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Pumpuynarak

Retirement Extension using 65K income - Has anyone actually got one using the new criteria ?

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Can anyone share their experiences ? I recently got my retirement extension but used a UK embassy letter and was informed by the very pleasant lady IO that next year i would have to supply them with Thai bank statements showing monthly transfers into the account of a minimum 65K but wait for it...........

These monthly transfers have to be on the same day each month but they will allow a few days difference to account for weekends, that is exactly what she told me in English and wifey in Thai.

So they are actually dictating to us when we have to transfer the dosh despite what our needs might be, i suppose its just too damn easy to count 12 incoming transfers (65K min) in a 12 month period from your bank statements.

I trust i'm not duplicating this issue as i can't find it in this section where it belongs.

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Unless ex pats are treated differently by UK Pension Service, I can see some confusion in that my State Pension is paid every four weeks (28 days).  That means over a year there are 13 payments per year.

 

My mother used to get UK State Pension paid weekly (every 7 days).

 

I had an uncle who lived in Canada and he received his UK State Pension once every three calendar months.

 

Most private pensions are paid on the same day each month, unless that day falls on a Saturday, Sunday or Bank Holiday.

 

Whilst the Thai Authorities have intimated they will allow a few days either way for payments, I can see some confusion with say someone who receives UK State Pension and a couple of Private Pensions, paid on different days.

 

One question I would add, is if they are accepting bank statements as proof of income, what is the position re investment income? I am thinking about the bond where one invests a lump sum and receives five percent of total invested for next twenty years.

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I'd not heard that one before, money coming in must be on the same day +- a few days each month. Wonder if you talk to a different IO if you would get a different answer.

Too much uncertainty about the rules right now for my taste. That's why for this year I'll go the 800k in the bank route and then switch to 65k/month for subsequent extensions. Hopefully by November when my extension is due they'll be some clarity of what is actually required. Sucks if you're one of the guinea pigs that have their extension due within the next six months or so.

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7 minutes ago, john luke said:

Unless ex pats are treated differently by UK Pension Service, I can see some confusion in that my State Pension is paid every four weeks (28 days).  That means over a year there are 13 payments per year.

Granted but surely a UK state pension will not be a min of 65K per month, in which case you will need other transfers to achieve the 65K, i wonder if they can work that one out ? lol

My mother used to get UK State Pension paid weekly (every 7 days).

 

I had an uncle who lived in Canada and he received his UK State Pension once every three calendar months.

 

Most private pensions are paid on the same day each month, unless that day falls on a Saturday, Sunday or Bank Holiday.

Granted but you're assuming that recipients have their pension paid direct into a Thai account, i don't its paid into my UK bank account and then i transfer it.

Whilst the Thai Authorities have intimated they will allow a few days either way for payments, I can see some confusion with say someone who receives UK State Pension and a couple of Private Pensions, paid on different days.

Bingo, i wonder if they will be able to cope lol

One question I would add, is if they are accepting bank statements as proof of income, what is the position re investment income? I am thinking about the bond where one invests a lump sum and receives five percent of total invested for next twenty years.

If its monthly income into your Thai account i can't see why it would'nt be allowed in the calculation.

 

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14 minutes ago, forcebwithu said:

Wonder if you talk to a different IO if you would get a different answer.

Bingo lol

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Surely the easiest thing to do is transfer the required 65k+ the same time each month from your UK account and if you need anymore for unforeseen expenses transfer it separately, makes it easier for the Thai authorities to check and will smooth out variations in the exchange rate , long term expats must know how roughly much they spend per calendar year 

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22 minutes ago, Stillearly said:

Surely the easiest thing to do is transfer the required 65k+ the same time each month from your UK account and if you need anymore for unforeseen expenses transfer it separately, makes it easier for the Thai authorities to check and will smooth out variations in the exchange rate , long term expats must know how roughly much they spend per calendar year 

Bingo and thats what i'll shall do SE.

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On TV forum is a recent report about the extension where the OP had a lengthy chat with one of the immi-officer.

He didn't mention which office it was on purpose, as every office might do it differently.

One thing was, that even those who are doing the 1 year extension before 1st of March, will have keep more than 800k in the bank for the coming 3 month (or 400k for married or the combination). Otherwise the next extension won't be granted. To proof this, one needs to show a bank statement for 12 month at the next extension. It might take the bank several days to produce such a statement, so better talk to your bank ahead of time.

Went to Jomtien today to apply for my retirement extension and the lady there confirmed that I will have to keep my 800k for 3 month longer.

Furthermore the pick-up time for the passport in the morning  (10-11am) is currently cancelled (the time on the sign at desk 8 was crossed out), so only pick up time is 2-3 pm.

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On 2/20/2019 at 9:15 AM, john luke said:

 

Most private pensions are paid on the same day each month, unless that day falls on a Saturday, Sunday or Bank Holiday.

Except mine! :default_dirol:

My main private pension is offshore.

Firstly, they will not pay me more frequently than quarterly which was okay with me but no good for the new rules coming out of Immigration.

Secondly, as far as general administration is concerned they are totally useless.

My quarterly payment is due on the 4th of the particular month it falls due. My most recent quarterly payment fell due on the 4th February (as it happens) and finally reached my bank account on the 17th February. That is a new personal low although it has been anytime between the 4th ( once only) and now the 17th. Not once have they ever apologised for paying late as there attitude seems to be "don't worry - we will get round to it soon." 😧

It has to be the 800K route for me.

 

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I wonder if all those people who are going to provide evidence to Thai officialdom that they are bringing their pensions into Thailand have given any thought about the Thai tax implications (where foreign income is often taxed on a "remittance" basis).

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33 minutes ago, Jambo said:

4th

 

33 minutes ago, Jambo said:

Except mine! :default_dirol:

My main private pension is offshore.

Firstly, they will not pay me more frequently than quarterly which was okay with me but no good for the new rules coming out of Immigration.

Secondly, as far as general administration is concerned they are totally useless.

My quarterly payment is due on the 4th of the particular month it falls due. My most recent quarterly payment fell due on the 4th February (as it happens) and finally reached my bank account on the 17th February. That is a new personal low although it has been anytime between the 4th ( once only) and now the 17th. Not once have they ever apologised for paying late as there attitude seems to be "don't worry - we will get round to it soon." 😧

It has to be the 800K route for me.

 

I think and hope yours is an exception to the norm.

Whilst I have alsways seen the .8 million baht as being the simplest I suppose under this scheme you could have it paid into a UK Bank and transfer a third of it to a Thai bank every month.  That said dependant upon who you bank with in the UK, there would be 12 transfer fees per year costing from £48 per year upwards.  Some banks I think charge £20 for international money transfer so an additional £240 per year.

I assume the off shore pension is UK tax free as you are an ex pat; that is a tremendous advantage, particularly if your pensions incurr any UK 40% liability cumulatively.  Bazle's point above is interesting do you know the tax position for ex pays permanantly residing in Thailand?  

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i BELIEVE the actual wording is " on or before"  the date ( what ever date).  so if your dosh is due on the 9th, any time before that is fine.. any time after.. seems not to be.  easy with the quarterlies or monthlies tho,  plan your visa app dates around them, I guess

 

ffs

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