Big Welcome to the OFFICIAL Khon Kaen Forum!

Visit the Wild & Crazy Khon Kaen Forum Discussion Group on facebook


Author Topic: Retirement extension - Monthly income method  (Read 1158 times)

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 2,148
    • View Profile
    • Khon Kaen Forum
Re: Retirement extension - Monthly income method
« Reply #15 on: August 18, 2020, 08:17:12 PM »
Here is a slightly more readable copy of Frank's bank letter.  Thanks Frank.

BTW, obviously, I have not included the bottom of the letter with the bank stamp and signature.



















« Last Edit: August 18, 2020, 08:22:14 PM by Rex (Admin) »

Reuben

  • Newbie
  • *
  • Posts: 30
    • View Profile
Re: Retirement extension - Monthly income method
« Reply #16 on: August 20, 2020, 05:42:41 PM »
Quick question:  My retirement renewal is in early September.  Because of the government holidays on the 4th and 7th I am concerned that my TransferWise transfer may not be posted in time to meet the banks required time frame to prepare their required statement showing monthly deposits in excess of 65,000.00 baht.  However, for the last six (6) months, I have maintained a balance in my account in excess of 800,000.00.  This account though is not exclusively used just to show retirement eligibility.  I use it for everything, ATM withdrawals, casual shipping, monthly telephone charges, etc.  As long as the balance remains above the 800,000.00 requirement does this meet Immigrations requirements?

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 2,148
    • View Profile
    • Khon Kaen Forum
Re: Retirement extension - Monthly income method
« Reply #17 on: August 20, 2020, 06:33:02 PM »
You question is a little complicated and I am far from an expert, so get some more answers.  However, I would say that the 800K balance for 6 months more than qualifies. I would say that three months would do it, but it may not even need to be three months depending on your circumstances.  However, I would caution you to make sure that your bank letter, dated on the day you apply for your extension shows a balance of 800K.  Your monthly deposits would be irrelevant.  And using the deposit method rather than monthly deposits will make them like you better.

« Last Edit: August 20, 2020, 06:35:02 PM by Rex (Admin) »

Red Parrot Fish

  • Full Member
  • ***
  • Posts: 206
    • View Profile
Re: Retirement extension - Monthly income method
« Reply #18 on: August 21, 2020, 06:15:50 AM »
800.000 has to be in the bank for a period of 2 months before application.
So yes you qualify easily.

ting

  • Newbie
  • *
  • Posts: 6
    • View Profile
Re: Retirement extension - Monthly income method
« Reply #19 on: August 27, 2020, 08:53:01 PM »
A lot of good, helpful information here. I would like to add that on my very recent visit to extend permission to stay at Khon Kaen using the 65K/month method the IO said that I should be already be providing documentation to show where the income originates ie Social Security or pensions. She said next time I renew it would be required. I didn't ask what types of income were acceptable like rental income or other investment income. I plan to switch to the 800K in bank method anyways.

Personally I don't know what is gained by seeing the actual source of income. You'd think simply showing the international transfers would be enough.

As things seem to vary depending on what IO you to talk to and on what day and as laws change your guess is as good as mine if this will truly be enforced but worth keeping in mind as a possibility.

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 2,148
    • View Profile
    • Khon Kaen Forum
Re: Retirement extension - Monthly income method
« Reply #20 on: August 27, 2020, 09:52:08 PM »
Up until the the embassies stopped issuing income affidavits, I don't recall anything about the income having to come from a particular source other that it  came from offshore. The letter that I used to get form the U.S. Embassy said quote-unquote:  "I affirm that I receive a monthly income of $____________ from sources in the United States."

I don't suppose quibbling will affect anything, and Imm can certainly ask for whatever they want. However, it seems to me the income could come from savings, inheritance, royalties,  lottery winnings, sale of property, various pension arrangements, insurance and annuities, all kinds of things.










Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 2,148
    • View Profile
    • Khon Kaen Forum
Re: Retirement extension - Monthly income method
« Reply #21 on: August 27, 2020, 10:25:33 PM »
Here is a wrinkle-and-a-half.  Just came from some other discussions of the topic of verification of benefits/income letter. Apparently, such a letter has always been a requirement quite independent from whether or not you provided bank statements showing 12 months of B65K offshore deposits. So, how did applicants meet that requirement in the past?  Most got an income affidavit or similar document from their embassy!  The issue seems to be that (at least some) I/Os believe they are simply following the law that has been in place all along.  Except that unless your situation is quite straight-forward such as getting a B70K monthly pension from your government or from XYZ Corp., it remains unclear exactly what Imm considers acceptable verification. They reason it is unclear is because they don't know exactly, and seemingly no one as thought it through.  In my case, I have been paying more than $20 per month to make transfers via Transferwise, and if not for them, doing it by traditional wire transfer would have been around $50 per month, $600 per year just to move money.










Reuben

  • Newbie
  • *
  • Posts: 30
    • View Profile
Re: Retirement extension - Monthly income method
« Reply #22 on: August 28, 2020, 06:57:16 PM »
In 21 years of numerous visits to Thai Immigration today was the fastest ever for my annual renewal.  Arrived, got my numbers and was called to desk 4 within 2-3 minutes.  I was covered with  both the monthly deposit and 800,000 baht method.  Walked out with extension about 10 minutes later.  Would have been faster, but after he took my photo he printed out a new TM7 and had me sign again.  In small talk, he mentioned that lately there has been an influx of foreigners not meeting the financial requirements because of sketchy documents.  I did not provided a bank printout of my deposits.  Just the bank letters showing my name, account number and balance this morning, my original bank book and copies of the bank book for them to retain and a spread sheet that I prepared showing the date and amount of deposits from overseas this past year.

Windy

  • Full Member
  • ***
  • Posts: 181
    • View Profile
Re: Retirement extension - Monthly income method
« Reply #23 on: August 31, 2020, 11:58:44 PM »
Got a year Retirement extension using monthly income this morning. 


Only about 10-15 minutes with the immigration officer. As mentioned in previous posts, she asked my source of income, and I had information from my pension providers that was excepted.  I had printouts of 12 months of Transferwise transactions that she didn't want to see.
 
Bank statement for the last 12 months and the bank letter shared by members previously is imperative.


I had been on amnesty for about 2.5 months so the immigration officer checked with her boss, but no problem.  She dated my extension to 26 Sep 2021, 1 year from end of amnesty.