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

[mokwit]

6 hours ago, JackThompson said:

This is More of the Same - ironically targeting those who used to say, "Get a 'proper' visa."

Ah yes the self styled "good farangs" who "knew" the Thai authorities welcomed "good farangs" like them and snickered from behind the assumed safety of their retirement visa as they typed  '"rolls eyes" just get the proper visa' knowing full well there was no "proper visa" for unmarried/noWP/under 50's.

 

How does it feel now the rising tide has reached you "good farangs"? Still think all the people you designated as "scum" by dint of their not qualifying for long stay visa should be horsewhipped and deported? I recognise a few previously schadenfreude posters now in panic mode now that they are affected. What is the expression? "Don't let the door bang you on the way out" If you need directions to exit points I am sure TV members will be happy to advise you. Sympathy is on backorder (has been for quite some time now). Those who did not post gloating comments I have EVERY sympathy for you. I will be gone from here at some point as this is 'no country for old men' - I don't want to sit there in my old age worrying that my visa criteria will be changed in a way that excludes me, forcing me to up sticks at an age when that is difficult/impossible.

 

Me? For now I'll just leave the 800k in the bank all year and import funds to live on rather than watching dates (Disclosure: I can afford to leave 800k in a Thai bank to save the hassle of tracking dates).

 

Mods: This is a pretty out of character post - I know better, but the gloating and vitriol to others was such that I though a little "Kharma" was in order. Between priority Visa/WP and fairly recent retirement visa I used mostly Non O from Bham - since closed off so I was amongst those subject of all the gloating and schadenfreude until I stepped ashore to the temporary "safety" of a retirement visa.

 

PS. I nominate this as Pinned post, not one that should be deleted.

 

[marcusarelus]

7 hours ago, DrTuner said:

You must be on that Earth 2 they have on The Flash. My first marriage extension process last decade ended with a bottle of JW black requested by the IO "for the boss". Was a nOOb then and since that, learned to how to look like an old hand (basically try to look like an old Sino-Thai Hi-So granny, ie. completely pissed off) and they haven't tried again. Maybe you have that expression naturally. 

That's what I asked the other guy and he had not had any problems himself (I think) so was only repeating gossip he'd heard.  I have never gone to Imm with a Thai person so I've never had any problems. 

 

From what I've seen most of the corruption must occur with agents and is outside of my direct experience.  I've seen the agents show up with gifts and a pile of passports and cut into line.  But no one has ever tried to shake me down. 

 

I've always done the 800 money in the bank although my pension is enough to do it that way also.  I've never met anyone who had problems at Jomtien.  Why would you flame me?  I've never done anything to you.  I don't lie or spread gossip and post only what I know to be a fact. 

[jacko45k]

13 minutes ago, mokwit said:

knowing full well there was no "proper visa" for unmarried/noWP/under 50's.

Elite Visa? 

[mokwit]

5 minutes ago, jacko45k said:

Elite Visa? 

Fair point, but if someone has been working on Thai salary and wants to stay on it is a material amount. Let's face it, many of us are here because of living costs - I can afford elite 20yr/to stay here easily, but not e.g. Switzerland in the summer and the Caribbean in the winter which I would consider if I had more money.

[Fex Bluse]

9 hours ago, marcusarelus said:

Visa extensions may use a fixed deposit account in my experience.  

Yes, very low interest fixed deposit. They earn almost nothing. Surely, savvy investors can do better things with their money was my point.

[jacko45k]

1 minute ago, Fex Bluse said:

Yes, very low interest fixed deposit. They earn almost nothing. Surely, savvy investors can do better things with their money was my point.

Probably about 1.5% , liable to 15% withholding tax. Savvy investors perhaps can, but needs must! If the alternative is an extra spend of 25,000 / year, or 500,000 for a 5 year option it may be a good investment.

[wayned]

I imagine that the first time that you use the new rules it will be a real treat!

 

For the monthly income option the order, as I read it , says that you have to have a letter from your bank stating that $XXXX.XX was deposited every month.  That amount will vary depending on the exchange rate and my fixed amount is deposited in New York and I doubt that the rural bank that I use will have access to that amount and my SMS messages will most likely not be acceptable if they even understand the requirement.

 

There is no mention of the "combination" method or what the requirements are for keeping money in the bank after the application, or even is it is still an option.

 

My next extension is not due until November but I can see a real treat coming!

[Pattaya46]

5 hours ago, sambum said:

"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. 

They certainly don't need to read all these pages, but just the first message on page 1.

It contains 99% of the important information of this whole thread.

