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

[Roy Baht]

4 hours ago, RocketDog said:

If you are committed to living here then keep some real money here.

I agree. Obviously, a lot of people can't afford to put a big lump of cash in a bank and not touch it for 5 months and I sympathize with that situation. But the people who brag about their great wealth overseas then complain that they can't squeeze a paltry 800K baht out of their butts because they are "savvy investors" are full of it.

[elviajero]

8 minutes ago, khunerik said:

Is the combination method still available? So I can have 500k in pension and 300k in the bank?

Yes it's still available, but it looks like you need at least 400K in the bank and must not let the balance drop below 400K during the year. I am trying to get confirmation.

[elviajero]

1 hour ago, JackThompson said:

I think this is a mistaken parallel to draw.  The military has shut-down some local scams in the past.  It was the PM who asked immigration to "be flexible" when applying the new Visa Exempt rules.  The problems with immigration have been getting worse throughout successive administrations before this one.  The PM / Military did not direct these changes - at least, that we know of.  It seems to be a clique in the middle-levels who seem to want to hurt us for no logical reason. 

Are you talking about corruption or the legitimate clampdown of long term tourism?

 

The last two sentences are pure speculation.

[David Walden]

3 hours ago, Lacessit said:

 I'm not aware you can apply for a retirement EXTENSION in Australia. Your method is at risk if for some reason the Thai Embassy decides to reject the next O-A application because you've gone to the well once too often.

Just look at the Thai Embassy web site under retirement visa before commenting.  Open thine eyes and yee shall see.

[stud858]

On 1/31/2019 at 7:32 PM, 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.

 

Thai immigration don't allow a commitment for permanent living or permit you a full time retirement visa. You are allowed extended stays based on retirement age. I think a fairer way is to say leave 800 K in the bank and here's your retirement visa for 10 years.

[gentlemanjackdarby]

14 hours ago, DepDavid said:

 

I have been transferring from Chase to BBNY for years. So now come April I will not be able to do this?

I ask the next question because this is the first I’ve heard of this. What is the most economical way to send money from Chase to my Bangkok bank account after April?


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

This thread is very long so it's likely your question has been answered, but on the off chance it hasn't:

 

There is no way to make a transfer from Chase to BB NY because BB NY is a commercial bank not authorized to accept retail deposits in the U.S.

 

The only way to make a transfer from Chase to BB Thailand, which was the destination of your previous transfers (BB NY was just a stop on the way) would be a wire (SWIFT) transfer and with Chase there will be a wire fee (not cheap) as well as a poor exchange rate adding insult to injury.

 

If your previous transfers were part or all of a payment from U.S. Social Security, because SS makes international direct deposits conforming to IAT standards, you could change your bank from Chase to BB NY and transfers would happen as before, albeit with SS the entire payment goes to one bank which is not ideal if you don't want the entire amount in a Thai bank.

 

It's also possible that the source of money to your Chase account might send their ACH transfers in conformity with IAT standards, in which case your transfers could continue.

 

If those aren't options, the best option is to look into Transferwise - their exchange rate is pretty good and their fees are lower, so it's likely a better option than a wire (SWIFT) transfer.

[gentlemanjackdarby]

14 hours 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.

Damn, that was a harsh reply to what was a good point.

 

And I'm not sure why you think tracker funds (what we in the U.S. call 'index funds') have less risk than an individual stock- the whole point of an index fund is to buy the market as a whole or possibly a small target slice of the market and I can tell you from experience, when the market takes a nosedive as it did a couple of months ago, most of the time index funds take a bigger fall (or rise in a rising market) than some actively managed funds or individual stocks.

 

There's a saying in investing - 'when the market dives, the good stocks get beat up along with the bad' and that goes double when one owns the whole market.

 

[Toosetinmyways]

I have not read all the previous posts so sorry if this has been said before. 

I have a theory regarding immigration tightening up. Just a gut feeling.

