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

[jackdd]

9 minutes ago, Boon Mee said:

What's the big deal? 

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

You can't forget it, you have to show it every 3 months ????

 

9 minutes ago, totally thaied up said:

I cannot see how this can be good for agents. It is going to be very hard to show not having funds in your account for 5 months and then if it drops below the 400K, what happens? An IO cannot make this easily 'disappear' now.

1 minute ago, Pattaya46 said:

Please explain ???

No agent will let 800'000B on a foreigner account during months !

This change is made to stop their illegal activity, and it could well succeed  

The agent deposits 400k / 800k or whatever is required on this date into the bank account, gets a letter from the bank stating that the money is in the bank account, and withdraws the money again. The IO will not ask for any papers which explicitly say the money was there all the time.

Of course an IO will only "forget" to ask an agent about such papers, if YOU go to get your extension you can be sure he wants to see a proof for every single day.

[Duaned]

Thailand is now controlling your money?

[totally thaied up]

1 minute ago, connda said:

But I think I'll wait first as I'm sure they issue some additional roadblocks in 2019 for those who wish to remain in Thailand with our families, although even after being married over 11 years, I'm starting to seriously believe that the intent is to push most of us out of the country long term.

My wife just read this order and said about the only thing they could do is ask us to keep 400K in the bank for the year but she said due to humanitarian reasoning, it would not be good for them to place too much more pressure on Thai families. She said there are already long threads written in Pantip over the 400K method from Thai families. I hope she is right, but I cannot expect too much hope as well. So many game changers in the last 6 months. 

[Bournville]

 
agents will simply earn more money and get to charge for the use of the 800,000 baht loan four times a year now, instead of just the once at renewal time
only thing needed now is for the agents IO to set the tariff for this now 90 days-3 monthly show and tell service
Happy days for many.....
 

Yes... But do they have access to that sort of capital? That's a LOT of cash in the bank for a long time!

Be happy

[sfokevin]

2 minutes ago, NE1 said:

Because I am sure some offices will want to check your bank balance hasn't fallen below 400,000 before they issue you a 90 day report stamp

Silly boy... The ladies at the 90 day counter will not want to see your bank book... There will be another counter and queue for bank account checking...

[onera1961]

24 minutes ago, Sheryl said:

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

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

[thequietman]

Just now, Pattaya46 said:

Please explain ???

No agent will let 800'000B on a foreigner account during months !

This change is made to stop their illegal activity, and it could well succeed  

What are U talking about? the money needs to be seasoned. The only way an application will get through is if the IO accepts the deposit for 1 day.

 

This is an issue with immigration. Thais love to deflect blame and this is a perfect example of this. 

 

No corruption then there is no opportunity. Get it?

[notamember]

14 minutes ago, mlkik said:

I do not have a Benz or a Toyota pick up. My car has AC and a heater. Maybe you should look into new cars in Thailand and you will realise they also have round wheels! 55

 

 

 

 

this topic is not about cars, so its very off topic and subject to mods intervention , however next time i jump in my old S class. i will make  note of asking my driver of that which you are discussing, i will also ask the wife and daughter if what you say is true in their new cars too

She has a wildtrak pick up and the daughter has a swift, so you might get one out of the three..

They all have round wheels though, that i do know

 

 

 

 

[sfokevin]

7 minutes ago, thequietman said:

I am not a retiree nor am I a pensioner but I really don't see what Thailand has to gain by all of this.

Foreign retirees here take nothing from the system and are offered nothing.

They pay their way and in NO Way are a burden to the system. They pay tax and probably more than Thai citizens and they support families and businesses. 

 

Why all the hate? Why all the rules? They take nothing from this country but give back daily. It is very confusing to say the least.

My bet is they have decided to crack down before the sunami of Chinese start playing the “retirement” game in large numbers...

[Suradit69]

38 minutes ago, MadMac said:

Well, any corrupt agent would have to fork out at least 80mTHB to only run a small customer base. Hope they will get filtered out.

And all those bragging on TV about taking a short term loan, even without the need for an agent, will now have to think about fairly long term loans with usurious interest rates.

 

it seems these days when people blather on TV about some "clever" way they can circumvent some immigration rule, they spur a response from immigrations in response.... and of course the reaction makes life more onerous for those who are playing by the rules.

