The 800'000 Bht obstacle

[AlexRich]

25 minutes ago, maprao said:

Interesting many with income letters used to look down at border runners....now the 800k crowd looking down on the ones who can't put it together. Remember the last increase doubled the requirements from 400k to 800.  All the people on their perches may want to think about if it doubles again to 1.6 million and again to 3 2 million???

 

Never gloat at others misfortunes because you should remember " there by the grace of God go I"

 

I'm ok if the requirement doubles  several times.  But with the bad exchange rates and the change in rules some retirees have been caught out...

 

Those of you who scoff at my post. ..I hope you will never have to reflect on it should your plans and fortunes change

 

Sadly, I have to agree. The OP really should have said": "I can easily deposit 800,000 Baht, so I'm all right Jack. If you can't it's because you are a loser and deserve to suffer. I get a warm and fuzzy feeling inside knowing that expats I don't know and will never meet will struggle and perhaps have to leave their friends and family in Thailand". A human condition I've seen too often in life. 

 

 

[NanLaew]

25 minutes ago, marcusarelus said:

Fellows who are on hard times should take advantage of the safety net their countries offer.  

Today's subtly veiled 'If you don't like it, you can always leave' post of the day award goes to...

[Sheryl]

6 hours 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.

I agree, the seasoning is a huge headache. It came about because when they didn't require it, people who did not have the money were simply borrowing it right before their extensions. Of course they can still do that but it is a lot harder to borrow money for 3 months than for a day.

 

As to substantiation of the sort you mention, way more headache and complexity than Immigration would want to take on and frankly, more than a lot of IOs could handle. Some of them already have trouble with the very simple  documentation now asked for. I basically have to walk them through the meaning of my bank letter every year (I use the 800K method) and believe me, none of the ones I have dealt with would even begin to understand foreign financial documents, nor try. Just not going to happen. It has to be kept simple.

[Thaidream]

17 hours ago, cyberfarang said:

As you rightly say swissie, 24000USD or £19000 is hardly a fortune these days. If pensioners over 50 cannot afford this amount to remain in the country, then I have to ask; what have they been doing all their lives?

How about spending millions of Baht on houses; land;  several businesses; support of Thai children as the father has disappeared; food, clothing and on and on. This year alone I have spent 5 Million Baht on land purchases for family. That's what I have been doing. how about you?

[Thian]

2 hours ago, Rod the Sod said:

It is all so simple. If you want to live in Thailand put TB800k in a bank account. Otherwise you are here illegally under the new rules it would seem. Go and live somewhere else. You an be the richest man in the world, but to qualify to live in Thailand they require TB800k. Why is this beyond anyone's comprehension?

Nonsense....i don't have the 800k in the thai account and live here totally legal with my wife.

[cyberfarang]

1 hour ago, NanLaew said:

You've done your homework. How does the CM home ownership pan out if, heaven forbid, you somehow outlive your children? I am not acting in bad taste or trying to be clever here. I am interested in the mechanisms that need to be in place for such an eventuality. A similar scenario came up when discussing insurance and wills with a fellow, long-time and married Thai resident farang and the unfortunate scenario of one's wife or partner preceding you into the afterlife needs to be carefully addressed.

 

To save this thread going way off-topic, maybe a PM response would be better?

I can answer that.

 

If in the event I outlive both my children and my Thai wife, then under Thai law I have one year to sell the property, considering my association with the property is all legal and above board. If I can`t manage to sell the property after that period, then the court places the property up for auction. Once sold how much ever money I receive for it, I would probably put towards buying and going to live in a condo or even renting and will still have my savings and pensions income from the UK. Then I`ll probably go and spend all my money on women and drink that may shorten my lifespan, but at least I`ll go out with a smile on my face.

Edited October 27, 2018 by cyberfarang

[quandow]

This is my situation. My government pension more than qualifies for the $65k/year, and I own a house back in the states free and clear worth about $250k for which I receive an additional $1200/month in rental income, but coming up with 800,000 baht means taking out a loan. I thought I was done with that nonsense.  Has anyone heard of ANY document immigration will accept for income verification?

[DJ54]

Some good points made also look at the flip side. A number of farangs have came started a family / or not, bought house, essentials whatever more pricey things need to live comfortably.

Preparing retirement for life on fixed income social security, pension etc. 

 

If if I fully retired today at 64 a US citizen would receive @ 61,000 a month which less not wait get until 66 to collect. Very few people 

get the max payout if I remember you must of top out 35 years of

paying ssn. Not easily reachable. 