The Thai government/immigration/police are getting fed up being portrayed in the foreign and local press as a safe haven for pedos , mafias, scam artìsts, criminals on the run etc. They put this down to lax vetting of people entering. To vet everyone entering would require a vast amount of manpower and time. The easy way is to make people self prove. You have to prove to them you are not a bad guy out but a good guy in.

Anyone staying more than a certain length of time on a tourist visa will have to convince the IO that they are real tourists.

Look what happened to mariage extensions. Before it was a trip to immigration with the wife and mariage cert for approval. Then what happened, scam mariages. Now you have to prove you are in a real marriage with all the hoop jumping involved.

Income avidavit. People using sham offshore companies paying them a paper income. Immigration clamps down. Need to see real money in Thai bank.

When retirement extensions started agents deposited real money inthe bank account in your name for the required seasoning. Now it seems that no money at all is shown. Immigration assumes that all retirees as using this method or the fake company way and it is up to you to prove otherwise. 

Perhaps the Thais look upon visa misusers as bad guys and want them out. After this major clean out I can see immigration returning to normal but with a strict following of the law.

[Roy Baht]

6 minutes ago, Toosetinmyways said:

I have not read all the previous posts so sorry if this has been said before. 

I have a theory regarding immigration tightening up. Just a gut feeling.

The Thai government/immigration/police are getting fed up being portrayed in the foreign and local press as a safe haven for pedos , mafias, scam artìsts, criminals on the run etc. They put this down to lax vetting of people entering. To vet everyone entering would require a vast amount of manpower and time. The easy way is to make people self prove. You have to prove to them you are not a bad guy out but a good guy in.

Anyone staying more than a certain length of time on a tourist visa will have to convince the IO that they are real tourists.

Look what happened to mariage extensions. Before it was a trip to immigration with the wife and mariage cert for approval. Then what happened, scam mariages. Now you have to prove you are in a real marriage with all the hoop jumping involved.

Income avidavit. People using sham offshore companies paying them a paper income. Immigration clamps down. Need to see real money in Thai bank.

When retirement extensions started agents deposited real money in the bank account in your name for the required seasoning. Now it seems that no money at all is shown. Immigration assumes that all retirees as using this method or the fake company way and it is up to you to prove otherwise. 

Perhaps the Thais look upon visa misusers as bad guys and want them out. After this major clean out I can see immigration returning to normal but with a strict following of the law.

Yes, I agree but I think there's more to it than that. I honestly think that when foreigners come to Thailand and marry and build houses for people and take care of their families, the powers that be think foreigners are taking care of the wrong people and that it threatens the social order. Envy is a strong emotion here and decent hardworking middle-class Thai people don't like to see people the same as them (or lower!) do better than them. They prefer foreigners who come, spend money, then leave--but who do not upset the social order by living here and supporting a family. The scam marriage crackdown was just an excuse. It's the real marriages--where the farang actually takes care of a Thai woman and her family--that upset them. This recent action is breaking up families--how could it not? That's what they want.

[garyk]

34 minutes ago, Toosetinmyways said:

I have not read all the previous posts so sorry if this has been said before. 

I have a theory regarding immigration tightening up. Just a gut feeling.

The Thai government/immigration/police are getting fed up being portrayed in the foreign and local press as a safe haven for pedos , mafias, scam artìsts, criminals on the run etc. They put this down to lax vetting of people entering. To vet everyone entering would require a vast amount of manpower and time. The easy way is to make people self prove. You have to prove to them you are not a bad guy out but a good guy in.

Anyone staying more than a certain length of time on a tourist visa will have to convince the IO that they are real tourists.

Look what happened to mariage extensions. Before it was a trip to immigration with the wife and mariage cert for approval. Then what happened, scam mariages. Now you have to prove you are in a real marriage with all the hoop jumping involved.

Income avidavit. People using sham offshore companies paying them a paper income. Immigration clamps down. Need to see real money in Thai bank.

When retirement extensions started agents deposited real money inthe bank account in your name for the required seasoning. Now it seems that no money at all is shown. Immigration assumes that all retirees as using this method or the fake company way and it is up to you to prove otherwise. 

