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

[moto77]

6 minutes ago, ocddave said:

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.  

It kinda is, yet they haven't closed walking street yet. 
What do they call it when you're running a brothel and complain about how many customers turn up? LOL

[stephen tracy]

7 hours ago, farangx said:

I think I'll have a beer.

 

My favourite post on this thread

[dinsdale]

Absolutely absurd. Another fine example of lunatics running the asylum.

3 hours ago, mlkik said:

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

Let's see. Have a house. Have a wife (Thai). Have a kid (Thai). Sure why not just tie the money up in a bank which will profit from my money rather than spending it on my family. I'm not retired here, I work here but this is complete <deleted>.???? 

[marqus12]

15 minutes ago, DaRoadrunner said:

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?

 

This could be done with respect for property rights according

to European standards ... not Chinese
..10 meters of beach for a couple ..

[Accidental Tourist]

What will be next? After 23 years in Thailand I am leaving... tired of the changes every year. South Europe will be fine and the winter in Egypt or Tunisia no hassle and easy leaving.

Plus Thailand is not a inexpensive country anymore, even Germany now is cheaper.

[connda]

7 minutes ago, gentlemanjackdarby said:

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

 

 

As an US vet with an honorable who spent time in the PI, this may actually become Plan C.  I liked the PI overall, and I was considering it before I moved to Thailand.  Thailand won out based on overall development. 
But - look at the immigration rules of countries like the PI vs Thailand and ask yourself the question, "Which country wants you more.  Which country respects you as a person?"
We'll have to see how stupid this madness becomes. 
Thanks for the details. 

[TallGuyJohninBKK]

3 minutes ago, ocddave said:

Who in their right mind allows Police Officers to create their own laws/rules?!?!

 

You do have to wonder, when they're perpetually coming up with this kind of stuff, do they ever consult with anyone outside of Thai Immigration??

 

The foreign embassies/consulates?  Foreign chambers of commerce? Tourism Authority of Thailand?  Thai Cabinet review?  Is there ever any opportunity for anyone to review and comment on these kinds of things before they're issued as proclamations?  Apparently not...

 

Thai Immigration apparently is a law unto itself.

 

[chang50]

My extension based on retirement 800 k in the bank date is Mar 5th but I always go earlier certainly before Mar 1st.If I am granted an extension before Mar 1st will these rule changes apply in my case?If not when will they kick in?Thanks.

[mlkik]

8 minutes ago, dinsdale said:

Absolutely absurd. Another fine example of lunatics running the asylum.

Let's see. Have a house. Have a wife (Thai). Have a kid (Thai). Sure why not just tie the money up in a bank which will profit from my money rather than spending it on my family. I'm not retired here, I work here but this is complete <deleted>.???? 

Exactly you work here. I do not , I am retired. I planned my retirement and have enough money to spend on a new car ,holiday abroad and on our family. What is your point? I am retired and you  still working? 5555

[Golden Triangle]

Up until an hour or so ago I was enjoying life, watching a movie, having a beer with my feet up in my lounge ( thank the lord it's rented) then I see this shiate, time to have a massive rethink I reckon.

[Genericnic]

30 minutes ago, moto77 said:

You must be an American then. ????

American by birth. Texan by the grace of God. LOL

 

David

 

[stephen tracy]

7 hours ago, Accidental Tourist said:

What will be next? After 23 years in Thailand I am leaving... tired of the changes every year. South Europe will be fine and the winter in Egypt or Tunisia no hassle and easy leaving.

Plus Thailand is not a inexpensive country anymore, even Germany now is cheaper.

I was in Berlin last week as my boss wants me to relocate there for a year and housing/rents etc are really pricey there now. Don't know about the rest f the country though. 

[connda]

12 minutes ago, mlkik said:

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!

In that case, I'll go with the original statement: "If true, then by this time next year there should be virtually no retired expats left in Pattaya."

Actually, that would be sort of interesting...

[moto77]

1 minute ago, Accidental Tourist said:

What will be next? After 23 years in Thailand I am leaving... tired of the changes every year. South Europe will be fine and the winter in Egypt or Tunisia no hassle and easy leaving.

Plus Thailand is not a inexpensive country anymore, even Germany now is cheaper.

Tunisia is great and cheap as long as you stay out of Tunis. You can live in a 4 star hotel with meals and drinks (including alcoholic) included for about 50K baht per month.

[Krataiboy]

Blimey! Big Joke must be laughing himelf silly at the kerfuffle he has caused. Much ado. . . 

[ocddave]

3 minutes ago, Krataiboy said:

Blimey! Big Joke must be laughing himelf silly at the kerfuffle he has caused. Much ado. . . 

At least he lives up to his nickname, sad.

[Roy Baht]

3 hours ago, MadMac said:

Well, any corrupt agent would have to fork out at least 80mTHB to only run a small customer base. Hope they will get filtered out.

Yeah, I think that's the goal. If you look carefully, a lot of Big Joke's actions are done to weed out Thai corruption, but he can't do that using Thais so he has to use foreigners.

[Rhys]

.... this dude needs a bj.

 

[Golden Triangle]

9 minutes ago, moto77 said:

Tunisia is great and cheap as long as you stay out of Tunis. You can live in a 4 star hotel with meals and drinks (including alcoholic) included for about 50K baht per month.

