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

[MrPatrickThai]

2 minutes ago, Naam said:

somebody who retired at age 46 and lives since nearly 30 years a very comfortable life (like the Mrs and my[not so] humble self) does not require financial advice in a forum where the majority of participants moan about Thai immigration's financial requirements. 

Good point but most people would keep less than 3 million in a Thai bank account when it could be making more elsewhere. I have high expenses and only keep around 500k max here. I can easily transfer more if needed. 

[lamyai3]

27 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. 

Tell that to those retirees who've lived in the country moderately for years on substantially less than these new income requirements, often taking care of a family. To claim that suddenly they can no longer afford to live here is the height of arrogance. 

[Mango Bob]

Just now, steve187 said:

you know that for a fact

Yes, I do.  Do you got a problem with that?   Just too damn bad.

 

 

[Tanoshi]

18 minutes ago, Joe Mcseismic said:

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

No.

 

19 minutes ago, Joe Mcseismic said:

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

Which one, Embassy letter or monthly deposits in a Thai bank?

For those who can still obtain the Embassy letter, tally ho!

For those who can't, so have to use the monthly deposits in a Thai bank it's created different problems.

1. You can only transfer your nett income (after tax) as opposed to the Embassy letters which use gross income.

2. Some expats receive quarterly pensions, dividends, interest etc, and although their total income averages more than 65K per month, they can't deposit the required 65K minimum per month.

 

Some expats are already struggling to meet the requirements due to the current exchange rates, non more so than the Brits who have seen a 22% reduction in the exchange rate from that of 2 years ago.

Deduct another 10% difference between gross and nett incomes and they've already had to tighten their belts more than once.

[marcusarelus]

47 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 

Why would you not get interest?

[gmac]

11 hours ago, Boon Mee said:

What's the big deal? 

Just leave it in the bank for 12 months and forget about it. 

Yup. did that when they first started talking about the earlier changes and the ensuing panicfest on here.  Looks like the only way to have peace of mind now.

[jacko45k]

15 minutes ago, worgeordie said:

fewer

people in front of you,when next time you go and do your extension !.

regards Worgeordie

Optimistic. The retirement extension desk will be quieter, but the other ones will be swamped by Indians, Russians and Chinese. Still got to get behind them to get the damned counter ticket!

[OJAS]

@ubonjoe It would appear from the original Thai version of Police Order 35-2561 which has now been published on the Immigration Bureau's website that its provisions are not confined to prescribing new rules for the 800k bank balance method for retirement extensions:-

 

https://www.immigration.go.th/read?content_id=5c515d0a753d2c5d3589c929

 

So do we know what further possibly unpleasant immigration-related surprises might be in the offing for us, please?

[Ctkong]

5 minutes ago, Spidey said:

Do they have 800k in the bank? Most Thais that I come across that fit your description, have house, car, land furnished by loans. They don't actually have a pot to piss in.....unless they are in some way linked to Thai mafia/ high up in the corruption food chain.

Most Thais have extended families to count upon. Also they are not retired as yet unlike expat retirees. Moreover their living costs are lower. They don’t have the farang baggage of go go bars, western food and swimming pool- house.   

[Neeranam]

3 minutes ago, baansgr said:

All paid for by their offspring working in tourist areas as hotel or restaurant  staff at the demise of some brain dead foreigner. 

Total nonsense. Many have worked abroad themselves to have savings.

Foreigners who have worked all their lives abroad should have 800k.

Do you live in Pattaya?

[notamember]

3 minutes ago, Mango Bob said:

Yes, I do.  Do you got a problem with that?   Just too damn bad.

 

 

you are wrong

you bad

[Rahibew]

Don’t worry just go to cambodia or Vietnam it’s cheaper there and just come in on tourist visas. It’s easy no problems......

[scubascuba3]

Good riddance ! 

Personally I'd prefer awful people like you leave Thailand than the guys with less money

[Lovethailandelite]

2 hours ago, Mango Bob said:

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.

You will be given a 90 day under consideration stamp to go back and get the extension fixed.

[Tanoshi]

25 minutes ago, Deerculler said:

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

Yes, but if interpretations of the order are correct, you'll need to have at least 400K deposited in a Thai bank and not be able to withdraw it for the whole year.

