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idman

Another change for U.S. Citizens.

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2 hours ago, Paul Catton said:

Being honest, if you can't have parked 800, 000THB for an extension based upon your retirement, or 400,000THB for extension based upon marriage you really have failed.

Being honest as you said, I don't want to park 400,000 or 800,000 when the exchange rate sucks. Proving I have money shouldn't mean lost over $1500 at a low exchange rate.

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1 hour ago, Thaidream said:

In addition to the proof I already mentioned most Americans file a US tax return showing all their income  which would match any Embassy Affidavit.

 

No, that's not correct. I have tax-deferred and tax exempt retirement accounts that both produce substantial income, and none of that is required to be reported or is reported as part of my federal tax returns.

 

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40 minutes ago, Trujillo said:

What could CM immigration's point be in, apparently, asking for hard evidence? 

How does it benefit anyone in immigration or other officials? 

Maybe in their review of a few places in Chiang Mai they found more than a few 50yo American digital nomads working while on a retirement visas and decided a firmer visa approval process is needed (and well within their rules) :coffee1:

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36 minutes ago, sfokevin said:

Maybe in their review of a few places in Chiang Mai they found more than a few 50yo American digital nomads working while on a retirement visas and decided a firmer visa approval process is needed (and well within their rules) :coffee1:

Maybe :coffee1:

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8 hours ago, meechai said:

This was a long time coming....It was only a matter of time.

It was a given half the claims of income were BS

 

I always thought it would be funny if CM Consulate forwarded all the sworn to have XXX income per month to the IRS for their confirmation ??

 

Would have had a few surprised barstools around town

 

Do you  suppose  the IRS would go through all the necessary work to  accommodate the Thai government?

 

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5 hours ago, TallGuyJohninBKK said:

 

The one downside to that is that longer term CDs and even some deposit accounts are now paying 3+% interest and rising, federally insured, in the U.S. right now,  whereas Thai accounts at sometimes unreliable banks are paying 1.5% plus.  So it means potentially taking a 50% or so loss of earning potential on those funds. I'd prefer to keep my funds earning a decent return, if I have any choice in the matter.

 

True

3% of $24000 = 2000b per month. 

But having 800,000 in Bank here is the easiest way to get an extension. 

 

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5 minutes ago, The Theory said:

True

3% of $24000 = 2000b per month. 

But having 800,000 in Bank here is the easiest way to get an extension. 

 

 

Yep, that works out to about $60 a month in total interest based on the full amount in a 3% U.S. account. So the increased earnings over the typical 1.5%+ Thai account, in the alternative, would be about half or $30 or so per month or $300+ per year, after deducting the cost of the $50 U.S. income affidavit.

 

I won't sneeze at saving (or earning) an extra $300 per year.

 

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2 hours ago, TonyClifton said:

Being honest as you said, I don't want to park 400,000 or 800,000 when the exchange rate sucks. Proving I have money shouldn't mean lost over $1500 at a low exchange rate.

Very good answer.

 

I was lucky and brought over a lot of savings from the UK some years ago when the bank exchange rates were very favourable as were the bank interest rates, but there are no ways I would bring over large amounts of money today at the crap rates the banks are offering now. It would probably mean making a huge financial loss on the deal. But obviously the Thai government doesn`t give a toss about that, because we are only tolerated here provided they consider us as of benefit to Thailand, so they want our money held here rather than in foreign currencies located abroad.

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2 hours ago, TonyClifton said:

Being honest as you said, I don't want to park 400,000 or 800,000 when the exchange rate sucks. Proving I have money shouldn't mean lost over $1500 at a low exchange rate.

That is not necessary.  You can keep funds in a FC account and Immigration will accept that.

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42 minutes ago, TallGuyJohninBKK said:

 

Yep, that works out to about $60 a month in total interest based on the full amount in a 3% U.S. account. So the increased earnings over the typical 1.5%+ Thai account, in the alternative, would be about half or $30 or so per month or $300+ per year, after deducting the cost of the $50 U.S. income affidavit.

 

I won't sneeze at saving (or earning) an extra $300 per year.

 

And besides that ,

The interest I receive is not taxable from CDs in US, but here I receive interest-tax. ?

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Here is the misperception that I see repeated over and over on this issue.  The affidavit that one gets from the U.S. Consulate is in no way proof of your income.    YOU are taking an oath and signing a document that states YOU swear to the amount of income YOU claim.  The Consulate is only giving you, and certifying the oath and affidavit.  The U.S. Consulate is not guaranteeing anything.  I can't think of any transaction in business or law where one would take an affidavit on face value without some 'proof' to support it.  Believe it or not, there are some dishonest people...:( 

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It is unusual for interest rates to be lower here than the US.  And compare t apples to apples...yes a 10 year CD will pay 3.9% now, but a one year still only pays 2.2%...that is what to compare to the 1.7% here.... .5% On 800000 is 4000...And people are spending 20 hours getting the affidavit and the MFA stamp, coming from Pattaya.  Last year the TH B appreciated more than 10% against the Dollar....so you bring it over in chunks and when the TH B gets real strong like a few months ago, send 300,000 home..And ignore the retards, who say you cant, and ignore the other retards, who tell you to keep it in bad accounts at greedy banks.  Shop a bit..they aren't all the same.  Oh, and 50% of the letters from Americans false?  EASILY!

Too many deadbeats driving up hospital costs for all.  The Thai government and taxpayers don't owe them a bowl of rotten rice.

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18 minutes ago, silverhawk_usa said:

Believe it or not, there are some dishonest people...:(

You are forced to be dishonest.  My money comes from a business in the USA.  It could be 3000 one month and 10,000 the next month.  There is no other way to list how you come to the 800,000 minimum.  So on its face, the document that you are forced to use doesn't fit everyone.  I had 400,000 in the bank for 2 months just in case I had to do marriage or taking care/relative of a Thai (my son 11).  I could have switched gears quickly.

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55 minutes ago, Dante99 said:

That is not necessary.  You can keep funds in a FC account and Immigration will accept that.

I don't want my money in Dollars either.  There will be a crash.  My money was in Gold.  I cashed some in to put 400,000 in the bank, just in case.  It's now 50 Dollars cheaper and I will buy it back.  There is no way for me to show collateral in Gold when that should be perfectly reasonable to use.  

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30 minutes ago, The Theory said:

And besides that ,

The interest I receive is not taxable from CDs in US, but here I receive interest-tax. ?

it is ordinary income in the US, unless it is within your IRA.  You can easily get your taxes back here, but it still counts as investment/interest from abroad that you should claim on your 1040.

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