The 800'000 Bht obstacle

[marcusarelus]

3 minutes ago, saminoz said:

You both sound like a couple of clueless trolls, to be honest.  Either that or you haven't really thought the issue over adequately.

Consider the retiree that has his UK pension locked into a fund in, say, Gibraltar (2.5% interest PA income tax).  The pension fund could be easily $250k and provide a comfortable, if not lavish, lifestyle in Thailand.

 

There are no methods that I am aware of that will allow that pension fund to be transferred to a Thai bank anyway.  Apart from that, who in their right mind wants to commit 800,000 Baht to be sat in a Thai acount, especially when one is at retirement age?

 

Consider then that many such "pensioners" (I use the double apostrophes as, for example in my case the "pensioner" may not be of  normal retirement age but, instead, may be an ex-military chap receiving a pension from age 40 or 55) have already established themselves here and have bought property and/or businesses. 

 

These "pensioners may, in many, many cases, already have bought property worth millions of Baht in their wives' names or, perhaps, bought a condo or two.  This would surelysatisfy the requirement to show that they have invested in Thailand and that they are not here just for a "live by the seat of your pants" lifestyle.

Surely, the Thai government should be able to see that one size does not fit all?  That not all farang live hand to mouth?

 

In my opninion, if someone who can otherwise qualify for a retirement extension can show the equivalent or higher value savings/pension fund, proof of purchase of property (either as an individual or as the source of funds for the purchase of said property(s) in the case of a farang married to a Thai), then that should really negate the need for tying up 800k that could be otherwise used to set the wife up an a small business or towards something where it can generate more income.

 

Just my 2c. and I hope not too harsh.

I don't think you are harsh only clueless.  I've had much more than 800,000 in Thai banks for more than 20 years.  I live in Thailand.  I retired to Thailand.  Why wouldn't I want to commit 800,000 to a Thai bank?  It just makes sense to have at least that much of ready cash where you live.  Less and I'd feel uncomfortable. 

[Kwasaki]

2 minutes ago, saminoz said:

You both sound like a couple of clueless trolls, to be honest.  Either that or you haven't really thought the issue over adequately.

Consider the retiree that has his UK pension locked into a fund in, say, Gibraltar (2.5% interest PA income tax).  The pension fund could be easily $250k and provide a comfortable, if not lavish, lifestyle in Thailand.

 

There are no methods that I am aware of that will allow that pension fund to be transferred to a Thai bank anyway.  Apart from that, who in their right mind wants to commit 800,000 Baht to be sat in a Thai acount, especially when one is at retirement age?

 

Consider then that many such "pensioners" (I use the double apostrophes as, for example in my case the "pensioner" may not be of  normal retirement age but, instead, may be an ex-military chap receiving a pension from age 40 or 55) have already established themselves here and have bought property and/or businesses. 

 

These "pensioners may, in many, many cases, already have bought property worth millions of Baht in their wives' names or, perhaps, bought a condo or two.  This would surelysatisfy the requirement to show that they have invested in Thailand and that they are not here just for a "live by the seat of your pants" lifestyle.

Surely, the Thai government should be able to see that one size does not fit all?  That not all farang live hand to mouth?

 

In my opninion, if someone who can otherwise qualify for a retirement extension can show the equivalent or higher value savings/pension fund, proof of purchase of property (either as an individual or as the source of funds for the purchase of said property(s) in the case of a farang married to a Thai), then that should really negate the need for tying up 800k that could be otherwise used to set the wife up an a small business or towards something where it can generate more income.

 

Just my 2c. and I hope not too harsh.

Agree they are nothing but  a couple of nasty scumbags if you ask me talking about first coming to Thailand they have no regard for people that have been here many years there card is noted by me, would like to meet them and them say that to my face. 

[Ned]

Seems many people have overlooked the fact that you can live off that 800K during the year. Bring in more 3 months before the extension is due and don't go below 800K during the seasoning period..

It's not dead money just sitting in the Thai bank but living expenses.

