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

[seancbk]

3 minutes ago, onera1961 said:

12 minutes ago, seancbk said:

The procedure should be easy.  Go to immigration for your first 90 day report and show them your bank book and/or a bank statement from the account dated that same day.

90-day can be done online or by mail. Now all 800K guys will be forced to go to immigration, increasing IOs work load to check bank books. I don't think so. 

 

Well if you can think of another way to prove that during the 3 months after you get your extension you've still got 400K in your account I'd like to hear it.  
 

[JTXR]

1 hour ago, seancbk said:

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

From Thailand's point of view, that makes perfect sense.

[Spidey]

20 minutes ago, wgdanson said:

So did I. Next year?

I originally planned on the "800k in a Thai bank" method. Then when the new rules on 65k baht income came out, I thought that I'd give that a try. Made my first transfer this month, always with having a backup of 800k baht method in mind.

 

Now, just praying that the 65k baht in a Thai bank method doesn't prove problematic. 800k baht method doesn't seem a very good option now.

 

Of course there's always the agency route as a backup......

[Sheryl]

Just now, seancbk said:

 

Well if you can think of another way to prove that during the 3 months after you get your extension you've still got 400K in your account I'd like to hear it.  
 

They could look at your balances for the prior 12 months it in retrospect at the next extension.

 

But it is still a very problematic requirement and poorly thought through...especially the 3+3 = 6 months during which 800K cannot be spent.

 

If you do the math they are basically requiring a 400K non-refundable (unless you die or leave Thailand) /non-spendable  bond to be posted.  Just haven't described or designed it very well.

[worrab]

11 hours ago, johnny1966 said:

My extension was granted June 2018. Next 90 day report due 10th March 2019. Next application for extension due June 2019. Does this mean I have to show 800k on my next 90 day report in March this year or this applies to the new extension application in June?

Will not affect you until you renew in June 2019. Then, unless anything changes again, you will have to show 800k at the following 90 day report. 

[homeseeker]

12 minutes ago, onera1961 said:

 before the next renewal90-day can be done online or by mail. Now all 800K guys will be forced to go to immigration, increasing IOs work load to check bank books. I don't think so. 

Surely not.

The ones using the 800k in the bank method will get their renewal granted for a year. Only at the time of the next renewal if they have not kept the financial requirements is when there will be at problem. Unless the applicant contacts immigration before the next renewal and tells them they have broken the rule?!

[Arkady]

The letter on the Immigration website signed by the National Police Chief refers in its preamble to false representations and criminal activities perpetrated by those applying for retirement and family extensions as creating a need to amend the regulations. Immigration has presumably been reacting to scams by a minority, who are not necessarily all farangs, to tighten things up for the law abiding majority.  It is unfortunate that this happens at a time when some Western embassies have opted to stop issuing pension letters for their nationals.

[skatewash]

19 minutes ago, lelapin said:

If I put 800,000 baht in a Bangkok Bank

1 year fixed term savings account am I OK?

 If you never touch it you're OK.  If you spend it down to 400,000 during the six months of the year when it's not being sequestered (3 months before and 3 months after your extension application) then you're OK.  

 

If it ever drops below 400,000 during the year you may not get your next extension.  If it ever drops below 800,000 during the six month sequestration period you may not get your next extension.

 

If you simply leave it alone so that you always have 800,000 or more in the account you will be unaffected by the new rules.  Except, that you will likely have to show a bank statement that covers the entire previous twelve months when you go to get your extension.  It will verify that you complied with the new requirements.

[Sheryl]

15 hours ago, onera1961 said:

It says 2 months before and 3 months after. So, five months. After that you must keep 400K for the remaining of the year. 

I took that to refer to the original 2 month seasoning required. Otherwise 3 months. Unless they plan to drop the 3 month pre-seasoning requirement for subsequent extensions in favor or=f 3 month post-seasoning. But hard to see what that achieves, either way 3 months.

