Borrow 800'000B for yearly Extension ?

[sanmyintmaung]

22 hours ago, steve73 said:

With many people needing to bring 800k into T/L, I'd expect there to be plenty of loans available outside of the 3 months required for yourself.

The only problem is ensuring adequate security over the loan..

 

For example, I'd have no problem lending 800k for 3 months at say 1%/mon with a 4MM+ condo as security.. just need to work out the details.  E.g. if the loan is defaulted, then how can the property be formally transferred without showing cash brought into the country.. 

How about lender holding the bank account details secret as a security? Here is my thought process.

1. After interest pre-payment for loan is received, take the passport of farang to the bank and open bank account with ATM card in farang name making sure my own signature is used instead.

2. Deposit 800000 bahts into the account and hold the passbook and ATM. Return only the passport back to farang.

3. After 3 months seasoning period, take the passport from farang again and visit the bank to get bank statement.

4. After bank statement is issued, withdraw all money from the bank using ATM.

5. Return the passport and bank statement to farang.

 

Since farang does not know the bank and account number, he has no way to claim the money as his. Money never left my control and thus no collateral is needed.

[Pattaya46]

36 minutes ago, bbi1 said:

Sell the condo asap at a firesale price since he doesn't have the funds to legally stay in Thailand on a retirement visa or go back home if he can't get the required cash. 

Why always someone to post such a message in every thread about the "800k" ? 

My friend has 2 good pensions (in his home country) and qualify easily to retire here... as long as he get his embassy letter... and as long has he doesn't need to have his pensions paid in Thailand.

He is one of people who mainly use a credit|debit cards from his country, and - for his own reason - don't want to bring 800k here.

 

My OP was with a lot of conditional inside. A try to find another solution in the case rules become stricter (being due to Embassy or TI).

Sad to see that half posts are going to the Agent's route... but yes, could be the best option for many people in a few months.

[onera1961]

20 hours ago, Orton Rd said:

But corrupt and illegal

Corrupt, may be. Illegal it is not as long as you are not the one bribing. You just hired an agent who would do everything, including putting the money (same as borrowing) and no seasoning (it is allowed by immigration under special circumstances and yours is a special circumstances). Long live the agents.

Edited November 21, 2018 by onera1961

[onera1961]

16 minutes ago, sanmyintmaung said:

After interest pre-payment for loan is received, take the passport of farang to the bank and open bank account with ATM card in farang name making sure my own signature is used instead.

How can you legally open an account using somebody's passport. It is fraud by itself. May be you need some connection in the Bank and if they allow opening account by proxy.

Edited November 21, 2018 by onera1961

[onera1961]

23 hours ago, Pattaya46 said:

PS: "Visa Agent" is not the subject here.

Why you wan to rule out the Visa agent? A visa agent is the best invention since slice breads. Even if you have 800K, give 25K to a visa agent and invest your money in S&P 500. You may be able to make a few short trips to French Riviera in your 10-year retirement life in Thailand

Edited November 21, 2018 by onera1961

[garyk]

29 minutes ago, Pattaya46 said:

Why always someone to post such a message in every thread about the "800k" ? 

My friend has 2 good pensions (in his home country) and qualify easily to retire here... as long as he get his embassy letter... and as long has he doesn't need to have his pensions paid in Thailand.

He is one of people who mainly use a credit|debit cards from his country, and - for his own reason - don't want to bring 800k here.

 

My OP was with a lot of conditional inside. A try to find another solution in the case rules become stricter (being due to Embassy or TI).

Sad to see that half posts are going to the Agent's route... but yes, could be the best option for many people in a few months.

I could not agree more. 

This whole thing stinks to high heaven!

 

[steve73]

1 hour ago, onera1961 said:

How can you legally open an account using somebody's passport. It is fraud by itself. May be you need some connection in the Bank and if they allow opening account by proxy.

According to many Thais, all us farang look the same so I doubt the bank would bat an eyelid...!

????

Edited November 21, 2018 by steve73
smiley added as sarcasm alert..

[Geck0]

Elite visa is cheaper, 100k/year only

[tideout]

15 hours ago, Geck0 said:

Elite visa is cheaper, 100k/year only

Could you be a bit more specific? Looks like you're recommending it but why?

