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2 q's about 800,000 baht for retirement visa extension


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On 12/25/2018 at 11:11 AM, SanSaiExPat said:

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?    This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

Or using agents.

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On 12/27/2018 at 12:04 PM, JackThompson said:

No, many of us have the required income, but we no longer have a known way to prove it without income-letters from our embassies - which are currently Required as the Primary Document to use that method at almost every immigration office in the country. 

 

Hopefully, the "show deposits into a Thai bank" scheme (discussed as in the draft Police-Order by the US Consul) will be all that is required - in which case we are set. 

 

Most scamming is done by agents in cahoots with Immigration, themselves.  IOs in some offices even make it difficult or impossible to get a service w/o paying them agent-laundered money, to spite having every requirement met / document in-hand.  

 

My primary concern is that getting rid of embassy letters was a way to maximize agent-laundered payoffs, and a new rule-set may be designed to facilitate that - rather than anything honest.

 

There are no handouts for foreigners here, and all money being spent by non-employed expats is foreign-sourced capital/currency, which bolsters Thailand's wealth directly.   Therefore, how is someone who spends less than the minimum here - maybe someone retired with a pension of 45K Baht/mo - "not good" for Thailand's economy? 

 

Jack, when I applied to the Thai Embassy in Canberra for my retirement visa which was granted.  I had money in a bank account, I had an aged pension from Australia and I have money in a Bank managed Retirement fund.  This fund is made of hundreds of blue-chip shares in Australia.  There is no way I could spread my very modest investment over the AX200  which consists of the top 200 blue chip companies in Aus, so the retirement funds do it for me.  My part is just a small amount in a 100 billion dollars or more fund.  My investment, some is held by the Reserve Bank Of Aus, parts are in international shares.  The fund manager combines all the investments and issue units in these funds which just simplifies all these complicated across the board investment into a single figure made up of perhaps 20,000units at $10 each.  The fund manager in my case takes 0.5% of the value P/A of my fund as a commission and perhaps more which they don't tell me about which is all coming out with the Royal Commission into the Finance industry in Australia about to be concluded. 

   Now if you decide that you want to live in a foreign country Thailand it is almost an impossible task trying to convince Thai immigration that you have Bt800.000 in assets somewhere in the world spread over 500 different companies as I do...so my it's retirement fund spreads my money over these 500 different companies and I buy 20,000 units at $10 each and that's the value of my fund ( I wish). The amount is really more than the Bt800,000 required.

  If you apply for a Retirement Visa in your home country all that the people at the Thail Embassy will require is a statement showing the surrender value of this fund or bank account.  If that value is Bt800,000 or more in your home country that is all you need.  The lady or man at your Thai Embassy may say if your retirement fund value is OK ''don't worry about telling us you have money in the bank, don't worry about your Govt Pension don't worry about telling us you own 3 investment properties you have enough with your Retirement Pension Fund to get the required visa''.  So if you want to get a trouble-free Retirement visa to Thailand and you have a million dollars of assets or more just make sure you have a retirement fund or bank account in your country with at least BT 800.000 as a surrender value you can give to the Thai Embassy. That is all they want.  THAT MAKES ALL QUITE SIMPLE. Thai Bt 800,000 is all you need. Beg steal or borrow it if you have to.  My comments are based on my own personal experience in Australia.

 

I'm sorry for all those people that don't have the Bt800,000.  In Australia, if you want a Retirement Visa about $2,000,000 is about the amount required  +++ all sorts of things.  If you want to retire in Thailand you will need a modest amount of money...so what's new.

 

PS... The lady at the Thai Embassy chatted and said my Bt800,000 proof is very good and simple.  She said ''some people come in with very complicated information about their money and want to take all day explaining about all, we cannot do, in a bank or pension fund is better and very simple'' 

Edited by David Walden
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On 12/27/2018 at 5:04 AM, JackThompson said:

Most scamming is done by agents in cahoots with Immigration, themselves.  IOs in some offices even make it difficult or impossible to get a service w/o paying them agent-laundered money, to spite having every requirement met / document in-hand. 

