BREAKING NEWS Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

[wayned]

Is the combination option still available for a retirement extension?  If it is, what are the rules regarding seasoning and how much/how long the money must remain in the account after the extension?

[jacko45k]

1 hour ago, dick dasterdly said:

Just received a 'phone call from my agent telling me that I need to go to Immigration for the photo.....  So this news appears to be correct, even if all the paperwork is in order and using an agent .

Might be an opportunity to check a few bank-books at the same time? 

[dick dasterdly]

50 minutes ago, jacko45k said:

Might be an opportunity to check a few bank-books at the same time? 

My bank book was given to the agent, amongst the other documents I provided to ensure there was no doubt that I was entirely legal.

 

Had to (sort of...) laugh though, as presumably my agent doesn't realise this as when she 'phoned, she insisted we must go now to ensure we met up with the 'right' Immigration officer......

 

I think/hope that after our 'phone conversation she now realises that I'm entirely legal, and only paying for her services as I don't want to go through the hassle of going to (and dealing with) the Immigration Office every 3 months!

 

Nonetheless, I still have to go to Immigration tomorrow for the 'photo .

Edited February 6, 2019 by dick dasterdly

[Jingthing]

Is the combination option still available for a retirement extension?  If it is, what are the rules regarding seasoning and how much/how long the money must remain in the account after the extension?

Not specified if no embassy letter. Don't rely on it at this time and maybe never. Signs offices can't deal with combo with no embassy letters. Be warned!!!!

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[dick dasterdly]

11 minutes ago, dick dasterdly said:

My bank book was given to the agent, amongst the other documents I provided to ensure there was no doubt that I was entirely legal.

 

Had to (sort of...) laugh though, as presumably my agent doesn't realise this as when she 'phoned, she insisted we must go now to ensure we met up with the 'right' Immigration officer......

 

I think/hope that after our 'phone conversation she now realises that I'm entirely legal, and only paying for her services as I don't want to go through the hassle of going to (and dealing with) the Immigration Office every 3 months!

 

Nonetheless, I still have to go to Immigration tomorrow for the 'photo .

I should add that when pointing out to my agent that I was 'legal', and had provided all the necessary documentation to prove this - she started saying that the Embassy verification of income was no longer valid.....

 

I put her straight, pointing out that it was valid for 6 months and that I'd also provided evidence of income to back up the Embassy statement.

[Andrew Dwyer]

My bank book was given to the agent, amongst the other documents I provided to ensure there was no doubt that I was entirely legal.
 
Had to (sort of...) laugh though, as presumably my agent doesn't realise this as when she 'phoned, she insisted we must go now to ensure we met up with the 'right' Immigration officer......
 

This last sentence sort of sums it up !!

BJ is trying to get rid of the dodgy agents ( as opposed to the ones giving an honest service ) but really needs to weed out the “right “ immigration officers.
Without those guys facilitating these actions we wouldn’t be in the predicament we are facing right now!!

[Andrew Dwyer]

Double post

[roger buttmore]

Some retirees say they satisfied the financial requirements leading up to these new changes, but now they don't. With the rules for B65k per month being unchanged, their panic must have arisen from the additional 2 month's seasoning and minimum B400k for the remaining 7 months.

 

The total difference between the before and after is 9x their monthly outlay, once, to get things back in line.

 

Living on such a financial cliff edge for so long with zero flexibility or safety net must be very uncomfortable.

 

I do feel pity for them.

[BritManToo]

18 minutes ago, roger buttmore said:

Living on such a financial cliff edge for so long with zero flexibility or safety net must be very uncomfortable.

I suspect there aren't many people in the world with a year's spare cash floating around their bank accounts.

Let alone pensioners.

 

It's not exactly 'living on a financial cliff', as you put it, it's normal living in the modern world, hand to mouth.

Next you'll be suggesting all the business in the world should be keeping a years stock, try telling that to a supermarket or car factory manager, they'll laugh in your face.

Edited February 6, 2019 by BritManToo

[jacko45k]

Well let me add to this long thread, just got a message from someone in the North of Thailand, who went to renew their retirement extension based on 800k in the bank today.

Things to note, person was also required to do  90 day reporting, despite it not being due. Extension was granted and friend was told that 

1) Must have 800,000 in the bank when  does the next 90 day report.

2) After that 400,000 baht is required.

Also given a copy of the rules, as per the OP here.

 

Worrying in that it suggests keeping to the terms is required for the current running extension, rather than a future application. Well under the view of that IO.

[Pattaya46]

New rules or not supposed to be already active... but only from March 1st. 

 

7 minutes ago, jacko45k said:

1) Must have 800,000 in the bank when  does the next 90 day report.

And what if he makes a trip abroad before these 90 days?

His next 90 days report could be in nearly 6 months... or later... or even never.

