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

[notamember]

3 hours ago, balo said:

He's been around for many years, he would not publish this statement if he was not sure. 

 

How many regulars does he have ? More than 1000 for sure so he doesn't need new customers walking in the door.  

 

 

 

 

every agent needs new customers to replenish those that :

leave

don't like it after a 1 year test and leave

leave to look after a sick relative in homew country

bring in their own money

get their pension income

move to another area and get new agent

get married, can do  married visa and an cover 40,000 or 400,000

 

lots of reasons but agents need to recruit new clients all year round to replace the 30-40% decline in subsequent years

 

That why Key Visa and other long established visa agents still advertise

 

 

[jacko45k]

2 minutes ago, PAWNEESE said:

The money in the bank requirements after getting your "retirement" visa only make sense to me if they are the requirements needed to get your next visa 12 months later. 

Yes, this makes sense. But how do I prove my 400k or 800k was maintained? I usually put the account passbook away the day I get a new extension, dusting it off and updating it 91 days before I start the hoop dance again! The consolidated entry is no proof!

[Tanoshi]

9 minutes ago, PAWNEESE said:

Im possibly dithering over the best way to go ... I think Im dithering .. not sure.

You're in the right club. Lot's of ditherers here now planning their finances and which path to follow.

[JackThompson]

2 hours ago, mokwit said:

He has a point - historically,  I noticed in my condo (BKK CBD) that just as they tightened up visas AirBnB became a thing and took up the slack.

But they are cracking-down on that, and it often violates the condo's terms, so is a risky way to try to get paid by immigration's favorite "short-term tourists."

 

2 hours ago, madmen said:

Your dreaming. 8 to 10k studios on view talay building have been available for the last decade! They have never been 15k like you mentioned in a previous post

 

Your deal is normal for jomtien because nothing happens there. It's dead after high season dude lol

 

It's kind of sweet how naive you are

I lived there for years, and know the market pretty well.  I got more condo for less money every year.  The 8K deals I refer to are "on the beach" condos of 45 Sqm or so.   When I first arrived, that price got you 32 SqM on a lower-floor.

 

I am not referring to the 24 sqm shoe-boxes, a ways from the ocean (I suppose you can see it in the distance from some units), into which it is difficult to fit a queen-sized bed and couch.  You can barely fit a chair onto those "balconies."  Also, they often go for 9K via agents to the naive - a total rip-off, imo.  And have fun trying to dart across 2nd road in your flip-flops to hike to the beach, without getting plowed by a Chinese Tour Bus going 80 kmh.

 

Also - Just 10 baht and you are in Pattaya.

[onera1961]

14 minutes ago, notamember said:

how does:''The new changes eliminate the agent as operated before.?''

agents deposit 800K pre extension and will deposit 800k again post extension

deposit twice, get paid twice, pay immigration twice

agents stock just doubled

 

How about maintaining 400K throughout the year? People who use agents do bring money to the country. They just don't qualify for the requirements. Considering they bring the average SS payment, that is almost equal to 40K, comfortable income in Thailand.

[mokwit]

Just now, JackThompson said:

The 8K deals I refer to are "on the beach" condos of 45 Sqm or so

Would be genuinely appreciative if you could name the condos. Serious request

[Fex Bluse]

1 hour ago, onera1961 said:

I find everybody posting here with their personal bias and some people are even openly exposing their sense of privilege to stay here in their own terms. 

It is almost impossible to respect a system that even the Thai immigration have OBVIOUSLY been disrespecting with corruption. 

 

Despite Thais not following their own rules, they keep changing them, randomly, and then backtracking. 

 

Do you respect this? 

[rott]

8 minutes ago, JackThompson said:

But they are cracking-down on that, and it often violates the condo's terms, so is a risky way to try to get paid by immigration's favorite "short-term tourists."

 

I lived there for years, and know the market pretty well.  I got more condo for less money every year.  The 8K deals I refer to are "on the beach" condos of 45 Sqm or so.   When I first arrived, that price got you 32 SqM on a lower-floor.

 

I am not referring to the 24 sqm shoe-boxes, a ways from the ocean (I suppose you can see it in the distance from some units), into which it is difficult to fit a queen-sized bed and couch.  You can barely fit a chair onto those "balconies."  Also, they often go for 9K via agents to the naive - a total rip-off, imo.  And have fun trying to dart across 2nd road in your flip-flops to hike to the beach, without getting plowed by a Chinese Tour Bus going 80 kmh.

 

Also - Just 10 baht and you are in Pattaya

If you manage to cross the road :).

 

These 8k 45 sqm condos sound interesting, I could be looking shortly. Any clues?

