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

[ttrd]

11 minutes ago, Khaeng Mak said:

Yeah.  Not even Big Joke knows. They are all just making it up as they go along.

So whats happened to the recent suggestion about a 10 years visa for expats with the intention of making things easier - is this a result of decision makers inability to communicate with each other ...??...

[SiSePuede419]

the remaining balance must be no less than THB 400,00 or;

 

Proofreading is hard.

 

Shouldn't that be "40,000"

[ttrd]

4 minutes ago, Lovethailandelite said:

A minimum of 400k in your account on the 1st March and not to dip below that figure. You then need to top it up to 800k 3 months before your extension due date. That then 800k cannot be touched until 2 months after you get the extension when you can use up to 400k but not dropping below a balance of 400k again right up until 3 months before you apply for the next extension starting the cycle again. 

RE - You then need to top it up to 800k 3 months before your extension due date.

 

2 months prior to apply (and 3 months after you have been granted) ...

[dontoearth]

13 minutes ago, gentlemanjackdarby said:

Yes, deposits in Thai banks are protected by deposit insurance.

 

However, Thailand banking regulators have steadily decreased the amount of bank deposit protection - when initially implemented, deposits were insured up to THB 100,000,000 (about USD 3,000,000) and that amount has been stepped down over time with the final step set to go into effect in about 18 months to only THB 1,000,000 (USD 31,000). Not very much protection at all.

 

According to Bangkok Bank's website, foreign currency deposits are not covered by deposit insurance.

 

It seems to me that if the Thailand banking sector was extremely sound, that amount wouldn't be so low; after all, just like a well-made car, if something is 'great', it costs nothing to give a great 'warranty' since customers should very rarely need to use it and it helps with 'sales', which in this case is getting folks to deposit money.

 

As with any deposit insurance scheme, the plan can be whatever the financial regulator wishes it to be; the proof of the pudding is in the eating, if it comes to that.

    Thanks.  So the monthly deposit scheme for a retirement check is completely uncovered.  Basically you would only be a out a month or two if the proverbial 'shit' hit the fan. If you were using the money to live on.  If you were building it up to the 800K you would be completely out of luck in a panic.  Thailand had a such a panic about 20 years ago but I didn't know anyone back then in TH. 

     If you deposit it lump sum the 800k.  You are out all of it since its a foreign currency source deposit which it would be for most retirees.

     I am no longer considering TH for a one year retirement visa.  I will scoot in and out on a 60 day to visit friends and not hold up here for the winter anymore.  

     I did like living a hotel, and eating out, and joining an expensive health club for the winter and doing tours of the countryside and living the life of leisure and frankly contributing to their economy rather nicely when I lived here more long term, but I am sure I can do that in many other countries.

 

    

[dontoearth]

3 minutes ago, ttrd said:

So whats happened to the recent suggestion about a 10 years visa for expats with the intention of making things easier - is this a result of decision makers inability to communicate with each other ...??...

     That was for sometime in the future.  Announcements like this in TH come all the time.  The future does come tho.' at all.  

[SiSePuede419]

3 minutes ago, Lovethailandelite said:

A minimum of 400k in your account on the 1st March and not to dip below that figure. You then need to top it up to 800k 3 months before your extension due date. That then 800k cannot be touched until 2 months after you get the extension when you can use up to 400k but not dropping below a balance of 400k again right up until 3 months before you apply for the next extension when you top it back up too 800k starting the cycle again. 

But the actual law says:

 

the remaining balance must be no less than THB 400,00

 

That's 40,000 not 400,000.

[skatewash]

11 minutes ago, peterbkk2 said:

 

 

May I ask where it says that in the document? I don’t see it say that.


Sent from my iPhone using Tapatalk

 

 

It doesn't.  

 

However, for those using the lump sum method it does raise the cost of staying in Thailand by 400,000 baht, and for six months of the year by an additional 400,000 since those monies can't be used to pay for the expenses of living in Thailand.  Those have to be paid for by additional money brought into Thailand.

 

Previously the lump sum method cost of staying in Thailand was 800,000 for three months of the year.  Outside of that three months of the year (seasoning period) the money could be used to pay for your expenses.  After the seasoning period you got all your money back, so to speak.

 

Under the new lump-sum method, you lose 400,000 of your money until the day you decide to leave Thailand.  You also lose another 400,000 of your money for six months and then after that period expires you can use that money to pay for your expenses.

 

I predict that after people have had the chance to evaluate the changes they will switch from doing the lump sum method to doing the monthly deposit method.  Under the monthly deposit method, the money is always yours.  I will be switching next year myself.

[lamyai3]

1 hour ago, tlandtday said:

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.

The only likely outcome is that the current shower will get legitimised and will tighten the noose further.

 

Abhisit was UK educated incidentally at Eton and Oxford. Same class as Boris Johnson, a year above David Cameron. 

