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

[KittenKong]

18 minutes ago, jabis said:

Why else keep any money in a fixed deposit, than accumulate interest? x) Tho 800k฿ won't get good rate, I think starting from 100M฿ (at least in SCB) you'll get 2.5-2.8% per year, minus the 15% tax if discontinuing.

My 800kB is in a time deposit here and has been for many years. I get around 2% interest and every year I claim the 15% withholding tax back.

[smedly]

1 hour 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

agree, I think showing an active account and the 400/800k not suddenly diapering shortly after their extension is approved should be enough

 

and apart from all this nonsense - it is obvious someone in Immigration is being paid to ignore the fact that the funds are not seasoned, I wonder if BJ actually understands how this process works, does he realise immigration officers are involved and it wouldn't work without their participation

 

 

I think they need to think again 

 

 

[Lipoman]

Good.  This decision works with my plan for depositing THB800k into a Thai bank.  I'll allow it to grow with the interest it earns plus whatever I add to it throughout the year.  Simple. 

[Thailand]

Time for one of those polls, how many retirees here could put 800K in the bank as dead money, in addition show 65K a month in income. That appears to be what they are saying. In addition an extra 4 visits a year to immigration to show you have not spent spent the 800K,seriously?

[poohy]

2 minutes ago, Lipoman said:

Good.  This decision works with my plan for depositing THB800k into a Thai bank.  I'll allow it to grow with the interest it earns plus whatever I add to it throughout the year.  Simple. 

I am pleased it meets with your approval>

 

Others  here may NOT be so overjoyed

[wgdanson]

1 hour 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

 

some retirees (me) MUST use that money for a large portion of the year.

[DefaultName]

Bugger. 

 

I renewed my retirement extension today using a genuine 800k in the bank. I've been keeping it over that since I moved here, but this time I was going to let it drop down until Brexit brings the value of the £ back up - yes it will, really.... well, fingers crossed anyway. If this comes in, I won't be able to do that. 

 

Bugger. 

[overherebc]

35 minutes ago, wgdanson said:

As long as it is 'instantly' available. A Foreign Currency Account is also accepted (by my IO here)

Here is the important word.

Maybe another IO in a different 'here' might not accept it. ????????

[stanleycoin]

if its true.

Maybe it will all be grandfathered to the old rules, for existing customers. ( retirees ) that would be nice for some people.

who knows.

 

[jabis]

44 minutes ago, sumrit said:

And agents wouldn't exist if foreigners didn't use them to illegally stay in the country

Agents would exist still, to ease hopping thru the hoops - just not as blatantly as what they're now "apparently" combating ???? 

40 minutes ago, KittenKong said:

My 800kB is in a time deposit here and has been for many years. I get around 2% interest and every year I claim the 15% withholding tax back.

Must be grandfathering - opening a time deposit for less than "many years" for 800k you're looking below 0.8% interest rate, what I asked from few different banks. Now also restrictions what non-residents can open and what requires work permits, and/or permanent residency status etc ????

[notamember]

2 hours ago, Searat7 said:

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

why forge anything?

put money in, update bank book, transfer out at the ATM, do not update bank book

rinse, repeat....

[ravip]

2 hours ago, ocddave said:

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

That must be the ultimate goal.

No country likes to entertain low income retirees.

[overherebc]

11 minutes ago, stanleycoin said:

if its true.

Maybe it will all be grandfathered to the old rules, for existing customers.

( retirees ) 

who knows.

 

If they make changes it will still be covered by the IO may request additional information if he thinks it's required.

So, some offices will and some offices won't.

Some offices do and some offices don't.

Some need a lot of papers, and

Some offices don't. 

I know I've got the papers but don't know why,

Some offices do and some offices lie.

 

There's a song in there somewhere. ????????????????

[wgdanson]

4 minutes ago, DefaultName said:

Bugger. 

 

I renewed my retirement extension today using a genuine 800k in the bank. I've been keeping it over that since I moved here, but this time I was going to let it drop down until Brexit brings the value of the £ back up - yes it will, really.... well, fingers crossed anyway. If this comes in, I won't be able to do that. 

 

Bugger. 

Hey it's not THAT bad. 800k @ 40 to £ = 20,000. At 39 = 20512. Is a tenner a week worth worrying about. 

[KittenKong]

3 minutes ago, jabis said:

Must be grandfathering - opening a time deposit for less than "many years" for 800k you're looking below 0.8% interest rate, what I asked from few different banks. Now also restrictions what non-residents can open and what requires work permits, and/or permanent residency status etc

No. My TD is renewed periodically at the best current rate. At the end of 2018 the rate was well over 2%. I dont get any more than any other customer can.

 

Not all Thai banks put obstacles in the say of new customers.

[Airalee]

To me, something smells.

 

Over the last couple years, I have seen so many ads for condos where the “terms” are basically the same as the toxic, negatively amortizing “option-arm” mortgages that helped fuel the housing bubble (and subsequent collapse) in the US.  

 

Remember how many many banks had to be bailed out?

 

To me, it appears as if Thailand is looking for foreigners to shore up their banking industry and that is the only reason for having the money in your account for basically the whole year.

