garyk

There is fixing to be a huge rise in marriages here in LOS's 

And some out of work immigration officers before long.... haha

Just a money grab plain and simple. 

Nothing new.

2 minutes ago, jacko45k said:

Only if you can catch it!

You didn't answer the question, but if you are very happy,  it doesn't matter. 

Actually my GF makes more than I do! And I am in pretty good shape. 

Years ago when I first started coming here I decided I would wait and not rush into things.

3 minutes ago, jacko45k said:

What are you saving it for?

I just don't need it here? I am very happy and live a nice life?

Should I go out and throw it in the air every month?

13 hours ago, TallGuyJohninBKK said:

 

Couldn't have said it any better myself. Plus 1 from me.

 

To the few posters here who keep posting about people supposedly having scammed the past income letters system, like you, I have absolutely no problem meeting the monthly income or bank deposits requirements for either a retirement or a marriage extension.

 

HOWEVER, like you, my wife and I don't spend anywhere near 65K per month, and I have absolutely no need or desire to pay for sending extra money into Thailand when I can earn much better investment returns on it in my home country. Nor am I a big fan of paying monthly intl transfer fees. Nor do I especially want to put 800K in a Thai bank that I neither trust nor will pay me a decent return on my funds. But I have plenty of money in my home country and enough home country income to meet the 65K rule.

 

So, like you, depending on how the documentation verification for monthly income deposits finally settles out, I'll probably plan on switching to a marriage extension after being on retirement extensions for many years, and put up with keeping 400K in a useless Thai bank account as the least objectionable available path for maintaining an extension here.

He couldn't of said it better and you could not have said it better.

I live for way under 65K/mo. And I live a very nice life.

I save over 50% if my monthly income! 

Marriage is the only option IMO. 65K/mo. in a Thai bank?  Anyone considering the 800K or 65K/mo. haven't got their feet planted firmly on the ground IMO.

This is a squeeze play for expats, once things like this start happening it will ramp up quickly. 

I will wait for the official posting. Hoping the letter will do me one more year. 

What a bunch of nonsense the government here wants to put expats threw. IMO you better watch your backs and set up an exit strategy. 

I thought this was interesting, looks like basically the same thing the U.S. embassy is doing here. Looks like it is accepted practice in Colombia for income verification.

I hate to keep harping on this, but if the Thai immigration is going to absolutely require 800K seasoned or 65K/mo. in a Thai bank. It is a money scam plain and simple. If you are 62 and older, and drawing SS. it is 99.9% you ain't a criminal. If you have lived here for years and caused no problems you are not a criminal plain and simple.

This whole thing smells to high heaven IMO.  

How to Get a Benefits Verification Letter from the U.S. Embassy

The alternative to the apostille is a benefits verification letter from the U.S. Embassy in Bogotá. This letter is sometimes called a “budget letter,” a “benefits letter,” a “proof of income letter,” or a “proof of award letter”.

To request a benefits verification letter at the U.S. Embassy, you need to request “notarial and other services” and get an appointment.

On the day of your notary appointment you will need to present:

• Original or copy of valid U.S. passport
• Documentation from Social Security, Veterans, private pension from the current year indicating the amount you receive or bank statements from the last three months showing the monthly amount you receive
• The $50 notary fee.

7 minutes ago, cleverman said:

There are a lot of very bored people around with nothing else to do. 

Including me at the present time... Bored in Thailand is a killer.

I've spend a very active 10 years in Thailand with my hobby. Now I have sold off and given away everything to pursue my hobby elsewhere. I have never known boredom like this.  

Got one more letter from the embassy I will submit on around the 15th. Then I am out of here. 

29 minutes ago, marcusarelus said:

The embassy can write the income letters the same as it has for years.  If it wants to really check the income that would not be difficult either and they could fund it by charging the person who wanted the income letter.  The reason the embassy stopped doing it is because they are lazy.  

 

Typical.   

I am looking into getting a visa for Colombia, and the process is almost identical to Thailand.

Visa agents, are everywhere by the way. Same as Thailand

Interesting is this:

The SSA Benefit Verification Letter is a federal document so the only place you could can get it authenticated was by the U.S. Department of State in Washington, D.C. But several expats have reported recently that the U.S. Department of State no longer will apostille a SSA Benefit Verification letter, since there is no signature and the SSA won’t sign it.

