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

[bert bloggs]

6 minutes ago, Lacessit said:

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.

Well ,i own a house (or my wife does) and she owns our car , we also have joint bank accounts , mainly in the UK , but then i have a good marriage and when i die i am pleased that she will have a home and money .our son has a good job ,so he is sorted as well .what is so different here from being married in the UK .?

[DepDavid]

You're right, but I know of no US financial institutions that have adopted IAT for their customer initiated ACH transactions.  Some institutions may use IAT for their own purposes but I don't know of any that do so for customer initiated ACH transactions.  My bank and credit union do not and I don't see that changing.

What you say is true, but for all practical purposes for me and others it means that the service is effectively ending.

I have been transferring from Chase to BBNY for years. So now come April I will not be able to do this?

I ask the next question because this is the first I’ve heard of this. What is the most economical way to send money from Chase to my Bangkok bank account after April?


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[jackdd]

5 minutes ago, wgdanson said:

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

A work extension is only valid as long as you have the job. A marriage extension is only valid as long as you are married.

It seems that with the new police order a retirement extension is only valid as long as you have the required money in your bank account.

So if at any point of time your bank account balance falls below 400k your extension becomes invalid.

Of course this has not been confirmed yet, but it's logical.

[wgdanson]

7 minutes ago, elliss said:

Transfering  65.000 , on a  standing order ,

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

Transfer THE EQUIVALENT of 65k monthly. For example with Transferwise, you can adjust the GBP you are going to send until it is just above 65k, then do the transfer which will then show that amount as a FTT, if you use Bkk Bank. If it is another bank, you can download an invoice from T'wise which shows exactly to which Thai account it went.

[GalaxyMan]

14 hours ago, DrTuner said:

Let me guess, they want to copy the 30 day "waiting period" to get the final stamp from the marriage extensions next. After that add photos of yourself next to your bed, etc. Enjoy the "easy retirement extensions", soon as painful as the marriage extensions.

But it does make the marriage extension preferable to the retirement extension if you have that option. Far less onerous.

[balo]

15 minutes ago, Peterw42 said:

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.

 

Yes that's what I am thinking too , I know at least 8 people using the same agent in Pattaya , 3 of them made an extension in January. 

The only change this time was that they had to take a picture inside the immigration office.  So they paid the fees, and then the next day taken to IO for a picture.  

 

Which means everyone are working together on this "business model". 

 

 

 

 

 

[GreasyFingers]

The 800K in the bank has never been a problem to leave it all year as it was a back-up against an emergency, be it medical or helping the family.

My extension is due on 7 March and my intention this year was to do extensions to the house by drawing down the 800K instead of bringing in new money at the low exchange rate (hoping it would go up later this year).

This is not possible now so the FIL will have to keep sleeping in the living room instead of having a room of his own.

[wgdanson]

1 minute ago, jackdd said:

So at any point of time your bank account balance falls below 400k your extension becomes invalid.

Unless you are transferring 65k every month from abroad, no?

[Rugon]

13 minutes ago, baansgr said:

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

What do you mean 1 day missing? If you change jobs when the process is ongoing, they allow you time of a week or two to transfer jobs. I bet you wish you had done the process now.

[marcusarelus]

22 minutes ago, JTXR said:

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?

How do you verify?  Bank balance each month? or Bank letter?

[Lacessit]

6 minutes ago, nchuckle said:

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???

All stocks have risk. It only takes one incoming CEO with delusions of grandeur to send a company's share price into the toilet. Or a more nimble competitor.

You do get this week's trophy for the look-at-me post.

 

[merlen10002]

Is the combination method still alive or dead for extension of stay for retirement , thank you. 

[onera1961]

12 minutes ago, wgdanson said:

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

Based on my prior year extension date unless the extension is voided as soon as the bank deposit drops below 400K. How are they going to monitor it? Is the bank going to report to immigration as soon as bank deposit drops below 400K and immigration will send police to my address to arrest me? Or they will deny my renewal the following year. If they are going to arrest me, it's a dangerous situation and better to avoid Thailand on a retirement extension. The only option left for me now is getting O-A visa every two years from the US as rules are murky and it can risk arrest, IDC, and ban.

[bert bloggs]

I am at a loss , last month i did my yearly ,showing 800,000 in a Thai bank , a week after i took out 100,000 as i did not want to transfer at that time so now i have 700,000 in my bank ,what happens when i do my 90 day , nothing was said to me , and in future does that mean you will have to keep the 800k in for 6 months 3 before 3 after .

[jackdd]

1 minute ago, wgdanson said:

Unless you are transferring 65k every month from abroad, no?

Yes of course, we have to differ between "income" and "money in bank" retirement extension, i was referring to "money in bank"

[nasa123]

 In Phuket it does not hold and have 800 / 400k in the bank, you also have to prove that you spend money every month.

[Lacessit]

5 minutes ago, bert bloggs said:

Well ,i own a house (or my wife does) and she owns our car , we also have joint bank accounts , mainly in the UK , but then i have a good marriage and when i die i am pleased that she will have a home and money .our son has a good job ,so he is sorted as well .what is so different here from being married in the UK .?