If that's true I may have to consider relocating, I have sufficient funds to get the 800K and leave it in a bank account, but why the F should I, I have spent a hell of a lot of money here, looked after more than just my GF of 8 nearly 9 years this just smells of xenophobia, a bad day for all of us honest but not mega rich retirees. 

[smedly]

6 minutes ago, connda said:

In that case, I'll go with the original statement: "If true, then by this time next year there should be virtually no retired expats left in Pattaya."

what's worse is that the girls will know those that are left have a fat bank account, I'm going to have to change my story

[peterrabbit]

2 hours ago, champers said:

Not wishing to complicate things further, but any changes now are down to the current regime. All could change after the election. How? Who knows?

One serious look at the new constitution and you will see that any new government (regardless of its makeup) will have no real power to change anything significant and Thailand will become a land of limbo governance with its elected government only able to window dress policies which have already been set.

[namatjira]

They know who the corrupt immigration officers are.....

If they wanted to they could sort out this problem in a far easier way than what they are doing.....still, I guess that’s not the way they operate, that would mean the Thai immigration officers were corrupt and there goes the face...no.....the problem lies with the farang.....they no good....cause problem.

[gentlemanjackdarby]

4 minutes ago, connda said:

As an US vet with an honorable who spent time in the PI, this may actually become Plan C.  I liked the PI overall, and I was considering it before I moved to Thailand.  Thailand won out based on overall development. 
But - look at the immigration rules of countries like the PI vs Thailand and ask yourself the question, "Which country wants you more.  Which country respects you as a person?"
We'll have to see how stupid this madness becomes. 
Thanks for the details. 

Exactly my situation and thinking as well

 

I also considered Malaysia at first and as time has passed, they have tightened their criteria, which always had the highest financial requirements. Over the last few years MM2H (Malaysia My Second Home) has steadily whittled down the benefits that come with their visa and the most recent change, which likely makes it pretty much unobtainable for most folks, is that at least 75 percent of the monthly income must be from a permanent pension, i.e. not from things that are subject to fluctuation such as dividends, interest, etc. and even with a pension, one must make a largish (about USD 37,000) fixed deposit.

 

I also considered Indonesia, but one must hire a maid which, on the face of it seems simple, is a killer once one looks into the paperwork requirements and social security contributions. Of course, as I dug, I found that if one has a retirement visa, one is pretty much stuck with paying income tax and although their rates aren't astronomical in and of themselves, when applied to a Western income, I'm thankful I pay taxes in the U.S.

 

I've dug into all the options in SE Asia and, IN MY OPINION, there's no question that the PI REALLY WANTS Western retirees, so my plan is to pick up an SRRV Courtesy, which as a U.S. vet costs essentially nothing, and simply be a tourist in Thailand.

[Roy Baht]

3 hours ago, Peterw42 said:

Nobody has said its linked to 90 day reports and it appear to be only one 90 day show after extension is granted, then a minimum balance of 400k for the rest of the year, no mention of showing that balance every 90 days.

 

 

3 hours ago, zydeco said:

And the question is: how do they check to see that you keep 400K for the rest of the year? Either you need to go in every 90 days or whatever OR at your next renewal, if you fell below the 400K sometime in the previous year, no renewal???

Yeah, a minimum balance is ridiculous. Under a minimum balance, I could transfer 10M baht here over the course of a year, spend it down to 399K for one day, then not make the cut? It should be an average balance.

[garyk]

3 minutes ago, smedly said:

what's worse is that the girls will know those that are left have a fat bank account, I'm going to have to change my story

 I was just thinking the same thing. 5555

[smedly]

someone already made a very good point earlier - what if you need this 400k baht suddenly for an emergency - medical for example, what happens then ?

 

This has not been thought through - there must be exceptions for emergencies 

[moto77]

18 minutes ago, Golden Triangle said:

If that's true I may have to consider relocating, I have sufficient funds to get the 800K and leave it in a bank account, but why the F should I, I have spent a hell of a lot of money here, looked after more than just my GF of 8 nearly 9 years this just smells of xenophobia, a bad day for all of us honest but not mega rich retirees. 

Get on Kayak, choose "Sousse, Tunisia" (or wherever, but not Tunis) and select something like March 1 - March 30 and check the "all inclusive" box. You can find beachfront places for 50K-60K (baht). 

[Tchooptip]

No offence but allow me to ask why showing only a translation of the immigration letter, and not also a copy of the original?

We are in Thailand and the letter was logically in Thai it would have been logical IMHO to see it ... at least for such an important matter concerning every single retired expat, ...no offence again  but for instance, there is a mistake in the copy '...Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,00"   a zero is missing, later I read The new requirements to keep  400k so I was sure I understood properly. A mistake in understanding the new rule could cause an unspeakable problem.

[rkidlad]

This is all way too quick and unclear. If Thailand wants to change the rules, they can - but at least give people sufficient notice and make the rules clear. 

 

 

[lamyai3]

1 hour ago, tlandtday said:

I think that overstay problem they just concentrated on may have been wasted time with these new guidelines.  This can only lead to more overstays.

Yes there's probably a lot of people who stand to lose their families and everything, with little option but to go to ground.