This is pretty obvious I know but by the way people are talking about this topic you wouldn't think so.

 

[Kwasaki]

8 minutes ago, HAKAPALITA said:

Whats all this Thailand may force me to move crap. Only the ones who cheated are affected. Get over it.

I don't think so there's genuine people been here for years following the rules and British embassy has put a spanner in the works. 

[marcusarelus]

5 minutes ago, Kwasaki said:

Agree they are nothing but  a couple of nasty scumbags if you ask me talking about first coming to Thailand they have no regard for people that have been here many years there card is noted by me, would like to meet them and them say that to my face. 

The fact that you call them nasty scumbags because you disagree with them tells the whole story.  If you disagree tell the man why.  Flaming him only tells all that you think he's right but can't admit it.  

[cyberfarang]

3 minutes ago, saminoz said:

You both sound like a couple of clueless trolls, to be honest.  Either that or you haven't really thought the issue over adequately.

Consider the retiree that has his UK pension locked into a fund in, say, Gibraltar (2.5% interest PA income tax).  The pension fund could be easily $250k and provide a comfortable, if not lavish, lifestyle in Thailand.

 

There are no methods that I am aware of that will allow that pension fund to be transferred to a Thai bank anyway.  Apart from that, who in their right mind wants to commit 800,000 Baht to be sat in a Thai acount, especially when one is at retirement age?

 

Consider then that many such "pensioners" (I use the double apostrophes as, for example in my case the "pensioner" may not be of  normal retirement age but, instead, may be an ex-military chap receiving a pension from age 40 or 55) have already established themselves here and have bought property and/or businesses. 

 

These "pensioners may, in many, many cases, already have bought property worth millions of Baht in their wives' names or, perhaps, bought a condo or two.  This would surelysatisfy the requirement to show that they have invested in Thailand and that they are not here just for a "live by the seat of your pants" lifestyle.

Surely, the Thai government should be able to see that one size does not fit all?  That not all farang live hand to mouth?

 

In my opninion, if someone who can otherwise qualify for a retirement extension can show the equivalent or higher value savings/pension fund, proof of purchase of property (either as an individual or as the source of funds for the purchase of said property(s) in the case of a farang married to a Thai), then that should really negate the need for tying up 800k that could be otherwise used to set the wife up an a small business or towards something where it can generate more income.

 

Just my 2c. and I hope not too harsh.

There is no logic to your argument.

 

Idiots that decide to risk investing millions of bahts into property placed in their Thai wives names is not legal practice in Thailand. This is one of the buck the system practices immigration are trying to curb.

 

Where and how westerners invest their pensions and money is of no concern to Thai immigration, the rules imposed for retirees is 800000 baht in a Thai bank account. Can`t do, can`t stay, so why is that so difficult to understand?

 

I have no sympathies for fools that have illegally invested in property, land and businesses in Thailand living in hope that the rules will not be enforced. Tell me, who in their right minds would buy property and land in their own countries in someone else`s name based purely on trust? 

 

Sorry, this is rather harsh, but I don`t make the rules here, just telling it how it is.

[KiChakayan]

9 minutes ago, saminoz said:

You both sound like a couple of clueless trolls, to be honest.  Either that or you haven't really thought the issue over adequately.

Consider the retiree that has his UK pension locked into a fund in, say, Gibraltar (2.5% interest PA income tax).  The pension fund could be easily $250k and provide a comfortable, if not lavish, lifestyle in Thailand.

 

There are no methods that I am aware of that will allow that pension fund to be transferred to a Thai bank anyway.  Apart from that, who in their right mind wants to commit 800,000 Baht to be sat in a Thai acount, especially when one is at retirement age?

 

Consider then that many such "pensioners" (I use the double apostrophes as, for example in my case the "pensioner" may not be of  normal retirement age but, instead, may be an ex-military chap receiving a pension from age 40 or 55) have already established themselves here and have bought property and/or businesses. 