[totally thaied up]

1 minute ago, thequietman said:

No corruption then there is no opportunity. Get it?

Not a truer word said

[kannot]

13 minutes ago, NCC1701A said:

When I do my extension of stay I'm going to get gold chains like Mr.T, (Fool!) two fake diamond Rolexs, rent a Mercedes 230 SLK and have a bank account at every Thai bank with 800k in each one. Walk in a yell "Where is my VIP lane?"     

 

 

yes  sir  behind those 200000 Chinese and soon  Indians

[wgdanson]

4 minutes ago, madmitch said:

Assuming you're right I think I may just have to find a way to stagger the lump sum I bring into Thailand every year.

 

My annual pension arrives in May each year and I have to watch what I spend to keep the balance above 800,000 baht until I renew the visa in December. I did have the two dates similar until I screwed up my visa a couple of years ago. I then start spending money and then repeat the process the following May.

 

It seems I have to weigh up the options:

 

1. Change my pension date to September, if I'm allowed to do so

2. Change the way it's paid so I can receive 65,000 per month, though at the current ROE it's not quite enough!

3. Bring in a lump sum of 400,000 and carry on as before (and at 40 to the pound this is not an attractive option)

4. Change to a Non-Imm Multi-entry (though I'd need to look up the rules on this)

5. Bugger off elsewhere, which isn't easy with a family

6. Get married and change my visa (and I won't allow the Thai Government to force me into this so not really an option)

 

The annoying thing is that the visa agents will no doubt be greasing the palms of their dodgy IOs right now. They'll find a way and possibly thousands of retirees who have done thing properly for the past several years will be forced either to join the illegal bandwagon or leave the country.

 

A case of Bad Guys In, Good Guys out!

 

So why not get your pension lump sum paid into a UK or foreign bank. Then do a Transferwise every month, making sure it is say Bht 5oo Bht over 65k. into a Bkk Bank account which will say FFT.  No lump sum or 90 day proof required. 

[sfokevin]

2 minutes 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. 

The 2 months rule is for your first extension and thereafter 3 months prior for subsequent extensions...

[connda]

17 minutes ago, Spellforce said:

I think you'll need to bring your (updated) bank book with you when you'll do your 90 days notification.

Even for people who did their extention visa end of 2018, then after 1st march they will have to show a balance > 400,000 bahts during the last past 3 months.

What is not explicit is, "Or what?" 

So, when you do a retirement extension after March 1, you'll need to show seasoned funds <2 months / 3 months??? - did they just change that too>, then they give you an Interim Extension Stamp valid for 3 months??? Then you go back in 90 days, prove you have sufficient funds and then are issued a Final Extension Stamp valid for 9 month???  What a c**********. 

What's next?  Jump up and down on one leg, juggle three bowling pins, and sing Chart Thai???

[MikeOKitches]

4 minutes ago, sawadeeken said:

Personally I think Thailand is trying to bring 'working capital' into the country.... (and they aren't getting MINE)...... After all this is the scam capital.....

At the same time as they are requiring all this money brought into the country, They are 'deflating the value' of all the western currencies and inflating the value of their 'Baht'..... After the Thai banks are filled up (with all our 'bargain-rate currencies) they know the Baht will devalue again and 'our' currencies will rise (leaving them a great profit)........ So 'Thai Grafters' will have 'fat accounts'.......

I have elected (and vowed) not to bring any of my money here for them to 'Play with'...... I will just come back as a tourist every couple months instead..... and let them have my 'retirement visa' and shove it where the sun don't shine.......

To each their own opinion..... This is mine.....

SPOT ON! THE WINNERS JUST KEEP ON COMING!

[kevinsan]

In Vietnam they always tighten up requirements before an election. After the election its party time again. Feel sorry for those who bought into condos if the policy continues.

[charlieho]

Am I right that all that does not apply to retirees who can still show the embassy affidavit letter as  proof for their retirement income? The embassy of my country (Austria) and probably other countries as well do still issue such affidavit letters.

[jackdd]

Did anybody pay attention to the "income route"?

It says now 800k had to be deposited for a year, and when withdrawing the money underlies the same rule as "money in bank"

So effectively you can't use this method anymore for the first extension, and after a year it's effectively the same as "money in bank".