 

If all major items are paid off a person could life comfortably in Thailand on 60,000 baht 

 

Some May of had money and lost to bank / housing problems.

 

if a US couldn’t nudge past the requirements and went back to

US. It would be a great adventure searching for free health care.

 

A web search for lowest rent available in Florida? $500 USD a month.

 

I’m ok because I’m doing Sales Rep. Outside of Thailand but 

when the time comes and no opportunity for this old guy.

 

Social Security would be the bulk of income. Thailand If I get 

sick chances hopefully nothing serious and I could survive.

 

I have a son and daughter early 40s but I wouldn’t want to put 

a burden on them

 

US cost of Dr. visit easily $100 for starters.

 

ok rambling.... their are folks that have spent money in Thailand family, roof over the head but cash poor. They’re should be a plan

in place to give them a break.

 

A person running around the bars and their reason to live here 

just under the requirements they should be on the list to go 

out.

 

last thing is a Village a wedding acceptable for lower requirements 

or it must be proper paperwork showing married?

 

 

 

[marcusarelus]

32 minutes ago, Thian said:

Nonsense....i don't have the 800k in the thai account and live here totally legal with my wife.

As things stand now will you be legal without the embassy letter?

[marcusarelus]

7 minutes ago, DJ54 said:

Some good points made also look at the flip side. A number of farangs have came started a family / or not, bought house, essentials whatever more pricey things need to live comfortably.

Preparing retirement for life on fixed income social security, pension etc. 

 

If if I fully retired today at 64 a US citizen would receive @ 61,000 a month which less not wait get until 66 to collect. Very few people 

get the max payout if I remember you must of top out 35 years of

paying ssn. Not easily reachable. 

 

If all major items are paid off a person could life comfortably in Thailand on 60,000 baht 

 

Some May of had money and lost to bank / housing problems.

 

if a US couldn’t nudge past the requirements and went back to

US. It would be a great adventure searching for free health care.

 

A web search for lowest rent available in Florida? $500 USD a month.

 

I’m ok because I’m doing Sales Rep. Outside of Thailand but 

when the time comes and no opportunity for this old guy.

 

Social Security would be the bulk of income. Thailand If I get 

sick chances hopefully nothing serious and I could survive.

 

I have a son and daughter early 40s but I wouldn’t want to put 

a burden on them

 

US cost of Dr. visit easily $100 for starters.

 

ok rambling.... their are folks that have spent money in Thailand family, roof over the head but cash poor. They’re should be a plan

in place to give them a break.

 

A person running around the bars and their reason to live here 

just under the requirements they should be on the list to go 

out.

 

last thing is a Village a wedding acceptable for lower requirements 

or it must be proper paperwork showing married?

You need to put 800,000 in the bank or get legally married and put 400,000 in.

[Thian]

7 minutes ago, marcusarelus said:

As things stand now will you be legal without the embassy letter?

What letter? I have a marriage certificate and show them sufficient funds on my dutch bank account to get my visa.

 

And to get that visa i don't even need the bankaccount at all if i apply in Laos is what i learned from this forum (never tried that though).

[marcusarelus]

2 minutes ago, Thian said:

What letter? I have a marriage certificate and show them sufficient funds on my dutch bank account to get my visa.

 

And to get that visa i don't even need the bankaccount at all if i apply in Laos is what i learned from this forum (never tried that though).

Not the topic of this thread.  This is about retirement extension renewal showing embassy letter of income no longer available so you must deposit 800,000 in a Thai bank for retirement extension or 400,000 for marriage extension. 

[Thian]

2 minutes ago, marcusarelus said:

Not the topic of this thread.  This is about retirement extension renewal showing embassy letter of income no longer available so you must deposit 800,000 in a Thai bank for retirement extension or 400,000 for marriage extension. 

Oh i see, i don't know anything about that, am too young for retirement extension although i'm retired.

 

i reacted to your post because you wrote it was impossible to be here without that which isn't true. Also it's possible to buy the 5 or 20? year VIP-visa...guess after that you also won't need the 800k in thai bankaccount.

 

"It is all so simple. If you want to live in Thailand put TB800k in a bank account. Otherwise you are here illegally under the new rules it would seem. Go and live somewhere else. You an be the richest man in the world, but to qualify to live in Thailand they require TB800k. Why is this beyond anyone's comprehension?''

[user343434]

Just go to the Hospitals and ask for all open bills of Farangs who got treated with some serious cases (accidents, heart attacks and strokes, or some serious virus caught up somehow) that haven't had a health insurance and couldn't show more than the change they got from 7/eleven.

