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

[assayer]

10 hours 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.

 

But you are only qualified to speak for yourself and not for me.

[JLCrab]

50 minutes ago, smedly said:

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

Maybe they'll work out a deal where you get 2 bribes for one all inclusive fee.

[inThailand]

Doesn't the 3 month verification after visa and 400K minimum, means 90 reporting is being replaced by 90 day money verification? Same process just different documents to submit? 

. 

[Gecko123]

10 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???

 

1.  After sleeping on this, I imagine that at subsequent visa renewals you will need to provide immigration with a certified copy of your past 12 months of activity on the account and immigration will review it to determine whether it conforms to the regulations. I don't think many banks have the wherewithall to decipher visa stamps to verify balances are conforming to immigration requirements. But if failure to meet the requirements isn't discovered until T minus 30 days before renewal date, what then? No visa, and you get kicked out of the country?

 

By the way, to the best of my knowledge, Bangkok Bank only provides immediate access to 6 months account history. If a longer period of time is needed, it has to be made by special request and there is a few days delay before it can be received. I suspect many banks are the same. So there's a good chance that this type of account history letter is not going to be able to be obtained on a same-day basis, but will have to be requested and then picked up from the bank at a follow up day, it will likely make the obtaining of this letter more cumbersome than the simple verification of funds letter was. There just doesn't seem to be any awareness about keeping these requirements simple and manageable, especially when you consider senior citizens are most affected.

 

2. This new requirement really does beg the question: what is the purpose of the financial requirements for retirement visas:

 

Is it to insure that retirees will not be a financial burden on the state? (Doesn't hold water if the funds are effectively frozen or half frozen in the account on a year round basis.)

 

Is it to insure that people who retire in Thailand have ample money to spend so that they stimulate the economy? (You can't spend money which is frozen in an account, and having funds on deposit in no way dictates consumption patterns.)

 

And as TallGuyJohninBKK asks, why does this regulation only apply to retirement visas and not marriage visas? This regulation appears to be discriminating between retirees based on their marital status, and if same-sex couples aren't eligible for marriage visas, it is also discriminating against people based on their sexual orientation, both of which is prohibited in many Western countries. Does anybody know if Thailand has any laws against discrimination based on marital status and sexual orientation?

 

 

 

[Aforek]

6 hours ago, lucjoker said:

yes, and additional ,you will have to put in "fresh" money in every year (800 000 bht)

If you can't.......by by Thailand !

How can you be so sure ? in the new text, they speak of tree  months before, which is not the case for fixed deposit ; fixed deposit, the money is here all year around 

[stanleycoin]

So it's 1.2 million to cover up the corruption.

Thais have now pinned on the Falangs.

 

Reckon every person that leaves, it will take away the minimum of

half a million baht out the pockets of Thai families and business

well done, numpties.

 

Feel the love , from The Bullshit factory of Asia.

 

 

[namatjira]

5 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?

The problem can not reside with the Thais....corrupt immigration officials....that’s just not “ Thai “.....it’s the face problem.....

The problem and the horrible farang who bribe, is purely western.

Roll in elections and a dose of xenophobia that has been slowly gaining traction and here we are are.....close to open day on the farang, thanks for your support.

[Destiny1990]

Its too complicated and a hassle procedure so its not for me.

i thought rules would be simplified 

[fisherd3]

15 minutes ago, Gecko123 said:

1. After sleeping on this, I imagine that at subsequent visa renewals you will need to provide immigration with a certified copy of your past 12 months of activity on the account and immigration will review it to determine whether it conforms to the regulations. I don't think many banks have the wherewithall to decipher visa stamps to verify balances are conforming to immigration requirements. But if failure to meet the requirements isn't discovered until T minus 30 days before renewal date, what then? No visa, and you get kicked out of the country?

 

By the way, to the best of my knowledge, Bangkok Bank only provides immediate access to 6 months account history. If a longer period of time is needed, it has to be made by special request and there is a few days delay before it can be received. I suspect many banks are the same. So there's a good chance that this type of account history letter is not going to be able to be obtained on a same-day basis, but will have to be requested and then picked up from the bank at a follow up day, likely making the obtainment of this letter more cumbersome than a simple verification of funds letter. There just doesn't seem to be any awareness about keeping these requirements simple and manageable, especially for senior citizens.

 

2. This new requirement really does beg the question: what is the purpose of this financial requirement for retirement visas:

 

Is it to insure that retirees will not be a financial burden on the state? (Doesn't hold water if the funds are effectively frozen or half frozen in the account on a year round basis.)

 

Is it to insure that people who retire in Thailand have ample money to spend so that they stimulate the economy? (You can't spend money which is frozen in an account, and having funds on deposit in no way dictates consumption patterns.)

 

And as TallGuyJohninBKK asks, why does this regulation only apply to retirement visas and not marriage visas? This regulation appears to be discriminating between retirees based on their marital status, and if same-sex couples aren't eligible for marriage visas, it is also discriminating against people based on their sexual orientation, both of which is prohibited in many Western countries. Does anybody know if Thailand has any laws against discrimination based on marital status and sexual orientation?

