I have the 800k, but??

[Coconut Kidd]

I have been doing income verification for retirement extension past several years. I'll be 55 years old when my extension comes up in June. How long to season the 800k for first time use under new rules? Not sure I can get it in time for 3 months if that is the rule. If so, what are my options?

[DrJack54]

If your income verification was genuine then you have no problem. You can use bank statements. 

If not a go then you need show 800k method. If not possible consider agent. Might add perhaps agent might not be ongoing future years. Basically seems you need meet new requirements

[elviajero]

2 months for the 800K.

 

If you start monthly transfers of at least 65K pm now, they should let you apply based on income with proof of those transfers.

 

Or you could use the combo method and put 400K in the bank for 2 months prior to applying, and transfer at least 34K pm.

[Coconut Kidd]

I should have said I have been using income declaration from the US Embassy, not income verification.

 

So, for my first time 800k in bank how long season?

[Coconut Kidd]

2 minutes ago, elviajero said:

2 months for the 800K.

 

If you start monthly transfers of at least 65K pm now, they should let you apply based on income with proof of those transfers.

 

Or you could use the combo method and put 400K in the bank for 2 months prior to applying, and transfer at least 34K pm.

Okay, so first time using 800k in bank I have to season 2 months? Correct?

Edited February 21, 2019 by Coconut Kidd

[DrJack54]

3 minutes ago, Coconut Kidd said:

Okay, so first time using 800k in bank I have to season 2 months? Correct?

Yep

[Coconut Kidd]

Just now, DrJack54 said:

Yep

Thank you very much for the information. That makes my day. Best regards.

[onera1961]

3 minutes ago, Coconut Kidd said:

Okay, so first time using 800k in bank I have to season 2 months? Correct?

It is nebulous. Do you whatever you could and report us what you find out from IO. You could use an agents in the first year if denied for some reason. But from the next year, start bringing 65k/month or season at least 400K for the entire year and 800K for the three months prior to your application, though the police order says three months but you never know what IOs want. 

[Coconut Kidd]

I see it now in the new order:

 

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 that THB 800k.

 

Yes, the IO can do what they wish, but this^^ seem pretty concrete.

 

I do however appreciate your thoughts.

 

 

 

[ubonjoe]

7 hours ago, Coconut Kidd said:

I see it now in the new order:

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 that THB 800k.

Yes, the IO can do what they wish, but this^^ seem pretty concrete.

I do however appreciate your thoughts.

There has been some debate for the 2 months before question. But some people and immigrations officers are of the opinion it is that it is still 2 months (60 days in old order) for the first extension from a new non-o visa entry and then 3 months after that.

In my opinion it is as written and is very clear that it is 2 months before and 3 after. 

[Longcut]

If there is now a requirement to leave a minimum 400K baht in the bank and never be able to withdraw the money. Why would someone want to have to show 65K baht a month going into a Thai bank account? Or leave 800K in the bank for six months? Wouldn't the combination method be the best option? That is only going to require 33,334 baht a month deposit. I can meet the 800K or the 65K a month option. But why, when I will only have to deposit 33,334 baht a month. Am I missing something?

[mercman24]

such a stupid ruling, i will have to have 1.5 million baht in my account (800,000 plus 5 months spends) (as most others i presume) when here in my complex i can buy a nice refurbished condo right by the sea, 45 sq m, for 1-39, million baht, so imagine in your country (eg UK) they would say you have to have 150,000 UK pounds deposited in your account for 6 months, they are so out of touch with the real world , children, all of them, need to go back to school

[luckyluke]

16 minutes ago, mercman24 said:

such a stupid ruling,

 

The rule seems to be stupid for 4 nationalities.

 

Being Belgian, I don't have to have anything on a Thai bank account, neither a specific amount to be transfered.

 

At least as per today.

[wgdanson]

1 hour ago, Longcut said:

If there is now a requirement to leave a minimum 400K baht in the bank and never be able to withdraw the money. Why would someone want to have to show 65K baht a month going into a Thai bank account? Or leave 800K in the bank for six months? Wouldn't the combination method be the best option? That is only going to require 33,334 baht a month deposit. I can meet the 800K or the 65K a month option. But why, when I will only have to deposit 33,334 baht a month. Am I missing something?

It depends on how much you need to live on, is Bht 33,334 enough?

[Longcut]

11 minutes ago, wgdanson said:

It depends on how much you need to live on, is Bht 33,334 enough?

I normally live on more. But, I am just looking to not keep depositing more in my Thai account than I need. I would much rather have it deposited in my stateside bank. I may be wrong about this either way. Is someone required to maintain a balance of 400K baht in the bank even if they are doing the 65K a month income method? This is where I am not clear.

[Tanoshi]

1 hour ago, mercman24 said:

such a stupid ruling, i will have to have 1.5 million baht in my account (800,000 plus 5 months spends) (as most others i presume) when here in my complex i can buy a nice refurbished condo right by the sea, 45 sq m, for 1-39, million baht, so imagine in your country (eg UK) they would say you have to have 150,000 UK pounds deposited in your account for 6 months, they are so out of touch with the real world , children, all of them, need to go back to school

800,000 baht is equivalent to £20,000 (UK pounds)

 

£150,000 = 7,500,000 baht.

