Stephen Howell if the savings is seasoned for 12 months. US SS is not taxable. However, other income including annuities payments are taxable in Thailand if you live here more than 180 days.
Andy Oswald just remember at BkkBk the limit is 74y6m after that your considered to be 75. Also for American annuity payments and IRA’s transferred into Thailand. According to the US and Thai tax treaty, this income is taxable in Thailand if you stay more than 180 days in the year. US social security is not taxable here. Just FYI.
First question is do you pay Thai personal income Tax? If yes, this is something to consider. It is a life insurance policy. You pay in 50k premium each year. You get back the amount in the cash return column. The last column is the estimated tax benefit. In this case they are assuming a 20% tax rate. Based on a full deduction of a 100k (max) premium you would get a tax benefit of half that 5k. This tax benefit is only applicable to the years you pay the premium.
The policy is in effect for 14 years, even through you pay in premiums for 6 years. Other columns;
Life coverage is the amount your benefactor gets upon your death.
Cash value is what the policy is worth if you cash out early. If you do that you may have to give back to the government the deductions you took out. (I’m not sure of every detail of this)
Total benefit on surrender is just to show you the benefit you receive already. The total cash return + the surrender amount.
The rest of it is just different ways to calculate the value of the policy benefits to you.
Young that is kinda the way it goes for me, In and out, with my own accounting that makes it easier for the bank to do the letters. I have always been confused about when proof of international transfers applies in the regulations. so yeah maybe the bank book is all you need, but I tend to go overboard and take no chances. back up the backup.
Each month I get the banks “credit advice” memo that shows the details of the transaction, where it comes from, what the service charges are and the interest rate. I put the information on a spreadsheet every month. At the end of 1 year of my extension , I take my original bank book, a copy of one year bank book where I highlight each deposit and the spreadsheet to the bank and they enter the information into a verification letter for immigration. I take all the above to immigration including the bank verification letter. I also update my passbook the day I go to the immigration the apply for the extension.
The IO looks at the bank letter to check each month’s deposit is 65k or more. Sometimes that will check to bank book to confirm the info themselves. The other documents are for backup as further proof. The monthly credit advise reports and spreadsheets primarily to make it easier for the bank to compose the verification letter. Of course they will verify the info themselves with this information. It is not a complicated task. Just takes doing it.
yes. I can say that that is what I have done and still do. There are experts in here that can clarify better than I can. Just speaking from experience. This is for Non-O (or non-OA) retirement extension of stay.
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