BREAKING NEWS Thai immigration considers forcing some retirees to show 800k in bank EVERY THREE MONTHS: report

[webfact]

Thai immigration considers forcing some retirees to show 800k in bank EVERY THREE MONTHS: report

 

 

 

Thai immigration is considering forcing some retirees to show a bank statement with 800,000 baht balance every three months.

 

According to a report by Fabulous 103FM, the move is one of a number of measures being considered by immigration chiefs to stop the practice of foreigners paying back-handers to visa agents to create fraudulent bank statements which are then submitted when applying for retirement visa extensions.

 

The proposed requirement to show 800,000 baht balance every three months would only apply to foreigners who are unable to show “a suitable monthly income”, the report said.

 

If the proposals are approved it would be almost impossible for expats who did not meet the financial requirements needed for a retirement extension to remain in Thailand.

 

The move would also help rid Thailand of unscrupulous visa agents.

 

The proposals, which Thaivisa has been unable to confirm, were first reported on Fabulous 103 FM’s news bulletin on Thursday morning.

 

You can listen to the bulletin below.

 

The immigration story begins at 42 seconds.

 

 

 

 

-- © Copyright Thai Visa News 2019-01-31

 

 

 

UPDATE 19.21 31st Jan 2019: Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

 

Full story: https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/

[BestB]

What would stop agents and foreigners from producing fake bank statements every 3 months?

 

Admittedly an inconvenience and extra cost, but hardly would help rid of agents

[PatOngo]

[ocddave]

I think ultimately, people are just going to leave, the constant ever-changing hassles will be too overwhelming.

[stanleycoin]

Oh no, thats torn it for many. !!!!!!!!!!!!!!!!

Quote

paying back-handers to visa agents

Think they meant bent immigration officers as well. 

[Dmaxdan]

I understand why they are doing this but what really is the point of having 800K in the bank if you can never use any of it it without invalidating your extension?


Sent from my iPad using Thaivisa Connect

[NCC1701A]

for god's sake get a clue and just put the 800,000 baht in the frickin' bank and be done with it.

[stanleycoin]

1 minute ago, Dmaxdan said:

I understand why they are doing this but what really is the point of having 800K in the bank if you can never use any of it it without invalidating your extension?


Sent from my iPad using Thaivisa Connect

Just maybe its nice for the banks in Thailand 

[Searat7]

I suppose bank statements could be forged by agents but I think most people here have bank accounts with passbooks and if these have to be shown it should be pretty difficult to get extension unless IO is very complicit in this corrupt practice

[madmen]

Bizarre. Immigration blaming expats when in fact agents wouldn't exist if corrupt Immigration were not taking bribes.
Surely the solution without starting a whole new set of rules would be to......


NOT TAKE BRIBES,!!!

[jacko45k]

23 minutes ago, webfact said:

The move would also help rid Thailand of unscrupulous visa agents.

I bet a few cornflakes get spat over that line!

[wgdanson]

5 minutes ago, NCC1701A said:

for god's sake get a clue and just put the 800,000 baht in the frickin' bank and be done with it.

And then import further money every month to live on? Stupid idea.

[Puchaiyank]

I keep making personal adjustments to accommodate the retirement visa's ever moving requirements.

 

There is a point where the constant hassel becomes too much...we are fast approaching that point.

 

Love most everything about Thailand except its inability to produce a stable immigration policy.

[Prairieboy]

23 minutes ago, webfact said:

retirees to show a bank statement with 800,000 baht balance every three months.

So it would effectively lock in the 800,000 - some retirees are able to use that money for a large portion of the year

 

[cnx101]

11 minutes ago, ocddave said:

I think ultimately, people are just going to leave, the constant ever-changing hassles will be too overwhelming.

 

1 minute ago, Prairieboy said:

So it would effectively lock in the 800,000 - some retirees are able to use that money for a large portion of the year

 

Vietnam here we come.

[PatOngo]

4 minutes ago, madmen said:

Bizarre. Immigration blaming expats when in fact agents wouldn't exist if corrupt Immigration were not taking bribes.
Surely the solution without starting a whole new set of rules would be to......


NOT TAKE BRIBES,!!!

That's bucking the culture!