I'm not sure what your point is. The difference AFAIK is you don't have to meet requirements by Immigration in the UK

[Deerculler]

I expect the next dart Big Joke throws at the wall will be just that, so get ready for it!

Do you know that for a fact? Or are you spouting bar talk?
Stick to the facts.


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[bkk6060]

6 minutes ago, Lacessit said:

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.

Very dumb reasoning in my opinion.

I have spent more then many condos cost over the past few years on golf and women.  Shouldn't I get consideration? 

Just to add buying here is not an "investment".

Sorry, way too many properties on the market.  1000' s just in let's say Pattaya with little and mostly no appreciation over several years.

Also, people are living in these places with No property taxes which is a huge benefit to them the least they can do is be responsible and not complain about meeting the immigration requirements..

[Jingthing]

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

They wouldn't know yet.

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[Lacessit]

2 minutes ago, bert bloggs said:

I am at a loss , last month i did my yearly ,showing 800,000 in a Thai bank , a week after i took out 100,000 as i did not want to transfer at that time so now i have 700,000 in my bank ,what happens when i do my 90 day , nothing was said to me , and in future does that mean you will have to keep the 800k in for 6 months 3 before 3 after .

According to Ubon Joe ( by PM ) the new rules don't apply to existing extensions. They only kick in after the next extension.

[bert bloggs]

6 minutes ago, Lacessit said:

I'm not sure what your point is. The difference AFAIK is you don't have to meet requirements by Immigration in the UK

What i am saying is , if i lived in the UK i would own my own home and leave it to my wife when i die , i just want the same for her here in Thailand ,if we rent ,i cant do that .

[Chongalulu]

4 minutes ago, Lacessit said:

All stocks have risk. It only takes one incoming CEO with delusions of grandeur to send a company's share price into the toilet. Or a more nimble competitor.

You do get this week's trophy for the look-at-me post.

 

Investment trusts,tracker funds, ISAs etc. beyond your comprehension? P.S. they spread your investment so you’re not just buying into one company. 

You get the trophy for the economically illiterate.

[onera1961]

4 minutes ago, bert bloggs said:

800k in for 6 months 3 before 3 after .

It says 2 before and 3 after and 400K for the remaining months.

[Wullie Mercer]

14 hours ago, NE1 said:

Correct me if I am wrong ,  I have to show 800,000 baht in my account every time I do a 90 day report ?

If that is the case , do I have to get a letter from the bank to verify said bank account as per yearly ext.?
 

How else would you do it??

[Jingthing]

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.

You don't know that. That would mean it's retroactive for 800k extensions. Don't give information that nobody can really know yet.

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[bert bloggs]

6 minutes ago, onera1961 said:

It says 2 before and 3 after and 400K for the remaining months.

so when did this come about ,1st i have heard of it ,

[Jingthing]

Frankly I don't see why we need to panic that much. Last December 4 embassies decided, rightly, that it was unethical to issue unverified income certificates, and Thai immigration came up with a perfectly reasonable alternative. Interestingly amongst the thousands of post commenting the income letter change there were dozens of references to the bluntly illegal "agent alternative". 
So how could anyone complain about this new change of rules, which aims only at flushing out people who don't qualify for extension as well as the mafia of agents, possibly IOs who preyed on them. I don't see here any conspiracy to send of foreigners home, this is only a legitimate inclination to enforce the law.

You have no idea what you are talking about. The impact will mostly be on people that have been following the rules. It's a burn down the forest to smoke out some rats kind of thing.

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[jackdd]

4 minutes ago, onera1961 said:

Based on my prior year extension date unless the extension is voided as soon as bank deposit drops below 400K. How are they going to monitor it? Is bank going to report to immigration as soon as bank deposit drops below 400K and immigration will send police to my address to arrest me? Or they will deny my renewal toe following year. If they are going to arrest me, it's a dangerous situation and better to avoid Thailand on a retirement extension. 

Everything is speculation right now, but it could very well be that your extension becomes invalid if your account balance drops below the treshold.

Let's say they don't monitor this in any way over the year. When you go for your next extension and your bank balance was below 400k for whatever reason, and you didn't notice it by yourself, you might be arrested in the immigration office because you have been on overstay (since your account balance was too low, so maybe several months).

If they don't monitor it and you notice this mistake by yourself you would have the chance to leave the country, get a new visa, enter the country, get a new bank account (to "erase" the history), transfer 800k over and then start doing extensions again.

[Lacessit]

1 minute ago, bkk6060 said:

Very dumb reasoning in my opinion.

I have spent more then many condos cost over the past few years on golf and women.  Shouldn't I get consideration? 

Just to add buying here is not an "investment".

Sorry, way too many properties on the market.  1000' s just in let's say Pattaya with little and mostly no appreciation over several years.

Also, people are living in these places with No property taxes which is a huge benefit to them the least they can do is be responsible and not complain about meeting the immigration requirements..

Feel free to call me dumb. I've been called that by much smarter people than you. Some have regretted it.

I'm talking about people who have built lives here with their Thai wives and families. I can't follow your reasoning that spending money on booze, broads and golf deserves equal consideration. You have receipts?