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

[luckyluke]

16 minutes ago, Tanoshi said:

as opposed to the Embassy letters which use gross income.

Not at the Austrian Consulate in Pattaya, where I have to show the net amount paid by the Belgian Office of Pension, together with my bank statement showing the same amount credited.

[Naam]

6 hours ago, sfokevin said:

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.

Your wife must not be 100% Thai... 

my wife is 0% Thai and her behaviour is "minus 50%" Thai.

 

by the way... for the last 15 years holding THB cash provided a very acceptable yield over most major currencies kept in cash. that's something the resident financial wizzards either don't seem to know or flatly reject because it does not match their perception. for as long as we are resident in Thailand (>15 years) the bottom line was "Baht appreciates" and during this period one finds many dozens, perhaps hundreds of postings with predictions the Thai Baht will crash... any time from now. yawnnnnn...

 

examples:

+46% above Pound Sterling

+42% above €URo

+28% above US-Dollar

+26% above AU-Dollar 

[Ctkong]

8 minutes ago, LivinLOS said:

Long stay doesnt mean constant stay... 

 

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

You have got to work around the system by circling the important dates that you got to be in Thailand to comply with the application. 

[notamember]

3 minutes ago, ChrisY1 said:

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.

he is an aussie in denial

[LivinLOS]

1 minute ago, Ctkong said:

You have got to work around the system by circling the important dates that you got to be in Thailand to comply with the application. 

I will just tell my international business partners that the construction of the data centers I am building globally will need to adhere to the schedule of Somchai.. 

[MrPatrickThai]

28 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. 

Many older guys that move to Pattaya, like yourself falsely believe that all older Thais are like their girlfriends' families. remember 95 % of their girlfriends are impoverished and forced into prostitution. 

Why on Earth you leave your kids in Pattaya is beyond me.

[hottrader77]

12 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.

 

i agree with alot of what you say maybe they want to eliminate the companies putting 800,000 in peoples accounts till they get a retirement visa then the company withdraws the cash after this might stop that from happening so only people who have got genuinly 800,000 baht can stay here , but there is also a case for example the pound sterling is only a rip off price of 40 baht to the pound sterling if you kept 800,000 baht in an account over here in a thai bank and if uk stays in EU the pound sterling will go up so lets say it goes upto 55 baht to the pound sterling you will have lost over 30% than if you had left it in your uk bank and at the moment we are at a point where depending what happens in brexit the pound will either go up or down , the experts have said that if uk leaves EU the pound could go down to 29 baht to the pound sterling but then again if uk stays in EU then the pound sterling could go upto 60 baht to the pound sterling we will know soon what happens also 

[LivinLOS]

Just now, hottrader77 said:

i agree with alot of what you say maybe they want to eliminate the companies putting 800,000 in peoples accounts till they get a retirement visa then the company withdraws the cash after this might stop that from happening so only people who have got genuinly 800,000 baht can stay here , but there is also a case for example the pound sterling is only a rip off price of 40 baht to the pound sterling if you kept 800,000 baht in an account over here in a thai bank and if uk stays in EU the pound sterling will go up so lets say it goes upto 55 baht to the pound sterling you will have lost over 30% than if you had left it in your uk bank and at the moment we are at a point where depending what happens in brexit the pound will either go up or down , the experts have said that if uk leaves EU the pound could go down to 29 baht to the pound sterling but then again if uk stays in EU then the pound sterling could go upto 60 baht to the pound sterling we will know soon what happens also 

GBP at 55 baht near term... 

 

LOL... 

[Naam]

26 minutes ago, MrPatrickThai said:

32 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. 

for us it does not matter where we keep our cash which is never less than 25-30% of our assets, sometimes even 50%. fact is that offshore cash, e.g. Singapore and Europe pays for USD and €UR zero% interest. Thai Baht pays only a pittance but as far as cash is concerned the currency appreciation (see my earlier comment) is acceptable.

[ocddave]

2 minutes ago, hottrader77 said:

i agree with alot of what you say maybe they want to eliminate the companies putting 800,000 in peoples accounts till they get a retirement visa then the company withdraws the cash after this might stop that from happening so only people who have got genuinly 800,000 baht can stay here , but there is also a case for example the pound sterling is only a rip off price of 40 baht to the pound sterling if you kept 800,000 baht in an account over here in a thai bank and if uk stays in EU the pound sterling will go up so lets say it goes upto 55 baht to the pound sterling you will have lost over 30% than if you had left it in your uk bank and at the moment we are at a point where depending what happens in brexit the pound will either go up or down , the experts have said that if uk leaves EU the pound could go down to 29 baht to the pound sterling but then again if uk stays in EU then the pound sterling could go upto 60 baht to the pound sterling we will know soon what happens also 

I think if I had a lot of money in the UK, I would have moved it out by now to a more stable currency, unless you like playing the odds.

[wgdanson]

41 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.

You forgot to mention the PMs of Australia & Denmark.

[Henryford]

I think this signals the end of the line for most expats. I suspect they will keep making the visa requirements more onerous which will weed out all but the most weathly expats. We all knew Thailand didn't want long stay foreigners and this is an acceptable way to get them out.

[jacko45k]

21 minutes ago, Ctkong said:

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

Good luck with that, the courts and lawyers are waiting!

