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BANGKOK 23 January 2019 22:23
DrJack54

12 month visa extensions based on monthly income method or bank deposit 3 month

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This op isn't meant to be one group versus other using the above mentioned options. Presently many threads running regarding some embassies no longer providing affidavit letters. My question has anyone actually investigated the cost of various ways of living in los on non o extensions. I'm interested in monthly deposit method (hidden costs). Transfer costs from o/s and more significantly poor exchange rate, etc. The 3 month bank deposit has costs also. Many like me accept zero interest (yes I know term deposit possible). Cut to chase nothing is free. It all pans out costing to various degrees. On my calculations, monthly transfers from o/s is not a good option. Happy to stand correct (without the stone chucking).  Some people even asking where should they move to for easier regulations. Few in various threads mention Vietnam as one example. I get 4 multiple tourist visas there every year. Geezus they don't even have a retirement visa. 

Edited by DrJack54
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"Hidden costs" was a bad choice of words. What I meant was costs overlooked by a lot of us (including myself) in relation to transferring our money from home country to here. 1/Bank to bank (international). 2/Money transfer companies such as OFX (money transfered in your home country to their account then transferred to Thai bank in baht). 3/Physically bringing cash from overseas here (not suitable for most). 4/Other methods. The difference in all methods is not minor. One of the biggest differences is exchange rates for the various methods.

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For me, I bring in and spend at least 65K baht each month anyway so the only additional cost is the SWIFT or some other transfer method vs. my current preferred (reimbursed fee) ATM route.

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The equivalent of 77000 ThB ( monthly transfers ) from Belgium to my Thailand bank account with TransferWise cost me +/- 620 ThB.

 7500 ThB yearly, 1700 ThB L.o.I., 1900 ThB year extension.

So less than 1000 ThB a month.

A fair price ( and legal ) to pay, in my opinion; as I don't have 800000 ThB.

Edited by luckyluke
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1 hour ago, luckyluke said:

The equivalent of 77000 ThB ( monthly transfers ) from Belgium to my Thailand bank account with TransferWise cost me +/- 620 ThB.

 7500 ThB yearly, 1700 ThB L.o.I., 1900 ThB year extension.

So less than 1000 ThB a month.

A fair price ( and legal ) to pay, in my opinion; as I don't have 800000 ThB.

You state that you do not have savings, therefore I assume the monthly transfers are sourced from a pension or salary.

 

It is my understanding that foreign-sourced income if paid in or remitted to Thailand within the year it is earned is subject to Thai taxation. The old TM6 form (2 versions back) had the tax warning on it.

 

You will be presenting proof to Immigration of transfers which might cost you +10,000 Baht a month in tax.

tax.jpg.a458d9ac23ecf6e6abe614aeeae87457.jpg

I think we must see how this all plays out in the coming year.

 

 

 

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I don't know about other countries, but in the US there is a Bangkok Bank branch in NYC.  You open an account at Bangkok Bank in Thailand.  You then use the routing number of the New York Branch and your Thai account number.  The costs would be whatever your US bank charges for a standard ACH transfer (they won't even know that the money is going to Thailand) and a possibly exchange rate loss.

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3 minutes ago, Glenn Roe said:

I don't know about other countries, but in the US there is a Bangkok Bank branch in NYC.  You open an account at Bangkok Bank in Thailand.  You then use the routing number of the New York Branch and your Thai account number.  The costs would be whatever your US bank charges for a standard ACH transfer (they won't even know that the money is going to Thailand) and a possibly exchange rate loss.

Bangkok Bank will discontinue that process April 1.  So they say. 

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3 minutes ago, amexpat said:

Bangkok Bank will discontinue that process April 1.  So they say. 

Only if the transfer is not in the international ACH transfer code called IAT.

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I was led to believe that if my income was generated in the UK and I pay

UK taxes on this money (which I do) then I have already paid any tax due

on that income ….something to do with an agreement between Thailand

and UK....or is that not the case. 

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U.K. and Thailand do indeed have a double taxation agreement whereby if you pay tax on your income in UK then you don't pay tax on it in Thailand. Also any income earned in UK is taxed in UK.

 

it has also been reported on here that if your lump sum is in a Thai bank and you receive interest which is taxable you can reclaim the tax from the Thai Tax Office. 

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16 minutes ago, JohnC said:

U.K. and Thailand do indeed have a double taxation agreement whereby if you pay tax on your income in UK then you don't pay tax on it in Thailand. Also any income earned in UK is taxed in UK.

 

it has also been reported on here that if your lump sum is in a Thai bank and you receive interest which is taxable you can reclaim the tax from the Thai Tax Office. 

so to understand correctly... we work collect a salary, pay taxes on that salary while working....then we retire collect a misery of what we paid for and still have to pay taxes on that misery of a pension.... double taxation or maybe triple taxation if retired into a country taxing us for the moneys bringing in to such country....

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