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

[Spidey]

14 minutes ago, Naamblar2014 said:

Apparently this stops the agents putting money in an account an hour before extension and taking it back out

Not so. The agents rely on the ability of an IO to waiver the requirement for the 3 months seasoning.

 

AFAIAA, IOs still have that option.

[KittenKong]

5 minutes ago, Naam said:

as the OP's girlfriend leaves 8 times a year Elite Visa would have a hard time to do her 90 day reports but possible if she lived on Jupiter or Saturn.

I thought your point was that some people with Thai Elite visas leave often purely to avoid the 90-day reporting? I was just pointing out that there are other ways of doing the 90-day reporting than queueing up in person. They can be done online too.

 

Personally I walk past my local immigration office several times a week, so it's no hardship for me to put my passport in my pocket and make a two-minute detour inside. That said, I'm always pleased when my 90-day clock resets after a trip abroad as it means that I dont have to remember to do it sooner.

[Rugon]

14 minutes ago, BritManToo said:

22 years left on my mortgage.

It soon passes, mate!

[roobaa01]

gday

 

1. so agent business appears to be finished

2. 800 k/400 k in a fixed deposit thats ok

3. to keep 400 k sounds to me like the same as a mandatory health insurance or ???

 

wbr

roobaa01

[gmac]

2 hours ago, alanrchase said:

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.

Mine's all in one account now as rates are so low anyway but I previously had it spread across 2 or 3 fixed fixed term deposits chasing the best rate and never had a problem with retirement renewals (Jomtien).

[jabis]

11 hours ago, mlkik said:

How much is the equivelent of 800.000 baht in your own countries currency ? Could people from another country come and live in your country for that amount deposited in a bank account ?

Not in the UK where I am from.  What is is it with people who think there own country should be tough on immigration but when they are in Thailand they play the poor victim?

I think the trick is YOU CAN'T LIVE OFF OF THAT because it has to be in the bank account for 6 months, you can live with HALF of that, for the other 6 months of a year, as long as you top up your bank account again to the 800k฿ which is what is totally ridiculous goal post change. In my country (in northern europe) median work income is less than what's demanded here in the Kingdom - still regarded as 3rd world country - for a retiree, thus it seems even more ridiculous ????

[BritManToo]

11 hours ago, mlkik said:

What is is it with people who think there own country should be tough on immigration but when they are in Thailand they play the poor victim?

But we aren't migrants, it says so on a stamp they put in our passports every year.

[spidermike007]

Guess it is time to start skipping the 90 day reporting, which is a rather draconian requirement anyway. Things are just going from bad to worse. The exodus of ex-pats will continue. This tone deaf and extremely incompetent administration continues with their errant ways. One has to hope that come election time, they are gone baby gone. 

[marcusarelus]

1 hour ago, balo said:

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.   

Now do you put it under the bed?

[marcusarelus]

53 minutes ago, GalaxyMan said:

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.

What country is money not god?

[KittenKong]

2 minutes ago, spidermike007 said:

This tone deaf and extremely incompetent administration continues with their errant ways. One has to hope that come election time, they are gone baby gone. 

They have done nothing to bother me. On the contrary, everything that I do with Immigration has become much easier and quicker over the last 5 years. Also I find that the local authorities in Pattaya are more helpful and effective, not that I have much to do with them. They have certainly improved things as far as illegal parking and traffic jams go, though there is still scope for more action.

[JTXR]

No way I'm reading through 56 pages of nonsense to see if this has been asked and answered, so I'll ask:

 

If you go the 65K per month income route (option 3 in the new police order), none of the 800K three months before and two months after, and 400K all year stuff applies, right?

Edited February 1, 2019 by JTXR

[onera1961]

14 hours ago, Jonathan Fairfield said:

The requirements for a retirement extension according to the new police order are as follows:

 

Does it mean your extension will be denied if you don't meet the criteria and your extension won't be voided or you won't be arrested if you don't meet the above criteria but legally present in Thailand. My guess is the first one. I guess it can be interpreted both ways. Any clarification?

[phitsanulokjohn]

Apologies if this question has been asked already as I don't have the time to read all 54 pages of replies at time of posting,but will it come next that the 400k for marriage extension (supposed living expenses) will need to be kept in the bank at all times?Come on guys look into your crystal balls.

[Rugon]

7 minutes ago, spidermike007 said:

Guess it is time to start skipping the 90 day reporting, which is a rather draconian requirement anyway. Things are just going from bad to worse. The exodus of ex-pats will continue. This tone deaf and extremely incompetent administration continues with their errant ways. One has to hope that come election time, they are gone baby gone. 

They have sped up the Naturalization process dramatically, and made it much easier in the language requirementfor people that seriously want to live here. Like all governments, good for some and bad for others.

