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Retirement Extension Monthly Income Requirements?

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gdgbb    1,349

Is the current monthly income requirement 65,000 baht when not taking into consideration lump sum deposits?

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OJAS    958

And it is a gross requirement, not a net one after the jolly old taxman has taken his share.

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elviajero    3,267
5 hours ago, OJAS said:

And it is a gross requirement, not a net one after the jolly old taxman has taken his share.

Immigration don't specify the requirement as gross or net. They will go by whatever amount is certified by their embassy.

 

They ask for evidence of income, not earnings, and it's only necessary to give the amount without specifying gross or net.

 

IMO declaring an income of 65K as gross could end up with being declined an extension.

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elviajero    3,267
35 minutes ago, ubonjoe said:

Why do you think that?

There is nothing in the rules that they could decline it for.

Because 'the rules' ask for income not earnings.

 

Income is universally considered to be the amount received after tax.

 

Taxable earnings of 65K (gross) do not equal an income of 65K (net), which is the requirement.

 

As 'the rules' don't ask for the applicant to specify whether the amount declared is gross or net, I think it's better not to state either if the actual net income is less than 65K.

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gillespayet    0

"...Si le montant moyen de la pension brute de droit direct, tous régimes confondus, s'établit à 1.306 euros bruts mensuels en décembre 2013, la pension nette, elle, s'élève à 1.216 euros. Mais attention, il s'agit d'une moyenne du montant des pensions. Elle mélange donc tous les retraités qu'ils aient eu une carrière complète ou incomplète. Pour ceux pouvant justifier d'une carrière complète, cette moyenne monte à 1.730 euros mensuels..."

 

in France, the medium retirement pension is 1306 euros (before taxes)... ( 1 euro = 37 baths which means 48332 baths /month.

Actually less because of taxes...

After 42 years of full time work one can have 1730 euros/month which is 64010 baths/month before french goverment taxes.

 

That means a few french people can retire in Thaïland as long as I just read that 65000 baths monthly income is necessary...

 

As country where most people desire to retire, there are some as Marocco, Maurice Island, Portugal, Spain, and Thaïland...

As long as as the prices of food and beverages and housing become more and more expensive in Thaïland ( nearly as expensive as in France), it will be more and more difficult to retire in ThaÏland...As the money left after the second year (800 000 baths =21650 euros in a Thaï bank account) for the retired visa, it will become only possible to retire when you are wealthy but then if you are wealthy, why retire in Thailand?

 

The reason why people desire to retire in some other country than their own, is because their medium salary authorise them to live correctly as long as in their own country, after a life of full work, it has become impossible...

 

If my informations are exact, the minimum  salary in Thailand could be around 300 euros/month ( 11100 baths if 1 euro = 37 baths)

 

So retired people should be able to benefit of 5,85  times this amount...(after french taxes upon  the annual income)

 

Well, well...

 

 

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elviajero    3,267
53 minutes ago, Eff1n2ret said:

You're on thin ice with that!

 

My Oxford English Dictionary offers the following definitions:-

 

earnings (n.pl.) - money earned

income (n.) - the money or other assets received, esp. periodically or in a year, from one's business, investments, etc.

income tax (n.) - a tax levied on income.

 

The definition of income tax  can only mean that the income is earned before tax, and in practical terms the words "income" and "earnings" are interchangeable.

 

Unless the Thai authorities asked embassies to submit income verification statements showing nett amounts, there's absolutely nothing to suggest that submitting gross income statements contravenes their rules.

I agree that the use of 'income' and 'earnings' are often interchanged. We could argue semantics all day long, but I am here to help people and give the best advice I can.

 

I do not think it is right for OJAS or ubonjoe to claim immigration are asking for gross income when they have nothing to back up that claim/opinion.

 

I was basically suggesting that applicants do not include the words gross or net so that, in the event that immigration mean net, they don't fall foul.

 

When they ask for 800K in the bank they mean an actual amount of 800K. Common sense would suggest that when they ask for an income of 65K they want someone to be in receipt of that amount. The money in the bank/income is supposed to be the money the applicant lives on.

 

IMO they expect people not to be working and in receipt of pension/investment income that is usually paid net of tax.

 

As it stands all an embassy needs to provide is an amount that the applicant claims as their income.

 

My advice is to keep it simple and assume the worst case scenario.

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bangkoken    36

This is very simple. Do you have income of 65,000 THB or more? If so, then you are good to go. You don't need to be a mathematician to figure it out.

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umbanda    971

Interesting discusssion....without any sense.

What is right is what the Immigration officer thinks is right, or its day mood decide what is right. The Thai way.

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CMBob    693
16 hours ago, elviajero said:

Income is universally considered to be the amount received after tax.

Taxable earnings of 65K (gross) do not equal an income of 65K (net), which is the requirement.

Respectfully disagree and would say the opposite - that income "universally" means gross income.  In any event, nobody has ever reported that any embassy or consulate (the ones which ask for proof of income) has declined to notarize the form because somebody's "net" income was below the required level. 

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BANGKOK 23 September 2017 12:38
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