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

[overherebc]

21 minutes ago, stanleycoin said:

They will also need a Urine sample to check for drugs and a poo sample to check for worms,  i will just leave my underpants on there desk. 

 

Well, if they required a semen sample my underpants would be useless.

Or maybe an agent stand in. ????????

[OKF]

which visa are they talking about here exactly. I am on a Multiple Non-O and leave the country every 2-3 months for 2-3 months....does this apply for me as well?

[mlkik]

2 minutes ago, notamember said:

you will need a heater installing, the odometer reset from Km to MPH and and an MOT, then pay the import tax and VAT  then you will be ok

Modern cars come with a heater and air con 555 The odometer can be reset with a press of a button and to be honest my post was tongue in cheek as I have no intention of leaving Thailand!

[Peterw42]

3 minutes 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???

That sounds like the sensible way to do it, will have to wait and see

[Genericnic]

It's been a great 8 years. I am really going to miss Thailand.

 

David

 

[notamember]

4 minutes ago, trainman34014 said:

The Agents can't do this fake stuff for Marriage Visa's as they need more back up paperwork that they can't provide.

they can but they charge twice as much as a retirement extension for the very same reasons you have stated and there are many more mouths to feed

[MikeOKitches]

12 minutes ago, DrTuner said:

800k might be ok, but committing to living in Thailand is something one should avoid at all costs. You never know when some event makes it inhabitable. 

 

One leg out the door with plan B,C and D in the pocket is the way to go.

WE HAVE ANOTHER WINNER!

[zydeco]

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.

[Sheryl]

Just now, connda said:

Then why keep up the charade that this money is to cover living expenses if it can only be used six months out of the year. 

 

And only half of it then.

 

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

 

In practical terms if your living costs here average around 65k a month  then you need to bring in bring in almost 1.2 million 3 months before your expiration date.

 

Since they are requiring substantial amount of funds deposited which cannot be spent, big question in my mind is: will they allow it to be in a fixed deposit so at least it gathers more interest?

 

Also - when does this take effect? I have been using the 800k method and, naturally, spending it down as the year passes and balance right now is already under 400k.

 

????

[mlkik]

3 minutes ago, trainman34014 said:

And get a nasty Tax Bill when you get back !

I think not as my post was tongue in cheek and I have no intentions of leaving!

[wwest5829]

14 minutes ago, mlkik said:

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

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

Interest rates here are no worse than my home country. I am not wealthy enough to speculate and possibly lose on the investment of stocks and shares . Therefore I see no reason not to have savings here.

 

OK, thus far I am not involved as I have the 65,000 a month transferred for 7 years now. I recognize Thailand’s right and necessity of cracking down on those trying to game the system. My bottom line is, should the 800k become required for all would cause me to seek retirement elsewhere. Up to you Thailand.....

[Luckysilk]

So basically folks need to keep 800k in the bank for 5 months -2 or 3 months prior and 3 months post the visa and never go below 400k.

 

I can see an exodus of guys leaving.

[Spellforce]

But why can't they do things easier for people doing their extention for more than 5 or 10 years ?

In my own country (France) we give the french ID card for thai people living more than 7 years.

[zydeco]

2 minutes ago, Sheryl said:

And only half of it then.

 

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

 

In practical terms if your living costs here average around 65k a month  then you need to bring in bring in almost 1.2 million 3 months before your expiration date.

 

Since they are requiring substantial amount of funds deposited which cannot be spent, big question in my mind is: will they allow it to be in a fixed deposit so at least it gathers more interest?

 

Also - when does this take effect? I have been using the 800k method and, naturally, spending it down as the year passes and balance right now is already under 400k.

 

????

I think the OP said it begins in March. So that is 28 days from now.

[ubonjoe]

4 minutes ago, OKF said:

which visa are they talking about here exactly. I am on a Multiple Non-O and leave the country every 2-3 months for 2-3 months....does this apply for me as well?

It doesn't apply to you if you have a multiple entry non-o visa issued by a embassy or consulate.

[damascase]

There is a contradiction in the OP, but I assume whai is said in the first part is the correct text........

 

Confirmed in police order No. 35/2561 obtained by Thaivisa, foreigners who apply for a retirement extension using the 800k baht in the bank or the combination of income method now need to keep 800k baht in the bank for three months after the extension and 400k baht in the bank after that.

 

but then:

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.

[DrTuner]

20 minutes ago, trainman34014 said:

Marriage Extensions are not painful at all, been doing them for twelve years and never had a problem.  People cause their own problems by not preparing properly.

