Retirement Extension And What To Do With The 800k Baht

[Guderian]

I will apply for my second retirement extension in Pattaya in 3 months time and about 1 week from now (say around 10^th December). I visited my bank (SCB) to see what options were available to me other than leaving the 800K Baht in a standard savings account earning 0.75%. Several people on Pattaya boards have reported recently that they have had no problems getting a retirement extension with the 800K Baht in a time-deposit account with SCB, reportedly earning 3.7% interest.

That particular option seems to have lapsed now, and the best they could offer me was 2.3% for a 3 month time-deposit. Well, that's better than 0.75%, it would save losing about 3000 Baht in interest. The bank didn't have any nice glossy leaflets explaining the account, so I asked the lady to write down the specifics in Thai and I would take it to Pattaya Immigration and just check that it was OK.

Yesterday I went to the Immigration Police office in Soi 5 Jomtien, and at the information desk a Thai gent came up to me and asked what I wanted. I've seen this guy around the office before, but he was wearing a yellow tee-shirt, not a uniform, so I guess that he is a civilian rather than an actual Immigration Policeman? His English is good and he quickly understood where I was coming from, and told me that after the first retirement extension it is OK to just move the 800K into my savings account 2 or 3 weeks ahead of applying for the next extension, there's no need to keep it there for the full 3 months any more. He was adamant about this, and didn't even look at the time-deposit account details.

This is exactly what Jingthing has been reporting, and I am wondering what I should do now? It seems that I have three courses of action open to me:

1. Ignore the guy's advice, put the 800K Baht into my savings account next week, and apply on 10^th December.

2. Ignore the guy's advice, open a time-deposit account, and hope that it is accepted when I apply on 10^th December.

3. Accept the guy's advice, and put the 800K Baht into my savings account about 3 weeks before 10^th December.

I'm tempted to try number 3, but I am not sure what the consequences would be if the officer I see on the day I apply decides that I really needed the 800K Baht in the account for 3 months rather than 3 weeks, and so refuses me the extension.

My current extension expires on 1^st January 2009, but on 18^th December I am going back to the UK for 4 weeks. If the extension was refused on 10^th December, I assume that I could still stay in Thailand until my flight on the 18^th? Then when I come back in mid-January, I could presumably get a 30 day stamp when I arrived, and by the end of that period the 800K Baht would have been in my savings account for 3 months, so I could presumably apply to get the 30 day stamp upgraded to a Non-O, and then to a new retirement extension. Is that correct, and what would be the cost of the upgrade to a Non-O? That seems to me to be the only financial risk of following course number 3, as I assume the retirement extension and multi re-entry permit would cost the same as if I had been successful in my application in December – am I missing anything?

A last question: I arrive back in Thailand on 16^th January, and my next flight out is in mid-May. If my retirement extension has been cancelled, would there be any problems re-entering Thailand on a 30 day stamp with no flight out of the country booked within that period?

I'd be grateful for any advice or experience. I need to sort this out early next week. If I am wrong in any of my assumptions above, please let me know.

Thanks.

[lopburi3]

It may be that Pattaya (or some in Pattaya) are allowing but I would not count on it. Immigration often wear yellow shirts instead of uniform to soften the image (and I highly approve). If you have the money here I would put it in a fixed deposit account as that should be acceptable to anyone.

Yes it would be easy to start anew if required. A throw away air ticket would not cost that much if needed and currently only Cambodia border seems to check at all. Cost of visa change is 2,000 baht and must be done with 21 days or more remaining on permitted to stay stamp.

[Guderian]

It may be that Pattaya (or some in Pattaya) are allowing but I would not count on it. Immigration often wear yellow shirts instead of uniform to soften the image (and I highly approve). If you have the money here I would put it in a fixed deposit account as that should be acceptable to anyone.

Yes it would be easy to start anew if required. A throw away air ticket would not cost that much if needed and currently only Cambodia border seems to check at all. Cost of visa change is 2,000 baht and must be done with 21 days or more remaining on permitted to stay stamp.

