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

[Naamblar2014]

2 minutes ago, moto77 said:

Not meaning to judge others but this is not your country and they don’t owe you a cheap retired life.

Cheap retired life.  In comparison to what.? As you say this is there country so someone with 65k a month is hardly living a cheap retired life here.

[skatewash]

16 minutes ago, TallGuyJohninBKK said:

 

If you're referring to current ACH transfers thru BKKB New York, then of course, that domestic ACH method is going to be closed starting this April as previously announced... leaving only regular wire transfers in its place.

 

Yes, you're right, but in a strange coincidence, a transfer through the Bangkok Bank New York Branch would cost me exactly the same as a SWIFT transfer from Vanguard to Thailand ($10 + 500 baht receiving fees in Thailand).

[moto77]

17 minutes ago, Genericnic said:

And they [Philippines] have a president that is even crazier than ours.

 

David

 

You must be an American then. ????

[marqus12]

4 minutes ago, marqus12 said:

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

Do not laugh ... it's my dream  ????

[madmen]

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But I am arrested for overstay at the airport and put in the IDC because my extension is no longer valid (Because I don't have 800K or even 400K in a Thai bank).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

Yes, desperately missing thailand within a few months [emoji16]

[TallGuyJohninBKK]

3 minutes ago, skatewash said:

Yes, you're right, but in a strange coincidence, a transfer through the Bangkok Bank New York Branch would cost me exactly the same as a SWIFT transfer from Vanguard to Thailand ($10 + 500 baht receiving fees in Thailand).

 

The difference being, in the past, pretty much everyone and anyone from the U.S. could use BKKB ACH transfers thru their New York branch as a very economical means of sending funds to Thailand.

 

But not anyone and everyone happens to have Vanguard or Fidelity brokerage accounts, with the free or low cost international wire transfers that they provide....

 

[garyk]

Just now, madmen said:

Yes, desperately missing thailand within a few months

You will get over it. I leave all the time and I miss it, but then after a few months I actually DON'T... haha

 

[moto77]

21 minutes ago, BestB said:

Food is crap and every girl thanks god while being screwed. Otherwise all good ????

The food in Phils is getting better. You do need to know where to eat though. You won't be as lucky as in Thailand if you just choose a place randomly, but if you do a bit of research or have some experience, the food is excellent. 

[mlkik]

15 minutes ago, jesimps said:

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.

When I lived in Pattaya I only knew one expat who had a legit extention of stay all the others used an agent and had no money in a Thai account.

[jesimps]

25 minutes ago, MrPatrickThai said:

It's getting your just desserts, and anyone who says it doesn't exist is very closed-minded and arrogant.

 

That's a ridiculous statement. I've been here legally for 12 years abiding by all the immigration rules, how am I "getting your just deserts" and being "closed minded and arrogant"? Who needs Big Joke while you're around.

 

[DaRoadrunner]

3 minutes ago, marqus12 said:

Do not laugh ... it's my dream  ????

If everyone on this forum contributed their 800k we might afford an island. There comes a point where the visa regulations / costs / pollution / traffic jams cause one to leave. Put it another way, is the pleasure worth the pain?

 

[skatewash]

7 minutes ago, cmarshall said:

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.

Your short sentence is at the heart of why I don't like this change.  You're absolutely right, the sequestered money can't really be used for anything without putting at jeopardy your extension.  

 

Previously, if I had an accident and had to pay 500,000 baht (I guess it was a bad accident) to the hospital that money would come out of my 800,000 baht I had sitting in an account in Thailand.  Now, if I use that money I drop below the year-round 400,000 baht threshold and I get kicked out at the next extension renewal.  My crime: I paid for an unforeseen expense with my own money.  To avoid that I have to make arrangements from the hospital to transfer more money to Thailand.  Great.

[farangx]

I think I'll have a beer.

 

[gentlemanjackdarby]

47 minutes ago, baansgr said:

Retirement in Phillipines, age 37 or above, $10,000 (310,000 THB) in bank get lifetime retirement visa, no passing go, no hoops or wais to do and no ninety days or rentry...plus is reduced by 50% if ex-services....thats how toyland compares

Hold on a second...that's not quite right.

