Just Received Some Bad News For US Citizens. No More Income Affidavits.

[Pattaya46]

1 minute ago, elviajero said:

As far as I know that has only happen once, and not everyone with an existing extension automatically qualifies. 'Grandfathering' is dependant on age and how long you'd been in the country. Grandfathering is not something everyone can rely on.

David555 beat me here. Yes, twice that I know about: Retirement: 200k -> 500k -> 800k … -> 1000k or 1200k ? 

I don't remember conditions on "how long". Just if you got extension already at the date of increase, you continue with 200k or 500k as long as you do it every year.

[elviajero]

2 minutes ago, david555 said:

Twice , some very old need only 200 K the other later 500K

(6) An alien who entered the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement shall be subject to the following criteria:

(a) Must be 60 years of age or over and have an annual fixed income with fluids maintained in a bank account for the past three months of no less than Baht 200,000 or have a monthly income of no less than Baht 20,000

(b) If less than 60 years of age but not less than 55 years of age, must have an annual fixed income with funds maintained in a bank account for the past three months of no less than Baht 500,000 or have a monthly income of no less than Baht 50,000

[marcusarelus]

36 minutes ago, ukrules said:

When my current 5 year membership expires I'm going to renew it for the new cheaper per year 20 year version, so maybe next year or the year after depending on whether I can squeeze another full year out of them by travelling abroad next March / April.

 

You're right about the 800k, you can never really spend it, if you do then it needs replacing before the 9 months are up so you might as well just leave it there forever and then jump through hoops every year like a performing seal or just add 200k, get the Elite visa and be done with it for 20 years.

 

In 10 years time paying that fee will be a mere distant memory, never mind in 20 years.

 

I'll bet that way before that 20 year membership expires the 800k amount changes to something much larger, of course having the 20 year membership means that nothing will change.

I have a million baht in the bank.  All year long I take money out of the bank to spend and deposit my income.  Do you mean to tell me I can never really spend my million baht?  Because that would be news to me.

[Pattaya46]

3 minutes ago, elviajero said:

(a) Must be 60 years of age or over and have an annual fixed income with fluids maintained in a bank account for the past three months of no less than Baht 200,000 //

If they were 60 in 1998, they are now at least 80, so yes "very old" seems right to me. 

[DogNo1]

The FATCA and FBAR reporting are done by you, the owner of the foreign bank account.  They must be submitted regardless of where you are residing.  FATCA goes to the IRS and FBAR goes to Treasury.  There are some TV threads discussing this if you search for them.

[Thaidream]

4 minutes ago, elviajero said:

6) An alien who entered the Kingdom before October 21, 1998 and has been consecutively permitted to stay in the Kingdom for retirement shall be subject to the following criteria:

(a) Must be 60 years of age or over and have an annual fixed income with fluids maintained in a bank account for the past three months of no less than Baht 200,000 or have a monthly income of no less than Baht 20,000

(b) If less than 60 years of age but not less than 55 years of age, must have an annual fixed income with funds maintained in a bank account for the past three months of no less than Baht 500,000 or have a monthly income of no less than Baht 50,000

This occurred as a result of the Baht 'meltdown' when the US Dollar was getting over 40 Thai Baht and the pound over 70. Exchange rates much different now and with resultant inflation  during the years- I would be very surprise if Thai Government changed the amounts for  Retirement or Marriage. Yes- they did grandfather those who were here on a current retirement extension but not those on the marriage extension.  IMO they would be more inclined to raise the age to 60-65 than the amount.

[giddyup]

34 minutes ago, Pattaya46 said:

Again, the problem is "online banking", but no problem if you do it at the bank.

The OP I originally responded to said this: 

 

"Years ago I transferred money into my Thai bank to meet the immigration requirements for my extension's of stay. I used this method for several years. In 2013 I tried to repatriate some of the excess money I had here. The bank stated they could not send any money out because I had no work permit. They refused even after I showed them the receipts of the transactions into Thailand.

