Answered2 years ago
Can I withdraw my 800,000B deposit after my recent visa renewal and switch to the monthly income method for future renewals?
I have been using the 800 000B deposit method for the last five years of visa renewal. I would now like to withdraw those funds after my recent renewal two weeks ago. I have for the last two years been running the monthly income method concurrently with this in mind. Am I safe to now withdraw those funds do you think and use the income method at next renewal. Many thanks in advance
Answer summary
The user inquired about withdrawing their 800,000 baht deposit used for visa renewal in Thailand and transitioning to a monthly income method for future visa applications. Responses indicate that they must maintain the deposit for three months after the recent extension and continue to meet financial requirements for that extension. Additionally, there are tax implications to consider regarding remitting income into Thailand, which may affect their overall financial situation if they receive other taxable income.
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Ian ********
Don't forget to consider the Thai Revenue Department Tax implications on money remitted into Thailand if you live in Thailand for 180 days or more per calendar year. If you already have the 800k banked, it won't be assessable for Thai taxpayers going forward. Remitted money is most likely assessable for tax purposes in the UK and Thailand.
Ian *********
@Ian *******
it's not. No implications. DTA covers you.Ian ********
@Ian ********
Ok, I've spoken to my local Revenue Dept and Tax Advisor. If I remit my Government Pension into Thailand, it's only taxable in the UK, as per the DTA. Other income from the UK remitted into Thailand, ie rental income, private pensions are assessable in Thailand as well as the UK. The UK has first dibs, but the personal allowance of £12,570 we get in the UK counts for diddly squat in Thailand and so in my case I will be taxed in both the UK and Thailand and I'll end up paying more tax if I bring in other non government income into Thailand.. The DTA just prevents us being taxed on the same money twice. It's a complex field and getting off topic but just something I wanted to point out so you can research further, so you don't get unnecessarily screwed for Thai tax. If you get an RAF pension and remit that into Thailand, I'm pretty sure that would be exempt from Thai taxes as it's a Government Pension.
Ian ********
@Ian ********
He's British, works in Thailand and I've read the DTA several times and I'm clear on my position. I've mentioned rental income but, it covers all income. The DTA doesn't negate you from paying tax here, just because you pay it in the UK. It's not one or the other. Anyway, you sound like you have all the info, so I'll say no more.Ian *********
@Ian *******
if that's a tax adviser in Thailand, I'd be getting a second opinion. DTAs are a lot wider than pensions.
Nick ************
Todd gave me this advice 9 months ago and he is absolutely right. In addition, I am keeping the
*****
0 baht in the bank until I get an extension based on monthly income just in case something goes wrong or my immigration office change their minds.
John *********
OPThankyou Nick.
Tod *********
If you used banked money method to get the extension you got 2 weeks ago you are NOT able to withdraw the funds until 3 months after that extension.
It doesn't matter if you have been meeting the requirements for proof of funds by monthly income or not because you used banked money method to meet the requirements for the extension you're on now.
That means you have to meet the seasoning requirements for banked money method for the whole year on this extension; 800K baht in a thai account for 3 months after the extension is granted and then never let the balance go below 400k baht the rest of the year
AND
if you're wanting to use monthly income NEXT extension you'd also have to transfer in a minimum of 65k baht a month, each month, every month for the previous 12 months before you apply for the extension.
In essense to switch from one proof of funds to another (banked money to monthly income) you meet TWO sets of financial requirements; one for the extension you're on and one for the extension you will apply for next year
It doesn't matter if you have been meeting the requirements for proof of funds by monthly income or not because you used banked money method to meet the requirements for the extension you're on now.
That means you have to meet the seasoning requirements for banked money method for the whole year on this extension; 800K baht in a thai account for 3 months after the extension is granted and then never let the balance go below 400k baht the rest of the year
AND
if you're wanting to use monthly income NEXT extension you'd also have to transfer in a minimum of 65k baht a month, each month, every month for the previous 12 months before you apply for the extension.
In essense to switch from one proof of funds to another (banked money to monthly income) you meet TWO sets of financial requirements; one for the extension you're on and one for the extension you will apply for next year
Tod *********
@Wayne *******
Your question is so close to this one that I just tagged you here As far as what you'd need from the bank you would need a year transaction report for the previous 12 months that showed you transferred in to the country a minimum of 65k baht a month, each month, every month for the previous 12 months. SOME banks can print only incoming transfers some have to print all the transactions
You will have to make sure that the transfers you did all code in your bank book as international origin too
Wayne ********
@Tod ********
thanks for the info sir!Nick ************
@Tod ********
sorry to but in but the bank book clearly shows monthly transfers as international so is there a need to get the bank to print statements showing the same thing?Tod *********
@Nick ***********
some banks have it set that if you don't update within 20 days it just does that in/out summary on two lines, Good you have them listing in the book not everyone does
Nick ************
@Tod ********
Bangkok Bank has shown the last 9 monthly transfers as international. I get it updated every 6 weeks or so but as I hardly use the account for anything else all the transfers appear quite close together. I will ask at my office next time I'm in town.Tod *********
@Nick ***********
at most banks now the days of updating a bank book and having it print every transaction are long gone if you don't update your bank book often enough MOST banks will only print a summary of money in/money out, NOT every transaction.
Getting the year transaction detail report is an easy way to show them all
John *********
OP@Tod ********
Thankyou Tod.Activity
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