 

The SRRV Smile is age 35 and above and the fixed deposit is USD 20,000 (about THB 625,000)

 

The SRRV Classic, which is probably most comparable to a Thailand retirement extension, for those age 50 and above, is a fixed deposit of USD 10,000 (about THB 312,000) with a verifiable pension of at least USD 800 (about THB 25,000). For those with no pension, it's USD 20,000 (about THB 625,000)

 

The SRRV Expanded Courtesy, which includes those with military service in countries with close ties to the PI (never seen a written list of those countries but that certainly includes the U.S. and likely Australia) for those non-Filipinos age 50 and above is a fixed deposit of USD 1,500 (about THB 47,000) and a verifiable monthly pension of USD 1,000 (about THB 31,000).

 

The SRRV Expanded Courtesy uses the term 'retired officers' but that is not meant to mean only 'commissioned officers' - it applies to enlisted people as well. As well, the PRA's (Philippines Retirement Authority) use of the word 'retired' does not mean being retired from military service (For U.S. service members, 20 years or more and therefore eligible for a military pension); it means being retired in the general sense of the word, as in receiving a pension. And finally, it is not necessary to have served in the Philippines - that was a requirement when the Expanded Courtesy was first started but is no longer the case.

 

One thing that I understand that PRA absolutely firm on is that ex-military wishing to avail of the Courtesy visa must have served under 'honorable' conditions, i.e., for U.S. service members, on a DD-214, Box 24 MUST BE 'Honorable' - anything else is not acceptable. 

 

There is also a 'flavor' for those with verifiable medical disabilities - see the PRA website for details on that

 

 

[Naamblar2014]

1 minute ago, mlkik said:

When I lived in Pattaya I only knew one expat who had a legit extention of stay all the others used an agent and had no money in a Thai account.

So go after the corrupt government officials,  the visa agents who are working with said officials and stop focusing on the elderly.

[ocddave]

1 minute ago, mlkik said:

When I lived in Pattaya I only knew one expat who had a legit extention of stay all the others used an agent and had no money in a Thai account.

My wife asked me if I had ever been to Thailand (and been to Pattaya) when we started dating in the US, if I said I ever went to Pattaya she would have dropped me quick. I think her and her friends/family look at Pattaya like a cesspool that attracts the "bad guys" that Immigration wants out of the country.  

[moto77]

34 minutes ago, BestB said:

I would keep away from thinking, It is not your forte

...says the clueless dude. ????

[alzack]

27 minutes ago, mlkik said:

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.

what about the workers mate

[baansgr]

6 minutes ago, MrPatrickThai said:

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?

Yes they are still young, they all have their own phones and notebooks but of course not the latest iphones, thats also part of educating kids, teaching them that they cant have the best or everything they want and in life we need to work to buy things and have to make do with what we can afford. I would prefer them to be educated in Europe, however the way that foreign Fathers are treated here with the xenophobic restrictions and laws its an impossibility at present

[madmitch]

Plenty of people here thinking that you'll have to go to the Immigration Office every so often to show your bank balance. Do you really think that'll happen? You don't have to go three months prior to your visa renewal date, you just show your bank statement; they check it when you renew The extension is valid for a year. If your balance has dipped below that 800,000 baht during the seasoning period then you might not get your Extension renewed.

 

Surely the system will be the same. You turn up for renewal with all the papers and instead of a 3 month statement you'll need an annual one. And if you haven't fulfilled the requirements then bye bye retirement extension.

 

Of course I am speculating but it's much more logical than some of the thoughts expressed so far.

 

Oh oh! Did I just say logical? Yes, I did. Forget what I just said and expect 90 day bank balance reporting! ????

[connda]

4 minutes ago, mlkik said:

When I lived in Pattaya I only knew one expat who had a legit extention of stay all the others used an agent and had no money in a Thai account.

If true, then by this time next year there should be virtually no retired expats left in Pattaya.  I'll put it in my calendar to check the stats this time next year.  But personally, I think your 'sample' is a little skewed or you hang out with the more unsavory brand of expats.