 

In my experience, the money they are requiring to be kept in Thai banks will not be easily repatriated, if needed".

 

This gives the impression that the Thai banks won't allow you to transfer money out even if you prove it came from a foreign source.

[JLCrab]

3 minutes ago, marcusarelus said:

I have a million baht in the bank.  All year long I take money out of the bank to spend and deposit my income.  Do you mean to tell me I can never really spend my million baht?  Because that would be news to me.

Of course you can spend as much as you want. And then when it's time for the next year's extension, you have to put it back at least to 800K baht.

[Thaidream]

6 minutes ago, giddyup said:

This gives the impression that the Thai banks won't allow you to transfer money out even if you prove it came from a foreign source.

Agree and that is why I don't want to keep money in a Thai bank.  In addition, there is an election coming up in Feb/March 2019- and I have no idea how that may or may not affect the banking situation.

\When one is in their thirties or even forties- if you lose  $30-40 thousand- you can shrug your shoulder and lament- but you still got time to get it all back.  When you are over 65-70- and you lose it- that time does not exist and you won't be geting it back.

Edited October 28, 2018 by Thaidream

[giddyup]

3 minutes ago, Thaidream said:

Agree and that is why I don't want to keep money in a Thai bank.  In addition, there is an election coming up in Feb/March 2019- and I have no idea how that may or may not affect the banking situation.

One members response doesn't make it true. I have had over 2 million in a Thai bank for more than 8 years, not bothered a bit.

[marcusarelus]

2 minutes ago, JLCrab said:

Of course you can spend as much as you want. And then when it's time for the next year's extension, you have to put it back at least to 800K baht.

That's why the following is nonsense, " You're right about the 800k, you can never really spend it, if you do then it needs replacing before the 9 months are up so you might as well just leave it there forever and then jump through hoops every year like a performing seal or just add 200k, get the Elite visa and be done with it for 20 years."

 

I'm not a performing seal.  I am Joe Average who is spending money every day from my bank account the same as 99.9% of the people in the world.  I have to keep a percent of my account in the bank for 90 days to conform to my retirement in Thailand. 

 

I also have to keep a certain amount in my various bank accounts for other privileges and benefits.  For my private banker ANZ I also have to keep a certain amount on deposit.  This is common practice in the banking industry and certainly not the actions of a trained seal.

[david555]

46 minutes ago, ukrules said:

I'm slightly younger than 50 right now, a 5 year membership will put me into my low 50's, a 20 year membership will take me through to my mid 60's.

 

I just wish the 20 years for 1 million Baht option was around 4 years ago when I originally signed up, I would have taken it. Back then it was 2 million for 20 years which was no bargain at all, just the same yearly price multiplied by 20 so I didn't bother.

 

So in your case an understandable choice , it was my thought already   ????

[marcusarelus]

4 minutes ago, giddyup said:

One members response doesn't make it true. I have had over 2 million in a Thai bank for more than 8 years, not bothered a bit.

I completely agree.  If a poster has doubts let them go to their bank and ask the manager. 

[janclaes47]

On 10/26/2018 at 5:43 PM, CMPaulie said:

Well hells bells. So much for all the happy HS of retiring in Thailand for $800 USD per month unless you want to keep $25,000 USD in a Thai bank account that can't be touched for 25% of the year. What's the purpose of trying to retire comfortably on the cheap if it's going to cost you 25K for the privilege? There needs to be a update done to some information about retiring to Thailand. Wonder when the Chinese will get the news. 555555

 

Since when does it cost you 25K$ ? The money remains yours.

 

Also I didn't know that Thailand, or any other country for that matter, was obliged to let foreigners retire on the cheap.

 

 

[Thaidream]

1 minute ago, giddyup said:

One members response doesn't make it true. I have had over 2 million in a Thai bank for more than 8 years, not bothered a bit.

