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

[arithai12]

46 minutes ago, skatewash said:

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.

I don't follow you at all. What is this "you lose 400, you lose another 400"? It's your money, either you spend it or not, the only thing that changes is the cash flow.

In fact for many like me, who deposited 800k long time ago and have forgotten about it, nothing changes at all. It is not lost, the moment I decide to stop my extensions I will cash it in. Sure I forego the possible extra gain of having this money more cleverly invested outside Thailand, but actually considering how the baht has been beating all major currencies in the last few years even that is not so bad.

 

As for monthly transfers of 65k, since I (and many others who own the place where they live, don't have an extended family to support and don't party every night) spend less than that, it is non-economical as I would be accumulating money in Thailand for no purpose.

 

I recognize there might be persons with different requirements, but as far as I am concerned your prediction is wrong.

 

 

 

[Kadilo]

2 hours ago, jrward42 said:

I can't be bothered to read 30 pages......

 

 

Why shouldn’t you suffer like the rest of us. ?

[impulse]

24 minutes ago, Huayrat said:

Marriage it is then ..

 

That's like swimming the Channel because the toll through the Chunnel went up....

 

[Kadilo]

25 minutes ago, Huayrat said:

Marriage it is then ..

Don’t fall for it......

[Badrabbit]

I have 800k in my thai account it has never been touched, I get a monthly pension from the UK it is under 65k, what is now expected of me in order to continue living here? can I continue as I have for the last 10 years showing 800k in the bank? I am totally confused!

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app

[Kadilo]

Always have a Plan B.........

 

 

 

www.justgiving/Icantleaveivegot5kidsandabuffalotosupport

 

 

Please give generously. 

[Time Traveller]

7 hours ago, zydeco said:

So they're locking in 400,000 year round AND requiring a second trip to g-dam Chaeng Wattana three months after the extension. 

no. It says 400,00 baht.

[bmanly]

5 hours ago, MrPatrickThai said:

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

 

Yes it is. My Thai wife lives with me in Australia for 30 years already. She is an Australian citizen with the same rights as any other Aussie. No 90 day reporting, no requirements for money in the bank, no other constrictions for being Thai. And yes she is retired too!

[elviajero]

16 minutes ago, Badrabbit said:

I have 800k in my thai account it has never been touched, I get a monthly pension from the UK it is under 65k, what is now expected of me in order to continue living here? can I continue as I have for the last 10 years showing 800k in the bank? I am totally confused!

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app
 

Yes you can continue showing/keeping 800K in the bank. No change.

[Time Traveller]

2 hours 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?

Whatever.....agents will continute to operate. No matter what new regulations immigration put out, even the dumbest agents are way smarter than the clowns at immigration who make these regulations.

Of course all the morons on this forum will complain about those people using these methods, when in reality the people you need to blame are Thai Immigration. Everytime they implement a new law to crack down on unscrupulous agents, it ends up affecting the legit applicants the hardest.

Oh well. There's at least one loophole I already can think of with these new regulations.

And no, I'm not about to advertise it, because even though you might be "legit" today, doesn't mean you will still be when the next rule changes get announced.

Think about that, all those smug people who are happy about these new rule changes becuase the next people to be targeted will be you.

[galt67]

5 hours ago, DrTuner said:

It's 100k/y, the PE visa you get when you join the Elite program, minimum 5 years so coughing up 500k will get you 5y. It's what they are progressing towards. More honest, but grossly overpriced. 

The 20-year version is 50k/year (1M/Bth) thus a better 'value.'

 

And ZERO headaches.

 

[wilbuengkan]

With this requirement to maintain 400K - 800K THB in Thailand, how difficult will it be to withdraw the money from the bank and exit Thailand?

 

From my experience, it is easy to bring money into Thailand and difficult to take money out.

 

I sold my condo and had to prove to the bank that the money was from the sale of the condo before a wire transfer could be done, to transfer the funds out of Thailand.

