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

[dontoearth]

2 hours ago, mlkik said:

800.000 baht is not very much if you genuinely have retired and have committed to living in Thailand.

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

Interest rates here are no worse than my home country. I am not wealthy enough to speculate and possibly lose on the investment of stocks and shares . Therefore I see no reason not to have savings here.

 

     I never ever got a straight answer if the Thai Banking system was insured and guaranteed.  In other words in most of the developed world the banks are insured against deposit losses which might occur during a great natural disaster, economic destabilization or government change over that backfires.  Some TVF members swore YES YES YES.  Others said it was as complicated question.  A few said only for Thai citizens.  Others said there was a law that the original deposit had to be in Thai currency to make it insured.  Or a thai citizen had to be on the account also. 

     There have been cases all over the developing world where the banking system just suddenly deflated and the deposits were gone. It happened during the great depression in the 1920's in the USA and Germany the more developed world.  Those countries have insured their banks.  It should not happen again.  It has happened in latin and african countries very recently. 

     Does anyone really definitively know?  I know I am bound to get the answers from our more elderly and out of retirees telling the tellers are nice and friendly or the bank manager dresses well.  These are not criteria for making a deposit in the bank.

     So I see reasons not to have savings here!  On the other hand this is really just about the amount of money I spend when I live in Thailand.  It certainly would not be my life savings. I would keep the bulk of my money in the USA.

[pookiki]

Ubon Joe,  I didn't wade through all the pages before writing this. Is a two-tier system still alive and well for those who can get embassy letters?

 

When someone successfully uses the 'combo' method, please report it here as soon as possible!

[Naamblar2014]

6 minutes ago, madmen said:

These threads are monitored by the authority's, that's just normal however the extreme bashing of thais and the country is totally disgusting and has not gone unnoticed. Why else are they now squeezing out expats? Those with family should have been more respectful!

You guys only have yourself to blame and no doubt will be reflecting on it in the next sub zero winter in your home country.. Remember that country you bashed before landing in Thailand? Kinda ironic

Yes the government is so fair to its own citizens.  500 baht a month for old people but we must have 40k/65k per month as the case may be. Why should they care about other human beings who have a life and family in their country if the corrupt can't get their share out of us and ultimately can't take responsibility for their own citizens.  They won't 'squeeze me out ' with these draconian rules. I could meet these ridiculous requirements, but in principle this is going too far. The government should be more respectful to those with families not the other way around. Government is there to serve the people,  but in Thailand they seem to serve themselves as selfish and ignorant people do.   So that's my choice, becoming subservient and standing in line or leaving  and free choice is a wonderful thing. PS no sub zero weather for me.

[ocddave]

1 minute ago, madmen said:

1 hour ago, Mavideol said:

most here have a wife and kids, not to mention supporting the relatives as well......I see a lot of broken families and divorces as well

I don't know anyone with wife and kids. I think most don't have wife and kids

I'm definitely not "most" then ????

[alzack]

they never want us xenophobic Thai officials

[Kalasin Jo]

Just now, Dumbastheycome said:

I would say  yes...the balance of not less than 400,00 will be mandatory in lieu of  any  monthly income.

Realistically any person on an extension by reason of retirement who has  the required  800,000  for an extension renewal simply  could not exist on the  interest of that amount in any  bank account.

Being able to  demonstrate that amount in any accepted  deposit  for 3  months prior  does  not  give  Thai Imm. any indication  of  funds  for  ongoing  living costs. Nor  have they  ever asked.

This  new requirement of a permanent deposit  of  400,000 is  a realistic figure required in the event that any individual that is  deemed  to  contravene  conditions  of extension of stay  has the  reserves  to cover  costs involved  in  compulsory   exit  and  all  reasonable existing financial  liabilities.

Given the current  requirements  for an extension  of  stay is  minimal in real terms I do  not see this as  unreasonable.

I am curious  mostly about  how they will  require  confirming the 400,000.

Perhaps an addition to the next  90 day report?

But the  90  day report  has been  suggested  as  being  eliminated.

So it is   strange  days.

It does  not  cause  me  great concern.

I have had a permanent  deposit  of the 800,000 for  15 years.