[onera1961]

1 hour ago, mokwit said:

How does it feel now the rising tide has reached you "good farangs"? Still think all the people you designated as "scum" by dint of their not qualifying for long stay visa should be horsewhipped and deported?

Why they will be in panicked mode? 

 

1. Some people leave their 800K baht year round and in a fixed deposit to earn a better return. No problem with them. 

2. Some people will go to home country and get an O-A visa, like me. And many more will do the same now. No problem with them. Keep money in your home country and spend whatever you want in Thailand

 

It is a problem for people who start spending down 800K after the visa is granted and then top it up again three months before next extension. They need some planning to overcome the initial shock and after that it will be OK a usual. 

The problem is always with the people who bring 65K because they have to show they are bringing 65K each and every month, and people who don't have at least a million baht in savings and less that 65K/month income,no respite, even if they are out of the country for two months.

 

What's the lesson learned from all these? I think one needs at least a million baht (2 million better) and a constant source of income of 40K/month if renting or 30K/month with his own place to live. So anybody planning to retire must have this much money before they move to Thailand. 

[Skeptic7]

3 hours ago, balo said:

 

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.  

 

 

2 hours ago, Swedenlars said:

Bullsh.....regards from Cebu

Gesendet von meinem SM-N950F mit Tapatalk
 

Have spent time in both countries and never felt comfortable/safe in PI. Liked it a lot, but always wary...looking over my shoulder. NEVER feel like that here in T-Land. Also have 2 good friends that lived in PI for years and now live here. Both agree T-Land is much safer. 

[Chongalulu]

6 hours ago, gentlemanjackdarby said:

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.

 

His point assumed an investment in a single share (very naive). Of course trackers/ index funds reflect by and large the movement in the market but they insulate younfrom from the scenario the other poster painted (all your eggs in one basket) a basic rule of investment. One does not make stock assessments on 2/3 months spans but over 5 year minimum performance. On that basis you can take any 5 year period in history and stocks have always outperformed bank deposits. The latter are a slow motion car crash destined to reduce it’s purchasing power due to the ravages of inflation. My 40 year investment performance has well outperformed any deposit.

[Lacessit]

7 hours ago, David Walden said:

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

The Thai Embassy website says nothing about retirement visa extensions or retirement visas, only visa applications. It also states multiple entry non-immigrant visas will be treated on a case-by-case basis, and any visa application is subject to rejection as seen fit. I suggest you dial down the sanctimony.

[Benmart]

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

[Fex Bluse]

5 minutes ago, Benmart said:

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

But, at the end of the day, expats pay for Thai incompetence and dishonesty, as always. Thai, as a cultural trait, will tend to target and attack only the weakest people in any scenario. They never attack the strong. So, being expats, we are always the weakest as the Thai make sure we are stripped of rights - even equal protection under the law.

 

Smart system they have.

[jacko45k]

11 minutes ago, Benmart said:

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

The banks likely are also complicit. In some cases money really goes into a person's account, albeit for a short duration. Putting money in is usually not an issue, having the authority to take it straight back out again without the account owner's input surprises me!

[Olmate]

5 minutes ago, jacko45k said:

The banks likely are also complicit. In some cases money really goes into a person's account, albeit for a short duration. Putting money in is usually not an issue, having the authority to take it straight back out again without the account owner's input surprises me!

Tells you a lot about bank security and your money being safe here. I don’t have much but their not getting any !

[notamember]

11 minutes ago, jacko45k said:

The banks likely are also complicit. In some cases money really goes into a person's account, albeit for a short duration. Putting money in is usually not an issue, having the authority to take it straight back out again without the account owner's input surprises me!

ATM transfer using account holders ATM & pin  or pre signed withdrawal slip

unsurprisingly

[jacko45k]

1 minute ago, notamember said:

ATM transfer using account holders ATM & pin  or pre signed withdrawal slip

unsurprisingly

I am unable to make a transfer to someone without entering a new recipient in a list for my Thai account. I would also hit transaction limits at 800k. You also suggest people hand over their ATM card and the PIN to some stranger/ agent. 

Are you suggesting the above is how agents handle it, because I am actually not familiar. 

[Olmate]

11 minutes ago, notamember said:

ATM transfer using account holders ATM & pin  or pre signed withdrawal slip

unsurprisingly

ATM,s give out 800K do they?

[notamember]

8 minutes ago, jacko45k said:

I am unable to make a transfer to someone without entering a new recipient in a list for my Thai account. I would also hit transaction limits at 800k. You also suggest people hand over their ATM card and the PIN to some stranger/ agent. 