I am not trying to say it will happen and  in many years past I have had  millions in Thai Banks but I also went through the financial crisis of 1997 when  there was a huge devaluation of the Thai Baht and lost  alot. If you are in that situation and transferring back to your country  and put the money in at 25 Baht to the Dollar but need to repatriate at 45 Baht to the dollar- a big hit. At that time- if you had put $50,000  into a Thai account at 25 Baht to the dollar you would have 1.25 Million Baht,  When you want to repatriate at a 45 Baht to the dollar rate you get $27,000 . Huge loss.

 

I was not alone- people lost millions and I am not taking of Baht- Dollars and pounds.

 

After all that- no Thai bank accounts for me. I would open another Thai account only if forced and the minute the money was seasoned remove it.

[david555]

8 minutes ago, marcusarelus said:

I completely agree.  If a poster has doubts let them go to their bank and ask the manager. 

Best you  go  a main branch , as local branch sometimes can not do what main branche can , example TorTor sam / F.E.T. form 

Can advise you to go Pattaya Klang KK branch first floor that office do all foreign transfers , very good English speaking older competent lady ,knows what can be done

Edited October 28, 2018 by david555

[janclaes47]

1 hour ago, ukrules said:

You're right about the 800k, you can never really spend it, if you do then it needs replacing before the 9 months are up so you might as well just leave it there forever and then jump through hoops every year like a performing seal or just add 200k, get the Elite visa and be done with it for 20 years.

I'm in my 9th year of retirement extensions, and i have never had to jump through hoops like a performing seal to renew it.

 

All I know is that the 800K in the bank is still mine, as I can withdraw it whenever I want, but I indeed leave it there all year because i don't need that money to survive.

 

If i had bought a Elite visa though, I still had to do the 90 day reports and renew every year, and the money I paid was definitely gone.

[elviajero]

19 minutes ago, Pattaya46 said:

24 minutes ago, elviajero said:

(a) Must be 60 years of age or over and have an annual fixed income with fluids maintained in a bank account for the past three months of no less than Baht 200,000 //

If they were 60 in 1998, they are now at least 80, so yes "very old" seems right to me. 

I don't know the history behind the criteria. But it is clearly referring to the age at the time the change was made, not the age of the applicant now.

 

If the qualifying age in 1998 was the same as now (50) then an applicant now could be a young whippersnapper at 70. ????

 

[marcusarelus]

16 minutes ago, Thaidream said:

I am not trying to say it will happen and  in many years past I have had  millions in Thai Banks but I also went through the financial crisis of 1997 when  there was a huge devaluation of the Thai Baht and lost  alot. If you are in that situation and transferring back to your country  and put the money in at 25 Baht to the Dollar but need to repatriate at 45 Baht to the dollar- a big hit. At that time- if you had put $50,000  into a Thai account at 25 Baht to the dollar you would have 1.25 Million Baht,  When you want to repatriate at a 45 Baht to the dollar rate you get $27,000 . Huge loss.

 

I was not alone- people lost millions and I am not taking of Baht- Dollars and pounds.

 

After all that- no Thai bank accounts for me. I would open another Thai account only if forced and the minute the money was seasoned remove it.

To be fair it wasn't the Thai bank it was the Thai baht.  There are ways to hedge your investment in Thai baht. 

[giddyup]

16 minutes ago, Thaidream said:

I am not trying to say it will happen and  in many years past I have had  millions in Thai Banks but I also went through the financial crisis of 1997 when  there was a huge devaluation of the Thai Baht and lost  alot. If you are in that situation and transferring back to your country  and put the money in at 25 Baht to the Dollar but need to repatriate at 45 Baht to the dollar- a big hit. At that time- if you had put $50,000  into a Thai account at 25 Baht to the dollar you would have 1.25 Million Baht,  When you want to repatriate at a 45 Baht to the dollar rate you get $27,000 . Huge loss.

 

I was not alone- people lost millions and I am not taking of Baht- Dollars and pounds.

 

After all that- no Thai bank accounts for me. I would open another Thai account only if forced and the minute the money was seasoned remove it.

