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

[jacko45k]

10 hours ago, mlkik said:

For me the money in the bank for my extention of stay came first and then having a house built and buying a car came second.

Not a bully for you aproach but a common sence aproach.

You have to think further back. When I was getting  a car and a house a Visa which allowed me to live here for a year was a simple process of paying a small amount of money to a UK consulate. Once committed, having the squeeze put on, or the thumb wheel screwed down is tougher.

[scubascuba3]

So much for being able to use the money in the bank to fund emergency medical expenses

[Ctkong]

The reality is that thailand is culling the herd of expats that are not well equipped to live out their retirements here. You can’t fault the authorities their policy. It is similar to situations whereby tourists who are ill afford to travel ,complaint about travel requirement of host countries.

If expats are not qualified for financial reasons to retire in Thailand ( where the required fund is set very reasonable) now, how in the world are they going to finance their stay without drama in the coming years when the body needs more attention without loading upon the host country’s facilities for free? 

Perhaps somebody can start a gofundme for retirements. 

[Ctkong]

4 minutes ago, randy723 said:

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 

Good riddance ! 

[catman20]

11 hours ago, Genericnic said:

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

 

David

 

maybe this is why Thailand is doing this to get shot of all the poorer people. sorry David

[jacko45k]

10 hours ago, Christophers200 said:

Mmm - If the intention is to freeze out agents why not issue an order banning agents from immigration offices. 

Or simply applications must be made in person except where medical issues require some alternative. I often wondered why I always had my picture taken yet those who use an agent never even attend immigration. 

[Ctkong]

43 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. 

 

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?

I think this scrutiny only comes in when you go for the next extension .

[Spidey]

5 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. 

 

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?

The whole issue boils down to trying to prevent dodgy agents creating a bank account with 800k in it, then toddling down to Immigration and paying a corrupt IO to waive the 3 months seasoning rule, which is technically legal.

 

The new rule of seasoning the account to the tune of 800k baht for 3 months after obtaining your extension and seasoning your account to the tune of 400k baht for the whole 12 months, will have zero effect on dodgy agents/corrupt IOs if the rule of IOs being able to waive the seasoning at their discretion isn't rescinded. The dodgy agents/corrupt IOs will continue unabated, other than that both parties will be able to trouser a whole lot more money from the process.

 

It would have been far easier and more effective if TI had removed the ability for IOs to waive the seasoning rule and for Big Joke to come down hard on corrupt IOs. Instead, he has come down hard on honest expats.

 

This begs the question, why?

 

It would easy to assume that this ill thought out, ill conceived idea is entirely due to the rank stupidity of Big Joke and his minions. Quite possibly, as TiT.

 

One could also assume that Big Joke is trying to appear to get rid of the problem without actually curtailing the money supply to his elders and betters. We all know that a percentage of those bribes are passed up the line, again and again. A small percentage of many thousands of bribes adds up to far more than a large percentage of a few bribes. It's the people/person who sits at the top of the food chain that make the serious money from corruption in Thailand.

 

It could be a piece of electioneering, a public display of decimating the population of the despised farang. If this is the case, don't expect this rule to be reversed after the election. Thai "face" wouldn't allow it. Also, I fully expect that the same people will be in charge after the election as now, by which time Prayut and those above him, whose name will not be spoken, will have gotten used to the new, increased "revenue stream" and will be loathe to let it go.

 

Whatever the real reason for the decision, due to Thai "face", it cannot be reversed. It's here to stay. Suck it up. As my wife regularly says, "You think too mutt". Good advice, thinking "too mutt" could see you jumping off a balcony!

[rott]

3 minutes ago, Ctkong said:

The reality is that thailand is culling the herd of expats that are not well equipped to live out their retirements here. You can’t fault the authorities their policy. It is similar to situations whereby tourists who are ill afford to travel ,complaint about travel requirement of host countries.

If expats are not qualified for financial reasons to retire in Thailand ( where the required fund is set very reasonable) now, how in the world are they going to finance their stay without drama in the coming years when the body needs more attention without loading upon the host country’s facilities for free? 

Perhaps somebody can start a gofundme for retirements. 

And where is the evidence of people "loading up on the host country's facilities for free".?

How often does it happen and what is the annual cost.?

 

[Tanoshi]

20 minutes ago, StevieDee said:

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.

No.

It's a new application to extend your permission to stay from the previous permission.

[Neeranam]

If you are retired and don't make the necessary money, you could always get a job teaching English.

Personally, I think it reasonable to ask for this amount off money in the bank permanently.

If you think it's too much, accept the fact that you can't afford to live abroad. 

 

People want Thailand to develop in other areas, yet not in their immigration laws.

