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

[ocddave]

2 hours ago, Deerculler said:

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


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

The fact is that he is indeed throwing darts at a wall, have you've been sleeping thru his many directives?!

[skatewash]

25 minutes ago, GeorgeCross said:

 

a good US utility stock like PG&E for example? or should we only pick those that won't go bankrupt in the next 12 months? ????

A prudent financial advisor would say it's never a good idea to put a bet on a single company when it's fairly easy to invest in multiple companies or even an index of companies via a mutual fund or ETF.

[zydeco]

Just think how much easier it would be for Immigration if they started up their own Thai Immigration Bank (TIB)!!! All 800K and income from abroad for extensions would be required to be done at that bank. For all the extension accounts: No ATMs, withdrawals only allowed between midnight and 1 am, with passport and certification fees mandatory for each transaction!  

[Pattaya46]

18 minutes ago, madmen said:

So a double payment. Immigration now has Double exposure to corruption. How long will that last?

Why double payment?

The verification will be made only when you will ask for a new extension,

so you still need only one trip to immigration per year.

[Thaimarkz]

15 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. ????

 

 

Well, in the country where I come from Thai citizens have to pay tax and must have a health insurance. I don't have to pay tax in Thailand and I am not forced (not yet) to have a health insurance. I have one but it was my free decision. It seems logic to me, that a country requires something of immigrants. And I think Thailand does not require from immigrants too much. Expats, being unable or unwilling to abide the immigration monetary requirements are not welcome in any country and will be sent away. Personally, these expats do not affect me, unless I have to accept harder changes in the laws because of their inability to fulfill a minimum of requirements. If you get into trouble due to a reluctant emigrant or face higher demands, I would wonder to whom you would like to send the fleas of a thousand camels

[madmen]

Why double payment?
The verification will be made only when you will ask for a new extension,
so you still need only one trip to immigration per year.

How will you show money in your account for 3 months AFTER the extension.?? Agent is long gone by then

[ocddave]

1 minute ago, jackdd said:

Comming next: Deposit the 400k/800k in the Immigration Police's bank account.

(If you ever want it back you have to complete about 50 forms, submit 200 copies and wait 3 years)

You would never get it back, it would become part of some high-ranking officers unusual wealth, then when confronted he would be transferred before retiring wealthy.

[inThailand]

4 minutes ago, Naamblar2014 said:

And pay a small access fee in order to use your card

And sign the withdrawal slip or provide your atm pin and they will take care of the transaction for you. They are a full service shop! 

[seancbk]

52 minutes ago, Sheryl said:

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.

 

They could but what are they going to do to punish you for not having 400K in there all year?   Refuse your next extension I guess.   But surely they would want to punish people who don't follow the rules immediately, not 9 months after the fact.

 

As always a poorly thought out system.

 

[Pattaya46]

1 minute ago, madmen said:

How will you show money in your account for 3 months AFTER the extension.?? Agent is long gone by then

You will show them next year.

They will not ask you to come back after 3 months for - maybe - cancel your extension !

[Bundooman]

17 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.?
 

I don't think it says that. It would appear that the following year, they check that you have retained 400K minimum in your account, 3 months after the mandatory date for retaining 800K. That is how I have 'interpreted it.

 

I could be wrong.............

[Tanoshi]

9 minutes ago, notamember said:

it would now have to be seen to have been in the bank for 2 months prior to application and 3 months for renewals 

2 months prior to, and 3 months after ……. end of!

No difference between first or subsequent extension anymore.

[sumrit]

16 minutes ago, skatewash said:

What you say would work in theory, but here's the problem in practice:

An IO is determining whether an applicant has brought over at least 65,000 baht per month.  What you are proposing is that the IO would apply the exchange rate when you actually brought over the money for that month.  In other words, the IO would be looking at 12 different exchange rates, one for each monthly deposit.  That is not going to happen, too much work on the IO's part required.  