 

These "pensioners may, in many, many cases, already have bought property worth millions of Baht in their wives' names or, perhaps, bought a condo or two.  This would surelysatisfy the requirement to show that they have invested in Thailand and that they are not here just for a "live by the seat of your pants" lifestyle.

Surely, the Thai government should be able to see that one size does not fit all?  That not all farang live hand to mouth?

 

In my opninion, if someone who can otherwise qualify for a retirement extension can show the equivalent or higher value savings/pension fund, proof of purchase of property (either as an individual or as the source of funds for the purchase of said property(s) in the case of a farang married to a Thai), then that should really negate the need for tying up 800k that could be otherwise used to set the wife up an a small business or towards something where it can generate more income.

 

Just my 2c. and I hope not too harsh.

I love the logic of your post, what you say is that one may have 250000 GBP stashed up, big real estate assets and be under hardship to move THB 800000 to Thailand? Man your are Big Joke in disguise.

I'd also encourage you to read Sheryl's posts on another thread, she gives pretty compelling arguments. She omitted one aspect though: many of us have families here, and we are all going to die, who would want to leave his loved ones with nothing (cash wise at least), while the inheritance of offshore assets gets through some protracted process. As far as I am concerned with two kids I reckon 2 to 3 million Bahts are to be kept in Thailand, in joint accounts if possible.

[Just Weird]

9 hours ago, KittenKong said:

I know two farangs who lost large sums of money due to bank/ATM fraud here, and who never recovered a single satang. Whist I have faith in the stability of the banks I use here, I have little faith in their willingness to refund me in case of loss due to fraud by their own staff.

"I have little faith in their willingness to refund me in case of loss due to fraud by their own staff".

 

Even though that exact situation was reported on last week when Bangkok Bank refunded customers staff-defrauded money?

[TEFLKrabi]

Is there a system with the banks, same as buying a condo, that you can get a letter to state the money was brought in for visa purposes so that if something happens to you it can be send back to country of origin without difficulty?


Sent from my iPad using Thaivisa Connect

[Kwasaki]

13 minutes ago, marcusarelus said:

The fact that you call them nasty scumbags because you disagree with them tells the whole story.  If you disagree tell the man why.  Flaming him only tells all that you think he's right but can't admit it.  

And the whole story is what Mr Guru. 

Maybe I miss interpreted a post.

Edited October 27, 2018 by Kwasaki

[marcusarelus]

Just now, TEFLKrabi said:

Is there a system with the banks, same as buying a condo, that you can get a letter to state the money was brought in for visa purposes so that if something happens to you it can be send back to country of origin without difficulty?


Sent from my iPad using Thaivisa Connect

Why would you think it was difficult?  Your pass book shows where the money came from. 

[EVENKEEL]

18 minutes ago, saminoz said:

You both sound like a couple of clueless trolls, to be honest.  Either that or you haven't really thought the issue over adequately.

Consider the retiree that has his UK pension locked into a fund in, say, Gibraltar (2.5% interest PA income tax).  The pension fund could be easily $250k and provide a comfortable, if not lavish, lifestyle in Thailand.

 

There are no methods that I am aware of that will allow that pension fund to be transferred to a Thai bank anyway.  Apart from that, who in their right mind wants to commit 800,000 Baht to be sat in a Thai acount, especially when one is at retirement age?

 

Consider then that many such "pensioners" (I use the double apostrophes as, for example in my case the "pensioner" may not be of  normal retirement age but, instead, may be an ex-military chap receiving a pension from age 40 or 55) have already established themselves here and have bought property and/or businesses. 

 

These "pensioners may, in many, many cases, already have bought property worth millions of Baht in their wives' names or, perhaps, bought a condo or two.  This would surelysatisfy the requirement to show that they have invested in Thailand and that they are not here just for a "live by the seat of your pants" lifestyle.

Surely, the Thai government should be able to see that one size does not fit all?  That not all farang live hand to mouth?

 

In my opninion, if someone who can otherwise qualify for a retirement extension can show the equivalent or higher value savings/pension fund, proof of purchase of property (either as an individual or as the source of funds for the purchase of said property(s) in the case of a farang married to a Thai), then that should really negate the need for tying up 800k that could be otherwise used to set the wife up an a small business or towards something where it can generate more income.

