Retirement Visa

[gubeman1]

Then you have failed to meet the condition of keeping at least 800K baht in the bank for the three month seasoning period and so are not eligible to get a further year's extension of of your visa.

The 800K MUST stay in the bank for every day of the 3 months prior to extending your visa.

Funds from abroad definately. I am just seeking confirmation from one respondent already that 800K doesnt have to be imported each and every year. Merely that the account has maintained at leaast a balance of 800K for 3 months. The reason is that I didnt spend the 800K already on deposit from last year. This would mean that one could just keep 800K in a bank account and not touch it and it would always be acceptable.

[InterestedObserver]

Then you have failed to meet the condition of keeping at least 800K baht in the bank for the three month seasoning period and so are not eligible to get a further year's extension of of your visa.

The 800K MUST stay in the bank for every day of the 3 months prior to extending your visa.

Funds from abroad definately. I am just seeking confirmation from one respondent already that 800K doesnt have to be imported each and every year. Merely that the account has maintained at leaast a balance of 800K for 3 months. The reason is that I didnt spend the 800K already on deposit from last year. This would mean that one could just keep 800K in a bank account and not touch it and it would always be acceptable.

That is correct, subject to change at anytime by immigration.

[gubeman1]

Then you have failed to meet the condition of keeping at least 800K baht in the bank for the three month seasoning period and so are not eligible to get a further year's extension of of your visa.

The 800K MUST stay in the bank for every day of the 3 months prior to extending your visa.

Funds from abroad definately. I am just seeking confirmation from one respondent already that 800K doesnt have to be imported each and every year. Merely that the account has maintained at leaast a balance of 800K for 3 months. The reason is that I didnt spend the 800K already on deposit from last year. This would mean that one could just keep 800K in a bank account and not touch it and it would always be acceptable.

That is correct, subject to change at anytime by immigration.

Thats what I'm afraid of, just topping it up and then the rules change.

[InterestedObserver]

Then you have failed to meet the condition of keeping at least 800K baht in the bank for the three month seasoning period and so are not eligible to get a further year's extension of of your visa.

The 800K MUST stay in the bank for every day of the 3 months prior to extending your visa.

Funds from abroad definately. I am just seeking confirmation from one respondent already that 800K doesnt have to be imported each and every year. Merely that the account has maintained at leaast a balance of 800K for 3 months. The reason is that I didnt spend the 800K already on deposit from last year. This would mean that one could just keep 800K in a bank account and not touch it and it would always be acceptable.

That is correct, subject to change at anytime by immigration.

Thats what I'm afraid of, just topping it up and then the rules change.

If you kept 800k in a bank account, never touching it, immigration could reasonable ask you to prove how you were living Thailand.

Edited June 26, 2011 by InterestedObserver

[Gerryasia]

put 800k in TMB 'no fixed account'

2.5% interest and good for immigration

They only care that you have instant access to the cash, not where it come from.

Hmmm.....when I was residing in Thailand last year...I tried that particular TMB account.

They said it was only available to native Thai.

Only available to my GF and not me....I said: No Thanks. '_'

Burned there, done that.

[Jingthing]

For a short time period enforcement wave years ago, proof of funds transfer from abroad was being demanded at some offices (more than the code for that in bank passbooks). This was years ago. Then they stopped. I would recommend importing from abroad if you can, if nothing else to avoid being questioned where the money came from. I don't believe there is hard rule that all the funds must come from abroad though, but if you don't, I would have a good story about it just in case.

There is also absolutely NO RULE whatsoever that you must add a new/fresh 800K baht each year. Add what you want and need ONLY to keep the balance high enough to meet the three month seasoning. This is DEFINITE. Absolutely, 100 percent, DO NOT import a fresh 800K every year UNLESS you actually need or want to. Let's stress if we have to, on real issues, not imagined ones.

Edited June 26, 2011 by Jingthing

[Titoyohn]

Every body say: no fixed a/c. I have my 800k even in a fund book A/C, more than 3% at the moment. You must just make sure the money is taken out 3 months before!

[TaoNow]

InterestedObserver says: "If you kept 800k in a bank account, never touching it, immigration could reasonably ask you to prove how you were living Thailand."

This is an important point and a gray area that has never been resolved.