[fisherd3]

WoW , they are never going to sell all those condos in Pattaya , for sure , here in Rayong to register tourists in residence by law within 24 hours of arrival, on form TM30 , Rayong Immigration require Form TM 30 2 parts, landlords passport copy, landlords visa copy, landlords departure card copy, copy of chanute of property, copy of blue book to property, tourist passport copy, tourist visa copy , tourist departure card copy.

More condos for sale !!!

[stanleycoin]

Ok, Guys.

Hands up if you still feel like a guest today  

 

Feel that love train. 

 

 

[sumrit]

59 minutes ago, Thaidream said:

It appears the agent system is indeed being looked at but making  people come in every 90 days to  'reprove' their extension is not going to go very far.  Everyone who is here must have some type of income to pay rent; food etc.- I would assume they can show some type of legal  pension; stocks/bonds' rental income- but Thai imm needs to understand they will have to allow people to show their documents to prove income.  Forcing retirees to  transfer money as proof AND show 800K is overkill

 

3

Some people (say they) have 800k baht to qualify for the money in the bank option, but this by itself isn't proof that they have more money to live on. Some have a pension that's enough to live on but less than 65k for the income option. Others have private funds to support themselves. But for others, their income could be from working illegally.

 

For those with less than 65k pm income and less than 800/400k in the bank, the agent has been the obvious (illegal) route. Likewise, for those that used the income method but didn't have the necessary income, inflating a few figures in an affidavit without having to show proof was an easy option.

 

But it appears the illegal routes might just be coming to an end in the not too distant future. Those of us using the monthly income option have now had the loopholes for fiddles closed. Now it seems the money in the bank fiddles just might be next. For those with lower incomes, but with money in the bank, it provides another option. Not using agents and submitting all documentation to Immigration in person would be a good start and if they also had to prove they had enough money to live on month by month (and where that money came from), that would also restrict the illegal working issue.

 

And for those on here who are totally legal but, by their posts, seem to support those who have been using an illegal route, I don't understand, why would you want to support them??? It is their illegal actions that have forced Thai Immigration to start to tighten things up and make it more difficult for the rest of us.  

[Longcut]

24 minutes ago, Thailand said:

Time for one of those polls, how many retirees here could put 800K in the bank as dead money, in addition show 65K a month in income. That appears to be what they are saying. In addition an extra 4 visits a year to immigration to show you have not spent spent the 800K,seriously?

The way I read it. If you can prove 65K a month income going into a Thai bank. You don't need to show 800K in the bank. 

[KittenKong]

26 minutes ago, Thailand said:

how many retirees here could put 800K in the bank as dead money,

My 800kB isnt dead. It earns about 2% now and previously it earned more.

[Lovethailandelite]

12 minutes ago, DefaultName said:

Bugger. 

 

I renewed my retirement extension today using a genuine 800k in the bank. I've been keeping it over that since I moved here, but this time I was going to let it drop down until Brexit brings the value of the £ back up - yes it will, really.... well, fingers crossed anyway. If this comes in, I won't be able to do that. 

 

Bugger. 

You won't be seeing much increase, if any increase of sterling against the baht for years and years. You have at least 2 years of trade talks with the EU even if we leave the 29th March. The baht is mighty strong in it's own right. In fact 5 year FX forecasts see sterling gradually declining to between 35 and 38. The US Dollar at around 28 and the AUS Dollar around 18.

 

[notamember]

2 hours ago, jackdd said:

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.

it says that applications have to be done in person already

 

[HalfLight]

2 hours ago, Father Fintan Stack said:

Hope those affected have their Plan B ready. 

I foresee a sudden flood of marriage visas... and a flood of enterprising bargirls to provide a slightly different kind of service. For a fee of course.

[ba ba]

The front door is getting bigger

[Andrew Dwyer]

why forge anything?
put money in, update bank book, transfer out at the ATM, do not update bank book
rinse, repeat....

You are forgetting the bank letter needed for extension are you not ?

[jacko45k]

2 hours ago, Puchaiyank said:

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

I have been Teflon for a long time having the 800k there. My turn!

[happy chappie]

1 hour ago, lovelomsak said:

I put 800,000 in the bank when I came 13 years ago to retire have not touched it one time. I look at it like the cost of maintaining my visa extension.

   If a  person doesnot have the means to stay here he should leave simple as that. The requirements are low if some one cannot match it maybe they are not retired but lazy and want to live on nothing and not work ever.

You could of got a brand new Isuzu back then with 800,000b,try buy that today.1,040,000 as my friend got one last week.inflation is eating away at you money every day and it's is not getting any better.i have gave up my retirement visa and used the money for two apartments and get 204,000b per annum return.im not here for a few months every year and can live on 60 day extensions and pop   up to laos once or twice a year.i consider 800,000b locked into a back and giving near sod all interest very expensive also 65,000b a month asking too much.anyway if this new rule comes in they will only scratched their heads and change it again.

[Lovethailandelite]

Perhaps Immigration got wind of social media awash with the cool idea of doing the money merry go round. Sending money in and out continuously.
It's killed that idea stone dead.

[overherebc]

3 minutes ago, Andrew Dwyer said:

You are forgetting the bank letter needed for extension are you not ?

Timing is the key.