[Peterw42]

People still seem to be under the impression that "agent" means fake documents and lending money etc. Most of the agents do no such thing, they simply have access to a "friendly" immigration officer who approves an extension without funds or seasoning. High ranking immigration officers have always had this discretionary power, they can approve an extension when the bank book is empty or money went in yesterday.

There is no reason to think that IOs will no longer have this power in the future.

 

This wont shut down agents with access to IOs etc, the business will flourish.

[baansgr]

5 minutes ago, marcusarelus said:

What country is money not god?

My upbringing in the UK,  money was not God,  money was something  you earned and worked for.  Being honest and best man wins shadows any amount of money you have.... 

Edited February 1, 2019 by baansgr

[Pravda]

2 hours ago, randy723 said:

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

 

In the previous post you said you are moving to Cambodia, but now you can't keep petty 3 month income in a Thai bank account?

 

More likely is that your income is 35k baht a month and Thailand is doing exactly right to rid of people like you who lied on income affidavits. 

 

Good riddance ????

 

[Rugon]

1 minute ago, phitsanulokjohn said:

Apologies if this question has been asked already as I don't have the time to read all 54 pages of replies at time of posting,but will it come next that the 400k for marriage extension (supposed living expenses) will need to be kept in the bank at all times?Come on guys look into your crystal balls.

You might have to sell your Harley and buy a bicycle. At least it will keep you fitter and therefore live longer!

 

[mindfulness]

14 hours ago, zydeco said:

So they're locking in 400,000 year round AND requiring a second trip to g-dam Chaeng Wattana three months after the extension. 

... and what if someone has to exit the country for personal reasons during this time and re report period. 

 

More make it up as they go along regulations ? 

[Rugon]

1 minute ago, Pravda said:

 

In the previous post you said you are moving to Cambodia, but now you can't keep petty 3 month income in a Thai bank account?

 

More likely is that your income is 35k baht a month and Thailand is doing exactly right to rid of people like you who lied on income affidavits. 

 

Good riddance ????

 

Randy Randy is living in a shoebox in Pattaya. 

[baansgr]

3 minutes ago, Rugon said:

They have sped up the Naturalization process dramatically, and made it much easier in the language requirementfor people that seriously want to live here. Like all governments, good for some and bad for others.

I always believed that and worked and paid tax and SS for 15 years   However one day missing it's back to square  one, plus most come here to retire,  not work

[balo]

11 minutes ago, marcusarelus said:

Now do you put it under the bed?

In a Norwegian bank account with a better interest , it's my security. 

[bkk6060]

3 minutes ago, baansgr said:

My upbringing in the UK,  money was not God,  money was something  you earned and worked for.  Being honest and best man wins shadows any amount of money you have.... 

Your country as is mine and everyplace are all about the money.

Do not be naive about the truth of the world today...

[elliss]

Transfering  65.000 , on a  standing order ,

  Be  aware  of the falling value of your home currency , gbp etc.

Edited February 1, 2019 by elliss

[Chongalulu]

14 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.

 

Your comment may explain why you are not very well off. Tying up 800k in a low interest paying bank account is an appalling investment. Investment in the stock market in low risk stocks over any 5 year period has ALWAYS beaten bank deposits. Just look at the last couple of years. I do not have 800k to put into a Thai bank account- but does that mean you’re better off than me. I have a large mortgage free house in  UK which I rent out for £3500 per month (140,000 baht per month) plus dividends from stocks and retirement pensions taking my income up to circa 200k baht. And a substantial SIPP which I’m not cashing in because from an investment and tax viewpoint, it is better left invested. 

So you have a measly 800k or thereabouts and imply that you can afford to retire here and I cannot???

[Lacessit]

51 minutes ago, Rugon said:

A word of warning to those future guys like you -  RENT, don't buy.

I have always rented, despite urgings to buy my condo from my landlord.

I feel really sorry for those people who have bought, and now through no fault of their own are either underwater or living on the edge due to the change. It would be a lot fairer if their past investment was taken into account.

[roobaa01]

am i understand correctly police order pragraph 5 the combi method is still permitted ???

does it mean being granted a non-o visa that the conversion method is abolished ???

 

wbr

roobaa01

[wgdanson]

12 minutes ago, onera1961 said:

 

Does it mean your extension will be denied if you don't meet the criteria and your extension won't be voided or you won't be arrested if you don't meet the above criteria but legally present in Thailand. My guess is the first one. I guess it can be interpreted both ways. Any clarification?

How can you be 'legally present in Thailand' if you do not have an extension, assuming you are retired or married.

[nasa123]

Everyone in this forum + thai wife/husband should send a E-Mail to Immigration in Bangkok (Big Joke) and ask why they make it soooo difficult for 10,000++ thai families in Thailand. Nothing happens until there are many complaints.+ thai wife / husband

Edited February 1, 2019 by nasa123