It is absolutely wrong to say that these 800K scams involve only the agents and immigration.  The foreigner is the biggest factor and willing participant in such scams for it to work.  You want to stop these scams, then stop foreigners' participation.

 

On 12/27/2018 at 5:04 AM, JackThompson said:

My primary concern is that getting rid of embassy letters was a way to maximize agent-laundered payoffs, and a new rule-set may be designed to facilitate that - rather than anything honest.

How the agent make their money and spend it is none of our concern.  If you want to be honest with yourself then don't use these agents.  Foreigners can end these scams if they wanted to, then there won't be a need to assign blame to immigration and agents.  Foreigners must owned the blame .... QED

 

 

Edited by farangx
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56 minutes ago, farangx said:

It is absolutely wrong to say that these 800K scams involve only the agents and immigration.  The foreigner is the biggest factor and willing participant in such scams for it to work.  You want to stop these scams, then stop foreigners' participation.

I never said "these 800K scams involve only the agents and immigration" - I said that immigration at many offices intentionally makes in-person applications difficult, in order to force applicants to use agents.  I have experienced this, and many have reported similar. 

 

As long as immigration are actively encouraging and inviting fraud to line their pockets, there are plenty who will take them up on it.  That doesn't make it "good" or "right" though.  I have gone to great trouble and more than "agent cost" expense to avoid using an agent.

 

Quote

How the agent make their money and spend it is none of our concern.  If you want to be honest with yourself then don't use these agents.  Foreigners can end these scams if they wanted to, then there won't be a need to assign blame to immigration and agents.  Foreigners must owned the blame .... QED

I did my best.  I went out twice for Visas (Non-O, Non-O-ME), when immigration refused to allow me to apply with all required documents.  They would not back down - really, really wanted that agent money. 

 

I haven't given in yet, but I cannot say what I might have to do in the future - depending on how the new income-proof system rules are defined and interpreted, etc.

Edited by JackThompson
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On 12/26/2018 at 9:06 AM, SanSaiExPat said:

If you do transfer money out from a Thai bank to your home country your also going to have to show your government (IRS)  where that money came from.  All in all, for me, it's too much reporting and too much contact with my government. This kind of thing could trigger an audit. I prefer to keep a lower profile and have as little contact with my government as possible.   "I love my country but fear my government."   

2

Transferring your money from Thailand to the USA is not something that you have to report to the IRS.  It is not income, it is not interest income, it is not dividend income.  I can't even imagine how it would be reported on your income tax return.

Highly doubtful that this sort of thing would trigger an IRS audit.  But if it did, wouldn't you and the IRS have copies of your annual FinCENReport 114s required under FBAR to show your foreign account holdings if above $10,000?  I have documentation from both my US and Thai banks (statements, passbooks) showing how the money got to Thailand.  I would have the same showing how the money got back to the US.

 

I share the sentiment in your last sentence, but transferring your own money back to the US from Thailand is not something you have to report to the US government and I don't think you really have to worry much about it.  If the money repatriated back to the US represented all your foreign financial holdings you could even stop filing the FinCENReport 114 in the future.

Edited by skatewash
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2 hours ago, farangx said:

It is absolutely wrong to say that these 800K scams involve only the agents and immigration.  The foreigner is the biggest factor and willing participant in such scams for it to work.  You want to stop these scams, then stop foreigners' participation.

 

How the agent make their money and spend it is none of our concern.  If you want to be honest with yourself then don't use these agents.  Foreigners can end these scams if they wanted to, then there won't be a need to assign blame to immigration and agents.  Foreigners must owned the blame .... QED

 

 

Not willing participants at all. System set in place to force you to the agents if you were formally reliant on the letter, in other cases non existent “extras” required to process extensions, long bow to say were to blame, in fact rubbish. And to speak of honesty in this context,common!

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16 hours ago, Olmate said:

Not willing participants at all. System set in place to force you to the agents if you were formally reliant on the letter, in other cases non existent “extras” requ and ired to process extensions, long bow to say were to blame, in fact rubbish. And to speak of honesty in this context,common!

