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

[stephen tracy]

7 hours ago, lucjoker said:

No, they want the real cash in the bank and 800 000 thb extra every year.

By by cheapcharlies

Are you sure? I thought the wording there was a bit confusing. So you mean that after 2 years you need 1.6 mil and after 3 years, 2.4 etc? That seems a bit crazy for someone who is retired. I'm not retirement age yet but wouldn't want to have to do that

[Khaeng Mak]

2 hours ago, MJKT2014 said:

How the heck can this law be changed with just one months notice? I will not be able to top up my Thai account above the 400k continuous limit until after 1-Mar, as I never needed to before.

 

When my extension renewal is due in Aug, presumably I be declined after 11 years of renewals because my 400k level wasn't maintained throughout with just one months notice given?? This cannot be right?

Not just declined. You will be arrested for overstay because your extension was invalid the moment you had less then 400K. if the period of overstay is more than 6 months you will be banned from Thailand for 6 years.

[Jingthing]

1 minute ago, stephen tracy said:

Are you sure? I thought the wording there was a bit confusing. So you mean that after 2 years you need 1.6 mil and after 3 years, 2.4 etc? That seems a bit crazy for someone who is retired. I'm not retirement age yet but wouldn't want to have to do that

No. It's awful news indeed but it does not mean that. 

[jrward42]

I can't be bothered to read 30 pages so apologies if this has been mentioned before....

 

I did my marriage extension 2 weeks ago - bank statements, bank letter, photos, etc, and it all went ok and in 2 weeks I go back to get the stamp. They told me I needed to bring a bank book and get a photo copy showing I had 400k still in the bank when I go back. Which was weird and a first as normally when you go back you just need the passport. 

 

Hopefully this is all a coincidence and the officer was confused by all the above retirement stuff. He was new. There was nothing strange about my banking either, I had had the 400k in the account for the whole previous year. I am also in my 40s so he can't think I am going for retirement.

 

I hope this is a coincidence and they aren't going to do this for marriage extensions too but I wouldn't be surprised.

 

 

[inThailand]

This is bound to trigger an exit or overstay for many. They will have a full time job hunting down overstayers. Visa checks at expat beers bars will be a common occurance? 

[garyk]

10 minutes ago, DaRoadrunner said:

Anyone got Big Jokes e mail address? Time he realized the problems he's causing for his own Thai people too, many of whom depend on us farang.

 

This is just a business decision. No emotions or thoughts what so ever about you, or the Thai people. Actually IMO it has nothing to do with not having the required funds! It is designed to generate cash flow for the government. The 65K is nonsense and they know it. I personally doubt if BJ had anything much to do with this other than taking the credit for it. Declining westerners, aging expats, just numbers and cents IMO.

I may be wrong, but that is what I believe.

[Jingthing]

Many will indeed be leaving and you can take that to the bank. It's the proverbial straw camel's back thing. 

[SicaHafan]

What about the retirees that go back to their home country and get a multi-entry retirement visa from their local Thai embassy (proving local funds available in their country) and then doing a border bounce every 90 days instead of immigration visit? Is that option still available?

My retired mother would much rather keep her funds remaining in her investments than bring them to sit in a Thai bank doing nothing. She usually just goes back home for an annual visit with family and to renew her visa.

[fullcave]

Good, one should have at least that much available in case of accidentally hitting one's head on the pool bottom to pay for hospital.

[Fairynuff]

3 hours ago, connda said:

I just got it from the horse's mouth.

Told the Thai wife about the new rules.  Her comment:
"There many bad foreigner do no good for Thailand."

 

There it is.  That's what must be being spread around by Thai media and then Thai social media.  "Foreigner" equals "Bad". 
I asked her, "How do you think this ends for you?  I've been supporting you and your family for 12 years, 11 of that married.  Your government keeps up the "All Foreigner Bad" routine until we're forced out of the country.  Then what do you and the family do?  Go back to work at 60 years old?"
The last thing I heard from her was a Thai reference to me being 'male genitalia'. We won't be talking for awhile. 

 

So there it is: "All foreigner bad."  Best of luck in the future everyone.

12 years with a woman with that kind of attitude....WOW

[tlandtday]

I think best to wait and see what happens in the election if it occurs.  There is a good chance a more friendly govt may emerge.  For instance the previous PM Mark was educated in the usa.  Ironic thing is many coutnries like the usa have welcome Thais with open arms for visits, school and citizenship and this is what they get in return.

[Jingthing]

Someone tell International Living to lower their rating of Thailand as a retirement destination down about 100 notches.

[newatthis]

And for all those who can still get the Embassy letter, you can ignore the previous 400+ posts. 

[skatewash]

28 minutes ago, OKF said:

can somebody pls answer?

no impact on any visa.  This is for people who have extensions of stay (retirement or marriage).  This is a case where that distinction that seems silly to some is really important to understand.  There are visas and there are extensions of stay and they are not the same.  You are unaffected.

