Interest on the 800k for retirement?

[Johnnywastaken]

Forgive me if this has been breached before...however in regards to the 800,000 bhat ...one needs to show in a Thai bank to qualify for a retirement visa....

Does this garner interest... even minimal..?

After I show it.... can I transfer it back into more lucrative investments back home... and then
replenish the fund again the following year when I need to renew the visa...? Do the banks tip off
immigration when these funds move...or perhaps I'm misinformed and they are frozen ?

Much appreciated...

[squire]

For the renewal of the visa extension the funds need to be in a Thai bank account for a full 3 months prior to the visa extension expiry date. You can earn interest on the funds with the interest rate depending on whether its a savings account or a fixed deposit. After your visa extension is approved you can redeem the funds for other purposes, but bear in mind that within 9 months you will need to place the funds back into a Thai bank account in readiness for your next 12 month visa extension.

[Nereus]

The answer from squire is basically correct, but you need to be a bit careful about it. When you do your annual extension you have to provide a copy of every page in you Bank Book from the date of the last extension. Immigration claim that this is a record of what funds you are using to live on. If there is not a paper trail that they will accept, they MAY refuse your extension.

[lomuamart]

Good advice above, especially the bit about being seen to be living off the 800,000 THB.
The seasoning for three month rule was brought in a number of years ago to stop people simply borrowing the amount for a day or so to show Imm and then repaying it. Imm can assume that you're working here illegally in that instance or how do you manage to live?

[jimk]

My 800,000 is in a separate fixed deposit account on its own, and interest from it is automatically paid into one of my other active accounts. Immigration only asks to see the 800K account book, which has had no deposit or withdrawal activity whatsoever since it was opened several years ago. It isn't the case at all that they expect you to live off the 800,000.

[Nereus]

My 800,000 is in a separate fixed deposit account on its own, and interest from it is automatically paid into one of my other active accounts. Immigration only asks to see the 800K account book, which has had no deposit or withdrawal activity whatsoever since it was opened several years ago. It isn't the case at all that they expect you to live off the 800,000.

Oh yes, another one that knows it all! Just why do you think Immigration set a minimum amount? READ that which I wrote above; "they MAY ask you to prove what you are living on."
I can assure you that there are SOME Immigration officers that WILL insist that you are living off the amount stated, and are within their rights to do so!

[brianks]

Of course unstated here is that you do not need to have 800,000 baht in a Thai bank account. I always go to the U.S. embassy and fill out the income form and pay (now 1,500 baht) for the notary stamp on the form. I have read that if in the UK their procedures and requirements for the income verification is quite onerous, difficult and time consuming.

Come 2014 for U.S. citizens the U.S. government will require all world wide banks to report any deposits of U.S. Citizens. Right now anything over $10,000 (350,000 baht) in foreign bank must be reported when filing annual Income Tax forms. In 2014 that number goes down to anything in the bank. I figure anything I have in Bangkok Bank surely will get reported since they have a branch in New York and will be required to report it. Don't know if any of the other banks will comply unless they have a direct connection to a U.S. bank. For the above reasons, I keep only a small amount in two Thai banks that don't generate enough interest to blow any whistles though one is in Bangkok Bank.

[jimk]

I certainly don't ''know it all'', Nereus. In fact I've discovered over the years the curious paradox that the longer one stays in Thailand, the less one knows about the place. I can only relate my own personal experience for the benefit of the original poster. I have never been asked by Immigration to show what funds I am living on.

[pitsch]

I make the same as jimk and all the 5 times I made the visa extension had never any problems.

[lomuamart]

The thing is that they can ask for further proof of subsistence. That's all.

Edit. Go back to my post above and see why the 800K has to be in a bank for 2/3 months before application. That's the psyche from Imm's point of view.
Any officer has the right to ask for further evidence of your ability to support yourself without working illegally. Satisfy that, if asked, and you'll be fine.

[jimk]

Yes, of course they can ask you for further proof of subsistence. They're police officers; they can ask you for anything they like if they have reason to suspect that you're breaking the law. But my point is that it's not likely to happen, and it's not something the OP should be worrying about.

[lomuamart]

Really?

[Johnnywastaken]

Gentlemen....Thank you for the responses and advice...

I'm well aware that moving 30,000 dollars back and forth every year is eventually going to set off bells and whistles either in Thailand or North America....

I suppose that I resent having to have this sum tied up in Thailand banks....and that is my dilemma...
A thai bank would garner me below 1% interest whereas back home in a growth fund it would flourish...

I'm also not as naive to think someone in my predicament hasn't considered this already but I needed
to hear this from you expats....and Thanks.....To the Thais...it would seem like I was probably pulling off some sort of fraud...when actually it's all above water and realistically I only want the best bang for my buck...(Pardon the expression)

I'm going this route because I don't quite exceed the monthly requirement of 60,000 income...at least without disclosing hidden investments....I do come close however but should they ever decide to change the rules...then I am back to square one... so I'm preparing for it...

Also....by having a sum of almost a million bhat in a Thai bank...that authorities are aware of makes me a bit paranoid...should the country and leadership fall...all is lost...or will I be susceptible to scams or bribes....ahhhh...I still love Thailand...and want to retire there...

[Big Boy]

I do come close however but should they ever decide to change the rules...then I am back to square one... so I'm preparing for it...

It is my understanding that you can have a combination e.g. if you have the 600,000Baht per year as regular income, then you would only need to keep 200,000Baht in your Thai Bank. This might be a better option for you.

As I've said, that is my understanding (but I'm still learning), and would appreciate confirmation.

[chopsticks]

It's half (400k) if you're married I seem to recall ?