[jacko45k]

Just now, Prairieboy said:

So it would effectively lock in the 800,000 - some retirees are able to use that money for a large portion of the year

 

I actually keep my balance above 800k, a personal choice, I also regard the money as a supplement to my medical insurance. Now, if I suddenly need to spend it, let us hope the 90 day money in the bank verification is not due! Oh, will the seasoning requirement become redundant?

[wgdanson]

32 minutes ago, webfact said:

The proposed requirement to show 800,000 baht balance every three months would only apply to foreigners who are unable to show “a suitable monthly income”, the report said.

Explain somebody please.

If I have 800,000 in the bank and no more coming in monthly, I shall have to show the 800k every 90 days. 

If I have 800k in the bank PLUS a monthly income, I don't have to show the 800k, only at extension time.

[losername]

9 minutes ago, NCC1701A said:

for god's sake get a clue and just put the 800,000 baht in the frickin' bank and be done with it.

Agreed.  Mine's been in he bank since my arrival 11+ years ago.  It's been my best investment against my home currency in that time.  No complaints.

[Time Traveller]

Wow, having to apply for extension of stay every 90days? It's like the 90 day house report on steroids!

800k has to be in the bank 3months prior to checking. So, effectively 800k gets locked away all year that they can't touch? 

I really can not understand why authorities care that some people are using loopholes to meet every new requirement they demand. It only proves the immigration requirements are stupid in the first place. If you can pay their fees and support yourself, then why does immigration worry? 800k locked in a bank account is 800k that doesn't get spent in the local economy.

What next, checking everyone's spending receipts to prove they really do actually own the money?

 

 

[mokwit]

So basically 4 trips a year to CW - plus I am sure will have to make the usual photocopies.

[jackdd]

To get rid of agents? If they wanted to get rid of agents they would simply add "all applications have to be done in person" (except medical extensions), and remove the possibility for the seasoning requirement to be waived. What they are planning to do now will just allow immigration officials to collect tea money four times a year instead of just once.

[jacko45k]

1 minute ago, wgdanson said:

Explain somebody please.

If I have 800,000 in the bank and no more coming in monthly, I shall have to show the 800k every month. 

If I have 800k in the bank PLUS a monthly income, I don't have to show the 800k, only at extension time.

If you use the 800k seasoned for 3 months to obtain your extension, the rumour is, you will have to return to immigration every 90 days to again show you still have the 800k at that time. (ie you cannot spend it) I am hoping this is fake news!

[colinneil]

Bring it on, if you are here legit should not be a problem.

Many could do the same as me, 80% in a fixed term account, remainder being used for daily needs, pension paid in.

Just make sure the total between the 2 accounts is never below 800.000 .

[DM07]

Because that will toooootally stop any "backhanders" from doing this every three month and earn some additional $...right?!

[overherebc]

5 minutes ago, wgdanson said:

Explain somebody please.

If I have 800,000 in the bank and no more coming in monthly, I shall have to show the 800k every month. 

If I have 800k in the bank PLUS a monthly income, I don't have to show the 800k, only at extension time.

That's how I read it as well.

The question is how much is 

'some income' every month?

[Jingthing]

2 minutes ago, wgdanson said:

Explain somebody please.

If I have 800,000 in the bank and no more coming in monthly, I shall have to show the 800k every month. 

If I have 800k in the bank PLUS a monthly income, I don't have to show the 800k, only at extension time.

The proposal in the video says that "appropriate" income actually means 65K per month imported into Thailand. If you're doing that you wouldn't need to do a 800K bank method. If your income is under that I think implementation of this rule would mean the end of the combo method for all, then you would be doing an 800K bank method, and under this new rule would need to show at least every 90 days. There is nothing in the video about seasoning being needed for the 90 day money shows but that doesn't mean it won't be required. In any case -- HORRIBLE NEWS if true. 

[wgdanson]

2 minutes ago, mokwit said:

So basically 4 trips a year to CW - plus I am sure will have to make the usual photocopies.

Yep, no more online 90 day jobs.

[VocalNeal]

11 minutes ago, wgdanson said:

And then import further money every month to live on? Stupid idea.

 

You have got to keep your retirement money somewhere? Why in a foreign bank? Why not a Thai bank?

 

Some Thai banks actually pay interest!! Unlike their foreign counterparts.

 

Oh and it say SOME retirees not ALL.

[JAG]

Does "Fabulous FM" broadcast from under a bridge perchance?