So to sum it up the income method effectively doesn't exist anymore for people who can't get an income affidavit from their embassy?

[Puchaiyank]

 

[The Boss]

How long will it be before those funds are frozen for 6 months.... slippery slope. YOU CANNOT CURE STUPID.

[onera1961]

12 minutes ago, Christophers200 said:

Mmm - If the intention is to freeze out agents why not issue an order banning agents from immigration offices.

They don't want agent services to be stopped but they can certify the agents and allow only certified agents to submit valid applications, just like in all other countries, for example Portugal's golden visa or USA's E5 visa. 

[Spellforce]

If you dont want to waste your time and update your bank book every week, can you open a fund deposit account with 800,000 bahts and show that paper every 3 months ?

What's the best option to make it easy ?

[dcnx]

51 minutes ago, notamember said:

 

agents will simply earn more money and get to charge for the use of the 800,000 baht loan four times a year now, instead of just the once at renewal time

only thing needed now is for the agents IO to set the tariff for this now 90 days-3 monthly show and tell service

Happy days for many.....

 

That’s exactly how it will play out. Agents raise their rates because the corrupt officers they deal with at immigration now demand more money.

 

The circle of corruption continues.

[Pattaya46]

5 minutes ago, thequietman said:

What are U talking about? the money needs to be seasoned. The only way an application will get through is if the IO accepts the deposit for 1 day.

But at next year extension the IO will check you hade 800k during 6 months...

 

7 minutes ago, jackdd said:

You can't forget it, you have to show it every 3 months ????

Nowhere I have read that... 

 

8 minutes ago, jackdd said:

The IO will not ask for any papers which explicitly say the money was there all the time. Of course an IO will only "forget" to ask an agent about such papers, if YOU go to get your extension you can be sure he wants to see a proof for every single day.

You missed the main new point. They will check you have keep the money at the following extension, the year after...

[Gecko123]

I've had 800K deposited only accumulating interest for many, many years now. It's not the deposit requirements which are a problem, it's the onerous verification of bank balances requirements which I dread. I doubt these verifications are going to be able to be done by mail, so people are going to be running to their banks (paying bank fees) and then to immigration 3 months after their visa is renewed?The whole thing smacks of hastily drawn up regulations with little thought given to what impact the regulation will have on the vast majority of law-abiding retirees.

 

It's ironic that funds are now being required to remain on deposit in this manner. In the past immigration has been suspicious that my funds just sat in the account. Why aren't you spending this money?, seemed to be the suspicion. This requirement is probably going to crimp the cash flow of many, which kind of undercuts the unstated goal of only allowing the more financially secure retirees to remain.

 

Why isn't a similar verification of funds requirement being imposed for a marriage visa??? I'm sure there's a lot of guys out there who would welcome such a restriction, if only because it provides an excuse for why they can't accomodate their wife's demands for spending money. If you're married, and were on a retirement visa because going through the marriage visa application process was too degrading, these new hoops to jump through to get a retirement visa may make some want to reconsider applying for a marriage visa instead.

[JeezeLooeze]

Has Part (6)(b) of the Criteria been mis-translated? To have 'consecutively been in Thailand" for retirement from October 1998 until 55 years of age wouldn't that mean retirees would have started retirement at age 32 to be eligible? ????

[Xaos]

Terrible.

[zydeco]

2 minutes ago, Spellforce said:

If you dont want to waste your time and update your bank book every week, can you open a fund deposit account with 800,000 bahts and show that paper every 3 months ?

What's the best option to make it easy ?

You're missing the point. They want us standing in lines. Multiple lines at the bank. Multiple lines at Immigration. All done multiple times per year. Going to show us who is boss, I guess. 

[notamember]

13 minutes ago, NE1 said:

800,000 before and 800,000 after , then not less than 400,000 for the rest of the year , will the bank book suffice , or will a letter from the bank have to be provided every time you do the 90 day report ?

Because I am sure some offices will want to check your bank balance hasn't fallen below 400,000 before they issue you a 90 day report stamp.

Or will it be a case of wait and see / depends which office you use. 

 

and if you do not do a 90 day report, 2000 baht fine

not do it all year 5000 baht

or leave every 90 days and reset the the report clock

not here, no report, not here no show

rinse, repeat