Are you suggesting the above is how agents handle it, because I am actually not familiar. 

and?

and?

yes

why would applicants worry about ATM and pin?

only 500 baht in target account and they are receiving 800K

[notamember]

5 minutes ago, Olmate said:

ATM,s give out 800K do they?

no but a person can transfer 1 million from same bank account to another same bank account with an ATM card and pin if you know how

[superal]

What I have not seen mentioned here is that many IOs want to see the bank account  , holding the 800K baht , to be active i.e. money in & out on a regular basis . Therefore we are talking in excess of 8ook to the extent of not falling below 800k which if that did happen would disqualify you ?  800k is not enough . more like 850-900k and the remaining 6 months 450 - 500k

Visa issued  at the 1st stage of having the 800k in the bank for 3 months . Do they have a crystal ball for the next 9 months ?

[JackThompson]

8 hours ago, Roy Baht said:

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.

Given lousy bank interest rates in recent years "savvy" may not be the issue - a "have to make money on my money by investing or else," is more like it.  It sucks to run out of your savings before you die, and eating the principal becomes the only option, when interest rates are close to zero.

 

8 hours ago, elviajero said:

8 hours 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?

There is no legitimate "clampdown on long term tourism" because "long term tourism" is not illegal.  Clearly, policies have been taken in that direction anyway, with the very-predictable negative results for the businesses that served them - with their formerly-employed Thais now working for dirt-wages or subsistence farming, again.

 

8 hours ago, elviajero said:

The last two sentences are pure speculation.

Very true - they are.  I am basing that on the PM trying to get immigration to back-off of their Visa-Exempt "tightening" - I have listened to a lot of weekly talks, and he doesn't strike me as the kind of person who would just stick a knife in the back of thousands of expats by making this change w/o ample warning.  

 

By "middle" - I mean upper-levels of the immigration bureaucracy, in this case - the same ones "cracking down" on extensions based on marriage to Thais, etc - those whose attitude to any foreigner here for more than a short vacation being, "Pay Tribute or Get Out."

[Olmate]

25 minutes ago, notamember said:

no but a person can transfer 1 million from same bank account to another same bank account with an ATM card and pin if you know how

Think the bank agent arrangment is more “sophisticated” than that clumsy method.

[mokwit]

1 hour ago, Benmart said:

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

,

[boonrawdcnx]

But, at the end of the day, expats pay for Thai incompetence and dishonesty, as always. Thai, as a cultural trait, will tend to target and attack only the weakest people in any scenario. They never attack the strong. So, being expats, we are always the weakest as the Thai make sure we are stripped of rights - even equal protection under the law.  

Smart system they have.

 

 

Actually poor Thais are much worse off within their “smart system” they are treated much much worse than we are while they are struggling to make ends meet every day.

 

Reading all the comments here - I feel sorry for some friends of mine who have retired here since years - who are wonderful people, have integrated well into the local communities and Thailand is lucky to have them but they are struggling to fulfill the financial requirements with a fixed income and falling exchange rates.

 

Living here for whatever reason they might have - Having done nothing wrong but spending whatever they have in this country - they are the ones who have no choice but use corrupt officials and agents because they might be just short of a few thousand baht a month in income.

 

 

But what does one expect in a country where for so many material things are all they desire - constantly unhappy, cheating, greedy, corrupt, boring people who all pray to one god - MONEY!

 

 

 

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

[zydeco]

Interesting graphic. Thais in the US send back $1.7 billion/year to Thailand from the US. And they don't have their bank accounts monitored for a minimum amount or restricted in anyway. 

[David Walden]

1 hour ago, Lacessit said:

The Thai Embassy website says nothing about retirement visa extensions or retirement visas, only visa applications. It also states multiple entry non-immigrant visas will be treated on a case-by-case basis, and any visa application is subject to rejection as seen fit. I suggest you dial down the sanctimony.

 

This how I get my Visa in Australia using the surrender value of my super pension fund which has to be at least Bt800,000 (available in most countries).  I do not have any funds in Thailand and am not required to so...it all works costs $275 plus police and medical reports

 

Retirement Visa....from the Royal Thai Embassy web site in Canberra...the extension is granted if you depart and return just before the 1st year of the visa concludes you will get a one year extension at the airport from an immigration officer (free).  You can stay for 2 years and have no money in Thailand (that how I do it).   My present visa is now 18 months old and I'm in the extension period.

Non-Immigrant Visa Category “O-A” (Long Stay)

 

Purpose of Visit:  This type of visa is issued to applicants aged 50 years and over who wish to stay in Thailand for a period of not exceeding 1 year.  Employment of any kind is strictly prohibited.