And Thailand is not a member of Hague Apostille. But interesting the Government has stopped the SS benefit verification. Personally I am not sure what to make of it?

Very interested to see what the changes will actually be.

1 hour ago, jacko45k said:

Whose people are quite prepared to lie and attest to that lie to achieve their aims. Which, by the way does not surprise me. 

Kinda funny everyone bashing the U.S. for lying. I have a neighbor living here from Germany. I asked him about the letter. He told me very few of his German friends have the funds. They get the letter and then alter it?

So, IMO everyone is guilty. 

Does anyone know if or when the Thai immigration will have an announcement?  

4 minutes ago, Pattaya46 said:

Problem (for you) is that all statistics I saw show that the number of expats of most western countries do no stop to increase, year after year... 

Haha,,, Ok.

I'm curious to see the results of these changes in a few years. Time will tell.

44 minutes ago, flbkk said:

A group of expats needs to contact the relevant US senators or representatives, needs to be ones close to the current administration. Perhaps then, we could have an ear in the US government. 

It won't help. The westerners are coming here less and less, this is just a way to extract as much as possible while they can. US government has nothing to do with this IMO. 

The demographics are changing and will continue to change. IMO in 20 years or less very few westerners will come here, and the Thai government knows it. 

Simple as 2 + 2 IMO. No matter what anyone says, the Thai government has smart people that work for them. They look at statistics and make long term predictions. 

I say it is a scam, but really it is a very smart business plan. Actually my hat is off to the folks that do the long term outlook for Thailand. 

If you guys from the government are reading this I salute you.. 

If I had a business I would do the same thing if possible.

Only problem I see is it is going to hurt a lot of expat dependent Thai's in the process. Probably a good thing.

13 minutes ago, Ahab said:

I do not disagree with your opinions on fraud, but I do take issue with your assumption that everyone with sufficient income has 800K Baht in the bank. I have a retirement pension from the US military that is well above the requirement for a retirement extension, but I do not have 800K Baht laying around to deposit in a Thai bank. I also choose not to raid my 401K because of the 30% tax hit I would take. My Bangkok Bank bankbook clearly shows more than 65K Baht per month coming into Thailand from a foreign source (FFT code). My extension is due for renewal in August and my plan is to apply as early as possible and if there is an issue I will use an agency, or leave the country and apply for another non Imm-O visa (based on marriage).  Hopefully the issue will sort itself out before August.

It's a scam plain and simple.  I have the 800K available, but it ain't going into a Thai bank. Income can and is verified easily.  People spouting I have the 800K and am proud to put it in a Thai bank are just want the Thai government wants.

Good business if you can get the masses to throw 800K/ yr, into a bank. Thailand is one of the few places where this will fly, old pensioners already in their homes, comfortable. Tens of thousands will have to conform. 

Of course the pool will dry up in a few years. These guys will die off and the new retiree's will not come to Thailand to retire. 

But, it will fly today for sure.

6 minutes ago, jacko45k said:

There is no requirement to show the funds came from outside Thailand for the 800k. It must be in an account in your name and accessible at any time.

Wow, My worries are over.. haha

At least for this part of the equation, and for today... Tomorrow might be a different story here in the LOS's 

I have a question for you guys. I told my GF I was not going to give the banks 800K for three months every year. She told me since she brings in much more than that she would season my account for me every month. Will this fly or do the funds have to come from outside Thailand?

On 12/23/2018 at 3:11 PM, JackThompson said:

 

I suppose I have the benefit of not experiencing Thailand in the "good old days" - so compare my relative freedom to that in police-state USA - where every trip to work or the store runs a gauntlet of police.  Hours on the roads and highways here, but have not seen cars pulled-over left and right like the USA.  Seems much better to me.

What???  Jack, not sure where you are from, but you need a reality check. 

2 minutes ago, JackThompson said:

The key with the account being acceptable to immigration, is you can take out the 800K at any time without losing any of the principle.  Some accounts pay a higher-rate based on a longer-term commitment, but will penalize only your interest for early-withdrawal - those are still OK.