Relative to the income that I have  had to  support  my continued stay  makes  that a very small number.

Yet I can see this  will  create  some  big  problems for the many I know who use Agents. 

In that scenario  what  will  each side  find as a  solution?

First thing  to  mind about that is  the  cost !

 

 

If it  don't  rain  there is a good chance you  can  make  hay !

 

You were wise to keep 800k permanently here for so long. Much better exchange rates in those days! Wish now I had done that when it was also easier for me to do too.

 

The rest of us are going to have to cope with, as we have each year, the prevailing exchange rate which of course has consistently worked against us, for a one off double whammy now. Time to just stick that in the bank methinks and take the one time double whammy of also covering your actual living costs for a year or may be 2, since you can use half of it as long as you replace it in time for next renewal. After that well you've got a back up fund for dire emergencies or some something to leave the wife / girlfriend when you pop your clogs. So that should stop her whining that you not take care future for me ( sorry, personal experience!). Or if you get told you have less than 12 months to live you can blow it then of course.....although even the wisest medical practitioner has been known to be wrong about that!

[mlkik]

2 minutes ago, jackdd said:

I explain it to you as easy as possible:

Thailand: People are poor. Many people want to go to rich countries to work illegally.

Western countries: People are rich. They usually don't go to poor countries to work illegally.

So western people can stay in Thailand more easily than Thai people in western countries.

In my eyes we are all equal no matter where we are from . Therefore  just because I am a farang I do not expect an easy ride.

[connda]

40 minutes ago, worrab said:

Then they will want to see the bank book showing 800k for 3 months prior AND not dropping below 400k inbetween the first 90 day report and the 3 month seasoning.

So it drops below 400k and yet you have 800k in your account seasoned for 3 months and you can show it came from a foreign source.  Then what? No extension for you?  Go back home, reapply for a non-O based on retirement deposit the 800k for 2 months and apply for a new extension?  Is that the plan folks (or Jokes) - that's complete and utter madness.

The point here is that the vast majority of foreign retirees who play by all of the rules are the object of this stupidity.  And the stupidity is to stop a handful of foreigners from gaming the system. 
We had this sort of crap in boot camp.  One or two recruits screw up and the whole company suffers.  It's a form of punishment, punishing those who abide by the rules in order to make a point.  By the way, it never worked.

[BestB]

2 minutes ago, MrPatrickThai said:

What troubles?

 

I have lived here for 3 decades and supported a family. My kids went to schools here. 3 of them went to foreign(well one is still going) unis. I never said Thailand has foreign unis. 

 

Do you think supporting a family here means that they must be in your house the whole time? Sigh...  

Its ok, once you learn to express yourself, then all your problems will go away.

 

Did you want a medal for having lived 3 decades or any other reason to keep repeating same nonsense over and over again?

[skatewash]

10 minutes ago, Wake Up said:

Surely you don’t have all your money invested in investments earning 6.4 percent. You have to have some cash for the down times when investments lose money and cash does not earn 6.4 percent annum. 

 

 If you are moving over the “opportunity costs” of 800,000 baht then you should move on. Good luck. ???????? 

Actually, yes nearly all of my US funds are invested in the stock market where it has on average for the last 8 years or so earned 6.4%.  Of course, I also have 800,000 baht in a savings account in Thailand where I live.  Why would I have more money in cash in the US?  I don't live in the US and have very little expenses there.  I think you may have misunderstood my post, always a danger when a post is more than a few lines long.  I'm not "moving" from Thailand, I'm contemplating switching (next year) to the monthly deposit method from the lump-sum method because the new rules make it more attractive to me to do so.  And I'm going to investigate living as a retiree in other places around the world should the rules in Thailand go further in a direction that I don't like.  But thank you for the thumbs up and the four leaf clover ????

[Orton Rd]

4 minutes ago, Griffo63 said:

With so much chatter on this forum about agents and how to get round the 800k seasoning is it any surprise that the authorities want to clamp down. You've only yourselves to blame 

 

Exactly right, many even claimed what they were doing was not illegal!

