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Tanoshi

Marriage/Retirement - Interpretations explained.

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1 minute ago, Sheryl said:

Some IOs are reported to be asking for documentation in excess of official TI rules, though. CM is reported to be have been requiring proof of "pension" income in addition to Embassy letters for some time now.

It's a confusing mess!

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25 minutes ago, Tanoshi said:

Their is no seasoning period for the combo.

It's an annual combination of funds and income totalling 800K.

The income can be immediately spent, but how much you could withdraw on the funds, depends on your monthly income and how much you have in funds.

 

If you have an income of 40K per month, then you need 320K in funds.

The 320K would then have to remain in the bank for the full 12 months, or you'll have fallen below the 800K.

 

If you have an income of 40K per month, but had 600K in funds, then you could withdraw 280K of the funds.

The fund on deposit portion does not need to be in the bank 3 months before application? To my reading it does, same as the 800K.

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58 minutes ago, Thaidream said:

By the way - I can prove  I get  income 65K per month with 1 letter and then prove it again and where it is  taken out in Thailand at an ATM Another sheet of paper.  Written in English 2 sheets of paper- plus 4 ATM cards from the US.  Too much for the IO?  

Keep us posted with how you make out with your next extension... :coffee1:

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1 hour ago, jacko45k said:

The money in the FD securing the CC is not accessible while you still have the card, so fails the requirement for retirement Ext. 

ok. but it is accessibile  through the credit card as the fixed deposit guarantees the sums spent on the credit card. No?

Edited by bigginhill
bad spelling :-(

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11 minutes ago, Sheryl said:

The fund on deposit portion does not need to be in the bank 3 months before application? To my reading it does, same as the 800K.

I would agree that the bank balance in a combo method must be seasoned 3 months... Prior to the 3 month mark one should do an analysis/estimate of the previous nine months of income transfers in plus a estimate of the next three months and then adjust/fund the bank balance to insure the 800k total at extension day...

Edited by sfokevin

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28 minutes ago, sfokevin said:

Keep us posted with how you make out with your next extension..

yes- plan on doing it that way but will of course have the income transferred in when they undoubtedly say no can do.

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1 hour ago, Tanoshi said:

I'll try and clarify it another way.

 

At the point of making a combo application, you will need to supply 2 forms of evidence.

1. Funds deposited in a Thai bank.

2. The previous 12 months income deposited in a Thai bank account.

How much was your income deposited each month - 40K.

So 40K x 12 = 480K, meaning you must have 320K in funds.

You can immediately spend the 40K income each month, but if you only had 320K in funds, you can't draw down on it because you would be under the 800K minimum requirement.

 

The greater you can transfer each month, the less the funds have to be, or,

The greater the funds, then the lesser the income requirements.

It's flexible to meet either your income capacity, or your funds capacity.

Provided the two add up to 800K when your applying for the extension.

 

You can supply an Embassy letter as an alternative for the proof of income.

This statement is ambiguous to me....

You can immediately spend the 40K income each month, but if you only had 320K in funds, you can't draw down on it because you would be under the 800K minimum requirement.

 

I could interpret that 2 ways...The calculation above adds up to 800k

320k deposited and not touched for 12 months

480k monthly deposits of 40k per month

 

Are you saying the monthly deposits I can deposit from abroad then immediately withdraw leaving only the lump sum of 320k in the bank untouched all year?

So at the end of the year the sum of total deposits would equal 800k but during the year the actual balance in the bank will be well under 800k?

 

Or are you saying that I could only draw down on amounts over and above the monthly deposits and lump sum deposit if I had deposited money over and above 800k? (320 + 480k)

 

 

Edited by Kenny202

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I'm still concerned about the income method (and possibly also the combo).  You may have a fixed pension income of say 1500GBP/mon but due to varying exchange rates it does not give a fixed THB.  

 

This time last year, 1500GBP would have given you just over 65k bt.  Now it would be less than 60k.  Clearly the income method would now fail.