Ok, thanks Jack. I will look into it.

3 hours ago, garyk said:

I would say well worth it!  2 bucks a day is 730 dollars a year. That is a huge hit. On 25K you are loosing over 50% investing here!

I am not forced to work with anyone in particular. It is quite easy actually?

What percentage rate are you getting? And how are you investing? I am curious.

I can figure out most of it knowing I make 2 bucks a day more.

2 x 365 = 730 dollars more a year.

1300 - 730 = 570 / year you make.

25000 dollars x X = 1300 dollars, X = 5.2% I make / year on 25000 dollars.

25000 dollars x X = 570 dollars, X = 2.28% you make / year on 25000 dollars.

The difference is 2.92%.

I am not sure what the Thai banks offer in the way of investment accounts? 

Since I poor boy it, ( I don't have millions to invest at a time ) I have to pay a front end fee to invest in a good mutual fund. So if I take it out, then reinvest I loose big time. A total wast for me. 

I dabble a little in securities on my own, and taking money in and out of that would be nothing short of a disaster in the worst way.

I am guessing that you can put the money in a Thai bank at 2.28% / yr. interest and it pays monthly with no minimum time on the investment? If you are doing that then you are good to go and I see what you are talking about. 

Actually if you can put it in a Thai bank that lets you do that. That is a good deal IMO.

I will look into that for sure. So thanks!

12 minutes ago, marcusarelus said:

I figured it out.  You are making about $2 a day more than I am with your 25 grand not in a Thai bank.  Is it worth it to you? 

 

As far as Thai banks making interest money?  If they can influence American and British embassies that easy I've got some better ideas for them to really clean up.  Or, if they can influence Immigration gee the gravy train is about to leave the station. 

 

I first deposited my money in a Thai bank 20 years ago and have done quite well.  They are far less intrusive than the American banks I was forced to work with in the States. 

I would say well worth it!  2 bucks a day is 730 dollars a year. That is a huge hit. On 25K you are loosing over 50% investing here!

I am not forced to work with anyone in particular. It is quite easy actually?

What percentage rate are you getting? And how are you investing? I am curious.

17 minutes ago, Pattaya46 said:

I disagree. It will be an inconvenience, yes, but a small one and still worth it IMHO.

If ever I can't use Income Letter anymore it's probably what I will do: Taking 800k out of my Thai Stock Exchange account during 3 months for the Extension, and then put it in immediately again. Not a big impact on "the whole investment process".

I am going to tone it down a bit, good luck to you. 

You are definitely doing it differently that I am, to achieve a steady 5-6% income stream.

Regards

5 hours ago, sungod said:

 

Not sure you should be asking me that, rather the guy(s) who wont put the equivalent of $25,000 USD into a Thai bank account? What sort of return do these people expect on top of meeting the visa requirements?

I just picked up the letter from the U.S. embassy. So I will be here, if I want for another year. But, I doubt if I will put 25K in a Thai bank. Right now I am drawing around 1300 U.S. dollars / year from the 25K I would have to put in a Thai bank.

IMO if you are going to put 25K in a Thai bank you might as well leave it there and forget about it. It disrupts the whole investment process when you pull money out of the market, and then put it back in the market. Not worth it! Basically you will be donating 800K / yr. to the Thai banking system from the day you put it in. 

Only thing is, is it worth it to you. No one can answer that but you. 

I did a few calculations early on to try and determine what was going on with this new 800K ruling. With just the 800K seasoned for 3 months it means millions of dollars to the Thai banks in interest. 

People here try to put different spins on the reasoning, but it is always about money. 

Regards

5 minutes ago, mfd101 said:

Which rather suggests that the idea that the Thais want to get rid of us all is (probably) false.

Yup! They will milk this cow until dry.

Those numbers are way higher than I ever dreamed!

75K  known American's

UK, Australia, conservative number IMO would be another 75K.

That would guarantee over 8/10's of one percent into the Thai banks of the TOTAL GDP of Thailand.

Or about Three billion seven hundred and fifty million U.S. dollars. 3,750,000,000

Thailands total GDP is about 455 billion dollars.

Just to put this in dollars and cents if interested.

Those are staggering numbers?