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

[ozzydom]

How will these changes affect visas obtained from home country or marriage visa from Savannakhet where  proof of funds is not a requirement?

[Jingthing]

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?
 
 
 

It's unclear. Retroactivity not detailed in the order.

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[Lacessit]

7 minutes ago, bert bloggs said:

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 .

You can leave her cash instead. That's what I am doing.

[ubonjoe]

Just now, ozzydom said:

How will these changes affect visas obtained from home country or marriage visa from Savannakhet where  proof of funds is not a requirement?

Not at all for visas applied for at a embassy for consulate.

[salavan]

5 minutes ago, Wullie Mercer said:

How else would you do it??

Update your book and photo copy and give it to imm the day you do your 90 day report  that could be another way to do it if they will Accept it but probably wont

[giddyup]

2 minutes ago, nchuckle said:

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.

With all your investments plus house rental and yet you can't lay your hands on a measly 800,000 baht? I don't know what kind of interest that amount can generate in your investment of choice, but surely it's not substantially more than the 1.75% a Thai bank will pay? OK, so you might lose a few percentage points a year, but it still can't be a substantial amount of money.

[Roy Baht]

23 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???

When you rent out your house in UK for £3500 per month (140,000 baht per month), I assume you ask your tenant for a deposit? How much? Of course putting money in a bank account where is earns no interest is an "appalling investment" but 800K baht is not so much money and I suggest you think of it not as an investment (which it isn't) but as a deposit, allowing you to live in Thailand, just as you ask the tenants who rent your house for a deposit, allowing them to live there.

[Grusa]

14 hours ago, Andrew Dwyer said:

Actually 6 months, 3 before and 3 after renewal.

The only “ grandfathering “ which appears to be allowed is for people here since 1998 and over 60 years old ( back in 1998 I assume) , they are allowed 200,000 but I doubt many fit the requirements.

I can't help wondering if it's a mistranslation. 1998 is a long time ago.

[peterbkk2]

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.

My interpretation of Section 5 (that you quoted) refers to the “combo” method (monthly income plus cash in bank).

I am assuming that for Section 4 (800K in bank method) it does not require an annual fresh deposit of 800K. Hence my assumption that under Section 4 I can drop 800k in a thai bank and leave it there and still get an annual extension successfully.


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[giddyup]

1 minute ago, Roy Baht said:

When you rent out your house in UK for £3500 per month (140,000 baht per month), I assume you ask your tenant for a deposit? How much? Of course putting money in a bank account where is earns no interest is an "appalling investment" but 800K baht is not so much money and I suggest you think of it not as an investment (which it isn't) but as a deposit, allowing you to live in Thailand, just as you ask the tenants who rent your house for a deposit, allowing them to live there.

It's not as though the 800K earns no interest here, I believe I get 1.75% on my account.

[wgdanson]

6 minutes ago, Lacessit said:

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?

Totally agree with you

 

However, I spent a load of my money on booze, broads, drugs and golf. The rest I just wasted????

[ubonjoe]

9 minutes ago, salavan said:

Update your book and photo copy and give it to imm the day you do your 90 day report  that could be another way to do it if they will Accept it but probably wont

There is no mention of checks that the 400k baht is still in the bank. When you go for your next extension is when they will look for it and deny your extension if you did not comply with the  rules.

[JTXR]

There can be no doubt that Thailand is upping the ante (financial requirements) for expats who want to retire here.  Tons of baby boomers retiring, the global economy changing., normal inflation, etc.  ......

You either do or you don't have the means to meet the changing requirements.  Yes, it will be tough for some.  But all the angry predictions about how a few thousand (or even tens of thousands) of western retirees needing to leave the country is going to have dire consequences for the Thai national economy is just nonsense, especially since the ones who will need to leave are by definition not the big spenders.

[ubonjoe]

3 minutes ago, Grusa said:

I can't help wondering if it's a mistranslation. 1998 is a long time ago.

Nothing new in that part of 2.22. It has been the same in every police order since 1998.

[Chongalulu]

1 minute ago, Roy Baht said:

When you rent out your house in UK for £3500 per month (140,000 baht per month), I assume you ask your tenant for a deposit? How much? Of course putting money in a bank account where is earns no interest is an "appalling investment" but 800K baht is not so much money and I suggest you think of it not as an investment (which it isn't) but as a deposit, allowing you to live in Thailand, just as you ask the tenants who rent your house for a deposit, allowing them to live there.

Poor analogy. The rental deposit is held in a legally required tenancy deposit scheme to cover potential  damages to the property,and to which I have no access. The point of the immigration rules is to ensure you have sufficient resources to support yourself here. I can certainly do that without tying up 800k. And those whose embassies still support the income letter and not putting down a deposit or even showing money coming into Thailand  so it’s not a level playing field .

[Roy Baht]

3 minutes ago, peterbkk2 said:

 

My interpretation of Section 5 (that you quoted) refers to the “combo” method (monthly income plus cash in bank).

I am assuming that for Section 4 (800K in bank method) it does not require an annual fresh deposit of 800K. Hence my assumption that under Section 4 I can drop 800k in a thai bank and leave it there and still get an annual extension successfully.


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I hope that's true. I'm reading anecdotal reports, like a guy in Phuket who was told by the IO that he couldn't just let the money sit. He had to spend it. As most things here. I imagine it varies from city to city and from IO to IO. 