 

So, how do you prove the origin of the money?

Can you easily do a bank wire transfer or must you carry cash when you exit?

 

 

 

 

 

[Tanoshi]

1 hour ago, George FmplesdaCosteedback said:

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.

They are orders.

Rules/instructions/guidelines issued for Immigration officers to follow to ascertain if an applicant meets the set requirement for the officer to grant his application.

[Tanoshi]

31 minutes ago, wilbuengkan said:

So, how do you prove the origin of the money?

By proving you transferred it into Thailand originally.

I still have the receipt from when I did my first transfer of 1.2m baht.

[George FmplesdaCosteedback]

30 minutes ago, Tanoshi said:

They are orders.

Rules/instructions/guidelines issued for Immigration officers to follow to ascertain if an applicant meets the set requirement for the officer to grant his application.

Orders? He has exceeded his authority!

This should be in Thai law, not just his latest idea.

[smedly]

Been thinking about this 

 

Not sure how this puts an end to agents and their corrupt contacts in Immigration 

 

what it effectively does is -

 

- extends the seasoning period to 6 months, really ???????

- those that have used an agent now have to do it twice, paying an IO to ignore the seasoning on the extension application and then 3 months later same thing 

 

It solves nothing - agents and corrupt IO get a payday twice now instead of once

 

whether through design or not people using agents will now have to do it twice

 

I'm not sure BJ even understands what is going on when someone pays an agent and immigration to ignore the seasoning, either way it is now going to be 2x times

 

The problem of agents and backhanders is not solved at all - it has now just doubled

 

and those that have been doing the right thing for years now have to season the 800k baht for 6 months instead of 3 - well done BJ - you have failed on this one and shafted a lot of honest expats who for years have been doing the right thing 

 

[thaibeachlovers]

9 hours ago, zydeco said:

So they're locking in 400,000 year round AND requiring a second trip to g-dam Chaeng Wattana three months after the extension. 

Did it say that a return trip is necessary? Perhaps I missed it.

Seems like another poorly thought out regulation to add to all the rest.

However, wouldn't have bothered me as I never touched the money, and it stayed in the account. It was mine to spend before I left for the last time.

To those that would leave Thailand because of this, I doubt you have much commitment to living in LOS anyway.

I looked at the requirements to bring my wife to my country, and way, way more difficult. As for her retiring here, the horror of the regulations is extreme. Between the 2, LOS is simplicity vs a nightmare of bureaucracy here.

[thaibeachlovers]

16 minutes ago, George FmplesdaCosteedback said:

Orders? He has exceeded his authority!

This should be in Thai law, not just his latest idea.

LOL. They've been making it up in Chiang Mai for years. When you see the next ridiculous regulation hand written in the printed list of requirements, you know it's not the "law". Doesn't Samui make retirees have medical? That's a local bastardisation of the requirements- not required in Chiang Mai.

[Happyfarangguy]

The red carpet for cheap Charlies to leave  is being unfurled. Better buy a 2nd hand great coat and some knock off Wellingrons before the rush. Bon voyage!

 

Theyll be Welcomed back with open arms after they've sobered up to reality, begged borrowed or stolen some money and made a plan to keep their finances sorted. 

 

However that scenario is highly unlikely.  

I imagine the vast majority will freeze to death amongst “bunt bridges” in the streets back home.  

 

Sad really. 

[Netease]

9 hours ago, TallGuyJohninBKK said:

Two questions here...

 

1. the above info doesn't explain how Immigration will conduct the "three months after" verification???

 

2. All of the above only seems to pertain to retirement extension deposits and income, and seems to make no mention or change regarding marriage extension deposits and income???

 

You give them your Banking details and Password

[Derek B]

There is no logic to any of this - no point in beating yourself up. Just put the cash away never to be used. However do make a Thai will to be sure it goes to the right people when you check out for good.

[balo]

I have defended the agents in the past, and most of my friends are using them .