 

Just my 2c. and I hope not too harsh.

If it is crazy to park 800,000bht in a Thai bank, isn't it even more crazy to buy houses and put them in your wife's name. I've bought land, built a house, and bought a second house without a thought of ever recuperating a single baht. It's for my daughter, hopefully.... and, I have contingency plans if this should go south. So for those who banked ALL their money on a happy life in Thailand, I guess you f&*ked up.

[cyberfarang]

1 minute ago, KiChakayan said:

I love the logic of your post, what you say is that one may have 250000 GBP stashed up, big real estate assets and be under hardship to move THB 800000 to Thailand? Man your are Big Joke in disguise.

I'd also encourage you to read Sheryl's posts on another thread, she gives pretty compelling arguments. She omitted one aspect though: many of us have families here, and we are all going to die, who would want to leave his loved ones with nothing (cash wise at least), while the inheritance of offshore assets gets through some protracted process. As far as I am concerned with two kids I reckon 2 to 3 million Bahts are to be kept in Thailand, in joint accounts if possible.

Like you I have family here. I keep 50% of my savings in the UK, joint names with my Thai wife and 50% of my savings here in Thailand, several million bahts also in joint names with my Thai wife. If I die first my Thai wife will receive my pension incomes and savings. Our home here in Chiang Mai was already owned by my Thai wife before we met, now transferred into the names of our children, and all legal and above board. My children will have a nice inheritance once my wife and I are gone. If anyone asks me how I receive my incomes and assets, I have no problems telling them, the same applies with immigration. 

[TEFLKrabi]

Why would you think it was difficult?  Your pass book shows where the money came from. 

In my experience even transferring a few hundred dollars from my Thai account to my overseas one is a nigh impossible task.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[marcusarelus]

2 minutes ago, Kwasaki said:

And the whole story is what Mr Guru. 

You are the one who called them nasty scumbags.  Do you mean you had no reason to call them an abusive name?  If you don't even know why you called them nasty scumbags I'd think you should apologize. 

[marcusarelus]

6 minutes ago, TEFLKrabi said:

In my experience even transferring a few hundred dollars from my Thai account to my overseas one is a nigh impossible task.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

I do it every year no problem and have been doing it 20 years.  Bangkok bank.  I think that is the same form but I'd have to go digging to find mine from last year. 

Edited October 27, 2018 by marcusarelus

[Kwasaki]

1 minute ago, marcusarelus said:

You are the one who called them nasty scumbags.  Do you mean you had no reason to call them an abusive name?  If you don't even know why you called them nasty scumbags I'd think you should apologize. 

Maybe when I get on my computer at home these mobiles get me into trouble. ????

[1FinickyOne]

8 hours ago, wgdanson said:

But if that 800,000 is 'stuck' in a Thai bank, it is not being used for the benefit of normal Thais, only for the investors who use that money to gain profit. Surely if someone deposits 65k a month and then spends some or all of it down the pub, on tom yam for the missis, or whatever, the country is benefiting more.

WG - - do you think the people who keep the funds deposited don't eat? and spend on the missus? and kids and everything else - - maybe even more than the monthly guys... 

[HAKAPALITA]

17 minutes ago, Kwasaki said:

I don't think so there's genuine people been here for years following the rules and British embassy has put a spanner in the works. 

Border line, dont affect you does it , or any other old Cofin Dodgers i know here. like someone say you can live off it and top it up before Extension As for the Young ones they should have saved before they came here. Horses for Courses.

[marcusarelus]

1 minute ago, HAKAPALITA said:

Border line, dont affect you does it , or any other old Cofin Dodgers i know here. like someone say you can live off it and top it up before Extension As for the Young ones they should have saved before they came here. Horses for Courses.

If they told me to put 10 million in a Thai bank I'd probably leave.  I wouldn't whine about it.  I'd just leave. 