[Kwasaki]

15 hours ago, DrTuner said:

soon as painful as the marriage extensions.

Is there any changes to marriage extensions it has always been having to preparing more paperwork and 2 visits instead of 1 but never painful. 

 

Won't this stop agency work as well unless you have 400,000 of your own.

[marino28]

Where is the problem ? I think is a good news. It’s important to have some money ready in case of emergency. I hope they will also make inpatian insurance mandatory. Too many time i read of foreign people that are not able to pay hospital bill. 

Edited February 1, 2019 by marino28

[ozzydom]

10 minutes ago, ubonjoe said:

Not at all for visas applied for at a embassy for consulate.

many thanks Joe

[Roy Baht]

1 minute ago, nchuckle said:

Poor analogy. The rental deposit is held in a legally required tenancy deposit scheme to cover potential  damages to the property,and to which I have no access. The point of the immigration rules is to ensure you have sufficient resources to support yourself here. I can certainly do that without tying up 800k. And those whose embassies still support the income letter and not putting down a deposit or even showing money coming into Thailand  so it’s not a level playing field .

It's not a level playing field. But you have a choice: live with it or leave.

[bkk6060]

7 minutes ago, wgdanson said:

Totally agree with you

 

However, I spent a load of my money on booze, broads, drugs and golf. The rest I just wasted????

Sounds like a great life.

Hope you did not waste the rest on a condo.:)

[Peterw42]

Does anyone have a link to the new police order (in English), is the OP the complete order or just the retire part. Is there any mention of a change to married extension amounts etc ?

[Ctkong]

1 hour ago, Geoffggi said:

The above statement is absolutely correct, in addition, I would like to say I feel sorry for all the people who have children or support Thai families especially older people who have purchased homes either apartments or houses, raised families contributed to the Thai economy for many years and now face the possibility of having to leave the country because of these new regulations, in the UK Thais after I believe living in England for a period of five years can obtain a residence visa, here in Thailand you qualify for nothing, I have been married to a Thai lady for nearly 30 years and have absolutely no rights what so ever it is wrong.

I feel for you and those in this predicament. Shit happens. 

[Chongalulu]

9 minutes ago, giddyup said:

It's not as though the 800K earns no interest here, I believe I get 1.75% on my account.

That’s less than the rate of inflation,so you’ve lost money. In the last 2 years I’ve had 20% growth in a tax free sheltered ISA.

[Damrongsak]

14 hours ago, Boon Mee said:

What's the big deal? 

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

Yes, it's just a good faith deposit.  Yeah, silly rules and such, but $$$ rules.  Worse is the short reporting times. If I get back over there, I want to be left alone.  I have family and friends of 40 years, a house and property.  Just leave me be. 

 

I have 6 of my wife's relatives that we sponsored to come to the USA.  Took 10 years.  They are happy here, doing well, have bought houses.  It is still a land of opportunity. It does help if you are ignorant about local laws and open a restaurant.  Same old, same old.

[Chongalulu]

14 minutes ago, giddyup said:

With all your investments plus house rental and yet you can't lay your hands on a measly 800,000 baht? I don't know what kind of interest that amount can generate in your investment of choice, but surely it's not substantially more than the 1.75% a Thai bank will pay? OK, so you might lose a few percentage points a year, but it still can't be a substantial amount of money.

I can easily liquidate assets for 800k but given that my investment in a tax free sheltered ISA has appreciated by 20% over the past 2 years you do the maths...

[wgdanson]

20 minutes ago, Jingthing said:

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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Sorry, I'm thick and don't know what retroactive means.

 

I am not giving this as information but are there not 3 ways to get your Retirement Extension.

1. 65k a month from abroad into Thai bank.....spend what you want. Transfers must show FTT or similar.

2. 800k in Thai bank for 3 months before extension date. That has just been changed and you must keep 400k for 'a certain length of time'?

3. Combination. Monthly transfers plus money in the bank totalling 800k in the year. No idea whether you can spend the money in the bank, but I am sure someone will tell us.

[giddyup]

4 minutes ago, nchuckle said:

That’s less than the rate of inflation,so you’ve lost money. In the last 2 years I’ve had 20% growth in a tax free sheltered ISA.

Who cares, I'm 76 with more than enough to see me through, no need for me to be chasing every dollar. If the 800K is what you need to remain here with no hassles it's a small price to pay. BTW, that 800K was transferred here when the A$ was worth 33 baht, now the A$ is worth 23, so have I really lost money?

Edited February 1, 2019 by giddyup

[Ctkong]

5 minutes ago, marino28 said:

Where is the problem ? I think is a good news. It’s important to have some money ready in case of emergency. I hope they will also make inpatian insurance mandatory. Too many time i read of foreign people that are not able to pay hospital bill. 

Health insurance for short time tourists are more realistic because tourist accidents figure mainly in those unable to pay hospital bills . Retirees, on the other hand, other than traffic accidents and sudden health issues, have ample time to figure out their health costs with their preexisting health concerns. 

[marcusarelus]

14 minutes ago, ubonjoe said:

There is no mention of checks that the 400k baht is still in the bank. When you go for your next extension is when they will look for it and deny your extension if you did not comply with the  rules.

So, get a new extension every year?