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

[Chongalulu]

1 minute ago, giddyup said:

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.

Who cares? Those who are investment savvy. You don’t know how long you will live or what other unforeseen changes will happen that may neccesitate you needing more than you planned for. I’ll health etc.?

[wgdanson]

7 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.

So how do YOU get your extension without 800k in bank or 65k monthly transfer?

[seancbk]

New slogan will be 'Rich guys in, Poor guys out!' 

[notamember]

44 minutes ago, nasa123 said:

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

big jokes email address please?

[giddyup]

5 minutes ago, nchuckle said:

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...

Well, I guess you have the choice, comply or leave.

[notamember]

43 minutes ago, jackdd said:

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.

Thailand? 

logic?

[ginjag]

Stay with the new rule or leave OR  for many will now have no choice but throw 500,000 into an Elite visa, dead money BUT 5 years of ( cannot touch me anymore)  relax save many having a heart attack,  no proof of income, report at your local immigration every 90 days as you would have done on your retirement visa.  Just to note if you are very old say over 75, you cannot take the 500,000 with you when you die.

[wobalt]

Did it say that a return trip is necessary? Perhaps I missed it.
Seems like another poorly thought out regulation to add to all the rest.
However, wouldn't have bothered me as I never touched the money, and it stayed in the account. It was mine to spend before I left for the last time.
To those that would leave Thailand because of this, I doubt you have much commitment to living in LOS anyway.
I looked at the requirements to bring my wife to my country, and way, way more difficult. As for her retiring here, the horror of the regulations is extreme. Between the 2, LOS is simplicity vs a nightmare of bureaucracy here.

Not true , at least for Germany


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[4MyEgo]

15 hours ago, Aforek said:

And for people who have a fixed deposit with 800000 bahts or more, how does it work ?

on the saving account, according to "and the remaining balance must be no less than THB 400,000 or; ", we must have always  at least  400000 bahts ? 

The way around this as I see it, is to make sure you have enough money in your Thai account to be over 800,000 baht year on year, it's not that much for those of us that have that kind of money, for the others, well what can I say, poor planning and the Thai government taking the opportunity to stick it right back at yah ?

 

Leaving 800,000 in a Thai bank account year on year for those with the money shouldn't bother them, just add your yearly budget on top and withdraw at the beginning of each month your monthly budget, piece of cake, but as I said, for those who have the money, this way you will always have 800,000 baht in your account so no sweat.

 

Fortunately for me I have an extension based on marriage, not because I cannot afford an extension based on retirement which was given to me when I first applied for an extension based on marriage, but because I didn't like the fact I was originally told that the extension based on retirement was easier, for who, them of course, but come the 2nd year, I dug in my heels so to speak and applied for the extension based on marriage, they didn't like it, more work for them, now look what they have created for a lot of xpats, perhaps they don't want us here, fully aware that this is going to hurt a lot of Xpats who are just scrapping in enough baht off the pension to be able to afford to live here, with all the ups and downs of the pound/$ or whatever currencies are being affected, what next, raising the amount of baht amount on the extension based on marriage to be the same as the extension of retirement, i.e. 800,000 baht

.........bring it on !

 

I seriously hope a lot of xpats do leave and go to neighbouring countries, the amount of overall losses to the Thai economy would fit appropriately, while they kiss the Chineses rears, they put pressure on retired xpats....SHAMEFUL is the only word I can think of.

[giddyup]

4 minutes ago, nchuckle said:

Who cares? Those who are investment savvy. You don’t know how long you will live or what other unforeseen changes will happen that may neccesitate you needing more than you planned for. I’ll health etc.?

Unless they change the 800K to 10 million, I'll be OK.

[Ctkong]

3 minutes ago, nchuckle said:

Who cares? Those who are investment savvy. You don’t know how long you will live or what other unforeseen changes will happen that may neccesitate you needing more than you planned for. I’ll health etc.?

If you got to figure out the best investment plan for a mere ‘$25,000 investment’ that buy you peace of mind, you might not qualify to retire in Thailand ....

[Sparkles]

14 hours ago, Boon Mee said:

What's the big deal? 

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

Yeah I do that .I take out the 1.5% (interest earned) ,get a refund for the tax ,usually 1,800 baht and just roll it over.For me its compuslory saving and I have to rely only on my pension for our general living.I have renewed 12 times and at the last one the officer stated"Why you only have 800,000 baht balance, why not more?"  

I explained to her the law says 800,00 b so thats what I do.She was not impressed and said "We will let it go this year ?????"

 

I think some Imm officers feel that being foreigners we have a money tree in our garden.