[Lovethailandelite]

2 minutes ago, SiSePuede419 said:

But the actual law says:

 

the remaining balance must be no less than THB 400,00

 

That's 40,000 not 400,000.

It's a typo from when Thaivisa translated the order which is always issued in Thai.

'The new requirements to keep 400k baht in the bank for three months after the retirement visa is granted is effective from 1st March  2019'.

[chickenslegs]

Whenever I apply for my 12 month extension of stay based upon retirement I get a stamp in my passport allowing me to remain in Thailand for 365 more days.

 

So, will Immi be stamping passports for just 90 days extension of stay, subject to further financial checks every 90 days?

 

Seems crazy to me (but not unlikely - I've been living here for 14 years).

[chickenslegs]

7 minutes ago, lamyai3 said:

Abhisit was UK educated incidentally at Eton and Oxford. Same class as Boris Johnson, a year above David Cameron. 

Then we are all doomed if he gets into power.

 

 

[lamyai3]

1 hour ago, KCM said:

Or get an OA visa in your home country every two years.

If this option emerges as much easier than the others, you can bank on them not leaving it alone. 

[skatewash]

1 minute ago, lamyai3 said:

If this option emerges as much easier than the others, you can bank on them not leaving it alone. 

It's already been targeted to contain some sort of medical insurance component...  so it's already begun to be discussed.

[Lovethailandelite]

16 minutes ago, ttrd said:

RE - You then need to top it up to 800k 3 months before your extension due date.

 

2 months prior to apply (and 3 months after you have been granted) ...

Yes sorry, 2 months before, 3 months after. It's been a long day. I have edited my comment

[MikeN]

5 hours ago, sfokevin said:

The 2 months rule is for your first extension and thereafter 3 months prior for subsequent extensions...

But that's not what it says in the story or the "official" criteria ;

4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. 

Does not specify that this is only for the first extension of a non-O, and if this was just for the first extension would n't it also mean the rest of the rules also only apply to a first extension ?

[AmericanSafety]

As tons of expats get thoroughly sick at this new system, watch the real estate market get flooded with homes and condos; further saturating the resale market. Watch all the prices plummet even further when retirees either pick up and leave for Cambo, Vietnam, Malayasia or PI or simply choose to retire elsewhere.

[gentlemanjackdarby]

2 minutes ago, dontoearth said:

    Thanks.  So the monthly deposit scheme for a retirement check is completely uncovered.  Basically you would only be a out a month or two if the proverbial 'shit' hit the fan. If you were using the money to live on.  If you were building it up to the 800K you would be completely out of luck in a panic.  Thailand had a such a panic about 20 years ago but I didn't know anyone back then in TH. 

     If you deposit it lump sum the 800k.  You are out all of it since its a foreign currency source deposit which it would be for most retirees.

     I am no longer considering TH for a one year retirement visa.  I will scoot in and out on a 60 day to visit friends and not hold up here for the winter anymore.  

     I did like living a hotel, and eating out, and joining an expensive health club for the winter and doing tours of the countryside and living the life of leisure and frankly contributing to their economy rather nicely when I lived here more long term, but I am sure I can do that in many other countries.

 

    

I'm not sure what you mean by the 'deposit scheme for a retirement check is completely uncovered', but I think most folks if they were, for example, using Transferwise or maybe Bangkok Bank NY for the THB 65K monthly transfer, would be covered since those methods involve a foreign exchange conversion.

 

It's my understanding that a foreign currency deposit can be used to meet the THB 800K requirement, which is what I was planning, and in that case you're right.

 

I was considering trying to mitigate that risk by having an account at Citibank thinking I could (likely) use the Global Transfer feature to get the FCD out quickly if things did take a turn for the worse, but this latest announcement has driven home that it's really becoming difficult to consider a retirement extension in Thailand - just too many things about which to worry.

 

I'm likely to get a Philippines SRRV (retirement) visa because once one gets beyond the initial aggro of getting it, there's nothing more than an annual renewal (pay a fee only) to keeping it in effect. All I was looking for anyway was a base from which to travel around SE Asia and the PI will work for that.

 

Anecdotal reports suggest that Vietnam is not overly concerned, at least presently, with folks with multi-entry visas doing visa runs for the duration of the visa; as a U.S. citizen, I'm eligible for a one-year multi-entry visa and everything other than receiving the loose-leaf visa (which is sent by mail to one's U.S. address) can be done entirely electronically on the U.S. embassy website.

[impulse]

6 hours ago, zydeco said:

I think I'm going to unretire. I had a job at a Thai institution before I retired. I've already had a couple of other jobs offered where I don't need to go in but for a day or two a week. That was why I didn't do it. Didn't want to commute to downtown Bangkok a day or so every week. But the new rules are making working easier than retiring in Thailand.

