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

[GalaxyMan]

2 minutes ago, LivinLOS said:

Yet the point remains.. your comparing thais 'total assets' and stacking that against 'bank accounts'.. 

Many people have multi million usd in 'assets' and financial products, but still keep only 1000s or 10s of 1000s in bank accounts. 

 

Its an oranges to apples comparison. 

 

It would be nice to see them taking capital investments into consideration for the retirement visa. If you own a home, you clearly don't need as much available money, as housing is the majority of anyone's monthly expenses.

[Ctkong]

18 minutes ago, Date Masamune said:

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

She didn’t want to do 90 days reporting. Flying off somewhere for holiday is more convenient and fun. ( her idea not mine). So she fly back myanmar visiting her family , thrice a year, Asean countries Few times , Korea and japan and China too. She has got a 20 year visa in batch of 5 years of one year stay .

Edited February 1, 2019 by Ctkong

[Peterw42]

6 minutes ago, JackGats said:

"The remaining balance must be no less than 400k". In other words you can no longer get back the remaining 400k even if you leave Thailand for good. If you liquidate your account you're breaking the law.

if you liqudate your account, you are not breaking any laws, you just dont qualify for a further extension. If leaving for good you dont want anymore extensions. spend the 400k, hop on a plane and go home. 

[simon43]

This doesn't personally affect me right now (I am on a 5-year Elite visa with about 18 months left to run).

 

But what does worry me very much is the slow but continual tightening up of visa rules and imposition of new requirements, new document requirements or (in some cases), demands for additional documents, photos, even bribes by certain Immigration officers, in order to receive the visa stamp.

 

No-one wants this type of hassle.....  I have an Elite visa because I got sick and tired of the inconsistencies in the demands of the IOs.

 

Let's face it - as you get older and more decrepid, the last thing you want is to have to jump through new hoops or to bend over even further ????

 

I just want to live quietly in a relatively stable warm country with pretty women, to spend my income, stick to the rules AND be rewarded for my good behaviour by receipt of permanent residence after a few years, so that I can be relatively assured that I will be able to live out my retirement in that country without any sudden surprises.

 

I have to say that the path that Thailand is going down doesn't come near meeting the criteria in my previous paragraph ????

[owl sees all]

3 minutes ago, wgdanson said:

It depends on which method you used to renew the Extension in November.

If it was over 65k coming in per month and that continues, you are OK

If you had 800k sitting in a Bank here, and that stays there the same, you are OK.

I used the services of an agent. When would I be asked to give details of the non-existent 800k; if at all?

[ocddave]

1 minute ago, GalaxyMan said:

People seem not to understand that Thailand isn't interested in attracting foreign residents who can only marginally afford to be here. Can't blame them for that. They're trying to make sure that only financially viable foreigners 'live' here as opposed to visiting as tourists. Sucks if you can't afford it, but it makes perfect sense from their point of view. Some of the details need to be smoothed out, 90-day reporting, bank statements every X amount of time or just check them once a year (best choice) at renewal. It won't be long before they're going to require proof of insurance for all retirement and marriage visas, I'd imagine. That's when the shyt's really going to hit the fan.

I would love to see the breakdown of money spent here by us Westerners and its impact on Thailands economy, plus I really don't see the attraction to living here, I do so because I have to for my family (though that option could change in 2021). The traffic is a nightmare, the pollution is out of control, the food is OK (but more than likely toxic), the schools are marginal at best, all the beautiful places have been turned into tourist traps, and safety here is seriously questionable. Other than cheap living, which is not so cheap now, what is the attraction for retirees?

[bkk6060]

1 minute ago, GalaxyMan said:

It would be nice to see them taking capital investments into consideration for the retirement visa. If you own a home, you clearly don't need as much available money, as housing is the majority of anyone's monthly expenses.

Ha..

I spend a lot more on golf and girls every month then rent.

In fact rent is way at the bottom of my expenses.

[hottrader77]

1 minute ago, garyk said:

This is business as usual in the LOS's. 

now she owns the japenese restraunt  eh ? and your friend owns jack sh.t  LOL

[jacko45k]

1 minute ago, owl sees all said:

I used the services of an agent. When would I be asked to give details of the non-existent 800k; if at all?

Question... so you never go to immigration and do not have your picture taken as I do? 

[wgdanson]

5 minutes ago, Naam said:

to avoid the 90 day report. as simple as that.

Are you saying that it is easier to buy a flight to somewhere, drive to the airport a couple of hours before departure, go thru security a couple of times, queue up to get on, sit in the plane for a couple of hours, queue up to get off, queue up for immigration, and then do it all again to come back....than to drive to the nearest immigration office to show your passport, or do it by post or online.