Based on some casual conversations with Immo officers at Suan Plu and CW, my theory is that the purpose of the 800,000 baht is to cover some unexpected catastrophe during the year, such as for emergency surgery or a law suit.

In the past, there must have been cases of retired ex-pats who left Thailand without clearing debts to local institutions and/or companies.

Somehow, Immo came up with the 800K figure as an average cost of castrophe coverage. And the 65K baht a month for pensions is simply 800k divided by 12; (i.e., Immo assumes the pensioner could clear the debt by paying in installments).

By this reasoning, Immo does not care how much you spend for your cost of living during the year.

It could range from zero baht if you live with a wealthy partner/spouse up to millions of baht spent.

They don't care, as indicated by the majority of posters here who say they are not asked for evidence of transfers in or money spent locally during the year.

[thailand49]

You can expect a 2,000 Baht fine.

Thanks, peoplle, I went down this morning and practice my Thai a little last night, made my apologise and did my wai, and explain my story along with a bill from the hospital and date. He looks and smile and explain to me and told me I yes had to pay 2,000 baht for my overstay so to the next desk,, the guy filled out the paperwork I sign and the head person signed and said Thanks but didn't get a break for my wife being in the hospital.

I will make sure not to do that again?

Thanks,

[InterestedObserver]

InterestedObserver says: "If you kept 800k in a bank account, never touching it, immigration could reasonably ask you to prove how you were living Thailand."

This is an important point and a gray area that has never been resolved.

Based on some casual conversations with Immo officers at Suan Plu and CW, my theory is that the purpose of the 800,000 baht is to cover some unexpected catastrophe during the year, such as for emergency surgery or a law suit.

In the past, there must have been cases of retired ex-pats who left Thailand without clearing debts to local institutions and/or companies.

Somehow, Immo came up with the 800K figure as an average cost of castrophe coverage. And the 65K baht a month for pensions is simply 800k divided by 12; (i.e., Immo assumes the pensioner could clear the debt by paying in installments).

By this reasoning, Immo does not care how much you spend for your cost of living during the year.

It could range from zero baht if you live with a wealthy partner/spouse up to millions of baht spent.

They don't care, as indicated by the majority of posters here who say they are not asked for evidence of transfers in or money spent locally during the year.

Immigration cares if you are working illegally, hence the need to be able to prove cash flow.

[Naam]

For a short time period enforcement wave years ago, proof of funds transfer from abroad was being demanded at some offices (more than the code for that in bank passbooks). This was years ago. Then they stopped. I would recommend importing from abroad if you can, if nothing else to avoid being questioned where the money came from. I don't believe there is hard rule that all the funds must come from abroad though, but if you don't, I would have a good story about it just in case.

There is also absolutely NO RULE whatsoever that you must add a new/fresh 800K baht each year. Add what you want and need ONLY to keep the balance high enough to meet the three month seasoning. This is DEFINITE. Absolutely, 100 percent, DO NOT import a fresh 800K every year UNLESS you actually need or want to. Let's stress if we have to, on real issues, not imagined ones.

i concur JY... BUT assuming the zillion complaints of expats "they don't want us, they keep on increasing the hurdles and moving the goal posts, they want our money" are only partly correct it is reasonable to expect that sooner or later transfers will not only be mandatory but also taxed if not pre-taxed or a double tax agreement exists.

[Jingthing]

i concur JY... BUT assuming the zillion complaints of expats "they don't want us, they keep on increasing the hurdles and moving the goal posts, they want our money" are only partly correct it is reasonable to expect that sooner or later transfers will not only be mandatory but also taxed if not pre-taxed or a double tax agreement exists.

Just speculation. Let's please focus on the situation as it exists.

[Naam]

Just speculation. Let's please focus on the situation as it exists.

logical assumptions are not speculations and as far as the "present situation" is concerned it is worthwhile to read the thread "New Rules Regarding Tax Payable In Thailand?" instead of brushing away potential reality.

I was summoned to the local office and asked many questions about my modest source of income.in Australia. I now am required to provide an official letter from the Australian Taxation Office proving that I paid tax in the last 2 Thai financial years and how much. This is a recent development according to the people at the office, and they are going to work through various countries as they go. Japan will be targetted soon. On her desk today the officer had a list of Australian names of people "living" here who are being looked at. It was extensive!! It looks as if they want tax to be paid by Farangs living here for more that 183 days per year even if the income id derived overseas.

