What is the process for extending a retirement visa in Thailand, and how long must funds be held in the account?

@Stuart **********

well said

@Todd ********

and what if the immigration officer is convicted for taking bribes and your visa cancelled? Yes it does happen, there was a guy complaining about this a week or two ago and he had to start the whole visa process again. It might be rare, but not worth the risk. You can always convert to the 65,000 baht monthly method instead.

@Kool ******

i like where you are headed with the math but you missing some key factors as well. First and foremost, the currency exchange costs as well as transfer fees to send the money to die in Thailand.

For clarity, I leave money in high interest countries. Currently Mexico where it makes 8% and federal govt tax withholds at 10% so net gain is 7.2% annually. PLUS the peso added an additional 6%. So net 13.2%. On 800k that’s 105,600 baht. Agent cost would be 16k. That’s a massive win. Imagine the poor sods trudging to immigration and the bank to stand in line!

The thinking around the inflation rate is sound! 3% or worse in Canada (my pensions indexing was actually 4.2%). However, that money isn’t being spent in Canada. It’s being spent in other countries including Thailand. So the applicable rate of inflation is that of the country where the money is being spent.

@Todd ********

here is something to consider, and dealing with real numbers, if you are making your 5% with your bt800,000 staying in Canada, then you also have to take into account the math of the inflation rate in Canada to get your true profit on your 5% interest growth on your bt800,000 of 3%, giving you a real profit of just 2%, but that is gross profit before taxes. Without the tax consideration you are at a bt16,000 gross profit, before taxes. If you keep that same bt800,000 in a Thai bank you do not make your 5% profit, but, just as in Canada, if you just hold onto that as cash, you lose what the inflation rate is in money value. You would lose 3% (bt24,000), without any investment in Canada. This is just an example to better illustrate the real numbers. Your bt800,000 in a Thai bank account would draw no interest, or 2% at the most (I'm not sure why, but one of my Thai accounts draws interest). At no interest you would lose what the inflation rate is for Thailand, and I know it's hard to believe, but the year on year inflation rate for Thailand in just 0.19%. What's that, about bt2500? I won't bore you with the rest of the math, but if you can not get an agent to get your extension for less than bt16,000, as that is the break even point between keeping the money in Canada, or leaving it in a Thai bank. At bt25,000 for an agent you lose bt9000 by keeping your money in Canada because of the differences in the inflation rates in each country. Keep your money in Thailand, and lose just 0.19%, or keep it in Canada, and lose 1+% by using an agent. Most forget about inflation, and it's effect on real costs, and that it is not the same in every country.

@Todd ********

you at it again gob shite

@Todd ********

I guess you work as a an agent otherwise I don't understand your mathematics. You still have to show up in immigration in person.

@Jan *****************

yes - the embassy does still offer the letter of affidavit. Totally agree that the 65k method is an excellent way to go for anyway whose embassy supplies the letter. No banking headaches and no dead money (800k) sitting around.

@Todd ********

I mean to recall you’re Canadian after some discussion you’ve done with other Canadians previously? As far as I know your embassy still offers to give you a affidavit letter to confirm your income and you therefore don’t need to prove any income or funds in any other way. Then it’s just 1900 baht for the extension and 200-300 baht for the affidavit letter.

@Todd ********

friend did it April used agent in Pattaya didn't have 0 in thai bank and charged him baht

@Peter ********

ok

@Phil *****

yes but if not have funds in bank to baht

@Peter ********

it’s possible… but certainly not the norm. Pattaya in general is the least expensive spot for agents because so many are there

@Peter ********

some in Pattaya are ฿12,500 if you have your own bank account

@Todd ********

no some agents in Pattaya charging to for a non o retirement visa so how I lie ?

@Peter ********

because as we see here.... there are a few chronic bullshitters here. You know it doesn't cost 25k but you that didn't stop you from a dishonest answer.

@Todd ********

obviously you new the answer already why comment 🙄