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mojaco

when switching to retirement monthly 65,000 deposits when can I stop keeping 800,000/400,000 in bank?

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As per the title I currently extend retirement using 800,000/400,000 rules but also started putting monthly 65,000 in bank three months before my coming extension. After my coming extension using 800,000 in bank rules do I still have to keep that in the bank even though I am also putting 65,000 monthly?  Do I need to do both for a year in order to switch to just the 65,000 monthly?

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Those are some of my questions too.

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I would suggest it is necessary to retain 800,000 for the required 3 months, and the 400,000 until you get a new retirement extension based on income. Mind you, it might be even wiser to bump it back up to 800,000, 2 months before attempting an income extension, as a fall back if income doesn't work out. Once you get the income based extension stamped in, money is yours again. 

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I will have the 65,000 going for more than a year before I try to switch but do I also have to keep the 800,000/400,000 going for that full year also?

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So keep both going for a year then it seems like.

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If I were you I would go and ask at the Immigration Office. I know it would be difficult to explain, but better be safe than sorry.

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6 minutes ago, mojaco said:

So keep both going for a year then it seems like.

The requirement to keep the money, after issue, for a deposit based retirement extension, only came about in March 2019. Only one or two offices actually made any checks after the extension was issued, that retirees had retained the money, i.e. Jomtien wanted you to show you still had the 800,000, 3 months later. Many presumed the requirement would be fully checked at NEXT extension renewal... ie renewals March 2020 onward.  So we do not know for sure, I only state a 'belt and braces' approach. 

If you do your renewal after March, it is possible more is known. 

Edited by jacko45k

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52 minutes ago, stouricks said:

If I were you I would go and ask at the Immigration Office. I know it would be difficult to explain, but better be safe than sorry.

I think I will do this.  But because Immigration seems to change their minds/answers often I don't know if that is guaranteed.  Perhaps best to keep both 800,000 and 65,000 going for this next year it seems. 

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I a not sure , but it could also change the eventuality of your "Grandfathering status" as you change  your retirement "based on..." status , this depending how the handling I.O. interpret it 

 

A lot of not thought thru possibility's in their rule , same as when you wish to stop the 800K way whiteout breaking the strict money rule, you should break your 1 year ret. ext  by example travelling out of country taking no re entry , entering visa exempt (or other ..as this the only way to end it whiteout breaking law ) and then you could fully legal empty your bank account (or partly or not depending future plans ) as others you break that visa law if you empty before Ret.Ext is discontinued..!

This by my hypotactically thinking  

 

This very strict spoken and taken ….. hopefully "the soup is not eaten same temperature as cooked "  

 

Edited by david555

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1 hour ago, ubonjoe said:

Do you have any confirmation from immigration that is correct? 

I would suggest keeping the 800k baht for the 3 months and then ask immigration about keeping the 400k baht in the bank and show them you have started doing the transfers..

 

In two days when I do this year's extension in Chiang Rai I will see what the IO says and report back.  Thank everyone for your advices.

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1 hour ago, ubonjoe said:

Do you have any confirmation from immigration that is correct? 

I would suggest keeping the 800k baht for the 3 months and then ask immigration about keeping the 400k baht in the bank and show them you have started doing the transfers..

 

It kind of speak for itself, doesn´t it. If you have 12 month of 65k per month then you will not need 800k in the bank. That was exactly what I wrote.

If his extension is due in 2, 3 or 7 month, then he have to use the money for his extension and directly start to make monthly deposits at the same time extension has been granted or better up, one month before to be sure. That is same you have explained a hundred times on this forum 🙂 

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