4

Getting a Thailand Retirement Visa and all the difficulties associated with it is a bit like trying to establish blame about prostitution.  Is it the girl's fault or is it the customer's fault after 10,000years there is still no answer.  "You can get a Retirement Visa either in Thailand or your home country.  There are very few rules, the main rules are you have to be of good character and you have to have enough money to live OK for the following 12 month namely Bt800.000.  These rules have not changed in more than 15 years.  If you apply in Thailand you now have to show clear evidence that you have that money."(Embassies can no longer help with BS ) "If you apply in your own country the rules are the same you have to show the Bt800,000 clearly...that is it, end of story."  This is a quote from the lady I dealt with at the Thai Embassy in Canberra when I applied and received my Retirement Visa in about 5 days, hence the inverted comers.

   It is very simple to get a Thai Retirement Visa for 12 months, you just have to be able to prove you have the money, yes you have to be able to prove it...simple.  deaf dumb and blind Freddie knows that.  The 5000 or so letters on this subject on this site are all for nothing.

Edited by David Walden
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I absolutely will not have that amount of money. I have lived here over 10 years do not know what I can do. I am old not moving to Cambodia or Vietnam no way. I suppose if they want they will arrest me and put me in jail. Which I can not endure. I am a disabled US veteran and very sick. Best I can do is tell a few people before I am jailed or whatever. 

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4 hours ago, rascalman said:

I absolutely will not have that amount of money. I have lived here over 10 years do not know what I can do. I am old not moving to Cambodia or Vietnam no way. I suppose if they want they will arrest me and put me in jail. Which I can not endure. I am a disabled US veteran and very sick. Best I can do is tell a few people before I am jailed or whatever. 

Don't panic, presuming you have time left on your last extension, wait for an announcement of what the requirements, or evidence, will be for future extensions based on income. 

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20 hours ago, David Walden said:

Getting a Thailand Retirement Visa and all the difficulties associated with it is a bit like trying to establish blame about prostitution.  Is it the girl's fault or is it the customer's fault after 10,000years there is still no answer.  "You can get a Retirement Visa either in Thailand or your home country.  There are very few rules, the main rules are you have to be of good character and you have to have enough money to live OK for the following 12 month namely Bt800.000.  These rules have not changed in more than 15 years.  If you apply in Thailand you now have to show clear evidence that you have that money."(Embassies can no longer help with BS ) "If you apply in your own country the rules are the same you have to show the Bt800,000 clearly...that is it, end of story."  This is a quote from the lady I dealt with at the Thai Embassy in Canberra when I applied and received my Retirement Visa in about 5 days, hence the inverted comers.

   It is very simple to get a Thai Retirement Visa for 12 months, you just have to be able to prove you have the money, yes you have to be able to prove it...simple.  deaf dumb and blind Freddie knows that.  The 5000 or so letters on this subject on this site are all for nothing.

The, 5000 letters, are not about doing the job at home, that’s the problem.It won’t help being deaf, dumb or blind either, Fred! What’s your simple answer to doing the extension here when your money is in Oz bank and your on Oz pension? Where talking Immigration not Embassy !

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1 hour ago, Olmate said:

The, 5000 letters, are not about doing the job at home, that’s the problem.It won’t help being deaf, dumb or blind either, Fred! What’s your simple answer to doing the extension here when your money is in Oz bank and your on Oz pension? Where talking Immigration not Embassy !

I have given examples of how people can live in Australia on the aged pension of Aus $1040 per fortnight including rent assistance and live in modest condition get mostly free transport. almost free medicine, free doctors services, free hospital services of the highest standards free drivers licenses the list goes on.  Some are not happy but by world standards, Australia Aged Pension (AAP) recipients are well within the highest 10% of incomes per persons in the world. 

    Now if you want to go and live in another country by choice, so be it.  There will be a price to pay and that price apart from all the things you don't get which you would get if you remained in Australia is that Thailand requires that you prove that you have Bt800.000 to live on comfortably in their country.  This is the price...like I say what's new.  Try living in Malaysia, China, Japan, USA, Australia if not a citizen, England, Europe Canada etc.etc... "As I've said before and I'll say it again if things don't change they'll just be the same."  Very good advice form someone, I know not who.  Thailand is saying now if you don't have the money don't come. 