Perhaps the Thais look upon visa misusers as bad guys and want them out. After this major clean out I can see immigration returning to normal but with a strict following of the law.

I've also got a theory, they want your money, all they can get in a Thai bank!

This is politically driven more than anything else IMO.

If a westerner the pain is just starting, this is just the first step.

 

[Kadilo]

7 hours ago, TheThai said:

I don't see the big deal .. if you put the equivalent of 800,000 baht in a bank in your home country and send the equivalent of 65k baht each month to a Thai bank account ... then you're good.  This way you don't have to worry about keeping the 400,000 balance in a Thai bank account or worry about how long the 800k has to sit in the Thai bank account

Oh yeah.........why couldn’t you have said that on page 1!

[sambum]

10 hours ago, Pib said:

But there are about 58 pages of people saying, "I didn't read thru the previous pages so sorry if my following question has already been answered.  My question is....blah...blah..blah?

"But there are about 58 pages of people saying, "I didn't read thru the previous pages"

 

Rubbish! - maybe a few, but I do have sympathy with those who do not have the time to spend trawling through page after page of "stuff" (comments!) that may or may not be relevant to their particular query. 

[garyk]

Bottom line is if you want to stay you need 25-30K USD to park in a Thai bank and forget about it.

IMO that is the only way at present to have a stress free extension.

But the way things are going next month it may be different .... what a mess.

 

[sambum]

1 hour ago, stud858 said:

Thai immigration don't allow a commitment for permanent living or permit you a full time retirement visa. You are allowed extended stays based on retirement age. I think a fairer way is to say leave 800 K in the bank and here's your retirement visa for 10 years.

"You are allowed extended stays based on retirement age"

 

Not exactly! Up to now you have been allowed an extension of stay based on retirement if you are 50 years of age or over, AND have the necessary financial funds, which (as far as the UK is concerned) has been given to Immigration in the form of a Proof of Income letter.

 

"I think a fairer way is to say leave 800 K in the bank and here's your retirement visa for 10 years."

 

So if you don't have 800k baht to hand, tough? And I wonder how much interest the bank would get, and how much you would get on that sum deposited over 10 years? (Under the "old" system 10 years extension would cost you 10 x 1900 baht = 19,000 baht)

 

There are only 2 winners in this scenario, Thai Immigration/Government, and the Thai banks, who are possibly/probably working hand in hand on this matter. The losers? Sorry - all bets are off! 

 

 

[sambum]

"Under his command, the bureau whose slogan proclaims “Good Guys In, Bad Guys Out,” will undergo several changes. Surachate said he’s drafting suggested amendments to the 1979 immigration law to make things smoother for expats seeking to reside, retire or work in the kingdom.“I can guarantee it will be easy to apply and live here,” Surachate said."

 

"make things smoother for expats seeking to reside, retire or work in the kingdom"

 

Really? "Can someone please explain it to me, I'm not sure what it means" (My baby's having trouble in the morning she's having trouble getting into her jeans) With thanks to Jackson Browne - Ready or Not?

[namatjira]

16 hours ago, keemapoot said:

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,

Try not to get too far ahead of yourself.....extensions based on marriage will likely be the next for the re evaluation treatment.

[namatjira]

15 hours 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.

Now that really is a problem, the price of wine....hey mr BJ can you do something about that please instead of spooking all these pensioners.....it’s just ridiculous mr BJ as red wine especially is good for the heart, do something for the people and drop the unfair tax by 90 percent and you will actually gain revenue as all the pensioners will start drinking wine and we will have less in the hospitals having heart attacks.....

[dcnx]

34 minutes ago, namatjira said:

Try not to get too far ahead of yourself.....extensions based on marriage will likely be the next for the re evaluation treatment.

Don’t be surprised if down the road the required amount raises and/or the retirement age is raised too. What is now 50 can easily become 60 or 65 of one of them gets a hard-on to do it. 800k can become 1 million with little to no notice.

 

Anything is possible here. 

