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BANGKOK 18 February 2019 10:47
LawrenceN

Report: Successful retirement extension using monthly income, no consul letter

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11 minutes ago, gk10002000 said:

And I would be happy to provide such proof, although without any guidelines or examples of what they would want to see, I can see nothing but problems.  I have stocks, bonds, funds, etc.  that pay me over $60,000 USD each year.  Said monies are in various IRA accounts, Roth and Traditional, and my regular Brokerage account.  Each account has records I could print out of past incomes generated as well as Etrade has an extremely simple and accurate income estimator tool that simply applies the past historical dividend and interest data and shows what the estimate would be for the next year.   Would Thais understand that?  Probably not. Would they want a letter from Etrade certifying my current holdings?  Etrade has told me they would generate that and simply reference the current holdings I have.  I would gladly supply the Thais with the list of equities, my account holding records, etc.  But I would not be surprised that the Thais would then say, "fine, but what if you sell every thing... then you have no income".  Well, technically that is possible, just as some private pensions go bankrupt, people sell their rental properties, etc.  My main point is, that the so called corroboration, documents are open season and no guidance is available that I'm aware of.

IF you sincerely make $60k a year on your investments why don't you just drop 800,000 baht in a bank and be thru with it? A portfolio throwing off that much income has to be well in excess of $1 mil.

 

Edited by HuskerDo
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10 minutes ago, gk10002000 said:

My reasons for not depositing are:  Because I like my money invested where it is earning an average of 6%.   That's the main reason.  The second reason is I don't trust Thailand banks or organizations any more than I have to and do not want to put any sizable amount of assets in the country.  Another reason is putting 800k baht in Thailand then requires me to file paper with the US for having more than 10,000 USD in a foreign account.  I just prefer to not tell the USA anything more than required.  I file my taxes, Etrade automatically sends them the required brokerage statements, sales, etc.  And yes your math is correct.  As a senior engineer that worked many years as a contractor, single no blood sucking ex wife, I took pretty good care of finances outside of work, and some years really did save close to 100K a year.  My portfolio is just over one million.  For those interested, here is a summary of my holdings in my IRA and brokerage accounts, not counting my company 401k that is in a simple short term bond fund:  NLY, T, PRHYX, NEA, PGX, PRHYX, PRFXF, and a handful of individual Municipal  bonds.  The tax free municipal bonds are in my regular brokerage account and are tax free.  The other funds are mixed between my Traditional and ROTH IRA accounts.

 

  Yes I have been considering the simplicity and relative ease of the Elite Visa, but since I plan to only spend about 1/2 of each year actually in Thailand, the cost/benefit of the Elite Visa is less appealing and not the best buy.

I think you're being silly. Filing FBAR takes like five minutes and 800K baht raises zero red flags. Also you've got ample funds so I'm sure when you're in Thailand you spend a good bit. The 800K doesn't need to sit there. Spend it down all you like, you just need to top up three months before each annual application, then start spending again after each extension. I wouldn't be worried about Thai bank security. I recommend Siam Commercial Bank. The only issue might be repatriating it later if you want, but again 800K isn't that much, worse case you could export it in cash.

Cheers. 

Edited by Jingthing

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3 minutes ago, gk10002000 said:

You are entitled to your opinion.  I prefer to operate the way I do and put and move my money where I want, and in the ways I want.  I have seen enough issues with foreigners losing assets, being held "hostage" and for ransom over trumped up charges, unknown "clerical errors", etc.  I have made it to 61 years of age by navigating the waters my way.

Yes, there is a small chance you could lose 800K baht or so if some bad thing happened when your account was more flush. But if you buy an elite card you will definitely lose those funds and also it's my opinion that based on your financial report, losing 800K wouldn't have much of an impact on your quality of life. No worries, obviously it's your money, your choices. P.S.-- I don't have to tell you not to buy a condo. (Wanna buy my condo? Ha ha.)

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13 minutes ago, gk10002000 said:

You are entitled to your opinion.  I prefer to operate the way I do and put and move my money where I want, and in the ways I want.  I have seen enough issues with foreigners losing assets, being held "hostage" and for ransom over trumped up charges, unknown "clerical errors", etc.  I have made it to 61 years of age by navigating the waters my way.  In addition, the nature of my job and security clearances, and reporting, things are much simpler and easier if I minimize my exposure and involvement in anything outside the USA.  And since I plan to continue contracting on an ad hoc part time or temporary basis, keeping my foreign involvements simple or non-existtent makes things very easy for me

Well I agree with your comment about not wanting to have to inform the US govt that you have over $10k overseas but as far as it being safe in a Thai bank I agree that it would be. Even if you are worried about it disappearing you have stated you have over $1 mil. $25k shouldn't change your life one way or another. Maybe just stay in the US and live it up on the $1 mil. Why frustrate yourself with new overseas rules when you don't have to?

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2 hours ago, gk10002000 said:

And I would be happy to provide such proof,

Why not just supply him with a local bank statement showing 12 monthly transfers from overseas of 65,000 baht and a letter from the bank confirming the account, and not confuse him with all that other gubbins?