Thanks for the reply, lopburi.

If I took the risky route here, then it would mean applying for an upgrade to a Non-O within about a week or so of returning to Thailand. What kind of a Non-O visa would that be? Presumably it would be the cheapest option, which I think is a 90-day, single entry Non-O? I gather from what I have read here in the past (though I'm afraid that I didn't take too much notice of the details, and can't seem to find it now when I search), I could then apply for a retirement extension as soon as the cash had been in the savings account for 90 days - is that right, there's no need to wait until the Non-O is close to expiry?

[WilliamIV]

I doubt if you would be refused any extension if you had 800k in any account.

If they do want the money in an account for the previous 3 months then you would be refused a 12 month extension

but probably be given an extension to the date when the 800k WOULD be 3 months old

which would be about the middle of March 2009? Do others agree with this opinion?

If you were indeed Refused any extension - as you think - then in that case - for me

- the bigger risk would be that when you come back in 2009 that the 800k requirement

MIGHT have by then increased to say Bht1,000,000 or more.

Edited September 5, 2008 by WilliamIV

[lopburi3]

Believe you will either qualify or not and not obtain a three month extension of stay.

The visa Entry for a change will be 90 days and in many (most?) cases you are asked to come back after 60 days to make the extension of stay.

[Jingthing]

Some comments:

I agree, your extension will either be approved or rejected.

I also agree the words of an officer carry more weight than a non-officer. Late last year I was told CLEARLY & FORCEFULLY with absolutely no chance of language issues or ambiguity by a UNIFORMED OFFICER at Jomtien: YOU DO NOT NEED TO SEASON YOUR MONEY FOR 3 MONTHS FOR SUBSEQUENT RETIREMENT EXTENSIONS (using the 800K in bank). I questioned that, well could I top up the money the DAY BEFORE THE INTERVIEW? YES.

Am I surprised by what the OP reported? No, of course not. Totally consistent with what I was told by an officer.

Still, things can change, so at your own risk.

Edited September 5, 2008 by Jingthing

[dotcom]

I would choose option 2. The authorities want the money in a "bank". Time deposit should not be any problem.

What they won't accept is money in a stock brokerage account.

[redwood13]

Close friend of mine went to Jomtien 3 months ago for a 90 day report and while there asked about a problem he was going to have in that he would not be able to bring 800K baht into his Thai bank account within 3 months of his next extension of stay for retirement.

He was told no problem.

Six weeks ago he applied for the extension with the 800K baht only having been in his account for about 6 weeks.

And it was no problem. It wasn't even mentioned.

-redwood

[Jingthing]

Yes, I forget to mention I was told by the officer (about the date the money came in): we don't even look.

[Guderian]

Thanks for the replies, gents.

As dotcom says, option 2 is indeed the safest, lowest cost, lowest risk route, and that's the one I should take really. I'm still tempted by option 3, though The real downside is that while it might work this year, and maybe even next, there's no way of knowing how long they will continue with this (apparently unique to Pattaya) rule?

Again, thanks to all for the insights and info, I'll have to think this one over. I'm somewhere between taking the "safe" option 2 route, and simply being contrarian and trying out option 3.

[desertrat]

Thanks for the replies, gents.

As dotcom says, option 2 is indeed the safest, lowest cost, lowest risk route, and that's the one I should take really. I'm still tempted by option 3, though The real downside is that while it might work this year, and maybe even next, there's no way of knowing how long they will continue with this (apparently unique to Pattaya) rule?

Again, thanks to all for the insights and info, I'll have to think this one over. I'm somewhere between taking the "safe" option 2 route, and simply being contrarian and trying out option 3.

Earlier this week I put all my money on deposit, HSBC, about 3.5% The staff assured me that a depost

a/c was OK for retirement.

[owenjones]

I know that Option 2] has worked for me two years running at Jomtien.

One year fixed interest a/c with Krungtep Bank.

The annual letter was free too!

Is it true that the med cert is no longer needed?

Owen.

[Jingthing]

Is it true that the med cert is no longer needed?

true