[steve73]

17 minutes ago, Geck0 said:

Elite visa is cheaper, 100k/year only

It's only 50k/yr if you go for the 20 year Elite visa.

But it's all cash up front (i.e. 1MM bt) and it's a true cost.  You don't get to use it throughout the year like the 800k.

 

Certainly, for anyone under the age of 30, with a large nest-egg, the 20 year elite is probably the least hassle, or under 45, the 5 year elite also - since the retirement visa is not an option.

 

[Geck0]

 

9 minutes ago, tideout said:

Could you be a bit more specific?

e.g Elite card easy access cost 500k/5yr is less than OP:s 140k/1yr

[skiller]

I wouldn´t spend one single THB to an agent, would ask a good friend for 800k. I am a happy TE member since 4 years and extend it next year (hassle free).

Edited November 21, 2018 by skiller

[bkk6060]

2 hours ago, onera1961 said:

Corrupt, may be. Illegal it is not as long as you are not the one bribing. You just hired an agent who would do everything, including putting the money (same as borrowing) and no seasoning (it is allowed by immigration under special circumstances and yours is a special circumstances). Long live the agents.

I have no problem with them and have used them.

I guess really one could claim ignorance.

Just say they went to an agent to do such and such and paid.

The seasoning of the money is done by them, not the customer.

I know it is breaking the rules, just sayin.

[cyberfarang]

I`ve already been asked by some expats I know if I could lend them 800000 baht.

 

No way. If from the goodness of one`s heart or a person is dumb enough to lend that amount of money, if immigration ask for proof of sources of that money and the friend drops the lender in it by disclosing who lent the money, the lenders could be in trouble themselves.

 

There are soon going to be those desperate to borrow money for their yearly extensions and there will be loan sharks taking advantage of the situation. Many agencies are going to be under scuteney and the pull strings for 20000 baht option will also soon be gone.

 

 

 

[skiller]

A friend of mine used an agent for 2 years ago. The story was, he went to an agent and paid 2x000. After the payment, she called a motorbike taxi for him, the agent adviced the motorbike driver to which bank he has to go. The lady in the bank was introduced and waiting for him. She open a bank account for him (he had a tourist visa!).

When he was telling me the story, I did not belive it. He was showing me the SMS in his mobile phone. 10 am 800k deposit in his bank account and 20 minutes later 800k withdrawn from his account. He got his retirement visa about 3 weeks later.

 

The money was just a few minutes in his bank account. That was really strange for me. Maybe for some guys no new news or I am a bit naiv.

Edited November 21, 2018 by skiller

[bkk6060]

1 hour ago, cyberfarang said:

Many agencies are going to be under scuteney and the pull strings for 20000 baht option will also soon be gone.

 

 

 

Will never happen in a million years.

[fforest1]

5 hours ago, bbi1 said:

"Now I you have a better solution (should not be too difficult) please don't hesitate to post it. Thanks."

 

Sell the condo asap at a firesale price since he doesn't have the funds to legally stay in Thailand on a retirement visa or go back home if he can't get the required cash. Was he doing a dodgy before too and didn't have the required 800k savings of his own money to stay here?

Maybe after he sold the condo at a firesale price he would then have the money for the visa.....He could then move in with you...

I mean you would not want him to have to return home and live under a bridge would you?

[fanjita]

1 hour ago, skiller said:

The money was just a few minutes in his bank account. That was really strange for me. Maybe for some guys no new news or I am a bit naiv.

No new news here.  

 

This isn't charity and the cogs were greased with the 20k.  Cash is king and your friend did nothing wrong.  

 

Everyone slept well and the earth continued to spin on its axis.

[sumrit]

3 minutes ago, fanjita said:

No new news here.  

 

This isn't charity and the cogs were greased with the 20k.  Cash is king and your friend did nothing wrong.  

 

Everyone slept well and the earth continued to spin on its axis.

1

He did. He presented a fraudulent document to TI stating the money had been seasoned for the required amount of time when he knew that to be untrue.

[Mark1066]

1 minute ago, sumrit said:

He did. He presented a fraudulent document to TI stating the money had been seasoned for the required amount of time when he knew that to be untrue.