I find it ridiculous to come into a country pretending to live here and cannot even fulfill the basic requirements.

If you don't have 800.000 THB (22.000 Eur) or can produce a required monthly income and have at least your health insurance and later pension covered, then stay at home where you came from and do not take the risk.

Here is no social security for Farangs, no National Health System. Too many think that somehow somebody somewhere will be nice (silly) enough to sponsor you when it comes hard on hard.

  

[AlexRich]

28 minutes ago, See Will said:

Just go to the Hospitals and ask for all open bills of Farangs who got treated with some serious cases (accidents, heart attacks and strokes, or some serious virus caught up somehow) that haven't had a health insurance and couldn't show more than the change they got from 7/eleven.

I find it ridiculous to come into a country pretending to live here and cannot even fulfill the basic requirements.

If you don't have 800.000 THB (22.000 Eur) or can produce a required monthly income and have at least your health insurance and later pension covered, then stay at home where you came from and do not take the risk.

Here is no social security for Farangs, no National Health System. Too many think that somehow somebody somewhere will be nice (silly) enough to sponsor you when it comes hard on hard.

  

 

And how does that affect you? If someone comes to the UK and gets Sick, they receive treatment. A sign of human decency in a society. If people are not taking anything from Thailand and are paying their way I can’t see the problem.

[Naam]

3 hours ago, AlexRich said:

 

Nonsense. A guy on a regular pension who spends to the max may well contribute more to the economy than a miserly type who has the 800,000 Baht but spends considerably less. The point of the deposit was to show you have the funds to live here, nothing more. So whether it comes in the form of a regular income or a lump sum is neither here nor there. No one living here is getting anything for free.

i humbly beg to differ. in Thailand i receive the free gift of not being taxed on my offshore income. in my home country the taxman would claw a six digit €UR amount out of my pockets.

[Naam]

2 hours ago, NanLaew said:

5 hours ago, Naam said:

the tax-avoiders made Swiss bankers and themselves rich but the ordinary Swiss citizen did not profit.

 

you should educate yourself and take a look what Switzerland exports. it's high quality machinery and sophisticated weapon systems besides a little chocolate and chees. 

Don't they do a fair bit on guns and armaments as well?

they do!

https://en.wikipedia.org/wiki/List_of_modern_armament_manufacturers

[Naam]

2 hours ago, maprao said:

Interesting many with income letters used to look down at border runners....now the 800k crowd looking down on the ones who can't put it together. Remember the last increase doubled the requirements from 400k to 800.  All the people on their perches may want to think about if it doubles again to 1.6 million and again to 3 2 million???

it's THB 1.6 million since years for me and my non-Thai wife.

[janclaes47]

1 minute ago, Naam said:

it's THB 1.6 million since years for me and my non-Thai wife.

I may be wrong, but I thought that if a foreigner has a retirement extension, his spouse is added to that without additional requirements

[AlexRich]

31 minutes ago, Naam said:

i humbly beg to differ. in Thailand i receive the free gift of not being taxed on my offshore income. in my home country the taxman would claw a six digit €UR amount out of my pockets.

 

You pay taxes in Thailand every time you buy something, so you are contributing tax wise. You are also contributing to the local businesses, who pay taxes on the profit they receive, profits that are fractionally higher because you and other foreigners are there. The fact that you don't pay tax at home is not a gift from Thailand, it's a consequence of being non-resident, you are not using any resources of your home country. You could do the same thing by moving to Cyprus.

Edited October 27, 2018 by AlexRich

[cyberfarang]

3 hours ago, Thaidream said:

How about spending millions of Baht on houses; land;  several businesses; support of Thai children as the father has disappeared; food, clothing and on and on. This year alone I have spent 5 Million Baht on land purchases for family. That's what I have been doing. how about you?

Then you are a part of the problem why immigration is placing us all under scrutiny.

 

Unless you have purchased the land strictly under BOI approval, then your land purchases are not legal. A Farang married to a Thai woman and wants land in her name, has to be purchased with her money. Check out the laws for yourself. Problem is you people just don`t get it and believe making investments in land, property and businesses in a Thai wife`s name is some sort of loophole in the law, which it is not. What some do is buy a plot of land in a Thai wife`s name, build a house and get the Thai wife to create a long term lease for the Farang husband and then he thinks he`s safe and secure. But this is bull, I know all the tricks and so does immigration and is a major part of why this proof of source of income policy has been introduced.