[cmarshall]

For my the new requirement will be a headache, not a hardship.  But I sympathize with those for whom it will be a real hardship. 

 

But we always knew, or should have known, when we decided to expat that there would be less stability in our lives.  I have always viewed our decision to live in Thailand as subject to change.

[LivinLOS]

1 minute ago, simon43 said:

This doesn't personally affect me right now (I am on a 5-year Elite visa with about 18 months left to run).

 

But what does worry me very much is the slow but continual tightening up of visa rules and imposition of new requirements, new document requirements or (in some cases), demands for additional documents, photos, even bribes by certain Immigration officers, in order to receive the visa stamp.

 

No-one wants this type of hassle.....  I have an Elite visa because I got sick and tired of the inconsistencies in the demands of the IOs.

 

Let's face it - as you get older and more decrepid, the last thing you want is to have to jump through new hoops or to bend over even further ????

 

I just want to live quietly in a relatively stable warm country with pretty women, to spend my income, stick to the rules AND be rewarded for my good behaviour by receipt of permanent residence after a few years, so that I can be relatively assured that I will be able to live out my retirement in that country without any sudden surprises.

 

I have to say that the path that Thailand is going down doesn't come near meeting the criteria in my previous paragraph ????

Agreed..  

 

For me the showing I have funds is not the problem.. The problem is more oversight, more immigration visits, more scheduling times at thier whims, more 6am queues to show them a piece of paper they put in a file.. 

Of course it should not be missed that this happens as they introduce a 10 year retirement option.. So clearly the guys who can sit 3 mil in the bank, and leave half of it in Thailand, those guys have an easy ride. I am still 3.5 years away from a geezer visa but thats the route I will go for.. They are clearly making levels where they make life easy. 

[Naam]

11 minutes ago, hottrader77 said:

38 minutes ago, Naam said:

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 

1. thats for now , but if uk stays in EU the pound sterling will rise back to 60 baht to pound and your 46% will end up being 20% up and if the pound rises to 80 baht to pound you will be -6%

2. then you will be wanting to move it back to uk

1. you have my permission keep on dreaming

2. the last time i held GBP (UK sovereign debt) was 1978-1982 when when British gilts yielded 12-14%. by the way, i'm not a Brit, moved nothing out of the UK and have no plans to move anything to the UK. that doesn't apply to my wife's annual trip to London.

[Vacuum]

13 hours ago, madmitch said:

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

 

 

You could transfer the 800K to your home country and then transfer 65K every month to Thailand.

[owl sees all]

Just now, jacko45k said:

Question... so you never go to immigration and do not have your picture taken as I do? 

No jacko. I have no need to go to immigration. My 90 day report is not done in person. My pic was sent in an email.

 

The agent I use has 300 farang clients.

[Roy Baht]

7 hours ago, peterbkk2 said:

 

 

May I ask where it says that in the document? I don’t see it say that.


Sent from my iPhone using Tapatalk

 

 

That's how I read this section:

(5) Must have and annual earning and fund deposited with a commercial bank in Thailand totalling of no less than THB 800,000 until the filing date.

I also read elsewhere (can't find it now) that IOs want to see a regular flow of cash.

 

I would love to be wrong on this so if you find proof that this doesn't mean annual transfers of 800K are required, please let me know.

[garyk]

5 minutes ago, LivinLOS said:

Agreed..  

 

For me the showing I have funds is not the problem.. The problem is more oversight, more immigration visits, more scheduling times at thier whims, more 6am queues to show them a piece of paper they put in a file.. 

Of course it should not be missed that this happens as they introduce a 10 year retirement option.. So clearly the guys who can sit 3 mil in the bank, and leave half of it in Thailand, those guys have an easy ride. I am still 3.5 years away from a geezer visa but thats the route I will go for.. They are clearly making levels where they make life easy. 

IF you are going to do that just get the 20 year Elite. Done and done.

Personally if I really wanted to stay here long term, I would jump on the 20 year Elite. IMO if you have the funds and are old, you should jump on that before the amount is increased. 

Edited February 1, 2019 by garyk

[wgdanson]

10 minutes ago, bkk6060 said:

Why don't you go to your local office and ask them?

He cannot because he used an agent.

[Naam]

10 minutes ago, LivinLOS said:

While I also tend to keep plenty of cash or cash like assets on hand.. 

 

I like a lot less moving them into Thailand.. Reduces the liquidity which is why I keep cash-like assets.. 

keeping the equivalent of one year living expenses cash in domestic currency only reduces liquidity if one is struggling to make ends meet.

[Suradit69]

12 hours ago, dcnx said:

Who benefits from your 800k being tied up in a Thai bank?

 

I’ve read there are between 500k - One million expats legally living in Thailand. How many of them are retired? 