You have no idea if that’s what happened or not. Senior immigration officers have the authority to waive the seasoning requirements.

[onera1961]

2 minutes ago, sumrit said:

He did. He presented a fraudulent document to TI stating the money had been seasoned for the required amount of time when he knew that to be untrue.

He presented nothing. He had an agent who presented everything, including printout from his bank book (valid) and a bank letter (valid) for having 800K in bank. The higher up in IO chain approved it based on special circumstances for him which is perfectly allowed in the IO rules. Why do you think, this loophole exists? They just took advantage of the loophole. Why you cannot use the loophole? 

[ThaidDown]

1 minute ago, Mark1066 said:

You have no idea if that’s what happened or not. Senior immigration officers have the authority to waive the seasoning requirements.

Agreed, but it is only legal if they do not accept any inducement, financial or otherwise , to do so.

 

Of course the Immigration officers may be doing it out of the goodness of their heart but, personally, I think that is unlikely.

 

[fanjita]

6 minutes ago, sumrit said:

He did. He presented a fraudulent document to TI stating the money had been seasoned for the required amount of time when he knew that to be untrue.

Look and understand.  If those in authority deemed the documentation to be legitimate then your friend did nothing wrong.  

 

Bringing your western sensibilities here is fine but they don't align with Thai sensibilities in the slightest.

 

Try reporting it and see how you're laughed out of town.  

[skiller]

Maybe only the bank employee and the agent are involved. I never made a retirement visa, do you need a printed document from the bank which is stating the money is 3 months in the bank account or a bank statement from the past three months? Maybe the TI is not involved and the bank employee print what the agent need. Just a guess.

[SCOTT FITZGERSLD]

23 hours ago, balo said:

That's what agents are for . You borrow 800k from them short term . You pay the fee of around 20k . A lot cheaper than any loan sharks. 

 

Or you can always borrow from a friend , if it was me I would just ask a Norwegian bank for a short term loan, but I kept my address in Norway so I have options. 

 

 

 

what if i take the 800K and ran out of thailand and never come back?

[SCOTT FITZGERSLD]

23 hours ago, Huayrat said:

There are agencies out there that will borrow you the 800k and put it in your bank account for a fee of around 20k

what if i take the 800K and ran out of thailand and never come back?

[cyberfarang]

42 minutes ago, fanjita said:

No new news here.  

 

This isn't charity and the cogs were greased with the 20k.  Cash is king and your friend did nothing wrong.  

 

Everyone slept well and the earth continued to spin on its axis.

So the guy paid money to a corrupt agency, using corrupt officials and corrupt services in order to obtain something he was not entitled to, whereas us mugs that go through the correct channels playing by the rules have to jump over all the hurdles to obtain our yearly extensions that will probably mean having to go through more processes is perfectly legit, is it?

 

This really makes me angry and the sooner the antics of these people are curtailed, the better for us.

[fanjita]

2 minutes ago, cyberfarang said:

So the guy paid money to a corrupt agency, using corrupt officials and corrupt services in order to obtain something he was not entitled to, whereas us mugs that go through the correct channels playing by the rules have to jump over all the hurdles to obtain our yearly extensions that will probably mean having to go through more processes is perfectly legit, is it?

 

This really makes me angry and the sooner the antics of these people are curtailed, the better for us.

Get a grip.  TiT. You've been doing it wrong all along.  That rhymes.  

 

 

Edited November 21, 2018 by fanjita

[SCOTT FITZGERSLD]

Just now, cyberfarang said:

So the guy paid money to a corrupt agency, using corrupt officials and corrupt services in order to obtain something he was not entitled to, whereas us mugs that go through the correct channels playing by the rules have to jump over all the hurdles to obtain our yearly extensions that will probably mean having to go through more processes is perfectly legit, is it?

 

This really makes me angry and the sooner the antics of these people are curtailed, the better for us.

it does not have to make you angry. you are not thai. you are a visitor here. is rome do as the romans do.

[bubba]

58 minutes ago, Mark1066 said:

You have no idea if that’s what happened or not. Senior immigration officers have the authority to waive the seasoning requirements.

 

Do they? Has anyone ever heard of an immigration waiving the seasoning requirement?