 

It`s as I said; people like you try to buck the system and we all end up paying the price and worse still, you even boast about it.

[HappyAndRich]

7 hours ago, RoyDee said:

555 ... "Happyand Rich" but still depends on social media on a Saturday night. Amusing.

So, what do you believe is the right thing for me to do? Seems like you choosed the same, too.

[KittenKong]

12 hours ago, Just Weird said:

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

Look at how long it took them to do it, and the poor grace with which they did it, as I mentioned.

 

And my friends were not that lucky.

[chicowoodduck]

22 hours ago, simoh1490 said:

Posters who use the TVF horror stories about Thai banking as an excuse for not bringing 800k over here for their visa are full of cr@p, they're lying plain and simple and just don't have the money in the first place, there can be no other plausible rational explanation.

Geez, do you listen to yourself? ????  You have zero idea what you are going on about.....you have no idea how much money anyone has at their disposal.....just some fake news you like to spread about on TV.....I for one like the idea of 800,000 THB in the bank requirement....just give me another excuse to say bye, bye to the place and all the hoop jumping that will continue to go on in Lieland.  I'll continue to enjoy my merry journey around the globe and not worry about some new rule that wants to use my money to make another government official or office look trendy.....end of story...????????????

[farang62]

23 hours ago, simoh1490 said:

Posters who use the TVF horror stories about Thai banking as an excuse for not bringing 800k over here for their visa are full of cr@p, they're lying plain and simple and just don't have the money in the first place, there can be no other plausible rational explanation.

I have to agree with you, we have been conditioned and lead down the garden path for a long time.

There is always someone that will "fix it for you"!

[simoh1490]

22 minutes ago, chicowoodduck said:

Geez, do you listen to yourself? ????  You have zero idea what you are going on about.....you have no idea how much money anyone has at their disposal.....just some fake news you like to spread about on TV.....I for one like the idea of 800,000 THB in the bank requirement....just give me another excuse to say bye, bye to the place and all the hoop jumping that will continue to go on in Lieland.  I'll continue to enjoy my merry journey around the globe and not worry about some new rule that wants to use my money to make another government official or office look trendy.....end of story...????????????

I know that 99.9% of the Thai banking horror stories we read about on TVF are nonsense, bar stool banter that gets handed down from one generation of expat to the next......using those stories as the reason for not wishing to bring 800k into Thailand is just absurd, it's a smokescreen intended to mask another reason, aka, lack of funds!

[MyFriend You]

22 hours ago, HampiK said:

I am not a financial guru, but are the interest that low here in Thailand?

 

At least compare to bank interest in Europe (Swiss) here the banks pays a very good interest rate (> 1.5%)

I read some stories about people gain 10% or more on their savings without a risk, but this is difficult to believe for me, but as I told I am not an expert.

2.79% on a 10 year deposit with the Thai Military bank.............they will not go under.  If you are serious on staying in Thailand indefinitely, this is the ticket, but alas, Thai Immigrations does not accept fixed accounts as a reason to show 800,000 baht in a Bank - mysteriously, there is no explanation why?????  Money is money, regardless where it is right??

[simoh1490]

3 minutes ago, TunnelRat69 said:

2.79% on a 10 year deposit with the Thai Military bank.............they will not go under.  If you are serious on staying in Thailand indefinitely, this is the ticket, but alas, Thai Immigrations does not accept fixed accounts as a reason to show 800,000 baht in a Bank - mysteriously, there is no explanation why?????  Money is money, regardless where it is right??

I've been using fixed accounts to renew/extend my visa in CM for over ten years, never a problem.

[MyFriend You]

5 minutes ago, simoh1490 said:

I've been using fixed accounts to renew/extend my visa in CM for over ten years, never a problem.

Hmmmm  I have not tried, as I have the equal or better in another thai bank, I have just read that they don;t except a fixed account, maybe I am confused on that issue.    mea culpa..........but if you want real return on your money, Vietnamese banks are presently paying 7.5% PA on deposit in Vietnamese Dong accounts...........it is easily converted to USD and sent out of country at any time, I have two accounts there.

[simoh1490]

1 minute ago, TunnelRat69 said:

Hmmmm  I have not tried, as I have the equal or better in another thai bank, I have just read that they don;t except a fixed account, maybe I am confused on that issue.    mea culpa..........but if you want real return on your money, Vietnamese banks are presently paying 7.5% PA on deposit in Vietnamese Dong accounts...........it is easily converted to USD and sent out of country at any time, I have two accounts there.

the exchange rate risk is not acceptable to me but thanks for the thought.