 

Instead what is very likely to happen is that the IO will determine the exchange rate on the day of your application and use that single rate to determine if you ever fell below 65,000 in any one month.  If strictly interpreted it could be a real problem.  If they are willing to look at "on average" 65,000 per month then maybe OK but that terminology is specifically not used in describing the new rules for retirement extension (although it is apparently for marriage).

 

If the combo method is still viable this would overcome any small underfunding problem due to currency rate fluctuation.  Otherwise, I can see the application being rejected because on one month the 65,000 bath threshold was not met DUE TO AN EXCHANGE RATE THAT ONLY EXISTED ON THE DATE OF THE APPLICATION (so no way to know what that will be when you are calculating your individual monthly deposits). You could argue that when that deposit was made it was over the threshold, but I'm not sure what the argument winning percentage is with IOs -- I'm guessing pretty low.

Each monthly deposit into your Thai bank is shown in Baht. It will either show above or below 65k per month. The IO won't have to do any complex maths or calculations, He can read what's deposited.

[xylophone]

6 hours ago, Spidey said:

The new rule of seasoning the account to the tune of 800k baht for 3 months after obtaining your extension and seasoning your account to the tune of 400k baht for the whole 12 months, will have zero effect on dodgy agents/corrupt IOs if the rule of IOs being able to waive the seasoning at their discretion isn't rescinded. The dodgy agents/corrupt IOs will continue unabated, other than that both parties will be able to trouser a whole lot more money from the process.

 

6 hours ago, Spidey said:

One could also assume that Big Joke is trying to appear to get rid of the problem without actually curtailing the money supply to his elders and betters. We all know that a percentage of those bribes are passed up the line, again and again. A small percentage of many thousands of bribes adds up to far more than a large percentage of a few bribes. It's the people/person who sits at the top of the food chain that make the serious money from corruption in Thailand.

Good post Spidey and IMO the two paras above relate to the crux of the matter.

 

Corruption makes Thailand go round (as opposed to the song, Money makes the world go round) and those who benefit from it here do not want it stopped.....I believe it really is that simple.

 

AND if the income to the IOs can be increased whilst seeming to get rid of the "farang rubbish" element here then he is killing two birds with one stone........what a hero!!! Yeah right.

[madmen]

You will show them next year.
They will not ask you to come back after 3 months for - maybe - cancel your extension !

Sounds like it buys another year at best. Next extension will require a plane [emoji574] ticket

[farangx]

54 minutes ago, Whyamiandwhatamidoinghere said:

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

You mean farangs with their barang ....

 

[mokwit]

2 minutes ago, Pattaya46 said:

You will show them next year.

They will not ask you to come back after 3 months for - maybe - cancel your extension !

I would not be so sure - they are already asking Marriage extension applicants to come back and show the money again.

[Spidey]

1 minute ago, Bundooman said:

I don't think it says that. It would appear that the following year, they check that you have retained 400K minimum in your account, 3 months after the mandatory date for retaining 800K. That is how I have 'interpreted it.

 

I could be wrong.............

You could indeed be wrong, but then again, you could be right!

 

My money's on having to prove you have complied at your next extension as it would mean less work for immigration...and we all know how much Thais like work.

[madmen]

Sounds almost impossible to be true but it does look like BJ is attempting to close the door on agents without actually going after corrupt IO'S and arresting them

This way the agents will just dissappear if a second trip to prove $ in your account is needed

[FritsSikkink]

1 hour ago, onera1961 said:

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. 

A lot of the 800K people will be forced to go live in a cheaper country as they can't afford to pay people to cheat the system anymore. 

[ocddave]

1 minute ago, madmen said:

Sounds almost impossible to be true but it does look like BJ is attempting to close the door on agents without actually going after corrupt IO'S and arresting them

This way the agents will just dissappear if a second trip to prove $ in your account is needed

He can't fire other officers, or they may start talking about what really goes on, and where all the money actually goes. 

[skatewash]

21 minutes ago, wgdanson said:

I take what you say. But if the 65k transfers actually ARE 65k, not in foreign curreny but in THB, you should be OK.

 

I go onto Transferwise and adjust the £s I am exchanging until the amount T'wise send is just above 65k, and that is what arrives in my Bkk Bank next day as an FTT.