 

If you're on a small pension less than 65k , you just can't live here anymore , unless the agents continue their business. I suspect the agents will continue , or you could see not only 10000 foreigners leaving , but maybe a million .  That will hurt many Thai businesses, families etc. 

We can only wait and see , but 2019 could be the year Big Joke will pay the price for being a "good guy". 

 

 

[Mango Bob]

So after your extension is approved and you have to come back three months later, how will this work?   Will they give an appointment to return.  Will your visa extension not be approved until you come back three months later.   Will you have to do this again to show you have more than 400,000 a few months later.   Will I need a bank letter every time to go to immigration in the future.   Why is this not a law?   The reason it is not a law is so each IO can make up their own rules.  What a bunch of stupid idiots running this establishment.  Fire them all using 44.

[luckyluke]

As mention before, in other topics, I transfer since years at least monthly 75,000 Thb. to Thailand. 

However being Belgian, having an income greater than 65000 Thb in my home country, and still getting a L. o. I.; I am not obliged to transfer anything, neither to have 800000 in a Thai bank account. 

Loophole? 

 

[balo]

9 hours ago, thequietman said:

Foreign retirees here take nothing from the system and are offered nothing.

They pay their way and in NO Way are a burden to the system. They pay tax and probably more than Thai citizens and they support families and businesses. 

 

Why all the hate? Why all the rules? They take nothing from this country but give back daily. It is very confusing to say the least.

 

True so what is this cunning plan Big Joke are working on ?   

 

If he wants to become the next PM he just have to keep the Thais happy .  But at least 15% of the Thai population are dependent on tourist income, and that also includes money spent from retirees, then we can add all the Thai families that will suffer. 

 

I predict at least 30% of the foreigners will escape to other countries.  

 

 

 

[lamyai3]

1 hour ago, Tanoshi said:

They are orders.

Rules/instructions/guidelines issued for Immigration officers to follow

We all remember who had instructions to obey orders... 

[scotinsiam]

I don't see how that will work for me and others like me, I have had 4 years of retirement so far and never done a 90-day report as I have a multi-entry extension and am traveling around so never here for 90 days?

[jacko45k]

So  if I get sick and have to pay for medical treatment during the year, I pretty much have to go  home after? 

[Derek B]

30 minutes ago, smedly said:

Been thinking about this 

 

Not sure how this puts an end to agents and their corrupt contacts in Immigration 

 

what it effectively does is -

 

- extends the seasoning period to 6 months, really ???????

- those that have used an agent now have to do it twice, paying an IO to ignore the seasoning on the extension application and then 3 months later same thing 

 

It solves nothing - agents and corrupt IO get a payday twice now instead of once

 

whether through design or not people using agents will now have to do it twice

 

I'm not sure BJ even understands what is going on when someone pays an agent and immigration to ignore the seasoning, either way it is now going to be 2x times

 

The problem of agents and backhanders is not solved at all - it has now just doubled

 

and those that have been doing the right thing for years now have to season the 800k baht for 6 months instead of 3 - well done BJ - you have failed on this one and shafted a lot of honest expats who for years have been doing the right thing 

 

If you have a retirement visa now and continue to keep 800,000 in the bank all year round and take a trip out of LOS within 90 days 4 times a year you dont need to go near an agency more than once a year just update your SAVINGS bank book on the day of departure and carry it with you when you re-enter LOS if they want to see proof of cash on hand. If they need to see an actual letter from the bank request one before you depart but that makes the SAVINGS bank book redundant.

Well thats my plan anyway.

[lamyai3]

12 minutes ago, luckyluke said:

As mention before, in other topics, I transfer since years at least monthly 75,000 Thb. to Thailand. 

However being Belgian, having an income greater than 65000 Thb in my home country, and still getting a L. o. I.; I am not obliged to transfer anything, neither to have 800000 in a Thai bank account. 

Loophole? 

No loophole, Unless they bring this two tier embassy letter system into line, no need to change your username.