An Arcane And Quite Possibly Paranoid Question About Money Seasoning

[Jingthing]

As those using the using the 800K bank account only method to financially qualify for extensions based on retirement know, the money must be seasoned:

2 months for the first extension

3 months for subsequent extensions

However, I do have a question about this, so bear with me. Let me frame it by using an example.

Three months before your application appointment (for a subsequent extension) you top up your bank account to a million baht. One month before the application appointment you find you have spent the money more quickly than you anticipated and your balance now stands at 805K baht (still above the 800K). So you top up again another 50K baht one month before your application appointment bringing your balance to 855K baht. You then spend that 50K baht and show up for your application appointment with 805K baht (still above the required 800K baht).

Will such a scenario be allowed? The immigration officer will easily be able to see that you spent money that WOULD HAVE gone under 800K and that portion of the money was NOT seasoned properly. However, you did keep the balance over 800K during the entire money seasoning period.

I have never seen this question asked before, so here I am, asking it.

What about it?

Edited September 12, 2009 by Jingthing

[ubonjoe]

I can't see the problem. You are suppost to use the account to live on so it should show some activity.

As long as it does not go below 800K during the 2 or 3 months it is not a problem.

[waza]

i agree balance has been as require for the time period

[Mario2008]

Don't see any peroblem either. The money stayed above 800,000 during the seasoning period.

[mca]

OP there's nothing to worry about at all. In fact as ubonjoe said some immi officers (as one told me) like to see a bit of money going out of the a/c to show you're spending it here and not just sitting on it waiting for your extension.

If immi started saying "Well you've got over 800k in the bank as per the regs but if you hadn't topped it up it would have been lower so extension denied" we might as well all pack up and go home.

[kokesaat]

I was led to believe that immigration instituted the 3 month window to put the kabosh on falangs who were topping their accounts up with borrowed money a few days before getting their visa and repaying their borrowed money the next day (I knew of a few folks who were doing that). My account usually falls well under 800k during the course of the year, but I always top it up a few months before renewal time.

[astral]

As I remember it, not just topping up, but getting a short term loan, for a week or less,

in order to meet immigration requirements........

[grantbkk]

The rule is that you maintain the 800K for three months prior to the letter being issued by that bank stating your bank balance before you go get the visa extension. If I start to get near that figure I transfer money into the account so as not to let it ever dip below 800K.

Theoretically, the whole 800K could be borrowed money I guess. Years back they wanted to see international transfers but that has seemed to die down like most everything else.

Six extensions with no problems using the savings account option.

[david96]

As long as the minimum balance on any day is not less than 800000THB over the 3 month

period prior to application you comply with their criteria.

They also like to see your transactions, that the account is being used on a regular basis.

This means you will always have more than 800000THB over that 3 month period in your account.

For the remainder of the year your account balance call fall to below 800000THB.

They might like to see where the money is coming from although they may not admit that

to you, they reserve the right to ask you.

A large sum being deposited and then withdrawn and the account not being used would

arouse suspicion and you might be questioned on the matter.

If you use the bank + retirement income as your source of funding the amount in your

bank account could be less than 800000THB eg, 400000THB, ie, a minimum of 400000

THB on any day over the 3 month period to comply with the criteria.

[Lite Beer]

If you use the bank + retirement income as your source of funding the amount in your

bank account could be less than 800000THB eg, 400000THB, ie, a minimum of 400000

THB on any day over the 3 month period to comply with the criteria.

When using the Income plus money in the bank method no seasoning of the bank money is required.

From the Police Order.

(5) Annual income plus bank account deposit totaling not less

than Baht 800,000 as of the filing date of application

[TaoNow]

I know I'm in the minority opinion on this (and Jingthing, get your flame thrower ready!) but IMHO the 800,000 baht account isn't intended to cover routine living expenses as Ubonjoe suggests. Instead, it is intended to be a demonstration of financial viability in the case of some unforeseen calamity. My theory (and it is only a theory) is that, some time ago, a few ex-pats ran up huge hospital or legal bills and then left the country to avoid paying the local Thai institutions/individuals who were owed the money. While Immo can't easily prevent that from happening in the future, they can guard against it by ensuring that the retired ex-pats living here have enough money at the beginning of each year to cover such an unforeseen calamity.

Of course, as Jingthing points out, you can drain your 800,000 baht account the day after your extension and then plow it all back in again nine months later. But how does that make sense? As a retiree using the 800K method it would seem that you have no pension or retirement income. So why borrow money from yourself (if not an emergency) to pay living expenses when you have pay it all back (to yourself) in a few months time?

During two extensions so far, Immo (Suan Plu) has not seemed to care that my 800K fixed deposit account was untouched during the year. Also, the fact that you cannot have the funds in a checking account also implies that they do not expect you to use that account for regular withdrawals or deposits.

OK, JT, fire away!

[wca01]

[quote

I was led to believe that immigration instituted the 3 month window to put the kabosh on falangs who were topping their accounts up with borrowed money a few days before getting their visa and repaying their borrowed money the next day (I knew of a few folks who were doing that).

Yes, exactly. Some of the immigration lawyers borrow the money to their clients; they are quite happy about this ruling, because they earn more interests.

WCA

[Jingthing]

You won't get a flame by me. We already know that immigration will accept a static 800K in the account that has been there for years. My question doesn't even begin to speculate about the reasons for the rule, it is simply about the mechanics of the enforcement of the rule. I think I have uncovered an aspect of it that hasn't really been addressed before, about topping up during the seasoning period even though you are always over 800K (but based on spending WOULD HAVE dipped under the 800K within the seasoning period if you had NOT done the seasoning period top up). I also feel in the scenario I gave, there would be no problem, and I appreciate the confirmation of my assumption. Cheers.

Edited September 14, 2009 by Jingthing