Jump to content
BANGKOK
Tanoshi

Marriage/Retirement - Interpretations explained.

Recommended Posts

7 minutes ago, seajae said:

I transfer money to my thai bank account every 4 weeks, thats 13 transfers a year and it averages out well over the amount required. Going by the new laws this is still ok as it totals more than the requirement a year or are you saying that it will not be accepted. Doesnt really matter as I will now deposit the required amount but interested if they are now saying it cant be done, I have used this method of transfers for years

4 weekly is fine, for one month you'll have 2 monthly deposits.

The UK pay the state pensions every 4 weeks.

  • Like 1

Share this post


Link to post
Share on other sites
4 minutes ago, Kenny202 said:

Would be interesting how much thought went into this or if there is an end game? 

I wonder if it is better for Thailand to have money sitting around doing nothing in their banks or us spending it? I imagine some people may have to do some belt tightening, maybe put off buying the new car or motorbike or renovations this year as they need the extra funds. 

Or just fall back on selling any assets they have and moving.

Don't ask where. 😆😆😆

  • Like 1

Share this post


Link to post
Share on other sites

A couple of clarifications if I may and sorry if I missed something, read through all previous posts...

 

1) If you use the 65k per month OS income method, do you also need to maintain the 400K in the bank year round?

 

2) If for eg: I decide to start the 65k method as of 1st March, and my current extension expires August this year...are they going to accept only 5 or 6 months deposits for this first year? Obviously it will be up to the IO but I am in your area and wondering if they showed any leanings towards leniency the first year?

 

3) Did the subject of recycling the 65k every month come up and what was there take on that?  

Share this post


Link to post
Share on other sites

(4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,00 or;

 

This is how it is stated in the original police order, makes no reference to first time or subsequent extensions.....had already decided to stick with the three month pre-seasoning to be on the safe side. 

Share this post


Link to post
Share on other sites
39 minutes ago, Thailand said:

Great info.

So a renewal of extension of stay from say August of 2019 will be checked for compliance upon renewal in August of 2020?

✔️

 

40 minutes ago, Thailand said:

A thought, depositing 800K 3 months prior to the August 2019 renewal and the same month starting 65K+ for the following 12/13 months would meet income requirements in 2020 and allow immediate expenditure of the 800K?

✔️

  • Like 1

Share this post


Link to post
Share on other sites
3 hours ago, Tanoshi said:

Combo method.

Funds and income totalling a minimum of 800,000 per annum.

There is no minimum balance of funds required.

Same seasoning conditions apply as for funds in the bank method. (First application 2 months prior, then 3 months after. Subsequent applications 3 months prior, then 3 months after.)

The important factor for the combo method is that funds deposited and income must not fall below the 800,000 requirement for the year.

If I understand the combo method correctly, then you don't actually need a minimum monthly income....

 

IE. If pensions are paid quarterly, or as someone earlier suggested he sends 100k "as required", then from the above quote from the OP, provided the total income (from outside T/L) over then year, plus funds held during the 3 month seasoning period are over 800k then this method would be acceptable.

 

e.g.  If  receiving a pension of (say) 90k every quarter, then provided 440k is seasoned for 3 months, then the initial criteria is met... There may be jiggery-pokery required regarding minimum holding for the following year.

 

Or, if someone brings in, say 40k at each transfer, some months just one, others 2 or 3 lots, then providing the total brought in over the year PLUS all funds seasoned for 3 months, then this should also prove acceptable. 

 

I typically transfer around 400-500k (entirely from savings & investments) over the course of the year (some months much more than others, and some months zero if the FX rate looks low), then do I only need to keep 300-400k seasoned for 3 months?  To date I've needed to ensure that I've kept 800k for the requisite period.  The combo method, if acceptable, would definitely be of benefit to me.       

Share this post


Link to post
Share on other sites
11 minutes ago, Kenny202 said:

1) If you use the 65k per month OS income method, do you also need to maintain the 400K in the bank year round?

If you use the 65K income method, there is no requirement to prove any funds deposited in a Thai bank.

 

13 minutes ago, Kenny202 said:

2) If for eg: I decide to start the 65k method as of 1st March, and my current extension expires August this year...are they going to accept only 5 or 6 months deposits for this first year? Obviously it will be up to the IO but I am in your area and wondering if they showed any leanings towards leniency the first year?

6 x 65K income deposits = 390K.

Yes they expressed leniency this year, but how much would be up to the IO.

For extension based on Thai child only requiring 400k, as long as you explain your switch to income for 2020, I don't see a problem.

Share this post


Link to post
Share on other sites
3 hours ago, phuketrichard said:

so everyone before saying only 2 months before was wrong?

Thats 6 months 800,000, 6 months 400,000
 

Not just everyone saying...the police order saying! It did nto distinguish between first and subsequent renewals.

  • Like 1
  • Haha 1

Share this post


Link to post
Share on other sites
18 minutes ago, steve73 said:

If I understand the combo method correctly, then you don't actually need a minimum monthly income....