And sometimes money transfers work in your favour. If I converted my Thai baht back to Aussie dollars I would be making money.  Of course you are also assuming that the possible disaster you envisage won't happen during the period your 800K is being seasoned.

[cleopatra2]

14 minutes ago, elviajero said:

I don't know the history behind the criteria. But it is clearly referring to the age at the time the change was made, not the age of the applicant now.

 

If the qualifying age in 1998 was the same as now (50) then an applicant now could be a young whippersnapper at 70. ????

 

It seems obvious to me that the age quoted is the applicants present age

[elviajero]

32 minutes ago, Thaidream said:

This occurred as a result of the Baht 'meltdown' when the US Dollar was getting over 40 Thai Baht and the pound over 70. Exchange rates much different now and with resultant inflation  during the years- I would be very surprise if Thai Government changed the amounts for  Retirement or Marriage. Yes- they did grandfather those who were here on a current retirement extension but not those on the marriage extension.  IMO they would be more inclined to raise the age to 60-65 than the amount.

I remember the days of +70 baht to the pound well. Those were the days! I would be interested to know when the other occasion was that they increased the requirement, because I am only aware of one.

 

I don't see the need for them to increase the amount or raise the age anytime soon, but one or the other will happen at some point in the future. Earlier, I was just warning that not everyone will qualify for 'grandfathering' if/when increases happen.  

[flexomike]

3 hours ago, OneeyedJohn said:

I am on Page 40 and in the time itakes to read one page the thread has expanded a further 3 pages.

 

Any chance a mod could summarise  ( perhaps every 20 pages ) what has gone before and what is known as fact.

 

Thanks

OeJ

You need to read a little faster - 555

[elviajero]

9 minutes ago, cleopatra2 said:

24 minutes ago, elviajero said:

I don't know the history behind the criteria. But it is clearly referring to the age at the time the change was made, not the age of the applicant now.

 

If the qualifying age in 1998 was the same as now (50) then an applicant now could be a young whippersnapper at 70. ????

 

It seems obvious to me that the age quoted is the applicants present age

LOL.

 

Ok, so explain how someone aged 56 now could have entered the country before October 21, 1998 and has had the necessary extensions of stay based on retirement for the last 20 years?

[flexomike]

1 hour ago, galt67 said:

Against the law in the USA to bring in more than $10k (of any currency) without 'declaring' it to US Customs.

 

Anyone with experience 'declaring' money while entering the US?

No but I have experience not declaring it departing,

[galt67]

1 minute ago, flexomike said:

No but I have experience not declaring it departing,

No requirement to 'declare' while departing the US that I'm aware of.

 

In other words, you can 'depart' with an unlimited amount with ZERO disclosure.

[marcusarelus]

5 minutes ago, galt67 said:

No requirement to 'declare' while departing the US that I'm aware of.

 

In other words, you can 'depart' with an unlimited amount with ZERO disclosure.

There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have more than $10,000 in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).

[flexomike]

10 minutes ago, galt67 said:

No requirement to 'declare' while departing the US that I'm aware of.ith an unlimited amount with ZERO disclosure.

$10,000 or over must be declared, I got busted by a sniffing dog

 

[david555]

12 minutes ago, marcusarelus said:

There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have more than $10,000 in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).

Same for E.U. starting from 10 000 euro value in any currency or even traveler checks (if still one uses, or similar ) must fill in E.U. form. before crossing the land side to airside!

I had once money control with a sniffer dog at Schiphol at gate leaving to Bangkok , no problem as under limit and even ATM slips + bank letter with seal , but anyway some questions why not transferring that , answers given …, he would anyway having the bank letter (probably to get a feather on hat from boss..(lol ) 

Edited October 28, 2018 by david555

[bkk6060]

7 minutes ago, flexomike said:

$10,000 or over must be declared, I got busted by a sniffing dog

 

You were you trying to hide it?

Unless it is obtained thru illegal means there is no reason to hide it and just declare it.

Just tell them why you need it.  A car, condo, or to fund an account for your Visa.

Fill out the form.

Edited October 28, 2018 by bkk6060