[Roy Baht]

2 minutes ago, nchuckle said:

Who cares? Those who are investment savvy. You don’t know how long you will live or what other unforeseen changes will happen that may neccesitate you needing more than you planned for. I’ll health etc.?

Stop calling yourself "investment savvy" when you're just too tight to pay the (modest) cost of doing business here. You don't like the rules they play by here? Fine, go play somewhere else.

[Olmate]

42 minutes ago, nasa123 said:

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

Since when,no mention of this here

[mercman24]

i have asked this before, so if you have a work permit, say earning 35,000 baht, none of this applies, but if you are a retired person, you have to show  65,000 income monthly, or 800,000  for 6 months, now, utter stupidity.

[keemapoot]

What I do think this move is clearly going to result in is many more extensions based on marriage, which the IOs do not like to do as it is more work, AND, probably quite a few expats with long term partners who haven't formally married will probably do so to then qualify for marriage extension.

 

So, net effect: more work for immigration officials because many more extensions will be based on marriage, and it means probably even longer queues at immigration for all of us,

[bchrisny]

1 hour 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?

Same question here.
If you show 65K per month in income you dont need this  800 000 on a bank. Right?

[Mango Bob]

So no one really knows what the procedure will be to show that you have the money in the bank for 3 months after your extension of stay or 400,000 after the three months are up until 2 months prior to the next extension is due.   As always no rules just let each immigration office do what they want to do instead of putting out instruction on how it will be done.   The Big Joke has really no idea what is going on in immigration along with all of his IO

[Jan Van Caeyzeele]

This appears to be an incorrect information! According to the immigration police of Sakon Nakhon, nothing has changed! The documents shown are not signed anyway!

[wobalt]

BJ is lacking of innovation as all Thais. They can’t handle complex relationships. So he goes the easy way - punish the alien. If he would transfer this method to non o for families it would be more difficult as Thai citizen are involved.


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[nasa123]

6 minutes ago, Olmate said:

Since when,no mention of this here

Was there monday fore exstation. 

[Mango Bob]

Correct if you use the 65000 per month transferred here each month you don't have to put up with this crap  Just disregard.

[Fairynuff]

13 hours ago, Wake Up said:

Not meaning to judge others

.....but I’m going to anyway. Not everyone is as fortunate as you. That doesn’t make you better than them and IMO makes them better than you 

[inThailand]

Is Thaivisa going to use similar rules for posting to weed out the majority of posts that come from non locals? 

[shaznay]

Can someone please tell me if 2 deposits from my UK bank into my Thai bank showing 654,000 02/08/2018 and 186,000 06/12/2018 will be accepted as proof of monthly income? I don't like to bring the money over monthly because the exchange rate is so poor at the moment.

[Ctkong]

6 minutes ago, mercman24 said:

i have asked this before, so if you have a work permit, say earning 35,000 baht, none of this applies, but if you are a retired person, you have to show  65,000 income monthly, or 800,000  for 6 months, now, utter stupidity.

Work permit holders fulfill certain needs of the labour industry here even though monetary amount is not high. . Thus it can be attributed as a necessary tool in the progress plan of the country. Retirees or marriage partners on the other hand, contribute nothing to the country other than economic factors thus the contributing factor( amount )  is under scrutiny. Nothing more nothing less. 

[FritsSikkink]

9 minutes ago, mercman24 said:

i have asked this before, so if you have a work permit, say earning 35,000 baht, none of this applies, but if you are a retired person, you have to show  65,000 income monthly, or 800,000  for 6 months, now, utter stupidity.

Not really, if you work you are insured. If retired, you are probably older and have a bigger chance you need money to pay hospital bills. 

[overherebc]

12 minutes ago, Mango Bob said:

So no one really knows what the procedure will be to show that you have the money in the bank for 3 months after your extension of stay or 400,000 after the three months are up until 2 months prior to the next extension is due.   As always no rules just let each immigration office do what they want to do instead of putting out instruction on how it will be done.   The Big Joke has really no idea what is going on in immigration along with all of his IO

Bring your bank book with you on 90 day reporting??? with a bank letter???

???

Different interpretations by different offices and by different IO's in the same office???

Edited February 1, 2019 by overherebc

[ubonjoe]

12 minutes ago, Jan Van Caeyzeele said:

This appears to be an incorrect information! According to the immigration police of Sakon Nakhon, nothing has changed! The documents shown are not signed anyway!

The Thai version of the order is certainly signed. Not sure what you might of shown them.

[wobalt]

[Retirees or marriage partners on the other hand, contribute nothing to the country other than economic factors thus the contributing factor( amount )  is under scrutiny. Nothing more nothing less. 

It depends..I am in Thailand because I have special skills and the thai government invited me to help them.coincidently I am married to a Thai


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