 

I think they mean 2 + 3 for the first extension then 3 + 3 thereafter.

 

But again, very poorly thoguh through - what are people going to live on during those 6 months?

[Whyamiandwhatamidoinghere]

16 hours ago, MikeOKitches said:

Phenom Penh, Cambodia here I come. ????

You better hurry before there is no room left. Barangs are arriving by land and sea! 

[newatthis]

3 hours ago, bkk6060 said:

I love this guy and his new policies.

I hear there may be more to come.

Drain the swamp!!

Why would you have this attittude? Why would you wish bad on others? 

But maybe you are just teaching the rest of us how not to behave towards others. 

Thank you for that.

[CMNightRider]

16 hours ago, Spellforce said:

But why can't they do things easier for people doing their extention for more than 5 or 10 years ?

In my own country (France) we give the french ID card for thai people living more than 7 years.

There are many countries that treat Thai citizens living in their country far better than Thai Immigration treat foreigners living in Thailand.  I really believe there will be a lot of foreigners leaving Thailand as their visas come up for renewal.  This exodus is already slowly starting.  

 

Every time a foreigner leaves Thailand, their apartment or condo becomes empty. The restaurants and coffee cafes end up with one less customer, as do other stores they shop at.  Once these people leave, it is doubtful of them ever returning.  In spite of what many Thai visa posters think, over time this foreign exodus will have a negative effect on the local Thai business's where these foreigners live.  

 

I read a fair amount of smug comments about these expats being unable or unwilling to abide by immigrations monetary requirements and are happy these people are being forced to leave.  Shame on the pompous and smug expats who make these comments.  I hope the fleas of a thousand Camels infest their nostrils.  As to the expats who are negatively affected by all this nonsense, I hope the best for you. ????

 

 

[madmen]

I originally planned on the "800k in a Thai bank" method. Then when the new rules on 65k baht income came out, I thought that I'd give that a try. Made my first transfer this month, always with having a backup of 800k baht method in mind.
 
Now, just praying that the 65k baht in a Thai bank method doesn't prove problematic. 800k baht method doesn't seem a very good option now.
 
Of course there's always the agency route as a backup......

How would the agent method work now?

[Spidey]

1 minute ago, Arkady said:

The letter on the Immigration website signed by the National Police Chief refers in its preamble to false representations and criminal activities perpetrated by those applying for retirement and family extensions as creating a need to amend the regulations. Immigration has presumably been reacting to scams by a minority, who are not necessarily all farangs, to tighten things up for the law abiding majority.  It is unfortunate that this happens at a time when some Western embassies have opted to stop issuing pension letters for their nationals.

The scam is based on an agent paying money to an IO to waive seasoning. The rule that an IO has the right to waive seasoning hasn't changed. Therefore, agents will continue unabated and the new rules do nothing to prevent this. Nice try but no cigar. It will only succeed in agencies and IOs charging even higher fees for their services. Corruption+ !

[Thomas J]

16 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.

 

I disagree.  You can easily get a 6% dividend on a good U.S. utility stock.  That means that you could earn $24,000 baht on your 400K baht investment.  More when you consider the $800k baht you must have for a portion of the year. That is saying nothing about the potential risk of having much if any money in a Thai bank.  There are numerous world examples over the years of regimes nationalizing the banks and depositors losing everything. Lastly, it is easy to get money into Thailand.  Difficult to transfer it out. 

[onera1961]

23 minutes ago, zydeco said:

Then why are they now tying up 400K that could be spent into a locked bank account?

Banks can give loans to Thais with jobs to spend in buying houses, cars. Another way to use foreign money to lift up native middle class. Tourist will be enough to life up the other sector of economy like by buying in malls, restaurants, tour tickets, etc.

[Baerboxer]

16 hours ago, onera1961 said:

My interpretation is that they will check your bank book at the time of renewal only and if drops below 400K, no renewal.