Now they say you only need 2 months money in the Bank before the extension, but I can just see officers saying no to that it's 3 months, I would not trust them to be in line with new rules, especially if they are in the aliens favour.

[jesimps]

2 hours ago, KiChakayan said:

Considering the evidence scattered around here of many people abusing the system, it makes bloody sense. Only hope that the 3 months formality can be made jointly with the first 90 days report.

I haven't heard "evidence" of one person on retirement visa abusing the system. Notice I say evidence as opposed to "I heard this guy in a bar say that his fiends's friend had abused the system". It doesn't make sense at all and you know it. It's just a big cheese trying to make a bigger name for himself while all the real problems in this country go unsolved. Farang are a very easy target.

[Patriot1066]

2 hours ago, mlkik said:

800.000 baht is not very much if you genuinely have retired and have committed to living in Thailand.

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

Interest rates here are no worse than my home country. I am not wealthy enough to speculate and possibly lose on the investment of stocks and shares . Therefore I see no reason not to have savings here.

 

I agree even at the UK poor exchange rate it is a small amount if you are a genuine retiree that can afford to live abroad.

 

The interest rates are better than the UK in fact much better at the moment.

 

The rules are virtually unchanged in fact you need the money in the bank so you could move most of it out if you wanted for 7 months, instead of 9 if you can prove it came from abroad when topped up.

 

This should stop a lot of the fraud with retirees, which perhaps they should prosecute for using false declarations?

[Khaeng Mak]

Hmmm

 

So I have 800K in the bank and a valid retirement extension in my passport.

 

But I am fed up with Thai immigration and decide to move to Vietnam.

 

I therefore transfer my 800K back to my bank in my home country.

 

I then grab a taxi to the airport to leave Thailand once and for all.

 

But I am arrested for overstay at the airport and put in the IDC because my extension is no longer valid (Because I don't have 800K or even 400K in a Thai bank).

 

Am I missing something?

[Kalasin Jo]

26 minutes ago, rott said:

A bit wrong. But for 6 months you NEED an income as well as the 800,00.

 

????

Or more than 800k in the bank!

[mlkik]

10 minutes ago, Nanaplaza666 said:

You are far from well off but have enough money for a worry free retirement ???? 

Yep I live in Prachacksinlapakhom and do not visit  Nana Plaza !

[MrPatrickThai]

1 minute ago, BestB said:

Its ok, once you learn to express yourself, then all your problems will go away.

 

Did you want a medal for having lived 3 decades or any other reason to keep repeating same nonsense over and over again?

It's you that lacks proper communication skills.

 

I have no problems, why do you keep spouting that?

 

I don't want a medal, I just think I am more qualified than others to say how much it costs to support a family here. Obviously I have touched a sore spot with you about something, low self-esteem perhaps? no money? no speaky English?

[moe666]

Nothing says proof with your 90 day report. While your at it blame the people who have been cheating these many years. With all the crack downs on other types of visas did you not think a crack down would never come. They do not want poor people living here and I do not blame them one bit.

[mlkik]

2 minutes ago, Patriot1066 said:

I agree even at the UK poor exchange rate it is a small amount if you are a genuine retiree that can afford to live abroad.

 

The interest rates are better than the UK in fact much better at the moment.

 

The rules are virtually unchanged in fact you need the money in the bank so you could move most of it out if you wanted for 7 months, instead of 9 if you can prove it came from abroad when topped up.

 

This should stop a lot of the fraud with retirees, which perhaps they should prosecute for using false declarations?

Top Man!

[baansgr]

31 minutes ago, MrPatrickThai said:

Nobody can support a family here on less that 100k  a month. I know as I've lived here for 30 years and put my 4 children through decent schools and foreign unis.

As a Father of 3, its very easy to support us and have a good standard of living on less than half that, of course I dont have a tirak or hangers on sponging off me.

[moto77]

5 minutes ago, Wake Up said:

Good guys in, bad and broke guys out. 

 

Immigrants should have IMO 25,000 USA dollars worth of baht in savings if they are retired. Or 65 K baht a month. 

 

Doubt seriously the guys screaming they are leaving will be missed. Some exceptions exists but you should not be able to live here if you can’t pay for yourself and any medical bills you may incur. 