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5 hours ago, gk10002000 said:

My reasons for not depositing are:  Because I like my money invested where it is earning an average of 6%.   That's the main reason.  The second reason is I don't trust Thailand banks or organizations any more than I have to and do not want to put any sizable amount of assets in the country.  Another reason is putting 800k baht in Thailand then requires me to file paper with the US for having more than 10,000 USD in a foreign account.  I just prefer to not tell the USA anything more than required.  I file my taxes, Etrade automatically sends them the required brokerage statements, sales, etc.  And yes your math is correct.  As a senior engineer that worked many years as a contractor, single no blood sucking ex wife, I took pretty good care of finances outside of work, and some years really did save close to 100K a year.  My portfolio is just over one million.  For those interested, here is a summary of my holdings in my IRA and brokerage accounts, not counting my company 401k that is in a simple short term bond fund:  NLY, T, PRHYX, NEA, PGX, PRHYX, PRFXF, and a handful of individual Municipal  bonds.  The tax free municipal bonds are in my regular brokerage account and are tax free.  The other funds are mixed between my Traditional and ROTH IRA accounts.

 

  Yes I have been considering the simplicity and relative ease of the Elite Visa, but since I plan to only spend about 1/2 of each year actually in Thailand, the cost/benefit of the Elite Visa is less appealing and not the best buy.

I hate to say it GK but after looking at the investments you listed I think you are full of beans.  Those high yield funds have huge fees associated with them and are extremely risky. The only investment that makes sense is T. There are a lot of people that come on these boards claiming to be very wealthy. In reality few are. If you had over a million $ you wouldn't be so concerned with keeping 800,000 baht in a US bank or investing it to make a better return than a Thai bank. IF you were able to collect 6% on your 800,000 baht it would amount to $1,500 US a year. Someone who claims to have over $1 mil would consider $1,500 less than pocket money. You also said you are eligible to start collecting SS this year but might continue to work. You say you are single with over a million dollars and are in your 60's yet you are concerned about another $1,500 a year off the $25k (800,000 baht) you don't want to deposit in a Thai bank even tho it would make your life so much easier. You also are talking about continuing to work. Something sounds very fishy. You also said that some years you saved as much as $100,000 US dollars. That would mean you earn more than $200,000. Again, if that is true, at your age with all the income you claim to have you should have far more than $1 mil. Not a believer. 

Edited by HuskerDo
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On 1/15/2019 at 6:24 PM, ubonjoe said:

That is good news.

Just the letter from the bank confirming your account is valid and a statement or bank books are what I have been predicting is all they will want.

Not exactly. You noticed he said monthly deposits via BB. I brought mine over via quarterly transfers ands told to change to monthly. I now have a BB as well as my KTB

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6 hours ago, gk10002000 said:

You are entitled to your opinion.  I prefer to operate the way I do and put and move my money where I want, and in the ways I want.  I have seen enough issues with foreigners losing assets, being held "hostage" and for ransom over trumped up charges, unknown "clerical errors", etc.

For longer-term stayers who go home every year, I would suggest you consider getting "Non-OA" Visa for now - avoiding immigration's corrupt shenanigans (varies by office - some are honest, some not).

 

6 hours ago, gk10002000 said:

Still working through the end of this year, now in San Diego area, and if the company makes the job a little fun, I will stay a while.  I get a month off every year, and can take another month out of work without pay, so for a year or two, that's probably what I will do.

If only staying 2 months / year, then a Tourist Visa or even Visa-Exempt entries will work - and require no jumping money-hoops beyond showing 20K Baht worth of cash in a bank for the Visa and 20K Baht Cash on arrival to immigration.

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16 hours ago, Pib said:

For those who stay "part-time" in Thailand like 2, 4, 6, etc, months a year, can no longer get an embassy income letter in order to use the monthly income method, and don't want to deposit Bt800K in a Thai bank for 3 months before extension application "for whatever reason(s)" these folks are definitely between a rock and a hard place in getting a retirement extension of stay.  It definitely complicates the situation.  Can't use the monthly income method and can't/don't want to deposit Bt800K. 

It's definitely problematic. I've been spending 3 months in US, 3-4 months in Thailand. I had been thinking to return home, and in 2020 hope to spend 3 months in Ireland and 3 months in the UK. Aside from the fact I don't need to transfer that much into the country to live, it makes spending the time at home that I have been difficult or spending extended amounts of time outside Thailand. This kind of pushes me over the edge to just head home after 2019. I may return in the future, but for now that seems the best course. Wish they would do same as Malaysia and allow 90-day entries but I don't think that's on the horizon. I am glad I never burned all my bridges.

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3 hours ago, granuaile said:

This kind of pushes me over the edge to just head home after 2019. 

I think a good many "part-timers" in Thailand "who was already of the edge trying to decide if they want to spend more time in Thailand" will also decide it's got a little too hard in staying in Thailand based on the new income rule.   Maybe call it the straw that broke the camel's back....was just enough push to help the person come to a final decision of whether to stay or leave.  Sure there will probably be some regrets as many decisions cause some regrets. 

 

Now, how many is a "good many?"  Well, I would say a couple of thousand out of the hundreds of thousands of UK/US/AU/Danish farangs in Thailand.  So, we are only talking a very low percentage where the impact on the overall Thai economy would be like 0.00001% of GDP (that is, a very, very small amount).  But a little more economic impact in locations like Pattaya, Phuket, etc.,  where retirees are numerous.  Although some of retirees (full time or part time) like to grossly exaggerate how important we think our retiree economic contribution is to Thailand is, our contribution is really small...but many small contributions do add up.   Not saying these folks will not be missed, as they will, but economically the impact is very low.

 

But beyond the economic impact the human/emotional impact on many retirees and their Thai family/friends will be great.  Hopefully retirees such as yourself will work out a way to continue to visit Thailand for X-mounts each year.

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