[balo]

5 hours ago, Ctkong said:

He explained that every household has guns ( rifles, shotguns, not only pistols) and when the kidnappers or robbers come in a van of 6-8 persons, every household must contribute to repel the intruders. Kidnapping was rampant then.

 

Over the last 10 years there has been many cases involving foreigners. Kidnapped or killed, just do a Google search.  I do not read about as many cases in Thailand , where Thais abduct and kill foreigners.

I would probably not feel safe in PI without some security outside my house.  

 

[lamyai3]

2 hours ago, sambum said:

"But there are about 58 pages of people saying, "I didn't read thru the previous pages"

These pages are worthy of their own dedicated thread...

[madmen]

These pages are worthy of their own dedicated thread...

We have entered the first phase of repeat questions. There are a good 1k posts left on this thread as the repeat questions are answered and fighting and bickering continues.. [emoji108]

[mac1970]

Yeah, its going to be nogo. So Thailand plan is not on the table anymore....next place thank you. I carry my money somewhere else and live happily after... ????

[Swedenlars]

 
Over the last 10 years there has been many cases involving foreigners. Kidnapped or killed, just do a Google search.  I do not read about as many cases in Thailand , where Thais abduct and kill foreigners.
I would probably not feel safe in PI without some security outside my house.  
 

Bullsh.....regards from Cebu

Gesendet von meinem SM-N950F mit Tapatalk

[wayned]

Is the combination method still available?  If so what are the requirements?

[jeffandgop]

6 hours ago, Pattaya46 said:

How is it a problem? If you have your extension coming soon with the current 800k method, you already have this money in the bank (as you need it during 3 months before extension). The change just mean that this money - that you already have - will not be fully and immediately available after you get your new extension. I don't see the short notice (28 days?) as a problem in such case. 

It most certainly a problem if you have, as a practice, withdrawn the 800K after receiving the extension to apply to other financial needs such as health insurance, etc.

Being precluded from having access to your monies, which the purpose behind the immigration law is to demonstrate having adequate funds to support yourself in Thailand, and then not allow you to use those funds  to support yourself in Thailand is ludicrous!!!!!

[alex8912]

9 hours ago, JackThompson said:

 

They don't check the seasoning now for agent-applications - why would they start?  The IOs "forget" to check the seasoning / past-month's balances for agent-submitted applications - so no change.  At worst, a second "flash transfer in/out" for a 2nd bank-letter, depending on procedure.

 

Immigration has already rigged the game so that the agent-fee (shared with immigration), is cheaper than a 3 month loan - but might be close in more "expensive-agent" areas like Phuket.  This isn't about stopping fraud, it's about ensuring a 5-mo loan's cost (vs 3) is well-beyond the agent-fee.  I would also expect agent-fees to go up - split with immigration, of course.

 

Then, you get to the airport your 2nd year, and they deny-entry because you "stayed in Thailand too much before" (completely legally, but they think it shouldn't be, so who cares what the law actually says).  That assumes you use safe land-borders during the first year for the out/in runs (assuming they remain safe).  Maybe could fly into Penang and train to Thailand like many do now, until the agent/elite/Chinese buy out the remaining entry-points, to get them to start violating the law, as well.  Or, they might just officially change the rules to ensure the agent-money stream is protected.

 

The Visa-Agents who work with immigration - the ones immigration often forces people to use by changing the needed requirements over and over - even adding on more and more "extra requirements" with each visit, as you try to apply honestly? 

 

Try getting your landlord to fly back from Europe to go to an Amphoe for some "newer copy" of a document you already supplied.  Been there and done that. 

 

We are not the corruption problem, here.  Agents will likely make a killing out of this, as will the AGENT'S PARTNERS at IMMIGRATION - just like they have from every other "tightening" / "crackdown".

 

No, they will not help you.  They "got you" and have now put you in the agent-money pipeline - as designed.  Or, pack up and leave (which makes them almost as happy).

I’m on my 5 th METV and I have heard ZERO reports of people using it for 6 months in Thailand followed by 6 months in their home country year after year with any trouble. I’ve used just major entry airports. 