     However, I can already see a new lot of scams popping up all over Thailand like genuine Bt800,000 loans from real banks over a 90 day period where the banks keep the money and keeps on lending the same Bt800,000 to a hundred different people at 10% interest.  The real money never leaves the bank.   God how the money rolls in. (this is already happening so I've been told...don't tell anyone  Mums the word).  And it would all be legal in Thailand.

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54 minutes ago, David Walden said:

I have given examples of how people can live in Australia on the aged pension of Aus $1040 per fortnight including rent assistance and live in modest condition get mostly free transport. almost free medicine, free doctors services, free hospital services of the highest standards free drivers licenses the list goes on.  Some are not happy but by world standards, Australia Aged Pension (AAP) recipients are well within the highest 10% of incomes per persons in the world. 

    Now if you want to go and live in another country by choice, so be it.  There will be a price to pay and that price apart from all the things you don't get which you would get if you remained in Australia is that Thailand requires that you prove that you have Bt800.000 to live on comfortably in their country.  This is the price...like I say what's new.  Try living in Malaysia, China, Japan, USA, Australia if not a citizen, England, Europe Canada etc.etc... "As I've said before and I'll say it again if things don't change they'll just be the same."  Very good advice form someone, I know not who.  Thailand is saying now if you don't have the money don't come. 

     However, I can already see a new lot of scams popping up all over Thailand like genuine Bt800,000 loans from real banks over a 90 day period where the banks keep the money and keeps on lending the same Bt800,000 to a hundred different people at 10% interest.  The real money never leaves the bank.   God how the money rolls in. (this is already happening so I've been told...don't tell anyone  Mums the word).  And it would all be legal in Thailand.

Thanks for the easy Oz retirement update! No answer to my question tho I didn’t really expect you to know the answer, just like the 5000.Enjoy your retirement ( for 2 years at least) and be ready when the goal posts move!

 

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4 hours ago, Olmate said:

The, 5000 letters, are not about doing the job at home, that’s the problem.It won’t help being deaf, dumb or blind either, Fred! What’s your simple answer to doing the extension here when your money is in Oz bank and your on Oz pension? Where talking Immigration not Embassy !

 

The one-year extension is automatic.  My situation is I have a one year O-known known as a  multi-entry (M) retirement visa issued at the Thai Embassy in Canberra, it cost Aus $275 plus the cost of the police report + a simple medical report, no social diseases etc my doctor didn't charge me for this as she had a good laugh at the document (real lady by the way and just lovely).  This O-A   M  Retirement Visa was issued on the 6th of Sept 1017.  I arrived in Thailand the stamp received on 3rd Oct 2017 shows I can stay till 3 Oct 2018.   OK.  I go back to Aus leave Thailand 11 Dec 2017 and arrive back in Thailand DMK 22 Mar 2018.  The Visa is now nearly 7 months old but it is stamped to say including the extension until 21st March 2019 OK.  This means I could stay a total of 18 months.   I now depart Thailand to go back to Aus on 18th July 2018.  When departing immigration officer at Hue Hin about 6 of them reminded me that as I wanted to come back must do by 5th Sept 2018 not! not! the 6th Sept, Visa lapses 1 second past midnight (TIT). OK.  I arrive back in Thailand DMK on 28th August 2018 (28/08/2018), 9 days before my Retirement Visa O-A  M lapses.  My passport shows I can remain in Thailand till 28th August 2019 that is another 364 days, the extension is included in the stamp I received.  So provided I leave Thailand and return one day before the visa expires the extension is granted as you enter the country.  My several trips back to Aus and return took care of the requirement to leave and return just before the original visa expired.  On the visa I received it is quite possible to stay in Thailand for one year and 363 days provided you make at least one border run a day or 2 before the 1st year O-A M visa expires. 

   But remember you cannot get an extension during the extension period.  I am in Thailand in my extension period if I leave Thailand now I will have to start all over again and get a new one-year retirement visa.  I will, back in Australia.......Yes, this is Thailand.

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13 hours ago, rascalman said:

I absolutely will not have that amount of money. I have lived here over 10 years do not know what I can do. I am old not moving to Cambodia or Vietnam no way. I suppose if they want they will arrest me and put me in jail. Which I can not endure. I am a disabled US veteran and very sick. Best I can do is tell a few people before I am jailed or whatever. 