 

I think un-retiring is a great idea since they changed the rules and allow moonlighting as long as you have a work permit.  Before that, you were limited to the work specified on your WP.  Nowadays, get a part time job as you indicate, and you can do other work as long as it's within the foreigner allowed jobs. 

 

I'd have set up an online shop had that been allowed during my stay in Thailand.  Instead, my company's contract didn't allow me to do anything on the side, in order to keep our expat employees from getting into WP trouble.

 

Edit;  The idea being that my online shop would be generating enough revenue to justify 4 Thai employees when my contract and WP ended, allowing me to get a WP based on having a registered company.

 

[mikosan]

Well, I really can't be bothered to read the whole of the previous 35 pages of, what is probably mostly ill-informed, bigoted or anti Thai b*****t, so I'll just say, about time too.  Hopefully this and the new rule with regards to income, will finally help to get rid of the hangers-on, criminals and others who should not be here in the first place and leave those of us who comply in peace. Happy days.

[Kadilo]

5 hours ago, ross163103 said:

When will the madness stop?! 

About another 50 pages

[Ebumbu]

5 hours ago, jackdd said:

Did anybody pay attention to the "income route"?

It says now 800k had to be deposited for a year, and when withdrawing the money underlies the same rule as "money in bank"

So effectively you can't use this method anymore for the first extension, and after a year it's effectively the same as "money in bank".

So to sum it up the income method effectively doesn't exist anymore for people who can't get an income affidavit from their embassy?

 

 

It's poorly communicated, but I summarize that: 

 

 

Say your income is 400k baht a year. And say your savings is 400k baht a year. Total is 800k needed for retirement extension. My reading is that they want the savings part (400k) to stay months before and after extension. Screw that. I'll use income and show 65k baht a month, but hook or by crook. 

Someone else said, deposit 800k in your country's bank and siphon off 65k a month to show "income." And, you can imagine variations on that. They want to see income. Fine. Here is some income. 

I think the agents will adapt fine. As someone else said, if they are corrupt enough to fake 3 months before, why not fake 3 months after. Money talks. 

[impulse]

3 minutes ago, Kadilo said:

5 hours ago, ross163103 said:

When will the madness stop?! 

About another 50 pages

 

Yeah, but only because there's (or will be) half a dozen threads on the same topic to dissipate the responses among them.  It will run into hundreds of pages if you add them all up.

 

[MikeN]

2 hours ago, lucjoker said:

wrong, read it more careful !

I suspect that English is not your first language, so it's not surprising you cannot understand the local version of English ..... but you are completely misunderstanding it. Nowhere does it say you have to bring in 800,000 every year ....one option is to bring in 65,000/month but if you are using money in the bank method then its 800k for 2 months prior and 3 months after your extension, and a minimum of 400k for the next 7 months when it starts all over again .....bring in 400k or more to get you up to the 800k level again.

[Huayrat]

Marriage it is then ..

[Huayrat]

20 minutes ago, mikosan said:

Well, I really can't be bothered to read the whole of the previous 35 pages of, what is probably mostly ill-informed, bigoted or anti Thai b*****t, so I'll just say, about time too.  Hopefully this and the new rule with regards to income, will finally help to get rid of the hangers-on, criminals and others who should not be here in the first place and leave those of us who comply in peace. Happy days.

The criminals won't be affected they are the rich ones ha..

[Tchooptip]

4 hours ago, MrPatrickThai said:

Do you think it is easier for Thai pensioners to live in your country?

 

With what they have as misery for a pension on average it is understandable, and I speak of the minority of Thai pensioners to whom the state agrees to give alms each month.

[George FmplesdaCosteedback]

Maybe Ubon Joe can tell me or one of the other experts: is a Police Directive Thai law as soon as it is declared?

If that is true, then Thailand truly is hopelessly doomed to be without democracy forever.

Laws should be introduced by government not a high ranking  "official"  unilaterally.

????

I could argue that those with property worth over one million baht should be allowed to use that as collateral without the need for "dead money" in a Thai bank.

I'll be interested in any sensible replies.

[Kadilo]

2 hours ago, Fairynuff said:

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

It’s just a misunderstanding, she loves him really  

[roger buttmore]

Retirees are by definition, old. Old equals closer to death than your average bear.

All those minimum B400k lump sums sat in retired dead farang bank accounts.

Who said Thais don't think for the future.

Don't forget to ensure your wills contain Thai bank account details.

 

65k per month now seems the way to go.

 

[2tall]

My understanding of the deadline/dates for bank balance (min 800K THB) for an extension was/is 3 months, not 2 months as indicated in the post by thaivisa news:

 

"The requirements for a retirement extension according to the new police order are as follows:  
(1) Must have been granted a non-immigrant visa (Non-Im)
(2) Must be 50 years of age or over
(3)  Must have evidence of having income of no less than THB 65,000 or;
(4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in 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 or; "

 

I also further understand the funds must be in a thai bank for 2 months for the first retirement visa application.

 

Am I missing something here?