Answered2 years ago
Do I need to maintain an 800,000 baht balance before applying for a subsequent Non-O retirement visa extension?
Point of Difference:-
In early October I would have completed my first 3 months on the initial Non - O Retirement visa extension based on the 800,000 baht method.
I realise that, if needed, I can then "drop" that down to 400,000 baht. If, on the basis, that my subsequent 12 month extensions will be based on the monthly income method (minimum of 65,000 baht) each and every month for 12 (maybe 13) months, do I need to have the balance stand at 800,000 baht again 2-3 months before applying for the subsequent extension?
I know about all the eligibility banking requirement documentation in preparation for the lodgement of the T7 application.
I have already been transferring above the minimum amount of 65,000 baht each and every month for quite some time.
Regards!
Graham
In early October I would have completed my first 3 months on the initial Non - O Retirement visa extension based on the 800,000 baht method.
I realise that, if needed, I can then "drop" that down to 400,000 baht. If, on the basis, that my subsequent 12 month extensions will be based on the monthly income method (minimum of 65,000 baht) each and every month for 12 (maybe 13) months, do I need to have the balance stand at 800,000 baht again 2-3 months before applying for the subsequent extension?
I know about all the eligibility banking requirement documentation in preparation for the lodgement of the T7 application.
I have already been transferring above the minimum amount of 65,000 baht each and every month for quite some time.
Regards!
Graham
Answer summary
The discussion focuses on whether a retiree needs to have the 800,000 baht balance in their bank account 2-3 months before applying for their next Non-O retirement visa extension, especially when transitioning from the banked money method to the monthly income method. Comments clarify that while the initial requirement for the visa extension includes maintaining the balance at 800,000 baht for a certain period, once the applicant switches to the monthly income method, they do not need to revert to the higher balance prior to their application. It's important to keep a minimum of 400,000 baht in the account throughout the year following the extension.
19 repliesnewest first
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Bob **********
In some offices you do
Wannikea *********
I'm just trying to get clarification of the intent of your question. Since you were talking about the monthly method requirements and included the question about having 800k balance 2 months before in the same breath/sentence. If you mean that accumulating the 65k monthly deposit and needs to ultimately add up to 800k 2 months before you can apply using monthly method, then the answer is no. Actually there is no requirement to keep the 65k monthly deposits in the bank at all, it can be withdrawn immediately. I hope I haven't misunderstood or confused the situation.
Graham ********
OP@Wannikea ********
it's okay - I realise that the minimum of 65,000 baht can be spent (living expenses etc) once transferred.The 800,000 baht is the initial eligibility amount which needs to stay in the bank account for the first extension application, and then can be accessed after 3 months, and brought back up to the same amount if the subsequent application is again using the 800,000 baht method.
Hope this clarifies your query!
Regards!
Graham
Ellie *******
The 800K baht for two months is to meet the financial requirement for the next 1-year extension application when you use banked money again for that.
This might help the whole idea to changing method a bit.
This might help the whole idea to changing method a bit.
Graham ********
OP@Ellie ******
thanks Ellie - I am a detailed explanation person and sometimes it can create some confusion.
Graham ******
It might be prudent for your first year of 12 months transfers to also have the 800k seasoned in reserve in case there is something wrong with your monthly transfers, you will not know until you test this method. It could be that the receipts do not show correctly as international transfers, for example. After completing this extension as long as you change nothing for subsequent years you know that this method and your bank receipts are acceptable. This is just a precaution not a requirement.
Graham ********
OP@Graham *****
Thanks Graham - together with your's and Tod's response I now have "peace of mind" going forward.Tod *********
๐ฑ๐ผ ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐๐ผ ๐ต๐ฎ๐๐ฒ ๐๐ต๐ฒ ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ ๐๐๐ฎ๐ป๐ฑ ๐ฎ๐ ๐ด๐ฌ๐ฌ,๐ฌ๐ฌ๐ฌ ๐ฏ๐ฎ๐ต๐ ๐ฎ๐ด๐ฎ๐ถ๐ป ๐ฎ-๐ฏ ๐บ๐ผ๐ป๐๐ต๐ ๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐ฎ๐ฝ๐ฝ๐น๐๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐๐๐ฏ๐๐ฒ๐พ๐๐ฒ๐ป๐ ๐ฒ๐
๐๐ฒ๐ป๐๐ถ๐ผ๐ป
No, the seasoning on banked money method is clear
- 800k in the bank for 2 months before you apply
- 800k stays in the bank for 3 months after you get the extension
- Then the balance can't go below 400K the rest of the year.
That means you need at least 400K in the account from 3 months after the extension was granted until you apply for the new yearly extension based on monthly transfers of 65k a month
As you are changing the method of proof of funds from banked money to monthly income by transfer there is no need to get the balance back to 800K 2 months before your next extension
No, the seasoning on banked money method is clear
- 800k in the bank for 2 months before you apply
- 800k stays in the bank for 3 months after you get the extension
- Then the balance can't go below 400K the rest of the year.
That means you need at least 400K in the account from 3 months after the extension was granted until you apply for the new yearly extension based on monthly transfers of 65k a month
As you are changing the method of proof of funds from banked money to monthly income by transfer there is no need to get the balance back to 800K 2 months before your next extension
Graham ********
OP@Tod ********
Thanks Tod - as I thought, but I was not 100% certain. It would only drop during an unexpected or emergency situation.
David ************
@Graham *******
I donโt think an โunexpected situationโ gives you a pass to go below 400kโฆ. But Iโm sure Tod knows.Dave *********
@Tod ********
got it. ThanksTod *********
@Dave ********
I'm not not even gonna get in to the "what if I don't meet the requirements that I agreed to when I got my extension" scenarios. ๐ The rule is the rule. They can say you voided your extension the day you failed to follow the seasoning requirements ๐ฎ
They can easily check the banked money balance because they make you get a year transaction history print out and it has every transaction and the balance of the account for the previous year
Ellie *******
@Dave ********
, do you mean during "rest of the year" of retirement extension? Logically, you will not meet the requirement to apply fo the next 1-year extension as your current extension is invalidated when you fail to keep the balance. You may need to leave and restart whole process from the initial visa again.Dave *********
@Tod ********
what if it's $385k for a week then went back to more than $400k???Graham ********
OP@Tod ********
Good point Tod - I wondered how they would discern the difference - maybe a new motorbike (scooter) will do the trick. Anyway, that is down the track a bit.Cheers!
Graham
Tod *********
@Graham *******
yep, understood, you should be fine BUT I'd definitely pull money out of the account so you DO NOT meet the 800K baht threshold in the bank account you're transferring the money into every month (the one you will use for the upcoming extension based on monthly income
OR
when you go for the extension they'll just give it to you based on banked money anyway ๐
Graham ********
OP@Tod ********
see my response to David N Viscuso!Graham ********
OP@David ***********
obviously a misunderstanding - I was referring to a potential ""drop" to below 800,000 and NOT the 400,000 threshold. I plan to leave the 800,000 in the Thai bank account and not touch it unless of an emergency.If the situation was to bring it back up to the 800,000 just prior to the monthly income extension application I would transfer monies from my Australian bank account. Sorry for any confusion!
Tod *********
@David ***********
well spotted, @Graham *******
that 400k balance cannot go below the threshold the whole year until you apply for the next yearly extension using monthly income You can drop the balance TO 400k 3 months after the extension but can't move lower than that
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