 

That sounds a sensible approach.

 

But there again,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, left up to each office boss or each IO to come up with their own methodology unless their is an official process.

[madmen]

There are many countries that treat Thai citizens living in their country far better than Thai Immigration treat foreigners living in Thailand.  I really believe there will be a lot of foreigners leaving Thailand as their visas come up for renewal.  This exodus is already slowly starting.  
 
Every time a foreigner leaves Thailand, their apartment or condo becomes empty. The restaurants and coffee cafes end up with one less customer, as do other stores they shop at.  Once these people leave, it is doubtful of them ever returning.  In spite of what many Thai visa posters think, over time this foreign exodus will have a negative effect on the local Thai business's where these foreigners live.  
 
I read a fair amount of smug comments about these expats being unable or unwilling to abide by immigrations monetary requirements and are happy these people are being forced to leave.  Shame on the pompous and smug expats who make these comments.  I hope the fleas of a thousand Camels infest their nostrils.  As to the expats who are negatively affected by all this nonsense, I hope the best for you. [emoji846]
 
 

Sorry to burst your fantasy but those that can't afford 800k most certainly can NOT afford a 5 to 10 million baht condo paid for in cash!
Should be quite a few 4k fan rooms up for rental though

[skatewash]

22 minutes ago, wgdanson said:

And if I have been a good boy and taken out Health Insurance I still need to keep money in the bank? And what health costs will 800k cover these days of rip-off hospitals?

 

And a retired older person probably puts more into the Thai economy simply by drinking more beer!  LOL

Not to mention that you can't touch the 800k (during six months sequestration) or the 400k (ever) to pay for any expenses like health care costs.  If you do use that money to pay such expenses you will not get a new extension the next time you apply because you will have dropped below the required balances.  So, no, the sequestration policies instituted by this new rule do nothing to guarantee that someone will be able to pay their own health care costs.  Quite the opposite, actually.

[wgdanson]

21 minutes ago, skatewash said:

You raise a valid concern.  However, consider this.  Under the lump-sum method, you have to have 800,000 baht in Thailand.  Under the monthly deposit method, you only have to have 65,000 X 12 = 780,000.  A good use for that 20,000 you are "saving" is to bulk up your monthly deposits by a suitable amount so that you can weather some exchange rate fluctuation.  Also, if the combo method remains viable (which is not certain to me) then you could compensate for any small shortfall with a balance in your account under that method.

How about getting your calculator out on the day you do your transfer and exchange enough foreign wonga to equal 65k or just a bit more. If you did 66.666 Bht it would be 800 in 12 months. And I hope that you are correct about the Combo Method.

[Lacessit]

2 minutes ago, Roy Baht said:

Well, technically if you have lied on your sworn affidavit at the US Embassy you have committed perjury. I just don't see it ever being prosecuted. But I think it's best for the people who do have enough income that others who don't aren't allowed to lie about it. I think the US was right to abolish the "income letter". It's just the suddenness of all these changes that make it difficult for everybody (even the law-abiding) to swiftly comply.

 

24 minutes ago, wgdanson said:

 

 

And a retired older person probably puts more into the Thai economy simply by drinking more beer!  LOL

You put more money into the Thai economy by drinking wine. Prices here for what wouldn't make it into a cask in Australia are ridiculous.

[Whyamiandwhatamidoinghere]

17 hours ago, MikeOKitches said:

Phenom Penh, Cambodia here I come. ????

For the people who want a stress free retirement or live in experience, as i have advised all along, get the Thai Elite 10year visa. Pay the fee sleep easy. 