 

This is the exact reason I've applied for citizenship, to not have to deal with these people in my golden years.

 

If I had worked all my life in the UK, I'd have bought a house, and would sell that when retiring abroad.

 

 

[AhFarangJa]

11 hours ago, Jonathan Fairfield said:

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.

Please get it right ....the requirement is 800K for three months after the visa is granted, thereafter a permanent balance of 400K.

Is this the same for marriage visas? because at the moment marriage visa is 400k for two months and normal retirement visa is 800k for three months?

[rott]

4 minutes ago, Ctkong said:

I think this scrutiny only comes in when you go for the next extension .

That is what he is talking about. Please answer the question, having read it properly. ????

[randy723]

34 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!

no deal you are full of SH**. I have a retirement income of over 350,000 baht per month but I do not have it sent here and put into a Thai bank with NO interest. I leave it in my bank in America and draw 1.75% interest so you are very wrong and should be ashamed of your self or saying people who use the 800,000 are poor expats who do not have the 65,000 each month income. so no deal go craw back into your hole

[Joe Mcseismic]

Does this also mean that the 65k income method is dead?

If not, what's to stop everyone using the income method instead?

[ocddave]

2 minutes ago, Neeranam said:

If you are retired and don't make the necessary money, you could always get a job teaching English.

Personally, I think it reasonable to ask for this amount off money in the bank permanently.

If you think it's too much, accept the fact that you can't afford to live abroad. 

 

Proof fancy Thailand to develop in other areas, yet booty in their immigration laws.

 

This is the exact reason I've applied for citizenship, to not have to deal with these people in my golden years.

 

 

Since most people retiring here have more money then most Thai's, does that mean Thai's should "accept the fact that" THEY "can't afford to live" here either?

[ocddave]

2 minutes ago, Joe Mcseismic said:

If not, what's to stop everyone using the income method instead?

Big Joke, if he continues to keep making things up as he goes, he must stick solutions on a wall, and throw darts at them to see which he will implement next. Next week you may be asked to hop on one foot and recite the Thai anthem while holding your beer without spilling it, who knows, this guy seems to be all over the place.

[Ctkong]

I see lots of bitching about immigration policies here. Many expats, if you can call them expats, here think the host country owed them a retirement visa. I had already said that thailand’s Visa retirement requirement is very reasonable . If you got a fixed deposit of the required sum in the bank for the whole year, I don’t see how any corruption can get a hold on you.  You can thank your lucky star that the immigration policy is still the Tb 800,000 and not US$80,000. And for those who are hard to comply with the rules, it shows you are just surviving in this country hardly living at all ... even if in the sticks. So no use using the option of threatening the old chestnut of recamping to neighboring countries. I would say good riddance to that. Only sad part is if they have Thai families here but hey, when is life fair ? 

[Tanoshi]

11 minutes ago, Spidey said:

Whatever the real reason for the decision, due to Thai "face", it cannot be reversed. It's here to stay. Suck it up. As my wife regularly says, "You think too mutt". Good advice, thinking "too mutt" could see you jumping off a balcony!

I've tried jumping of the balcony twice, ground floor.

Wife says I don't 'tink enuff'.

[jacko45k]

10 hours ago, Mango Bob said:

So when you come back 3 months later will you again need a second letter from the bank and your bankbook updates to show the 800,000 baht.  Just doubting the work for us and the banks.  This sounds like a stupid big joke.

Not clear yet, I could also get my phone out and show them the balance on internet banking!

[lamyai3]

49 minutes ago, JimP said:

Dude Jok definitely has a face meant for radio.

He's the pretty one, you don't want to see who he's working for. 

[Deerculler]

I have been using the combination of income and bank.
The New Zealand Embassy still issues letters of income.
Am I still able to carry on do the same?


Sent from my iPhone using Thaivisa Connect

[Naam]

7 minutes ago, randy723 said:

48 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!

no deal you are full of SH**.

1. I have a retirement income of over 350,000 baht per month but I do not have it sent here and put into a Thai bank with NO interest. I leave it in my bank in America and draw 1.75% interest so you are very wrong

2. and should be ashamed of your self or saying people who use the 800,000 are poor expats who do not have the 65,000 each month income. so no deal go craw back into your hole

1. the 1.75% in your home country are most probably a loss considering the Baht appreciation.

-you can get the same yields in Baht with Thai banks on fixed deposits and participate in the Baht appreciation. 

-refusing to keep less than 2½ months income to match immigrtation requirements is ridiculous.

2. both "no deal" and you have a valid point.

