 13 months prior to extension renewal financials are as per the rules. Immigration are not going to complain you used an agent the year before, why would they? they are happy people using agents

If you switch offices, and the new office is jealous, thinking some other office got "their" agent-money, they sometimes make issues - demanding to see the last extension's bank-proofs.  CW applicants have reported this when moving from Jomtien and Samut Prakan, in recent threads I recall.  They literally call their fellow IOs in other offices criminals, while running the same scams in their own office. 

 

But, I don't recall what you describe being reported as a problem when using the same office, with one exception: A Non-O-90-day + 1-year-extension stamped in your passport without ~60-days in between them.  Both stamped within a week or two is obviously agent-work.

[Packer]

5 hours ago, gk10012001 said:

how cheap?  Is it a one time fee or when the next year extension comes do you pay again?  what does the agent do?  Do they put 800,000 baht in an account for you?  what do the agents do that makes immigration rules satisfied about the financials?

14,000 as opposed to 1,900 every year, but no need to put or keep 800,000 in a low interest Thai bank, which can then return far more than the low fee. Extension is at the officer's discretion, agents will know them personally 🙂 So many Westerners are old, smelly, rude and stupid, little wonder the officers prefer to deal with Thai go-betweens. 🙂 With all the copies of this and that, and going here and going there, only a real dunderhead would do all that just to actually lose money. 🙂

[thaibreaker]

47 minutes ago, Packer said:

14,000 as opposed to 1,900 every year, but no need to put or keep 800,000 in a low interest Thai bank, which can then return far more than the low fee. Extension is at the officer's discretion, agents will know them personally 🙂 So many Westerners are old, smelly, rude and stupid, little wonder the officers prefer to deal with Thai go-betweens. 🙂 With all the copies of this and that, and going here and going there, only a real dunderhead would do all that just to actually lose money. 🙂

The first year you would pay around double that amount. With the following extensions normally between 12,5k to 15k.

I see your point, and I think more and more retirees are using agents now, for various reasons.

[DrJack54]

2 hours ago, thaibreaker said:

The first year you would pay around double that amount.

That's only if the agent is also obtaining the Non O

Some folk enter with a Non O and have agent do extension. 

[scubascuba3]

8 hours ago, Rob Browder said:

But, I don't recall what you describe being reported as a problem when using the same office, with one exception: A Non-O-90-day + 1-year-extension stamped in your passport without ~60-days in between them.  Both stamped within a week or two is obviously agent-work.

This isn't a problem, agents seem to always provide the 15 months, no problem for immigration as they signed it off in the first place

[flexomike]

22 hours ago, Packer said:

 

14,000 per year is not expensive, to most people, especially when the 800,000 invested in a basic asset returns more than this per annum. 🙂

I send over 65,000+ every month and don't have to keep any money in the bank, and the agent doesn't get my 14,000, I can buy a lot of beer for that much.

[KhunLA]

23 hours ago, Packer said:

 

14,000 per year is not expensive, to most people, especially when the 800,000 invested in a basic asset returns more than this per annum. 🙂

I suspect ... IMHO ... that most use agents, since they don't have the 800k to begin with.

[gearbox]

23 hours ago, Packer said:

 

Nothing at the moment as I haven't set up a retirement visa and extension yet. When I do I will likely pay 14,000 a year with no need to show the 800,000 funds, which will instead be invested in assets that return far more than the 14,000.

 

I started a discussion about it here.

 

https://aseannow.com/topic/1354895-alternate-investments-of-800k-retirement-funds/

 

Using the 800,000 to return substantially more than annual agent fees, along with the extension process being taken care of for you is an absolute no brainer. 🙂

 

You need to compare apples with apples, different investments carry different risks. Cash deposit rates are going down across the world, so the difference with the Thai rates is getting smaller. I have 800k on term deposit at 1.5%, the rates in Australia are going below 4% now, so not that much of a difference. Of course I can put them in penny stocks and make 100%, or lose everything... 

[BKKKevin]

23 minutes ago, gearbox said:

Thai rates is getting smaller. I have 800k on term deposit at 1.5%

What Thai bank are you using to get 1.5%?

[Packer]

6 hours ago, thaibreaker said:

The first year you would pay around double that amount. With the following extensions normally between 12,5k to 15k.

I see your point, and I think more and more retirees are using agents now, for various reasons.

 

That is why it's good to do the first year yourself. 

 

Put your 800,000 into the bank for a few months, get the first year.

 

Remove the 800,000 and invest accordingly. the annual returns will far exceed the 14,000 price of an agent and they do all the leg work for you. 

 

No brainer. Only a fool would not use an agent for retirement extension and invest their funds elsewhere. 🙂 

[Packer]

1 hour ago, BKKKevin said:

What Thai bank are you using to get 1.5%?

 

Google Thai banks 12 month fixed deposit rate.

 

For 12-month fixed deposits in Thai banks, interest rates generally range from 1.15% to 1.60% per annum. Specific rates vary between banks and may also depend on the deposit amount. For example, Krungthai Bank offers 1.2% for a 12-month fixed deposit, while LH Bank offers 1.5%. CIMB Thai offers 1.30% for a 12-month e-fixed deposit. Bangkok Bank offers 1.60% for 12-month fixed deposits. Some banks like TISCO Bank may offer higher rates, potentially ranging from 1.45% to 1.55%

 

 

1.6% = 12,800

-1,900 extension fee

 

= 10,900 p/a

[DrJack54]

3 minutes ago, Packer said:

Only a fool would not use an agent for retirement extension and invest their funds elsewhere.

Back up the high horse. 

Most including myself are well aware of the term "opportunity cost" 

 

I have 800k in Thai Bank for immigration and those funds (at some point) came from my cBus Superannuation account which historically pays 8%.

 

So yes there is an opportunity cost involved. 

It's a personal choice so IMO turn it down a notch. 

Implying someone is a fool for not using an agent is your opinion.