Edited February 6, 2019 by Pattaya46

[Jingthing]

7 minutes ago, jacko45k said:

Well let me add to this long thread, just got a message from someone in the North of Thailand, who went to renew their retirement extension based on 800k in the bank today.

Things to note, person was also required to do  90 day reporting, despite it not being due. Extension was granted and friend was told that 

1) Must have 800,000 in the bank when  does the next 90 day report.

2) After that 400,000 baht is required.

Also given a copy of the rules, as per the OP here.

 

Worrying in that it suggests keeping to the terms is required for the current running extension, rather than a future application. Well under the view of that IO.

Thanks for the report. 

The odd thing is the order isn't supposed to be in effect yet.

Another sign there is going to confusion, and lots of tears, broken homes, lost assets, and fleeing, surprised to be illegal expats probably for years starting from now.

Others have jumped the gun suggesting they're sure it won't involve showing funds at 90 day reports. Not practical. What if you travel? (Who the hell knows? Do you think immigration knows? The orders has absolutely nothing about actual enforcement mechanics,)

That said, it's one report and a really weird one considering the order isn't supposed to have started yet. Expect hundreds, thousands more that don't really add light, but instead feed confusion and fear and in this case the fear is justified. It's only fear mongering if there isn't a real problem. Wake up, people. There is a real problem. 

 

Edited February 6, 2019 by Jingthing

[Tanoshi]

10 minutes ago, jacko45k said:

Well let me add to this long thread, just got a message from someone in the North of Thailand, who went to renew their retirement extension based on 800k in the bank today.

Things to note, person was also required to do  90 day reporting, despite it not being due. Extension was granted and friend was told that 

1) Must have 800,000 in the bank when  does the next 90 day report.

I mentioned before that they'd either give a 3 month under consideration stamp, or reset your 90 day report from the date of the application (something my office always did anyway) to prove your 800K still in the bank.

They were the only 2 logical options.

 

Updated passbook or bank statements, but did he mention any requirement for another letter from the bank?

 

 

[jacko45k]

8 minutes ago, Pattaya46 said:

New rules or not supposed to be already active... but only from March 1st. 

 

And what if he makes a trip abroad before these 90 days?

His next 90 days report could be in nearly 6 months... or later... or even never.

Well the current extension was due to expire about then. 

That question not asked and remains a mystery to me, perhaps he would be expected to report as soon as he can, and prove things then. After all, do the 90 days reset anymore if the reason is not solely to confirm address , but also to prove money in the bank? Just spit-balling here!

Edited February 6, 2019 by jacko45k

[jacko45k]

9 minutes ago, Tanoshi said:

Updated passbook or bank statements, but did he mention any requirement for another letter from the bank?

No mention of what the actual verification entailed. 

[lelapin]

18 minutes ago, Pattaya46 said:

New rules or not supposed to be already active... but only from March 1st. 

 

And what if he makes a trip abroad before these 90 days?

His next 90 days report could be in nearly 6 months... or later... or even never.

or 90 day reporting is online

[Tanoshi]

10 minutes ago, jacko45k said:

Well the current extension was due to expire about then. 

That question not asked and remains a mystery to me, perhaps he would be expected to report as soon as he can, and prove things then. After all, do the 90 days reset anymore if the reason is not solely to confirm address , but also to prove money in the bank? Just spit-balling here!

The 90 day report is only due if staying 90 consecutive days.

It resets if you leave the Country.

 

How would they continue to check 400K in the bank for the remainder of the year ….. further 90 day reports.

Online and mail in 90 days now defunct? Just some more spit-balling!

[Tanoshi]

3 minutes ago, lelapin said:

or 90 day reporting is online

Not anymore, at least for the first one after the extension.

In person only.

[jacko45k]

2 minutes ago, Tanoshi said:

The 90 day report is only due if staying 90 consecutive days.

It resets if you leave the Country.

 

How would they continue to check 400K in the bank for the remainder of the year ….. further 90 day reports.

Online and mail in 90 days now defunct? Just some more spit-balling!

Well, it may be prudent to say, and hopefully not too late to say, all you guys who got your extensions retirement/ 800k on deposit recently, don't go rushing to spend or repatriate that money yet!

[Jingthing]

2 minutes ago, Tanoshi said:

The 90 day report is only due if staying 90 consecutive days.

It resets if you leave the Country.

 

How would they continue to check 400K in the bank for the remainder of the year ….. further 90 day reports.

Online and mail in 90 days now defunct? Just some more spit-balling!

Nobody knows yet!

Officers don't know.

The order said basically nothing about enforcement mechanics.

If they don't know, we don't know.

It's even possible that we'll be ordered to stay in Thailand for those 90 day financial check reports. No, I'm not saying that will happen but such a horror is the RANGE of possible interpretations of an order without any guidance. 

[keemapoot]

Just now, Tanoshi said:

Not anymore, at least for the first one after the extension.

In person only.