 

So you could try to ensure you have kept some funds in your bank above a certain minimum for the seasoning period.... But how much?

Will the I/O use the total income, or use the lowest income X12.

 

If he is happy to use the total figure for the year, then it open the possibility for using quarterly income, and if your quarterly income is over 200k/qtr, then this should be acceptable for to 100% income method.

 

I would suggest that anyone who is intending to use an income OR combo method to support an extension during the rest of this year should visit their local office as soon as possible and discuss exactly what will be required or expected.   As a minimum, I would expect them to want to see regular monthly deposits to your Thai bank from Jan 2018 at the latest (which of course may already be too late for some, so perhaps a double deposit this months would suffice).

 

I will be doing my extension soon using the seasoned funds method, but I intend exploring the possibility of moving to a combo method in the following year.

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K. Tanoshi,

When referring to the Retirement Extension under 2.22, I take it that a letter from an Embassy regarding Income is NOT AN ADDITIONAL requirement to the depositing of the requisite monthly monies into a Thai Bank.

After all, it is the TI’s demands on our Embassies that has caused them to remove this facility, so therefore impossible!

Thanks

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2 hours ago, Sheryl said:

The fund on deposit portion does not need to be in the bank 3 months before application? To my reading it does, same as the 800K.

Not on the figures being mentioned to just reach the 800K requirement for the year.

You'd have to leave the funds in the bank all year round to meet the 800K total for the year.

 

If you had 500K in funds and an income of 50K per month totalling 1,100,000 per annum, then you can draw down 300,000 on the funds, 3 months after the extension is issued. In that scenario the 3 months seasoning of the funds is required before you can withdraw.

 

Crazy and not surprised everyone is confused, but that's exactly how it was demonstrated to me.

Like yourself I'm hoping this meeting next week irons some of these issues out.

As I've stated before, I think the 2 months, then 3 months after has been misinterpreted by every IO.

I believe it was meant to read 2 months (1st app), then 3 months before next app.

Even then according to the order you'd still have to leave 400K in the bank.

 

Personally if that's how it stood for the funds and combi method, I'd be switching to the income method if I could afford the 65K per month transfer.

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2 hours ago, Kenny202 said:

I could interpret that 2 ways...The calculation above adds up to 800k

320k deposited and not touched for 12 months

480k monthly deposits of 40k per month

 

Are you saying the monthly deposits I can deposit from abroad then immediately withdraw leaving only the lump sum of 320k in the bank untouched all year?

So at the end of the year the sum of total deposits would equal 800k but during the year the actual balance in the bank will be well under 800k?

Yes.

 

2 hours ago, Kenny202 said:

Or are you saying that I could only draw down on amounts over and above the monthly deposits and lump sum deposit if I had deposited money over and above 800k? (320 + 480k)

You can withdraws the income deposits immediately for your living expenses.

You can draw down on your funds provided the combined total doesn't fall below 800K per annum.

Read post 481 above.

 

With a meeting set next week to clarify this new order about funds and combo methods, it would be better in my opinion to now wait for the outcome of that meeting. I could have been told a load of '<deleted>', then again it could be correct.

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2 hours ago, steve73 said:

This time last year, 1500GBP would have given you just over 65k bt.  Now it would be less than 60k.  Clearly the income method would now fail.

 

So you could try to ensure you have kept some funds in your bank above a certain minimum for the seasoning period.... But how much?

Will the I/O use the total income, or use the lowest income X12.

 

If he is happy to use the total figure for the year, then it open the possibility for using quarterly income, and if your quarterly income is over 200k/qtr, then this should be acceptable for to 100% income method.

Depends what your using for proof of income.

Embassy letter will be in a foreign currency and converted by the IO using the BKK exchange rate for that day.

Incomes transferred into a Thai bank account will be in baht.

 

It's a minimum of 65K per month. Anything under 65K for even 1 month could disqualifies your application.

Edited by Tanoshi

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