[Jingthing]

1 minute ago, newatthis said:

And for all those who can still get the Embassy letter, you can ignore the previous 370+ posts. 

Maybe not. Never get comfortable. Tomorrow they may stop accepting letters from everyone. Also in my view the combination method is under serious serious doubt now, certainly for those without letters but even for those with letters.

So it might have been better for you to say embassy letters showing at least 65K monthly. Under should DEFINITELY worry. 

[johnny1966]

My extension was granted June 2018. Next 90 day report due 10th March 2019. Next application for extension due June 2019. Does this mean I have to show 800k on my next 90 day report in March this year or this applies to the new extension application in June?

[kwan]

Apologies if this has been answered before. RT visa renew Sept.

90 Day due April. Will they expect 800 in bank in April. ???

[Jingthing]

1 minute ago, johnny1966 said:

My extension was granted June 2018. Next 90 day report due 10th March 2019. Next application for extension due June 2019. Does this mean I have to show 800k on my next 90 day report in March this year or this applies to the new extension application in June?

Do you think anyone really knows such details yet? 

[lamyai3]

2 hours ago, pookiki said:

Is a two-tier system still alive and well for those who can get embassy letters?

Until the remaining embassies use similar rules to those who have changed, the gulf between the two tiers is now wider than ever. 

[Jingthing]

This is pretty close to a worse case scenario for a significant percentage of people on retirement extensions here, and I'm talking about the ones that have been legitimate. It goes without saying that people that have been using agents and couldn't qualify before are totally screwed as well.

Why couldn't they just crack down on the agents?

[Jingthing]

2 minutes ago, lamyai3 said:

Until the remaining embassies use similar rules to those who have changed, the gulf between the two tiers is now wider than ever. 

I'm not so sure. I think people with letters on the combo method should be seeing the writing on the wall for them too. 

[david555]

1 minute ago, Jingthing said:

This is pretty close to a worse case scenario for a significant percentage of people on retirement extensions here, and I'm talking about the ones that have been legitimate. It goes without saying that people that have been using agents and couldn't qualify before are totally screwed as well.

Why couldn't they just crack down on the agents?

cutting in their own flesh you mean ?

[skatewash]

2 minutes ago, johnny1966 said:

My extension was granted June 2018. Next 90 day report due 10th March 2019. Next application for extension due June 2019. Does this mean I have to show 800k on my next 90 day report in March this year or this applies to the new extension application in June?

I don't think it has anything to do with 90 Day Reports. 

 

Starting in March 2019 you will need the same three months of seasoning of your 800,000.  So March, April, May.  Then you will need to maintain that 800,000 for three additional months June, July, August.  Then you can spend anything in the account in excess of 400,000 which must remain in the account for the rest of the year.  Then in June 20 2020 when you go for your extension you will have to show a bank statement that shows that you had at least 400,000 balance the whole year (June 2019-2020) and had at least a 800,000 balance for the three seasoning months before your application and for three additional months (June, July, August).

[Roy Baht]

3 hours ago, ross163103 said:

When will the madness stop?! 

The beatings will continue until morale improves.

[chickenslegs]

1 minute ago, Jingthing said:

Why couldn't they just crack down on the agents?

... and the corrupt IO's.

 

The agents can not operate without them.

[tlandtday]

Just now, Roy Baht said:

The beatings will continue until morale improves.

Due to budget contraints the light at the end of the tunnel will be turned off until further notice.

[wobalt]

This is the death of the retirement extension.nobody which a brain can accept such conditions.


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[inThailand]

So what are the possible options if you can't or won't meet these amended deposit requirements? 

 

1. Pack up and move to a new country.  

2. Become an overstayer. 

3. Switch to tourist visas.

 

Since they here by choice none of the three options are good, and at best will be short term solutions, because they will find overstayers and they will make getting multiple tourist visas more difficult to get. And maybe harsher penalties coming for overstayers as well. 

 

The only real option, is to pony up the 400K or 800k, if you want to live here. 

 

 

 

 

[Jingthing]

Just now, wobalt said:

This is the death of the retirement extension.nobody which a brain can accept such conditions.


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All prospective retirees here should now be strongly warned away. 

[ocddave]

1 minute ago, inThailand said:

So what are the possible options if you can't or won't meet these amended deposit requirements? 

 

1. Pack up and move to a new country.  

2. Become an overstayer. 

3. Switch to tourist visas.

 

Since they here by choice  known of the three options are good, and at best will be short term options, because they will find overstayers and they will make getting a multiple tourist visas more difficult to get. And maybe harsher penalties coming for overstayers as well. 

 

The only real option, is to pony up the 400K or 800k, if you want to live here. 

 

 

 

 

Start moving forward with Plan "B", sell everything, grab your cash and head for greener pastures.