[Pattaya46]

logical assumptions are not speculations and as far as the "present situation" is concerned it is worthwhile to read the thread "New Rules Regarding Tax Payable In Thailand?" instead of brushing away potential reality.

The thread you cite is not "new rules", but long existing rules that some people did not respect because they were not verified/enforced.

Immigration found that "some" guys, at least from America and Australia, lied about their income. They now are a little more strict about the way they give their stamps, and I see nothing wrong in that.

[lopburi3]

What he cites has nothing to do with income statements for visas - please read the link. It appears to be a general dragnet by nationality to find those importing foreign funds without paying Thai tax and is indeed new in it being an active enforcement operation by this report.

[Naam]

I now am required to provide an official letter from the Australian Taxation Office proving that I paid tax in the last 2 Thai financial years and how much.

the part "how much" of the question makes the case even more "interesting". most people think that a double tax agreement protects them from paying tax in their country of residence if they have already paid tax in the country where the income/gains are generated. this is not the case if the agreement does not spell it out clearly. many double tax agreements allow the country of residence to levy the difference in income tax when the local applicable tax bracket is higher.

example: i was working in a country and paid tax of 29% on my taxable income. at the same time i was liable to pay tax on my worldwide income in my home country Germany where my tax bracket was 43%. the double tax agreement only caused that the German taxman considered the 29% as "tax paid" but charged me the difference of 14%.

as the individual agreements differ very much, all expats should do some research what applies to them and "arrange" their income declaration with immigration or their transfers to Thailand accordingly. this has nothing to do with "speculation" (as Jingthing might call it) but with sound planning ahead. concerned parties should check their applicable agreement for the words "provision concerning tax progression" (or the like).

[gubeman1]

I now am required to provide an official letter from the Australian Taxation Office proving that I paid tax in the last 2 Thai financial years and how much.

the part "how much" of the question makes the case even more "interesting". most people think that a double tax agreement protects them from paying tax in their country of residence if they have already paid tax in the country where the income/gains are generated. this is not the case if the agreement does not spell it out clearly. many double tax agreements allow the country of residence to levy the difference in income tax when the local applicable tax bracket is higher.

example: i was working in a country and paid tax of 29% on my taxable income. at the same time i was liable to pay tax on my worldwide income in my home country Germany where my tax bracket was 43%. the double tax agreement only caused that the German taxman considered the 29% as "tax paid" but charged me the difference of 14%.

as the individual agreements differ very much, all expats should do some research what applies to them and "arrange" their income declaration with immigration or their transfers to Thailand accordingly. this has nothing to do with "speculation" (as Jingthing might call it) but with sound planning ahead. concerned parties should check their applicable agreement for the words "provision concerning tax progression" (or the like).

Almost universally in any (nearly all) country if u stay more than 185 days (50% year) you are liable for any and all taxes as would be any resident or citizen including interest, capital gains, income or inheritance taxes. In some way then may be justtified to look at your income if you are here over 180 days, however unpleasant. When I was on consulting assignement in China I had to get out on the advice of my Chinese company else there would be a large 30%+ income tax assesment. They calculated for me when the coast would be clear again. The home country and China count the days in differnent ways so it was possible to pay both taxes even though there was double taxaxtion treaty. i.e. Any 364 day continous period OR calandar year.

I suspect any stays over 185./days in a calandar year could trigger an income tax audit in the future in Thailand.

[phuketrichard]

Update on Retirement extension for PHUKET

I just got back and did the combination method;

Had my letter from the us embassy stating a monthly income

Letter from the bank showing i had xxx amount

both totaled over 900,000

NOTE NONE of the deposits in my bank book were overseas wires.

Took my passport and copies of bank book and relevant pages

2 photos, (one for extension one for re entry)

showed up at about 11:15 and they rushed me thru it, never checked the paper or asked for an atm card or any receipts, never asked for any proof where i lived ( never have)

in fact when i sat down all they said was 1,900 baht

While he was finishing up my extension, started the re-entry and they didn't even let me finish filling it up before they took my passport and paper and entered the re entry permit and said thanks

Total time (which included two trips downstairs to have copies made) less than 15 minutes

:jap:

Edited June 28, 2011 by phuketrichard