 

If I did the math correctly (correct me if I’m wrong) and only 50,000 are retired and on this visa, that’s roughly $1,250,000,000 US dollars. 

 

That’s a whole lot of money to play with. 

Whatever the total,  the amount can be described as an economic benefit to Thailand but it's essentially a low interest loan, not a gift. It remains your money although with restricted availability like many long term bank deposit accounts that have penalties for early withdrawal.

 

All the expats here, as you suggest, are not retirees and not all retirees will use the lump sum method.

 

The only reason any country wants foreigners to live in their country is if there's an economic benefit to the country.

Edited February 1, 2019 by Suradit69

[bkk6060]

10 minutes ago, ocddave said:

 Other than cheap living, which is not so cheap now, what is the attraction for retirees?

Good golf and young sexy girls.

But, you probably do not get it as you are married.

[wgdanson]

13 minutes ago, GalaxyMan said:

It would be nice to see them taking capital investments into consideration for the retirement visa. If you own a home, you clearly don't need as much available money, as housing is the majority of anyone's monthly expenses.

So that will discriminate between condo owners and guys like me who have paid for a nice home for themselves and their family. But it would be a good idea.

[GalaxyMan]

1 minute ago, Suradit69 said:

The only reason any country wants foreigners to live in their country is if there's an economic benefit to the country.

Only the USofA is stupid enough to advertise...."Give us your poor..."

 

The only god in Thailand is money. It's the one thing they all understand equally.

[Naam]

9 minutes ago, wgdanson said:

Are you saying that it is easier to buy a flight to somewhere, drive to the airport a couple of hours before departure, go thru security a couple of times, queue up to get on, sit in the plane for a couple of hours, queue up to get off, queue up for immigration, and then do it all again to come back....than to drive to the nearest immigration office to show your passport, or do it by post or online.

i'm not saying anything but quoting the chap who's girlfriend is not liable to do any 90 day reports.

[GalaxyMan]

Just now, wgdanson said:

So that will discriminate between condo owners and guys like me who have paid for a nice home for themselves and their family. But it would be a good idea.

Why discrimination? Owning property is owning property, whether it's a nice house or a condo. It's the same thing in terms of a capital investment.

[Neeranam]

16 minutes ago, simon43 said:

This doesn't personally affect me right now (I am on a 5-year Elite visa with about 18 months left to run).

 

But what does worry me very much is the slow but continual tightening up of visa rules and imposition of new requirements, new document requirements or (in some cases), demands for additional documents, photos, even bribes by certain Immigration officers, in order to receive the visa stamp.

 

No-one wants this type of hassle.....  I have an Elite visa because I got sick and tired of the inconsistencies in the demands of the IOs.

 

Let's face it - as you get older and more decrepid, the last thing you want is to have to jump through new hoops or to bend over even further ????

 

I just want to live quietly in a relatively stable warm country with pretty women, to spend my income, stick to the rules AND be rewarded for my good behaviour by receipt of permanent residence after a few years, so that I can be relatively assured that I will be able to live out my retirement in that country without any sudden surprises.

 

I have to say that the path that Thailand is going down doesn't come near meeting the criteria in my previous paragraph ????

Simon, you used to earn 1 million baht a month over 10 years ago. If you haven't saved enough to have 800k there is something seriously wrong.

[wgdanson]

2 minutes ago, GalaxyMan said:

Why discrimination? Owning property is owning property, whether it's a nice house or a condo. It's the same thing in terms of a capital investment.

A foreigner cannot own a house in Thailand !????

 

 

Sorry, I edit that, cannot own land in Thailand, so very difficult to own the house on it.

Edited February 1, 2019 by wgdanson

[smedly]

11 minutes ago, garyk said:

I'm talking about Thais. You should know foreigners can't own land.

 

On a side note, I have a friend who bought his wife 10 rai of land in khon kaen. This is now worth about 20 million baht but she won't sell to help him get his visa. Un <deleted> believable how gullible and naive older gents can be when retiring here. She previously worked as a dish washer in a Japanese restaurant! 

and she bought the land off her sister lol

 

anyone recall the story of the guy that bought a pig farm up north for his girlfriend and then worked it shovelling pig s%^t for a few years - when they parted he found out all the documents were forged and her family owned the farm for years and still did  

[Olmate]

21 minutes ago, wgdanson said:

It depends on which method you used to renew the Extension in November.

If it was over 65k coming in per month and that continues, you are OK

If you had 800k sitting in a Bank here, and that stays there the same, you are OK.

If one used the income letter last November, what effect does this have?

[GalaxyMan]

Just now, wgdanson said:

A foreigner cannot own a house in Thailand !????

Nonsense. A foreigner cannot own LAND. It is perfectly legal to own a house.