[JackThompson]

2 hours ago, Roy Baht said:

But it's not just an economic problem, it's a social one, and the backlash comes not only from elites.  Thais are extremely status conscious and believe in maintaining a social hierarchy. Nothing upsets a hard-working middle class Thai more than the sight of someone they view as "socially inferior" being showered with wealth. They see it as deeply unfair. And envy is no small force in Thai society.

But it's ok with them to see immigration-agents "showered in wealth" from agent-money? 

I know which would tick me off more, were I in their position, and I feel the same way about corrupt/connected politician types in my passport-country.

 

1 hour ago, Mango Bob said:

Tell me Big Joke why do a retired person here have to keep 400,000 baht in the bank all year long and 800,000 in the bank for 5 of those months while a married expat only has to have 400,000 in the bank to season for a few months a year.   Why do I as a retiree need to have more money than a married person who supports his family, her family and half the village need less money then I do?

As the new rules show, they know you only "really need" 400K, since the other 400K has now been taken away from your spending pool.  Those supporting a Thai family only needed to show what is actually needed to live here comfortably all along.

 

And, if you marry smart, you wife is not dead-weight in the equation, and "half the village" (maybe not quite half) work in the local-enterprise you build with her.  Why we have to show any financials while doing this is the real question, given wives of any nationality tend not to stick around with "bum" type men.  It should be the wife's call - not immigration - if you are supporting her "well enough" or not.

[jacko45k]

3 minutes ago, JackThompson said:

It should be the wife's call - not immigration - if you are supporting her "well enough" or not.

Perhaps immigration just want to make sure, chuck it in the klong if you don't need it!

[madmen]

Would be genuinely appreciative if you could name the condos. Serious request

Just go there. According to jack all the expats dumped their condos on the market for a 50 % discount and the renters dumped their 2 month deposits and ran to the airport

 

All this after an announcement made only a few days ago [emoji23]

 

He is a troll

 

If you want to pay 10k for a condo without even signing a lease in view talay 2a or 2b pm me and I will tell you where to go

 

There are no beachfront quality condos in jomtien before soi 7 that I know of unless you stray a long way from the baht bus route but you need a car or bike so they not worth it

 

[Tanoshi]

2 minutes ago, rott said:

If you manage to cross the road :).

 

These 8k 45 sqm condos sound interesting, I could be looking shortly. Any clues?

Sorry gents, but I'm getting pretty fed up with continuous posts about Condos and the emerging markets and conspiracy theories about the extent of corruption, which is beginning to highjack this thread.

 

Please open a new topic relevant to your topic of conversation, or take it to PM's.

The majority want to discuss the heading of this topic 

[JackThompson]

7 minutes ago, rott said:

If you manage to cross the road :).

 

These 8k 45 sqm condos sound interesting, I could be looking shortly. Any clues?

The online sites have a lot of false-alarms (old stock no longer available), but look for individual's ads, vs agency-ads.  Though I did get one deal of that sort via an agent.

[ginjag]

17 minutes ago, mokwit said:

Would be genuinely appreciative if you could name the condos. Serious request

Majestic Condo Jomptien,  not far out, has market  busy,  7-11 and Tesco,  my friend sold for 500k,  can buy for as little as 499k  32 sq mt...balcony---shower room.

[lucjoker]

On 1/31/2019 at 8:23 PM, MikeN said:

I suspect that English is not your first language, so it's not surprising you cannot understand the local version of English ..... but you are completely misunderstanding it. Nowhere does it say you have to bring in 800,000 every year ....one option is to bring in 65,000/month but if you are using money in the bank method then its 800k for 2 months prior and 3 months after your extension, and a minimum of 400k for the next 7 months when it starts all over again .....bring in 400k or more to get you up to the 800k level again.

yes, i was wrong.......it is not 800 000 but 400 000 thb to bring in every year.

Plus the extra trips to bank and immigration to prove you are a good boy.

Plus the need to be in the country to do all these trips.

Some people dont spend more than a few months a year in Thailand, because ,except for the few winter months , it is too hot for older people .

And again you are right, English is not my first language, that would be a big handicap .

English is only my 4th language , not perfect ,but i have not the limited vision of only 1 language, as most "first language" people.I'm sure you speak a lot af languages so i'm not ridiculing you .

Have a nice day. 

 

 

 

[notamember]

1 hour ago, jacko45k said:

I heard one report of a person attending the bank with his passbook and having it done. I will ask another how it goes when I see him. When the agent guy with the card cloning gadget is fired, people better watch out!

no need to clone anything, the customer gives the agent the passbook with 500 baht in it, ATM card and Pin number

is the customer going to be worried bout losing 500 baht when someone is putting 800,000 baht in his account

 

my goodness you are so naive

 

[madmen]

Majestic Condo Jomptien,  not far out, has market  busy,  7-11 and Tesco,  my friend sold for 500k,  can buy for as little as 499k  32 sq mt...balcony---shower room.