The light just went on.  You are right.  If the deposits are made in Thai baht then what you say is true.  I will go back and correct what I said about this previously if I can still edit it.

[DrTuner]

4 hours ago, cracker1 said:

Confirmed in police order No. 35/2561 obtained by Thaivisa, foreigners who apply for a retirement extension using the 800k baht in the bank or the combination of income method now need to keep 800k baht in the bank for three months after the extension and 400k baht in the bank after that.

It seems very unusual to me that the Police are making these rules and not the Government ?

It's within their mandate, check the immgration act. Which is why one never knows what tomorrow will bring, otherwise the changes would have to be published in Gazette and there would be more time to get out of dodge.

 

Keep one leg out of the door.

[vadid]

Quote

8 minutes ago, Vacuum said:

Better to keep 800K in a bank.

 

If I left my money in the UK I could get about 5% yield.

So on 400,000 baht that would  cost me 20,000 baht  a year if I had it here in Thailand.

Add to that the extra 400,000 for the 2 months before and 3 months after the renewal

that is 400,000 x 5% = 20,000/ 12 =1666  x 5 (the months it would have to be held here) = 8,333

20,000 + 8,333= 28,333

I appreciate that paying for a TE visa would also lose me dividends/interest, but when one  is considering a TE visa, one must never forget that leaving cash doing nothing in a Thai bank, other than it aiding the  qualification for an extension also has its costs. 

 

Quote

 

 

[notamember]

20 minutes ago, Pattaya46 said:

Why double payment?

The verification will be made only when you will ask for a new extension,

so you still need only one trip to immigration per year.

3 months before and 3 months after

 

[simon43]

Simon, you used to earn 1 million baht a month over 10 years ago.

 

Actually how time flies, because it was about 15 years ago when I still had my UK software business.

 

Where has the money all gone?  The UK business came to an end and I subsequently went through 3 divorces!

 

In hindsight, of course I should have been far more prudent and careful with my money at that time.  But having been 'through the mill' several times, and despite being considerably poorer now in financial terms, I feel that my life is 'richer' as a result of my roller-coaster ride.

 

But I do have to be more careful with my money nowadays, and as I said, I want a peaceful and enjoyable retirement, not fretting about the next new rule or requirement for me to live legally in this country.

[xylophone]

5 hours ago, Tanoshi said:

Which one, Embassy letter or monthly deposits in a Thai bank?

For those who can still obtain the Embassy letter, tally ho!

For those who can't, so have to use the monthly deposits in a Thai bank it's created different problems.

1. You can only transfer your nett income (after tax) as opposed to the Embassy letters which use gross income.

2. Some expats receive quarterly pensions, dividends, interest etc, and although their total income averages more than 65K per month, they can't deposit the required 65K minimum per month.

This leads on to a question I have................

 

I get two pensions paid monthly into my Thai Bank account but at the moment in total they fall short of 65K baht. So can I transfer the shortfall to my Thai bank on a monthly basis, thereby covering the 65K and some??

 

I was considering the 800k lump sum method but have just committed funds at home to term deposits at longer terms and good rates, so don't want to break those.

 

 

[skatewash]

1 hour ago, wgdanson said:

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.

Yes, you're right.  I can't edit my previous criticism.  But you're correct you can guarantee that you meet the 65,000 baht per month deposit threshold.  Because the actual exchange from home currency to baht occurs it doesn't matter what exchange rate gets used.  The Thai bank account will show the actual baht in the account, so my criticism was not valid.  It would be a concern if you were transferring the money into a foreign currency deposit account but that's not what you were talking about.  Sorry, for the misunderstanding on my part.

[stanleycoin]

15 minutes ago, madmen said:

Sounds almost impossible to be true but it does look like BJ is attempting to close the door on agents without actually going after corrupt IO'S and arresting them

This way the agents will just dissappear if a second trip to prove $ in your account is needed

Maybe they are just cutting out the middle man. 

( corruption is a thing of the past in Thailand ) 

 

[Rimmer]

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