Don't you have 25K (even less if you shop around) to pay an agent? It is only 2K/month. But overstaying in a foreign land where you don't have any rights will not be accepted by TI, I guess.

Edited by onera1961
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8 minutes ago, David Walden said:

I am in Thailand in my extension period if I leave Thailand now I will have to start all over again and get a new one-year retirement visa.  I will, back in Australia.......Yes, this is Thailand.

On the second year of an O_A visa, you can get a reentry permit to enter Thailand if you leave. But your admitted until date remains the same. After that you need to get a new O-A visa.

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3 hours ago, Olmate said:

Thanks for the easy Oz retirement update! No answer to my question tho I didn’t really expect you to know the answer, just like the 5000.Enjoy your retirement ( for 2 years at least) and be ready when the goal posts move!

 

The 5000 + letters are from people mostly trying to beat the system and they appear to be creating pressure and extra work for those applicants that do have the money and are playing it straight.  It may well be that all of them can still stay in the country, they have 3 choices. Beg, steal or borrow the money.  There are ways of making it happen as I have suggested.  Not so hard if you think about it.  The AAP is about Bt500,000P/A so it may well be that only Bt300,000 is required in a bank a/c to achieve their aims.  Having a combination is as stated is an acceptable way to establish your Bt800,000 requirement.

    About the goal post move...I'll cross that river if and when I come to it.  A bridge a bit too far?

Edited by David Walden
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4 hours ago, David Walden said:

Bt800,000 to a hundred different people at 10% interest. 

10% interest is too low. Americans scam economically desperate Americans for far more than that and with the sanction of the laws through their lobbying arms.

Edited by onera1961
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1 hour ago, onera1961 said:

10% interest is too low. Americans scam economically desperate Americans for far more than that and with the sanction of the laws through their lobbying arms.

They charge 10% interest and you only need the loan for 3 months but they make you take the loan out for a full year.  The loan is fully secured it will never leave the bank, withdrawal slips have to be co-signed by a bank officer. This really equates to 40% P/A interest on money that doesn't exist.  The really good part about it is they do actually pay interest of 2.8% on the non-existent money which your bank book shows you have and that actually reduces your interest down to 7.2%.  Anyway 7.2% interest on money that doesn't exist is still good.  I do have a couple of friends that have done things that way (quietly).  Later friends have stepped in and loaned them the money in the account as co-signatories and only made the loan for 3 months as required.  They have received the 10% plus the 2.8% which by today's interest rates is very good.  Everyone happy.

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When I first received my retirement extension, and for several years after, all I needed to prove income were copies of statements from my US bank showing the monthly deposits.  After about the third year, they looked at my file and I did not have to show the statements even though I had them with me.  In later years they started using the income verification letter from the embassy. 

 

I don't know, as yet, of any change in the legal requirements although there might be, so possibly all one would need is to show your bank statement in your home country the amount equivalent to 65000 bt being deposited to ones account each month.  Let us hope so, it would simplify matters greatly.

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1 hour ago, snooky said:

When I first received my retirement extension, and for several years after, all I needed to prove income were copies of statements from my US bank showing the monthly deposits.  After about the third year, they looked at my file and I did not have to show the statements even though I had them with me.  In later years they started using the income verification letter from the embassy. 

 

I don't know, as yet, of any change in the legal requirements although there might be, so possibly all one would need is to show your bank statement in your home country the amount equivalent to 65000 bt being deposited to ones account each month.  Let us hope so, it would simplify matters greatly.

 

In Australia, you may be required to prove that you are not creating a round robin, that is you put the Bt65,000 in a bank in your home country send it to your account in Thailand that month, you then send  back to your home country and the next month the same Bt65,000 appears in your Thai bank a/c again and again.  Not sure if Thais are a wake up to this yet ( I think so but see no evil, hear no evil and say no evil)   This is an old trick, Retirement funds in Australia as is mine and I think most countries you cannot put money into after turn 65 y/o.  You can start a new fund. You can only download pension payments as required so you cannot create a round robin but there are ways.  At any time I require a record to prove each payment is a new payment the fund will provide it.  If your pension payments come from your retirement fund they are always new downloaded payments.  This sort of thing can create doubt about pension fund payments.

 and I'm sure pennies to a pound it happens.