 

IE. If pensions are paid quarterly, or as someone earlier suggested he sends 100k "as required", then from the above quote from the OP, provided the total income (from outside T/L) over then year, plus funds held during the 3 month seasoning period are over 800k then this method would be acceptable.

 

e.g.  If  receiving a pension of (say) 90k every quarter, then provided 440k is seasoned for 3 months, then the initial criteria is met... There may be jiggery-pokery required regarding minimum holding for the following year.

 

Or, if someone brings in, say 40k at each transfer, some months just one, others 2 or 3 lots, then providing the total brought in over the year PLUS all funds seasoned for 3 months, then this should also prove acceptable. 

 

I typically transfer around 400-500k (entirely from savings & investments) over the course of the year (some months much more than others, and some months zero if the FX rate looks low), then do I only need to keep 300-400k seasoned for 3 months?  To date I've needed to ensure that I've kept 800k for the requisite period.  The combo method, if acceptable, would definitely be of benefit to me.       

However he seems to be saying that 800K has to be maintained in the account year round. That is very hard to understand. Not only is it much more restrictive than the 800K lump sum requirement but for most people it would mean never spending your income.

 

In addition, if you have 800K seasoned 3 months in advance, account never dropping below 800K then it is the 800k method already and not a combo method!

 

Something is wrong here....

  • Like 1

Share this post


Link to post
Share on other sites
29 minutes ago, dick turpin said:

(4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,00 or;

 

This is how it is stated in the original police order, makes no reference to first time or subsequent extensions.....had already decided to stick with the three month pre-seasoning to be on the safe side. 

Me too.

 

 

Share this post


Link to post
Share on other sites
16 minutes ago, steve73 said:

If I understand the combo method correctly, then you don't actually need a minimum monthly income....

 

IE. If pensions are paid quarterly, or as someone earlier suggested he sends 100k "as required", then from the above quote from the OP, provided the total income (from outside T/L) over then year, plus funds held during the 3 month seasoning period are over 800k then this method would be acceptable.

 

e.g.  If  receiving a pension of (say) 90k every quarter, then provided 440k is seasoned for 3 months, then the initial criteria is met... There may be jiggery-pokery required regarding minimum holding for the following year.

 

Or, if someone brings in, say 40k at each transfer, some months just one, others 2 or 3 lots, then providing the total brought in over the year PLUS all funds seasoned for 3 months, then this should also prove acceptable. 

 

I typically transfer around 400-500k (entirely from savings & investments) over the course of the year (some months much more than others, and some months zero if the FX rate looks low), then do I only need to keep 300-400k seasoned for 3 months?  To date I've needed to ensure that I've kept 800k for the requisite period.  The combo method, if acceptable, would definitely be of benefit to me.       

I believe you're right about there being no minimum monthly income (meaning there's no minimum amount of money you have to transfer into your Thai account) per month, I think you're mistaken if you don't see the requirement to have 12 monthly deposits.

 

Look at the examples given in the combo section.  All of them are showing 12 monthly deposits and I don't think that's just a coincidence.  The combo method is for someone who is doing 12 monthly deposits but because the amounts aren't enough to meet the threshold they need to have additional money in the Thai bank.  At least that is my current understanding from reading the OP.

  • Like 1

Share this post


Link to post
Share on other sites
19 minutes ago, steve73 said:

If I understand the combo method correctly, then you don't actually need a minimum monthly income....

 

IE. If pensions are paid quarterly, or as someone earlier suggested he sends 100k "as required", then from the above quote from the OP, provided the total income (from outside T/L) over then year, plus funds held during the 3 month seasoning period are over 800k then this method would be acceptable.

 

e.g.  If  receiving a pension of (say) 90k every quarter, then provided 440k is seasoned for 3 months, then the initial criteria is met... There may be jiggery-pokery required regarding minimum holding for the following year.

 

Or, if someone brings in, say 40k at each transfer, some months just one, others 2 or 3 lots, then providing the total brought in over the year PLUS all funds seasoned for 3 months, then this should also prove acceptable. 

 

I typically transfer around 400-500k (entirely from savings & investments) over the course of the year (some months much more than others, and some months zero if the FX rate looks low), then do I only need to keep 300-400k seasoned for 3 months?  To date I've needed to ensure that I've kept 800k for the requisite period.  The combo method, if acceptable, would definitely be of benefit to me.       

Using the income or combo method it is monthly deposits of ……...

 

If you get quarterly payments, it's up to you to adjust the monthly deposits from overseas.

Averages of monthly are not acceptable.

Share this post


Link to post
Share on other sites
54 minutes ago, KiChakayan said:

If it is an indirect way to increase the deposit (to an effective 1200,000 ?) as Sheryl pointed out in another thread it would be a clever move. Someone else mentioned that 400000 is the mandatory health insurance coverage for the O-X visa. Maybe far fetched..

Another thought I've had was that they want people to move to the income alternative. They could could be thinking about income tax... But then I'd see all the people with higher income moving to Malaysia.

This possibility had occurred to me and is another reason why for now I will do the 800k method.

 

Though as I understand it, income from abroad is taxable in Thailand only if brought in the same year it was earned and a pension or equivalent is arguably earned over an extended period of time before that.

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...