[no deal]

10 minutes ago, no deal said:

if you want live in Thailand you have to follow the rule of immigration if you want make money that fine but if you want live in Thailand you have to have 800.000 in the bank that your choice you can't have both way!

also I have 250.000 usd in the usa that make 8% interest,but I have the money to get my visa in Thailand! I am married for ten year whit one kids and I never have visa problem!

[JLCrab]

53 minutes ago, garyk said:

59 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

Now don't be mean or we'll force you to read that My Beautiful Life in Beautiful Thailand topic over on the General if you think anything on this topic is bragging. 

[worgeordie]

9 hours ago, Naam said:

i don't think for the last 15 years we ever had less than 3 million Baht credit balance in our Thai bank account.

next good advice please.

Only 3 million ,but you present yourself as been richer than Croesus ?????

regards Worgeordie

[Ctkong]

7 minutes ago, lamyai3 said:

Tell that to those retirees who've lived in the country moderately for years on substantially less than these new income requirements, often taking care of a family. To claim that suddenly they can no longer afford to live here is the height of arrogance. 

I also think these types of retirees are not what thailand had in mind when they welcome retirees into their country. They want spending retirees putting capital into their economy not some scrimping expats hiding in a hole somewhere existing only. 

The word is living not existing. You can always regard the bank in amount as a last form of inheritance gift to your thai family when you pass on. 

[LivinLOS]

25 minutes ago, Ctkong said:

They worked on the assumption that you long stayed in Thailand which is why you got the visa in the first place. 

Long stay doesnt mean constant stay... 

 

This is my 18th year here.. Is the system so silly it assumes we cannot leave ?? 

[ChrisY1]

12 hours ago, MikeOKitches said:

Phenom Penh, Cambodia here I come. ????

Brilliant...go from a reasonable sh!t-hole to a real one!

[ChrisY1]

20 minutes ago, Rahibew said:

Can these guys even count that high. Really..just change back to tourist visa and stay in cambodia or Laos,,it’s easier with no financial requirment....

And when the rules there change..as they most likely will?

[ocddave]

Just now, ChrisY1 said:

Brilliant...go from a reasonable sh!t-hole to a real one!

Oh that would make a better tourist slogan then LOS, RSH has a better ring to it????

[LivinLOS]

33 minutes ago, Neeranam said:

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.

Ohh great so non financial assets are ok for the 800k value then ?? 

 

Didnt realize land cars and house etc was useable. 

[balo]

I am not going to put 800k of my hard earned money in a Thai bank account for 12 months . I can understand 2-3 months , but that's it . 

 

Do they really think Thailand attracts the rich retirees ?  They do not want to live here full time. Thailand can say goodbye to billions of baht if they keep this up.    

 

 

[notamember]

19 minutes ago, Mango Bob said:

Yes, I do.  Do you got a problem with that?   Just too damn bad.

 

 

i expect you are an ozzie

[Ctkong]

Though the thread is interesting with so many enlightening inputs from seasoned posters, the reality is that the writing is on the wall.

thailand is getting serious about culling the expat herd . Enforcing the existing law , bypassing the embassy letters , extending the seasoning period all points to the fact that unless you are qualified legally to retire in Thailand, you are not welcome at all. 

With the required amount in the bank, you are free to live life as you wished. Whether scrimping or not, whether living in the sticks or cities, all are up to you. Free choice. No restriction of places you can retire at all. This you got to appreciate. 

Ultimately, we got to respect their initiative to get serious now  after all those past shenanigans. 

[ocddave]

1 minute ago, LivinLOS said:

Ohh great so non financial assets are ok for the 800k value then ?? 

 

Didnt realize land cars and house etc was useable. 

Was thinking the same thing, by this metric, I'm  a millionaire many time over...LOL

[homeseeker]

I use the 800k in the bank method for my extension. I shall be applying for renewal in the next week or 2, namely before 1st March 2019.

Assuming my extension is granted then as I understand the new rule, it will not apply to me until my renewal in 2020?

In otherwords for 2019 I need keep nothing in the bank after my extension is granted?

 

 

 

[ChrisY1]

27 minutes ago, Mango Bob said:

We are doing all the crap because of the American and British Embassies.   If they continued to give the letter none this crap would have happened.   Thank you, Trump and May.  You two belong together along with Big Joke.

Wrong.....we are doing all this now because cheap charlies have been rorting the system ..falsifying their income statements (because they don't have the funds themselves) and having their respective embassy approve it.