[Ctkong]

8 minutes ago, LivinLOS said:

I will just tell my international business partners that the construction of the data centers I am building globally will need to adhere to the schedule of Somchai.. 

Correct. If time is of essence to you, then just plunk down some money for a thailand elite visa. Pays itself back many times over. I bought one for my myanmar girlfriend and coundn’t Be bothered with the immigration rules. She just fly somewhere before 90 days is up and got a new stamp upon entry. Easy . In fact she flies about 8 times a year so no problem at all. 

[Naam]

25 minutes ago, worgeordie said:

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

regards Worgeordie

please translate the precise meaning of your comment in a language i master and provide some proof for your claim except that you don't like facts.

[wgdanson]

40 minutes ago, MrPatrickThai said:

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. 

Well I think 300k more is what's needed.

[no deal]

40 minutes ago, MrPatrickThai said:

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. 

that the way to go smart guy!

 

[Metapod]

The old farts here always took pleasure in the visa tightening for us younger guys. It has been fun to watch a lot of you twist and squirm with the shoe on the other foot. ????

[smedly]

2 hours ago, Tanoshi said:

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.

didn't forget, it is just another little detail that slips under the rug come extension renewal - what seasoning ? what 400k ?

 

when you are paying someone to overlook something - do you think there are rules exceptions or boundaries they will not cross ?

 

and it is 3 months before and 3 months after unless it is first application - seasoning has gone up to 6 months - which quite frankly is ridiculous for so many reasons

Edited February 1, 2019 by smedly

[ocddave]

4 minutes ago, Henryford said:

I think this signals the end of the line for most expats. I suspect they will keep making the visa requirements more onerous which will weed out all but the most weathly expats. We all knew Thailand didn't want long stay foreigners and this is an acceptable way to get them out.

The end is nigh for many......if I think they want me out, I'll just pack the family up and head back to the US, bringing our assets in tow, plus we would both make more money in the US anyway, as she is a PHD Nurse Practitioner with surgery, pediatrics, university teaching position, etc under her belt.

[bkk6060]

I love this guy and his new policies.

I hear there may be more to come.

Drain the swamp!!

[CMNightRider]

12 hours ago, madmitch said:

And I thought the 800,000 baht was for living expenses, not as am interst earner for the Thai banks!

 

 

It was obvious from the start these people were not interested in your deposit money to ever be used as living expenses.  When you consider how many foreigners are living in Thailand, and force them to keep money in their banks, this is a big windfall for the government.  Ray Charles could have seen this coming  ????

[cracker1]

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.

It seems very unusual to me that the Police are making these rules and not the Government ?

[Naam]

9 minutes ago, ocddave said:

12 minutes ago, hottrader77 said:

i agree with alot of what you say maybe they want to eliminate the companies putting 800,000 in peoples accounts till they get a retirement visa then the company withdraws the cash after this might stop that from happening so only people who have got genuinly 800,000 baht can stay here , but there is also a case for example the pound sterling is only a rip off price of 40 baht to the pound sterling if you kept 800,000 baht in an account over here in a thai bank and if uk stays in EU the pound sterling will go up so lets say it goes upto 55 baht to the pound sterling you will have lost over 30% than if you had left it in your uk bank and at the moment we are at a point where depending what happens in brexit the pound will either go up or down , the experts have said that if uk leaves EU the pound could go down to 29 baht to the pound sterling but then again if uk stays in EU then the pound sterling could go upto 60 baht to the pound sterling we will know soon what happens also 

I think if I had a lot of money in the UK, I would have moved it out by now to a more stable currency, unless you like playing the odds.

the problem is that the focus of too many investors is on their "home currency" which is totally irrelevant if their living expenses are in a different currency.

[no deal]

24 minutes ago, ChrisY1 said:

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.

exactly!

[Time Traveller]

1 hour 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!

so what do you want a medal? 

Clearly you haven't been paying attention. So let me explain to you. The rules changes constantly. So while you may be sitting smugly now, blaming others, in the future you might not qualify under their rules.  So instead of declaring how you're above everyone else, try to support people who are adversely affected.  It's the non-ahole thing to do.

[Peterw42]

1 minute ago, cracker1 said:

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.

It seems very unusual to me that the Police are making these rules and not the Government ?

immigration is the government, also a branch of the police

[Date Masamune]

7 minutes ago, Ctkong said:

Correct. If time is of essence to you, then just plunk down some money for a thailand elite visa. Pays itself back many times over. I bought one for my myanmar girlfriend and coundn’t Be bothered with the immigration rules. She just fly somewhere before 90 days is up and got a new stamp upon entry. Easy . In fact she flies about 8 times a year so no problem at all. 

Why should she fly somewhere every 90 days when Thailand elite is 1 year stay? A fake story perhaps?

[bkk6060]

2 minutes ago, cracker1 said:

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.

It seems very unusual to me that the Police are making these rules and not the Government 

???

The police are the government and this all falls under their jurisdiction....

 

[garyk]

11 minutes ago, Henryford said:

I think this signals the end of the line for most expats. I suspect they will keep making the visa requirements more onerous which will weed out all but the most weathly expats. We all knew Thailand didn't want long stay foreigners and this is an acceptable way to get them out.

Really this only affects the ones already here. Ones that have spent all their retirement money on homes and such and never thought about this coming about. 

Recent retiries from the west have these funds without any problems.