[Patriot1066]

6 minutes ago, mlkik said:

When I lived in Pattaya I only knew one expat who had a legit extention of stay all the others used an agent and had no money in a Thai account.

Mostly my experience as well simply using a visa agent to bypass the rules.  I am surprised the 800k has not actually been increased to a more realistic sum.

[Hupaponics]

3 hours ago, MikeOKitches said:

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

Never heard that b4????

Funny how yall talking with no action 555

[mlkik]

1 minute ago, alzack said:

what about the workers mate

?

[skatewash]

6 minutes ago, TallGuyJohninBKK said:

 

The difference being, in the past, pretty much everyone and anyone from the U.S. could use BKKB ACH transfers thru their New York branch as a very economical means of sending funds to Thailand.

 

But not anyone and everyone happens to have Vanguard or Fidelity brokerage accounts, with the free or low cost international wire transfers that they provide....

 

That's true.  I did acknowledge that the Vanguard SWIFT isn't available to everyone in my original post in this thread.  

 

[david555]

3 minutes ago, skatewash said:

Your short sentence is at the heart of why I don't like this change.  You're absolutely right, the sequestered money can't really be used for anything without putting at jeopardy your extension.  

 

Previously, if I had an accident and had to pay 500,000 baht (I guess it was a bad accident) to the hospital that money would come out of my 800,000 baht I had sitting in an account in Thailand.  Now, if I use that money I drop below the year-round 400,000 baht threshold and I get kicked out at the next extension renewal.  My crime: I paid for an unforeseen expense with my own money.  To avoid that I have to make arrangements from the hospital to transfer more money to Thailand.  Great.

Same problem if example after your Ext. date you need to fly urgent your country for no matter reason, and if in that 3 month period could a checking needed for the funds ..??? How the checking go be done is the main question , your freedom of movement is at stake with risk of failing your status. This new thing s...ks  , not for the money but for the rules connecting to it , I think this go change a few times as they did not think about such co incidents can happen 

[killala]

Really don’t get why the need to show the 800k 90 days after being granted the one year extension and how are they going to ask for proof of 400k minimum at anytime. A bit of a nonsense but will do harm to the fixers that I for one use as I do have the cash but really can’t be bothered to jump through hoops at the behest of immigration cops who’s wages I help to pay through my monthly expenditure in this country of some 85k. Time to rethink this whole Thai living thing and maybe a shift next door to Cambodia? Why do these people want to make life difficult for themselves to get their grubby little hands on my cash? 

[Hupaponics]

4 minutes ago, alzack said:

what about the workers mate

I guess having a Non-B with work permit?

[mlkik]

2 minutes ago, connda said:

If true, then by this time next year there should be virtually no retired expats left in Pattaya.  I'll put it in my calendar to check the stats this time next year.  But personally, I think your 'sample' is a little skewed or you hang out with the more unsavory brand of expats.

No I do not hang out with them,I just talked with them when I was there. I am honest and do not bulshit,just tell it as it is.

Many of them have enough money they just choose to pay an agent to get their extention and even their 90 day reports!

[ocddave]

2 minutes ago, madmitch said:

Plenty of people here thinking that you'll have to go to the Immigration Office every so often to show your bank balance. Do you really think that'll happen? You don't have to go three months prior to your visa renewal date, you just show your bank statement; they check it when you renew The extension is valid for a year. If your balance has dipped below that 800,000 baht during the seasoning period then you might not get your Extension renewed.

 

Surely the system will be the same. You turn up for renewal with all the papers and instead of a 3 month statement you'll need an annual one. And if you haven't fulfilled the requirements then bye bye retirement extension.

 

Of course I am speculating but it's much more logical than some of the thoughts expressed so far.

 

Oh oh! Did I just say logical? Yes, I did. Forget what I just said and expect 90 day bank balance reporting! ????

Yes, but if everything was written down as laws or a bill, where things don't change without some type of congressional approval....there wouldn't be a rogue Royal Thai Police Administration inventing rules as they go, especially without thinking things thru first. Who in their right mind allows Police Officers to create their own laws/rules?!?!