 

Eligibility:

• Must be aged 50 years and over on the date of submitting an application;
• Must not be a person prohibited from entering the Kingdom as prescribed by the Immigration Act B.E. 2522 (1979);
• Must not have criminal record in Thailand or in Australia or the country of his or her residence;
• Must have the nationality of or permanent residence in the country where the application is submitted;
• Must have no prohibitive diseases as indicated in the Ministerial Regulation No. 14 B.E. 2535 (1993) i.e. Leprosy, Tuberculosis, Elephantiasis, drug addiction, alcoholism and third step of Syphilis.

 

Validity of a Visa:  The validity of a visa is 12 months with MULTIPLE ENTRIES

 

Period of Stay: Travelers will be permitted to stay in Thailand for a period of not exceeding 12 months.

 

Visa Processing Fee:  $275.00 AUD per application

 

Documents Required: (1 original and 2 copies)

• Your actual Passport or Travel Document. (Passport or Travel Document must not expire within 18 months);
• Three completed and signed application FORM;
• Three passport-size photographs (3.5 x 4.5 cm.) taken within 6 months with a full-face view without hat or glasses. (Photocopy not accepted);
• A completed PERSONAL DATA FORM;
• A bank statement showing a deposit at the amount equal to no less than 800,000 Baht, or an income statement (an original copy) with a monthly salary of no less than 65,000 Baht, or a deposit account plus monthly income of no less than 800,000 Baht a year;
• A police name check certificate issued no longer than 3 months prior to submitting the application;
• A MEDICAL CERTIFICATE indicating that the applicant has no prohibitive diseases as indicated in the Ministerial Regulation No. 14 B.E. 2535 (1993) issued no longer than 3 months prior to submitting the application with a rubber stamp of the concerned doctor or hospital on the certificate confirming its authenticity.

 

⇒ In case where the accompanying spouse is not eligible to apply for a retirement visa, he or she will be considered for temporary stay under a Non-Immigrant Category “O” visa.  A marriage certificate must be provided as evidence.

 

Instruction:

• When you have prepared all the original documents as required, you must then make 2 copies of each document.
• Afterward, you must separate the documents into 3 sets. Within these sets, you should arrange the documents in the order given above.  All together you will have 1 set of the original documents and 2 sets of copies.
• You must take all 3 sets to a Notary Public to bind and notarize each set. The binding and notarization of documents must only be done by a Notary Public or Justice of the Peace.   

 

Important Reminder:

• With retirement visa, you require to report to the Office of Immigration Bureau or Police Station in your residential area every 90 days.
• You may report to the competent authority by sending a Report form (Tor Mo 47) together with a copy the biographic page of your passport and the page showing the latest arrival stamp to the Office of Immigration Bureau, South Sathon Road, Sathon District, Bangkok 10120. It should be send 7 days before reaching the 90 days stay in the Kingdom.
• FAILURE TO COMPLY MAY RESULT IN THE CANCELLATION OF YOUR VISA.

 

Submitting Application by Mail:

• Send all required documents to Royal Thai Embassy – Visa Section, 111 Empire Circuit, Yarralumla, ACT 2600
• A self-addressed return envelope must be provided.
• Payment in a Money Order made payable to “the Royal Thai Embassy.” Cash not accepted. (You can buy a Money Order from the post office)

 

Disclaimer:  Consular officers reserve the right to request additional documents as deemed necessary as well as reject any application without having to provide reason.

 

Extension of Stay: An extension of stay can be requested at the Office of the Immigration Bureau located at

            Government Center-Chaengwattana

            Building B, No. 120 Moo 3, Chaengwattana Road

            Tungsonghong Sub-District, Lak-si District

            Bangkok 10210

            Tel (662) 141-9889  Fax (662) 143-8228

            ⇒ www.immigration.go.th

 

The extension of stay and change of certain types of visa is at the discretion of the immigration officer.ssy Canberra

[jacko45k]

1 minute ago, mokwit said:

So long as the money is there the bank is doing nothing wrong if the money is in the account at the time the letter was requested. They are just confirming an actual account balance.

Amazing that the letter is requested and produced during the short spell the money is in there and the apparent account owner is sat in his condo sniffing Folgers.

[dayo202]

This Message is from the KEY VISA Facebook page.. please don't shoot the messenger.

Latest News ???????? we believe the new rules for retirement visa applications will not affect applicants who have had a retirement visa issued in the last 10 years, this new rule is aimed at new applicants ????????

News yet to be confirmed but looking good ????