[1FinickyOne]

1 hour ago, Lacessit said:

I don't have a problem with the 800,000 baht requirement. My problem is with the BS seasoning rules.

Let's say, for example, I have 400,000 dollars back in Australia. I transfer $50,000 to a Thai bank account a couple of days before my extension is due. I can even show Thai Immigration a statement detailing my asset worth and income in Australia, courtesy of Centrelink.

Why is it so sodding hard for Thai officials to work out I am financially solvent, have more than the required amount in a Thai bank, and will obviously contribute to the Thai economy? Sorry, I'm being logical. Rant over.

probably because people could easily borrow money for a day... but the only thing that really matters is that you are a guest in a foreign country with different rules that were not implemented to abide you... I would not expect that if I went to visit or live in OZ they would decide to change laws because I found them inconvenient... 

[HAKAPALITA]

8 minutes ago, marcusarelus said:

If they told me to put 10 million in a Thai bank I'd probably leave.  I wouldn't whine about it.  I'd just leave. 

Go to the British Caymen Islands, their requirements are unique. Never whinge again about Thailand..

[marcusarelus]

2 minutes ago, Mansinthe said:

800.000 baht is not asking to much if you are going to stay permanently in a country. 

 

European countries should have similar requirements for Foreigners staying here.

 

I agree.  The only reason I'm staying here is my insurance is covered.  If not I'd want a lot more than 800,000. 

[SheungWan]

The arguments as to whether one should or should not have 800k are irrelevant. The point is that those who have met the necessary income requirements and do not have any substantial capital reserves are now at a disadvantage. See the agent now if mostly resident in hailand.

[marcusarelus]

Just now, SheungWan said:

The arguments as to whether one should or should not have 800k are irrelevant. The point is that those who have met the necessary income requirements and do not have any substantial capital reserves are now at a disadvantage. See the agent now if mostly resident in hailand.

Did they have a contract with Thai Immigration not to change the requirements? 

[TGIR]

10 hours ago, KittenKong said:

Some may have had money until they had the misfortune to marry a Thai woman. I know several farang men who have lost everything they had that way. Some lost in the high hundreds of thousands of GBP.

 

 

Let's quit the bitching about most things Thai shall we?  I have a Thai wife.  We were married thirty years ago.  Her family is a happy lot, and I suppose would be considered middle class.  They all work, they all take care of their offspring and go to "church" regularly.  I consider marrying my wife to be the greatest thing to happen to me in my life, and although I don't like everything in Thailand I like it enough to be happy spending the rest of my days here.......until I read all the crap comments from guys who don't seem to be happy with their lot in Thailand.  Maybe you folks should reconsider where you're living, or give Thailand and it's people the respect you owe them........they didn't ask you to come here.  

[Lacessit]

1 hour ago, marcusarelus said:

Buy the DOW or Nasdaq.  No problem.  If you are buying options and puts and calls you are betting like a racetrack and you deserve what you get.  Don't tell me to feel sorry for fools. 

Er - did I say I was buying options?  I sell covered calls. When did I ask you to feel sorry for anyone? Settle down.

[Lacessit]

25 minutes ago, kenk24 said:

probably because people could easily borrow money for a day... but the only thing that really matters is that you are a guest in a foreign country with different rules that were not implemented to abide you... I would not expect that if I went to visit or live in OZ they would decide to change laws because I found them inconvenient... 

True enough. I suppose it's unreasonable to expect logic and reasoning skills to prevail in officialdom of any nation.

[wgdanson]

40 minutes ago, kenk24 said:

WG - - do you think the people who keep the funds deposited don't eat? and spend on the missus? and kids and everything else - - maybe even more than the monthly guys... 

Isn't that what I said? Sorry, that's what I meant, same as you say. 

Edited October 27, 2018 by wgdanson

[Naam]

9 hours ago, HampiK said:

No, as this depends on your country. In swiss and I think also some other countries it's the ' which separates the thousands… and not the comma (,).

 

even the decimal sign varies depending on the country settings.

correct!