After 12 years of suffering under the penetrating gaze of counter #6 at Jomthien I'll simply disagree. It's a hassle.

[notamember]

5 minutes ago, mlkik said:

Modern cars come with a heater and air con 555 The odometer can be reset with a press of a button and to be honest my post was tongue in cheek as I have no intention of leaving Thailand!

in your Benz maybe but not in a Toyota pick up

[Luckysilk]

3 minutes ago, Genericnic said:

It's been a great 8 years. I am really going to miss Thailand.

 

David

 

No you won't it's truly a s**thole lol.

 

Lots of other decent places around the world to spend your money.

[overherebc]

5 minutes ago, Sheryl said:

And only half of it then.

 

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

 

In practical terms if your living costs here average around 65k a month  then you need to bring in bring in almost 1.2 million 3 months before your expiration date.

 

Since they are requiring substantial amount of funds deposited which cannot be spent, big question in my mind is: will they allow it to be in a fixed deposit so at least it gathers more interest?

 

Also - when does this take effect? I have been using the 800k method and, naturally, spending it down as the year passes and balance right now is already under 400k.

 

????

Not sure but think I read

1st March this year.

[yellowboat]

41 minutes ago, Jonathan Fairfield said:

Big Joke - vowed to crackdown on visa agents who falsify documents for foreigners applying for visas and extensions of stay.

Complying with the law in Thailand is usually too hard compared to neighboring countries.  The question is what were the problems does this solve?  More will leave.  Few will come   

[zydeco]

2 minutes ago, damascase said:

but then:

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.

Unless they mean that if you did a retirement based on 800K already this year, then as of 1 March you must have 400K or not get a renewal???

[overherebc]

9 minutes ago, OKF said:

which visa are they talking about here exactly. I am on a Multiple Non-O and leave the country every 2-3 months for 2-3 months....does this apply for me as well?

Nope. Sleep easy.

[DrTuner]

6 minutes 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.

Think again. I was working in BKK for near three years after coming out of early retirement, just the traffic makes you want to jump off the balcony, if your colleagues are Thais you'll want to find the red button that says "Nuke the universe".

[wgdanson]

7 minutes ago, Luckysilk said:

So basically folks need to keep 800k in the bank for 5 months -2 or 3 months prior and 3 months post the visa and never go below 400k.

 

I can see an exodus of guys leaving.

You only need 800k in the bank if you do not have 65k per month coming into Thailand from your foreign account. Of that 65k, you can spend whatever you want/need. Or am i getting it wrong?

[Spellforce]

1 minute ago, damascase said:

There is a contradiction in the OP

...

but then:

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.

I think you'll need to bring your (updated) bank book with you when you'll do your 90 days notification.

Even for people who did their extention visa end of 2018, then after 1st march they will have to show a balance > 400,000 bahts during the last past 3 months.

[notamember]

7 minutes ago, Luckysilk said:

So basically folks need to keep 800k in the bank for 5 months -2 or 3 months prior and 3 months post the visa and never go below 400k.

 

I can see an exodus of guys leaving.

or being driven to agents to fix it for a fee, (as yet undeclared)

if IO can be paid to overlook 3 months before then overlooking 3 months after as well won't be a problem

[mlkik]

3 minutes ago, notamember said:

in your Benz maybe but not in a Toyota pick up

I do not have a Benz or a Toyota pick up. My car has AC and a heater. Maybe you should look into new cars in Thailand and you will realise they also have round wheels! 55

 

 

 

 

[theoldgit]

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

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

You may be lucky enough to be able tie up 800,000 Baht for five months every year without needing to spend any of it, in which case bully for you.

There might be others who have committed themselves to Thailand by buying themselves a condo to enjoy their retirement in, so don’t have a spare 800,000 Baht they can leave untouched in the bank.

There might be those who’ve retired here under the previous conditions and didn’t expect the goalposts to be moved.

One wonders if those who can demonstrate they have the current required monthly income might be the next to have the goalposts moved.

For the life of me I really don’t understand the reasoning for needing to leave 800,000 Baht in the bank for five months of the year when it’s supposed to be evidence that you have sufficient to live on.

 

[onera1961]

Does it mean one has to keep 400K throughout the year. May be this is another way to ensure people have some money for emergency medical expenses. 

 

My interpretation is that people who are keeping the money through out the year, are not affected. There is no 90-day visit to immigration for verification. They want to check bank book for past activity to determine if the rule was followed or not. It is at least better than what Fabulous 103 FM reported. 

 

In my situation, I bring 15,000 baht every week. So I fall short of 5K baht every month. If I keep 100K through out the year, I will be OK for my extension in 2020.