 

 

 

Farang talk.

[Colabamumbai]

Lets all become agents.

[tandor]

10 hours 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. 

 

..do we have to buy Immigration patterned pyjamas too.

[pookiki]

I predict that the agent system will remain viable for those who use it - because too much discretion is left to individual IOs. If IOs can waive the 'seasoning' requirement, they can certainly 'waive' the requirement to keep 800,000 baht in the bank for three months after the extension of stay is granted. 

 

And what happens if you don't meet the 'three months' requirement after the granting of an extension of stay?  Will the extension be cancelled and the person deported?

[Tanoshi]

1 hour 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 

 

You forget another important factor.

For those who use agents because they fail to meet the financial requirements, what about the 400K that will have to be kept in a Thai bank all year round. 

It's also 5 months (2 before, 3 after) for the 800K to be kept in the account under the new order.

[Tanoshi]

6 minutes ago, pookiki said:

I predict that the agent system will remain viable for those who use it - because too much discretion is left to individual IOs. If IOs can waive the 'seasoning' requirement, they can certainly 'waive' the requirement to keep 800,000 baht in the bank for three months after the extension of stay is granted. 

 

A lot of expats using agents do so for personal reasons, not because they can't meet the financial requirements.

[no deal]

I am married and have about 150000 tb a month all that money come from over Europe and America wired to my bank account directly and I never have any problem from immigration,the problem come from people who don't have the money and try any thing they can to pass and that make every thing hard for other people!

[SheungWan]

10 hours ago, TallGuyJohninBKK said:

 

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

They might do so one year later when you come to renew your retirement extension. In addition the extension would be null and void to all intents and purposes as soon as the terms broken.

[JimP]

Dude Jok definitely has a face meant for radio.

[garyk]

6 minutes ago, no deal said:

I am married and have about 150000 tb a month all that money come from over Europe and America wired to my bank account directly and I never have any problem from immigration,the problem come from people who don't have the money and try any thing they can to pass and that make every thing hard for other people!

Anyone else getting tired of the "I am so special and I want to brag about it brigade"  haha

[soalbundy]

With all the poo hitting the fan now I will give up jumping hoops and putting my pension into my Thai account and just rely on my German embassy letter as before, one trip a year to Bangkok is the easy way.

[legend49]

10 hours ago, trainman34014 said:

Sad to hear that; only problems we've ever had in Chiang Mai were to do with the old overcrowded Imm' Office but Big Joke has now sorted that out and things are easiest they've ever been.

 

Sustainable outcome?

[catman20]

11 hours 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.

 

100 % agree with you.

a lot of the retied men here have either wasted, given or been duped out of their money and have no money management skills and are just living pay cheque to pay cheque. but hey that there own fault.

[StevieDee]

Would this work?

So, you have the required 800K in the bank for the required period (2 or 3 months whatever it may be) before your retirement application.

Every 90 days you do not go to immigration, you fly off to HK/SG, wherever for a weekend.

Upon arrival back in to Thailand you are stamped in for 90 days.

90 days later repeat the above for as many times necessary throughout your 1 year's retirement extension.

Upon your new retirement application 1 year later, as it's a new application, it's just the required 800k in the bank needed to be shown for the required period before application.

[luckyluke]

2 minutes ago, catman20 said:

are just living pay cheque to pay cheque. but hey that there own fault.

Or their own choice. 

 

It is certainly mine as I don't have any problem to get my extension based on income. 

Well so far anyway. 

[alanrchase]

Has anyone ever used two Thai bank accounts to prove the 800k? I would prefer to put 400k in an interest bearing deposit account and use my everyday savings account to make up the other 400k.

[catman20]

1 hour ago, assayer said:

But you are only qualified to speak for yourself and not for me.

then as the man said maybe you shouldn't be here. 

[PerkinsCuthbert]

4 hours 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.

LOL

[JLCrab]

13 minutes ago, garyk said:

20 minutes ago, no deal said:

I never have any problem from immigration,the problem come from people who don't have the money and try any thing they can to pass and that make every thing hard for other people!

Anyone else getting tired of the "I am so special and I want to brag about it brigade"  haha

Yes -- the "Woe is Me" brigade is much more entertaining.

[Ctkong]

11 hours ago, 300sd said:

Obviously the immigration officers are corrupt and the honest expats suffer. Screwed up place.

Honest expats should have no worries even if law stipulates 12 months seasoning of the money because the amount is not large for serious expats deciding to retire. Take the deposit as a backup plan in case of health complications with or without health insurance.

[garyk]

3 minutes ago, JLCrab said:

Yes -- the "Woe is Me" brigade is much more entertaining.

Yes I know you like to brag JL, you are special also.. haha

[randy723]

how much is the banks giving big joke and the PM for this new law? now we have to leave 800,000 baht in the bank for 5 five with out interest. GOOD BYE THAILAND HELLO CAMBODIA