So, now they will have to have a separate algorithm in the online system for those that use the cash in the bank method versus the monthly foreign transfer method. Again, this just gets more and more screwed up. If your idea is what will happen, they I suppose the entire online 90 report system will just be scrapped and it's back to schepping in person to immigration for everyone.

[jacko45k]

3 minutes ago, Jingthing said:

Nobody knows yet!

Officers don't know.

The order said basically nothing about enforcement mechanics.

If they don't know, we don't know.

It's even possible that we'll be ordered to stay in Thailand for those 90 day financial check reports. No, I'm not saying that will happen but such a horror is the RANGE of possible interpretations of an order without any guidance. 

Gimme a break mate, just booked me a nice little trip to Bali!!

[zydeco]

3 minutes ago, keemapoot said:

So, now they will have to have a separate algorithm in the online system for those that use the cash in the bank method versus the monthly foreign transfer method. Again, this just gets more and more screwed up. If your idea is what will happen, they I suppose the entire online 90 report system will just be scrapped and it's back to schepping in person to immigration for everyone.

It's the only answer possible. How else to check if the 400K is maintained throughout the year. As I said in previous posts, I doubt they would condition the 400K on your next yearly renewal, because in their mind, it would mean if you went under then you got to stay in Thailand for "free." So for me that is four different trips to Chaeng Wattana and I live on the edge of Bangkok 1/2 km from Nakhon Pathom. Four days out of my life shot to hell with immigration, not to mention the 800 baht round trip it costs every time.

Edited February 6, 2019 by zydeco

[Jingthing]

So if they are going to require 90 check ins to show financials, then what happens if you're under? Will people be instantly deported? If not, why demand the show ups? If you know you're under, why would you even show up for the report? Wouldn't it make more sense just to start over (or leave) and avoid being deported? What a freakin' mess!

[keemapoot]

3 minutes ago, zydeco said:

It's the only answer possible. How else to check if the 400K is maintained throughout the year. As I said in previous posts, I doubt they would condition the 400K on your next yearly renewal, because in their mind, it would mean if you went under then you got to stay in Thailand for "free."

It kind of sounds like the net effect of all this, if the new directive remains, will be that most people will convert to simply self-funding monthly transfer method from their own accounts overseas. This means they can avoid the freezing of 400k and can also avoid in-person 90 day reports. The monthly SWIFT fees will be more, but sounds better than the alternative.

[whitemouse]

On 1/31/2019 at 3:24 PM, MikeOKitches said:

Phenom Penh, Cambodia here I come. ????

Go to Vietnam! Forget Cambodia, Sihanoukville used to a cool place, it's a disaster zone now,  I spent few days just last week in Sihanoukville, as a good bye pilgrimage.

 

Go and stay 1 month in Da Nang, and month in Nha Trang , both are nicer than any place in Cambodia. 

Edited February 6, 2019 by whitemouse

[roger buttmore]

48 minutes ago, BritManToo said:

I suspect there aren't many people in the world with a year's spare cash floating around their bank accounts.

Let alone pensioners.

 

It's not exactly 'living on a financial cliff', as you put it, it's normal living in the modern world, hand to mouth.

Next you'll be suggesting all the business in the world should be keeping a years stock, try telling that to a supermarket or car factory manager, they'll laugh in your face.

You clearly didn't read what I'd posted before you commented, or you're deliberately trying to put words in my mouth.

 

I said 9 month's worth of monthly outlay, not one year, And I never mentioned anything about businesses at all. You're making things up, just like many used to do with their affidavit declarations, which is why those on a financial cliff-edge now have crumbling terraferma beneath their feet.

[Jingthing]

3 minutes ago, whitemouse said:

Go to Vietnam! Forget Cambodia, Sihanoukville used to a cool place, it's a disaster zone now,  I spent few days just last week in Sihanoukville, as a good bye pilgrimage.

 

Spend 1 month in Da Nang, Vietnam, it's great, way better than any place in Cambodia. 

90 day visa runs needed though, right? That's not a long term plan for retirees. (This topic is about a retirement extension issue.) 

[Tanoshi]

7 minutes ago, keemapoot said:

It kind of sounds like the net effect of all this, if the new directive remains, will be that most people will convert to simply self-funding monthly transfer method from their own accounts overseas. This means they can avoid the freezing of 400k and can also avoid in-person 90 day reports. The monthly SWIFT fees will be more, but sounds better than the alternative.

Find a girl, settle down (as the song goes) get a Non Imm O ME from Savannakhet.

No more 90 days, no more proof of incomes, or deposits held in a Thai bank.

[keemapoot]

1 minute ago, Tanoshi said:

Find a girl, settle down (as the song goes) get a Non Imm O ME from Savannakhet.

No more 90 days, no more proof of incomes, or deposits held in a Thai bank.

Yeah, a good option so long as you like to travel every 90 days, but not so good when you just when to stay put and not leave anymore.