[scubascuba3]

I've been here 20 years and no corruption at Immigration and no banking problems.  If I may suggest it is you who has the problem not the average retired expat. 

You are on here 24/7 but don't read the threads it seems

[jacko45k]

14 hours ago, chocky boy said:

What about para 6, those who have been in Thailand 10+ years. Is this is a better deal than the norm if you are over 60? (You only need 200k in the bank and no stipulation that the funds are kept for 3 months after or any mention of a lower amount after that).

Don't understand the 'fixed income with fund', does this mean you must have income AND have the funds in the bank or is this just badly worded as the second condition deals with income of only 20,000?

Actually article 6) only applies to those who entered before 21 Oct 1998 and is a reiteration of a previous qualifying regulation which has been grandfathered since the requirements were increased subsequently. (I believe). A pity, being less stringent on those who have been doing legal retirement extensions for a decade or more would seem humanitarian and harmless. Sadly, I did not enter what is effectively over 20 years ago. 

[balo]

57 minutes ago, Swedenlars said:

Bullsh.....regards from Cebu

BS?  Here are some statistics from 2017.

 

"Retired US marine Harvey Abrams was shot dead while driving in Biliran town, in the Eastern Visayas Region. Two gunmen were seen shooting the 74-year-old, but were able to evade arrest. His wife, Maria, survived the attack."

 

"In May, two Japanese tourists, aged 24 and 59 respectively, were shot, cut into pieces and thrown into the sea in Palawan. Police believe the murders were ordered by Yakuza crime gang which employed local criminals. Arrests have been made, and trials are pending."

 

"In July 2017, 66-year-old American fashion designer James Rinaldo Boudreaux was stabbed to death at his rented room in Caloocan City. A suspect was arrested at the scene and a trial is pending." 

 

"In July, three motorcycle-riding gunmen shot and killed New Zealander Simon Rawlinson in Naval, Biliran. As exclusively revealed by PLN, the 63-year-old had been embroiled in legal disputes with local politicians. Town mayor Gerard Espina offered a bounty of 80,000 pesos to track down the killers. Two arrests were reported and trials are pending."

 

"In October 60-year-old US Army veteran Michael Keith was shot dead by thieves in Pikit, Cotabato. The 60-year-old was with his wife and two children when the gunmen struck as he was going about his business delivering cookies and candies to a shop. The killers took his sling bag, which contained about 200,000 pesos and other valuables before making their escape. No arrests have been reported"

 

"Although not a fatality, Scot Tareq Naggar was lucky to survive after being shot in the chest by motorcycle-riding robbers who made off with just 500 pesos. The 44-year-old was due to marry his fiancee later on the same day in July. No arrests have been reported."

 

You are from Sweden ?  

 

"Another non-fatal attack was reported in October, when a Swedish couple and their Filipino driver were shot and injured in an ambush by suspected communist rebels. Karl Christer Arvidson, aged 48, Juliana Eeiko Palmero, 42, and their driver Jason Tumayao came under fire on the national highway near Cauayan town in Negros Occidental."

 

Source: Philipineslifestyle.com

 

 

 

[balo]

Global study claims that PI is the most dangerous country in the world. 

 

http://philippineslifestyle.com/most-dangerous-country-philippines/?fbclid=IwAR24GAtxAbn3hHORr_n4-6o8u34Yz37LhBUQkBKk4GO9FD9mqG4-boPNGDE

 

"Explaining why it had placed the Philippines below Yemen, the magazine said: “The safety score for countries equally weighs each of the three factors: war and peace, personal security, and natural disaster risk. The safety score aggregates the indices from these three risks, thus presenting a comprehensive view of safety for each country. 

“This also means that a high level of risk in one factor will have limited effect on the country’s overall ranking.  

 

For example, the Philippines is ranked least safe while Yemen is ranked second least safe. This can be attributed to the fact that the Philippines has poor scores in peace, security, and prevalence of natural disasters. 

“Yemen’s terrible score is due to war and famine but the country has a very low risk of natural disaster. Thus, the Philippines ranks lower than Yemen even though Yemen is a war zone.”