[Kenny202]

I see lots of bitching about immigration policies here. Many expats, if you can call them expats, here think the host country owed them a retirement visa. I had already said that thailand’s Visa retirement requirement is very reasonable . If you got a fixed deposit of the required sum in the bank for the whole year, I don’t see how any corruption can get a hold on you.  You can thank your lucky star that the immigration policy is still the Tb 800,000 and not US$80,000. And for those who are hard to comply with the rules, it shows you are just surviving in this country hardly living at all ... even if in the sticks. So no use using the option of threatening the old chestnut of recamping to neighboring countries. I would say good riddance to that. Only sad part is if they have Thai families here but hey, when is life fair ? 

Many of you shud remember there are people here who have invested heavilly in property, vehicles etc...have family and roots here. For many too old to simply pull up stumps and start again. They have done so under the previous rules and now the goalposts are changing. I know a few who have many assets here and live on a monthly pension comfortably but dont have 800k at their disposal. Throwaway comments like if you dont have 800k you retired too early or shudnt be here are just ignorant. For some people now this must be very stressful

Sent from my SM-J730GM using Thailand Forum - Thaivisa mobile app

[Spidey]

9 minutes ago, Ctkong said:

The reality is that thailand is culling the herd of expats that are not well equipped to live out their retirements here. You can’t fault the authorities their policy. It is similar to situations whereby tourists who are ill afford to travel ,complaint about travel requirement of host countries.

If expats are not qualified for financial reasons to retire in Thailand ( where the required fund is set very reasonable) now, how in the world are they going to finance their stay without drama in the coming years when the body needs more attention without loading upon the host country’s facilities for free? 

Perhaps somebody can start a gofundme for retirements. 

If only that were true. Sadly, it isn't. The figure required to be deposited in a Thai bank account has always been based on $2000 per month x 12. The monthly income requirement, the same. Most people would agree, a reasonable minimum amount for a single guy to live on in Thailand. The idea of showing 800k baht in a Thai bank account when obtaining a retirement extension, was to ensure that you had 800k baht available to support yourself on for the following 12 months.

 

That philosophy has now gone out of the window. Instead of putting 800k in a Thai bank account and drawing down on it for the following 12 months, an individual will only be able to draw down on 400k per annum, halving his disposable income. Where's the logic in that? Complete madness that flies in the face of the intended purpose of having 800k in a Thai bank to support yourself for the next 12 months. Effectively, to have 800k baht per annum to support yourself, you now need 1.2m baht in a Thai bank account.

 

[Ctkong]

4 hours ago, roger buttmore said:

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.

 

The moment you are aware of your demise, you can whittle down the amount as surely you won’t need the money for the next extension. If it is a false alarm, you can always replace the amount. If you have Thai family, better to make sure they are able to withdraw the money using ATM cards or other means. The onus is on you to work around the system. If you care much about the miserable  interest for fixed deposit, then you have only yourself to blame. 

[Neeranam]

15 minutes ago, ocddave said:

Since most people retiring here have more money then most Thai's, does that mean Thai's should "accept the fact that" THEY "can't afford to live" here either?

It looks like most people don't have more than Thais. The retired Thais I know have a car, house and land worth much more than 800k. Plus they have health insurance.

[LivinLOS]

11 hours 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.

They are for those of us who leave the kingdom on a regular basis.. 

If they apply the same criteria.. Now for my marriage extension I have to be in Thailand on a set date.. To arrange a re-entry permit.. To return 30 days later exactly for my under review.. Maybe get it.. Or maybe return exactly 30 days later again for a second under review (happened to me twice).. And finally return at 90 days from the initial visit (another 30 or 60 from the review dates) to show money.. 
 

They do understand some of us leave this place huh ??? That much back and forth from the west is a non starter.. 10 year retirement visa getting more appealing by the day. 

 

[Chicken George]

This will do nothing to stop the ilegal visa agents who adverise on this site and many others. It will just make it more expensive. Big Joke should warn immergration officers they will loose their jobs if caught. No moving to another desk.

The 800k was there to show funds to live on or to use in an immergency not as a perminant guarantee against using a ilegal agent to obtain a visa.. As I said the agents will now have more customers.

It would seem easier to go back to your iwn country and get a visa which can last 15 months or even 17 months.. Maybe cheaper than an agent now and maybe gor people who do not have the required funds to leave in a bank here..

I would not use an agent . I would rather go back to my home country. Its a prison term of minimum five years if caught.

 

 

[mokwit]

10 hours ago, Gecko123 said:

So you suddenly have a medical or family emergency which requires you to temporarily tap these funds, and your bank balance drops below 400K. You've got to go to immigration on your knees to beg for your visa to be renewed?

No, you will be denied an extension and if no more time on your extension to leave , they will be kind enough to allow the option pay Bt1,900 for 7 extra days in which to get out of the country. As BJ himself said WRT a recent immigration matter they are, after all, the land of smiles.