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15 hours ago, snooky said:

When I first received my retirement extension, and for several years after, all I needed to prove income were copies of statements from my US bank showing the monthly deposits.  After about the third year, they looked at my file and I did not have to show the statements even though I had them with me.  In later years they started using the income verification letter from the embassy. 

 

I don't know, as yet, of any change in the legal requirements although there might be, so possibly all one would need is to show your bank statement in your home country the amount equivalent to 65000 bt being deposited to ones account each month.  Let us hope so, it would simplify matters greatly. 

According to the US Consul, who saw the approved-draft of the new Police Order on this issue, the money must be deposited into a Thai Bank to qualify.

 

13 hours ago, David Walden said:

In Australia, you may be required to prove that you are not creating a round robin, that is you put the Bt65,000 in a bank in your home country send it to your account in Thailand that month, you then send  back to your home country and the next month the same Bt65,000 appears in your Thai bank a/c again and again.  Not sure if Thais are a wake up to this yet ( I think so but see no evil, hear no evil and say no evil) 

At least some portion of that 65K would be used to live on, so only a portion could be sent back.  As well, as the rule is "income" - folks will have to be able to pay bills out of their income, some of which will be in their passport-country.

 

As to likelihood of folks doing the round-robin, consider that the rule seems to require monthly-xferrs (vs quarterly, etc) with fees going both directions on those, plus the trouble.  Immigration's calculus may be that their preferred agent-applications will be easier for most, and likely not much more than the xfer-fees for a year, so they will have accomplished their goal.

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36 minutes ago, JackThompson said:

As to likelihood of folks doing the round-robin, consider that the rule seems to require monthly-xferrs (vs quarterly, etc) with fees going both directions on those, plus the trouble.  Immigration's calculus may be that their preferred agent-applications will be easier for most, and likely not much more than the xfer-fees for a year, so they will have accomplished their goal.

I have not done any dee-money transfer, but 12 dee-money transfer of $1000/month will cost only $60USD, according to their published rate (150 baht per transfer). So it is far better than 25K baht for an agent. 

Edited by onera1961
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And then there will those who actually bring in and have always brought in a fresh 65K+ baht every month who will need neither the round-robin nor the agent. Whatabunch of chumps, huh?

Edited by JLCrab
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3 hours ago, JackThompson said:

According to the US Consul, who saw the approved-draft of the new Police Order on this issue, the money must be deposited into a Thai Bank to qualify.

 

At least some portion of that 65K would be used to live on, so only a portion could be sent back.  As well, as the rule is "income" - folks will have to be able to pay bills out of their income, some of which will be in their passport-country.

 

As to likelihood of folks doing the round-robin, consider that the rule seems to require monthly-xferrs (vs quarterly, etc) with fees going both directions on those, plus the trouble.  Immigration's calculus may be that their preferred agent-applications will be easier for most, and likely not much more than the xfer-fees for a year, so they will have accomplished their goal.

If you create a round robin you only need Bt 65,000 in a never ending story.

Edited by David Walden
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19 hours ago, snooky said:

When I first received my retirement extension, and for several years after, all I needed to prove income were copies of statements from my US bank showing the monthly deposits.  After about the third year, they looked at my file and I did not have to show the statements even though I had them with me.  In later years they started using the income verification letter from the embassy. 

 

I don't know, as yet, of any change in the legal requirements although there might be, so possibly all one would need is to show your bank statement in your home country the amount equivalent to 65000 bt being deposited to ones account each month.  Let us hope so, it would simplify matters greatly.

 

 

Which immigration office was that ?

 

No 800k in the bank ?

 

Just copies of bank statements ?

 

THEY? started using the income letter.......... why would you have obtained one if immigration were just accepting bank statements ?

 

I don't think so.... this doesn't stack up.

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16 minutes ago, David Walden said:

There appears to be some new information on the Australian Embassy in Bangkok as of today regarding Stat Dec's and new charges for various services.

I don’t see it, last one November?

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