[Thaimarkz]

If the authorities really want to go against the Visa Agencies, an application for renewal must be made by the applicant personally and not by a hired visa agency. To be sure, the bank book and passport would need to be audited during the 3 months reports. The 3 months report would not last longer than before and the immigration office would have reached that only expats with enough money and without fraud are living in the country. And it would be death for the crooked visa agencies. Expats who do not support this idea should stay where they come from. Thailand is not a welfare agency that allows emigrants to live without money. Please remember that we can live here without taxes. The request for a certain amount of money is therefore justified.
800,000 baht, which are untouched in a bank account, is not very much money. Daily life does not cost a lot of money, so an investment of 800,000 baht makes sense and for the rest a minimum of retirement assets or whatever is enough AND the bank book shows moves in and out while the pillar of 800,000 baht is always there, untouched. Presumably, the authorities would extend your stay with a welcoming smile and without questions .
But it needs a stable backbone that many emigrants do not have or do not want to have. To them: Please go, you put all the other expats in a bad light.
It could be so easy .... 

[elliss]

2 hours 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 .

   Sympatise with  you  mate, i done  the same thing , nothing wrong last mounth.

     Now ,  a rule  change , starting next mounth , puts us in trouble . 

    LOS, land of suprises.  What next ?.

     

[Sheryl]

16 hours ago, overherebc said:

Not sure but think I read

1st March this year.

Yes, it said 1 March. But  it is unclera if that is the date on which all provisions come into the effect or the date from which all new extensions will fall under those rules?

 

if the former then everyone with less than 400K in the bank at present is in violation as will be anyone who extended in the prior 3 months with less than 800K.

[overherebc]

4 minutes ago, CMNightRider said:

There are many countries that treat Thai citizens living in their country far better than Thai Immigration treat foreigners living in Thailand.  I really believe there will be a lot of foreigners leaving Thailand as their visas come up for renewal.  This exodus is already slowly starting.  

 

Every time a foreigner leaves Thailand, their apartment or condo becomes empty. The restaurants and coffee cafes end up with one less customer, as do other stores they shop at.  Once these people leave, it is doubtful of them ever returning.  In spite of what many Thai visa posters think, over time this foreign exodus will have a negative effect on the local Thai business's where these foreigners live.  

 

I read a fair amount of smug comments about these expats being unable or unwilling to abide by immigrations monetary requirements and are happy these people are being forced to leave.  Shame on the pompous and smug expats who make these comments.  I hope the fleas of a thousand Camels infest their nostrils.  As to the expats who are negatively affected by all this nonsense, I hope the best for you. ????

 

 

And may the hairs on their bums grow to twenty inches and give them 20 lashes every time they break wind.

However I do agree it's not a nice attitude displayed by some.

 

[wgdanson]

1 minute ago, Lacessit said:

 

You put more money into the Thai economy by drinking wine. Prices here for what wouldn't make it into a cask in Australia are ridiculous.

Shhhhhhh. I make my own vino, but not ale.

[Oxx]

If one doesn't update one's passbook for over six months, then the detailed transactions aren't printed - only a summary of the transactions.  (At least, that's been my experience with Krung Sri.)  So, in such a case Immigration won't be able to confirm whether the 400,000 minimum was maintained in the account.  It's an obvious loophole.

 

On the positive side, it means I'll be keeping my 800,000 in a long term fixed deposit and getting a slightly better interest rate.

[ubonjoe]

7 minutes ago, Sheryl said:

I took that to refer to the original 2 month seasoning required. Otherwise 3 months. Unless they plan to drop the 3 month pre-seasoning requirement for subsequent extensions in favor or=f 3 month post-seasoning. But hard to see what that achieves, either way 3 months.

That is what I thought when I first read it. But looking closer at it is 2 months for every extension.

"(4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,0"

[overherebc]

1 minute ago, Sheryl said:

Yes, it said 1 March. But  it is unclera if that is the date on which all provisions come into the effect or the date from which all new extensions will fall under those rules?

 

if the former then everyone with less than 400K in the bank at present is in violation as will be anyone who extended in the prior 3 months with less than 800K.

Would it be a good idea for them to brainstorm this and come up with clarifications or would it not?