 

Not meaning to judge others but this is not your country and they don’t owe you a cheap retired life. Retirement is something you work for and save money for or obtain  a decent retirement pension. 

I kind of agree. The problem is the constantly changing rules and the requirements to keep the money in the country and the reporting all the time (which is silly--I never had to do it as I never stayed more than 90 days, but I'm sure it must be annoying). Why does the money need to be in a Thai bank if the income is sufficient? This seems like corruption in cahoots with the banking industry.

I dropped my visa about a year ago before the new rules were even announced so this is not sour grapes. But when I used to have a retirement visa there, the officer doing mine paused and asked me if the amount on my income verification form was per month or per year (it was per month, but it would have been enough either way, and apparently she was curious). Based on her reaction, it must be enough that they don't see it very often (and it was at Chang Wattana, not somewhere in Issan). Nonetheless, if I still wanted a retirement visa I wouldn't be eligible under the new requirements. 

[maprao]

Keep the ideas rolling for the boys in Immigration....

 

[Too young to be old]

2 hours ago, notamember said:

you will need a heater installing, the odometer reset from Km to MPH and and an MOT, then pay the import tax and VAT  then you will be ok

You don't need to reset you speedo. There are no laws in the UK about MPH or KPH. When I had a car in Thailand, a VW Passat, it had a heater, re-registering only costs £55, an MoT can had for about £30, there maybe some import dutiy to pay but as second hand car won't cost a lot.

[ocddave]

1 minute ago, moe666 said:

Nothing says proof with your 90 day report. While your at it blame the people who have been cheating these many years. With all the crack downs on other types of visas did you not think a crack down would never come. They do not want poor people living here and I do not blame them one bit.

Just out of curiosity, what is "poor", we're still in Thailand where the average middle-class wage is what?

[cmarshall]

2 hours ago, onera1961 said:

Does it mean one has to keep 400K throughout the year. May be this is another way to ensure people have some money for emergency medical expenses. 

 

It can't be used for medical expenses or any other expenses, because then you would be violating the terms of the visa and would presumably not be renewed.

[marqus12]

I have suggestions ... Let's buy an island in the Pacific and create one normal country in the tropics... !

[moto77]

6 minutes ago, Khaeng Mak said:

Hmmm

 

So I have 800K in the bank and a valid retirement extension in my passport.

 

But I am fed up with Thai immigration and decide to move to Vietnam.

 

I therefore transfer my 800K back to my bank in my home country.

 

I then grab a taxi to the airport to leave Thailand once and for all.

 

But I am arrested for overstay at the airport and put in the IDC because my extension is no longer valid (Because I don't have 800K or even 400K in a Thai bank).

 

Am I missing something?

This is kinda silly. You wouldn't be arrested for overstay if your visa was still valid when you left. Immigration isn't going to check your bank account balance. LOL.

[chickenslegs]

5 minutes ago, mlkik said:

This should stop a lot of the fraud with retirees, which perhaps they should prosecute for using false declarations?

Yes, they should be prosecuted - but the priority should be to investigate, prosecute, and jail the corrupt Immi Officers who are in cahoots with the agents. They are the source of the problem.

[DrTuner]

6 minutes ago, Khaeng Mak said:

But I am arrested for overstay at the airport and put in the IDC because my extension is no longer valid (Because I don't have 800K or even 400K in a Thai bank).

Ah, forgot about this lucrative little thing for the BiB. Ask for passport and if the stamp is less than 3 months, start asking for a bank statement dated today or a small contribution to the BiB recreational fund.

 

All sort of lovely little things. Maybe now you have to carry your bank book and update it every day together with your passport?

[MrPatrickThai]

16 minutes ago, baansgr said:

As a Father of 3, its very easy to support us and have a good standard of living on less than half that, of course I dont have a tirak or hangers on sponging off me.

but you have a Philipino wife and half-Thai kids living in Pattaya. Wow, say now more. I assume your kids don't go to private/international schools then. I know people to do it but it isn't exactly a good standard of living or very fair for the kids. Maybe they are still young and don't need a new iphone or car.   Do you think they'll get a high paying job if they don't study abroad or at an international uni here?