[wgdanson]

20 minutes ago, Longcut said:

I normally live on more. But, I am just looking to not keep depositing more in my Thai account than I need. I would much rather have it deposited in my stateside bank. I may be wrong about this either way. Is someone required to maintain a balance of 400K baht in the bank even if they are doing the 65K a month income method? This is where I am not clear.

I hope not. Is it not Money in Bank OR 65k per month OR combination ie 400k in bank and 33.3k per month.

My IO told me I could do 65k a month, proved to be from outside Thailand, and I can spend every satang if I need/want to.

[Longcut]

Just now, wgdanson said:

I hope not. Is it not Money in Bank OR 65k per month OR combination ie 400k in bank and 33.3k per month.

My IO told me I could do 65k a month, proved to be from outside Thailand, and I can spend every satang if I need/want to.

I like your scenario better than mine. My money in the bank I prefer to keep for emergencies. 

[wgdanson]

6 minutes ago, Longcut said:

I like your scenario better than mine. My money in the bank I prefer to keep for emergencies. 

For emergencies, I keep GBP 10,000 in a Bangkok Bank Foreign Currency Account.

[jackinthai]

OK,another curve ball,what if I decide,after I get my next extension,I decide this will be my last one.What will happen once I spend down my acc under the 400000tbt limit I wonder.

[malibukid]

4 hours ago, wgdanson said:

For emergencies, I keep GBP 10,000 in a Bangkok Bank Foreign Currency Account.

for emergencies i carry high limit credit cards.  do not trust foreign banks.

Edited February 22, 2019 by malibukid

[Jingthing]

1 minute ago, jackinthai said:

OK,another curve ball,what if I decide,after I get my next extension,I decide this will be my last one.What will happen once I spend down my acc under the 400000tbt limit I wonder.

As far as I know, we haven't heard one bit of information about this.

Does going under (either during the three months 800K or the later 400K) simply mean you won't be eligible for your next extension, or does that put the expat's current extension into the not valid zone. There was a comment from Phuket immigration about the 400K saying -- just don't do it. But people will do it either because they plan to leave or it just happens. 

[jacko45k]

6 hours ago, Longcut said:

But why, when I will only have to deposit 33,334 baht a month. Am I missing something?

Some IOs are wanting people to prove the income is from a pension, those like myself who do not yet have one will use the 800/400k facility. Others may have the income and yet be cash strapped for the 400k! You make a valid point if indeed, for combination method, a minimum 400k deposit is obligated. The Jury is still out on that though.

[Tanoshi]

29 minutes ago, jackinthai said:

OK,another curve ball,what if I decide,after I get my next extension,I decide this will be my last one.What will happen once I spend down my acc under the 400000tbt limit I wonder.

Absolutely nothing!

 

The account balances won't be checked until your next extension, so if your not doing another extension, then there's no checking.

[david555]

6 hours ago, luckyluke said:

 

The rule seems to be stupid for 4 nationalities.

 

Being Belgian, I don't have to have anything on a Thai bank account, neither a specific amount to be transfered.

 

At least as per today.

Hi, do they verifies now ? As before I gave them voluntary a Pension attest stating my pension I am entitled to..., even with a nice purple seal , but they say they could not/may not , stamp that .

That time was only our signature declaring as genuine on affidavit…!

So what is changed by Belgium Embassy ? Or are they just still keeping only that signature verifying on affidavit as before , as then it is just a ticking time bomb until I.O. remarks that ...and there you go rejected by surprise and out of timeframe to repair it

[Tanoshi]

3 minutes ago, david555 said:

Hi, do they verifies now ?

No, never have and never will.

EU Data Protection law prevents it.

[david555]

1 minute ago, Tanoshi said:

No, never have and never will.

EU Data Protection law prevents it.

So that is the surprise time bomb I was talking about , for me the combo method was plan B as I use 5 years already the 800K method  , I think coming year after June many dramas can be surface

[DrJack54]

41 minutes ago, jackinthai said:

OK,another curve ball,what if I decide,after I get my next extension,I decide this will be my last one.What will happen once I spend down my acc under the 400000tbt limit I wonder.

Spend the lot. The requirement to keep the 800k for 3 months after and then 400k etc is for your NEXT extension, which you won't get if requirement not met. You then have until your permission of stay date to get out of town

[nasa123]

Does anyone think of when you die and monky in thai bank? A good friend of me died and he had a lot of money in Thai bank. His family had to have papers from the court in his home country translated into Thai and then in to court in Thailand and where the case is still after 4.5 years. And a think the money are gone forever, only hime have acces to the account.

Edited February 22, 2019 by nasa123

[MadMuhammad]

49 minutes ago, nasa123 said:

Does anyone think of when you die and monky in thai bank? A good friend of me died and he had a lot of money in Thai bank. His family had to have papers from the court in his home country translated into Thai and then in to court in Thailand and where the case is still after 4.5 years. And a think the money are gone forever, only hime have acces to the account.

He had no will and didn’t inform anyone in his family about his accounts? 

When I left Australia I authorised my mom as a co-signer on my account and she has copies of everything: bank accounts, family trust account, term deposits, my shares and brokers contact details plus an airtight will. 

You cant blame the banks for your friends lack of preparation 

Edited February 22, 2019 by MadMuhammad