Yep and you can rent from 7k. But it is a bit of a walk to the baht bus. Jomtien has always been dirt cheap

 

http://www.majesticjomtien.com/

 

But way off topic so I bow out of this conversation

[lucjoker]

On 1/31/2019 at 6:01 PM, stephen tracy said:

Are you sure? I thought the wording there was a bit confusing. So you mean that after 2 years you need 1.6 mil and after 3 years, 2.4 etc? That seems a bit crazy for someone who is retired. I'm not retirement age yet but wouldn't want to have to do that

No,you need only to bring in 400 000 a year.

Plus some more trips to the bank and immigration to prove that the money is still in .

[lucjoker]

On 1/31/2019 at 5:49 PM, lucjoker said:

So ,just move in time , and take all your belongings with you,

thats what i did .

as i did also.

[mokwit]

2 minutes ago, notamember said:

 

my goodness you are so naive

How so?

[jacko45k]

2 minutes ago, notamember said:

no need to clone anything, the customer gives the agent the passbook with 500 baht in it, ATM card and Pin number

is the customer going to be worried bout losing 500 baht when someone is putting 800,000 baht in his account

 

my goodness you are so naive

 

Well one case I know of the guy does not even have a bank account. 

But your example, the customer then retains a bank account with only 500 baht in it for the next year?

[notamember]

14 minutes ago, Tanoshi said:

Sorry gents, but I'm getting pretty fed up with continuous posts about Condos and the emerging markets and conspiracy theories about the extent of corruption, which is beginning to highjack this thread.

 

Please open a new topic relevant to your topic of conversation, or take it to PM's.

The majority want to discuss the heading of this topic 

are you a mod now or just practicing?

[phutoie2]

1 hour ago, Tanoshi said:

What does BTN stand for?

 

By government service pensions, I assume you mean 'Armed forces' pensions as opposed to government 'state' pensions.

BTN stands for BahtNet apparently. The pension administrators pay the pension in Sterling to citibank  Bangkok and then its transferred to your local bank. I believe BKB take a fee too. 

The fee from UK is 2.74 GBP, I have done this for over 10 years now, the only downside is waiting for your money a little later. GSP's include civil service as well as military. 

[Straight8]

On 1/31/2019 at 10:47 PM, jesimps said:

That's a ridiculous statement. I've been here legally for 12 years abiding by all the immigration rules, how am I "getting your just deserts" and being "closed minded and arrogant"? Who needs Big Joke while you're around.

 

So what's your biff with this? 12 years, you should have planned well for any changes. This is not really a big change, and if you did, you'd have no issues now.

 

You think they won't be upping that 800K to a nice round looking figure of 1,000,000 sometime in the near future. Very possible, and then they'd give all of those living on the 800k edge something to bitch about.

 

 

[yang123]

3 hours ago, peterg40 said:

My visit to Huahin Immigration yesterday CONFIRMED, after conversations with 2 senior Officers,

that ,absolutely NOTHING has changed with regard to visa extensions based on Retirement.

Indeed, they gave me a printed 

leaflet headed ,Retirement Visa.

Regulation & Required Documents.

This leaflet which is available to 

everyone absolutely confirms that the 

current requirements have not 

changed!!!

Please post a copy of the leaflet.

Thanks

[Mavideol]

The idea was to have 800K in the bank and use for living expenses, the new rules require double amount meaning, the 1st 800K to be deposited 2 months prior and stay up to 3 months after and at ALL times 400K, question what about the living expenses we do need extra money to live on, is it another 400K, 600K, 800K or less

[Tanoshi]

4 minutes ago, notamember said:

are you a mod now or just practicing?

Ha, ha, real funny guy, have you always been a clown or just practicing.

[notamember]

2 minutes ago, jacko45k said:

Well one case I know of the guy does not even have a bank account. 

But your example, the customer then retains a bank account with only 500 baht in it for the next year?

yes, its his bank account in his own name with his 500 baht in it and the accompanying ATM card and pin. He can use it as he wishes but its recommenced that he at least uses it now and then, putting money in and out, so that it does not go dormant by 50 baht a month service charge for non use  then dealt the death blow at year end by a 300 baht renewal fee for the ATM card annual fee

use it or lose it

[yang123]

5 hours ago, dayo202 said:

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 ????

Nothing new on the KEY VISA website, simply an invitation to call in if the proposed changes are causing sleepless nights".

Watch this space....

[Tanoshi]

4 minutes ago, Mavideol said:

The idea was to have 800K in the bank and use for living expenses, the new rules require double amount meaning, the 1st 800K to be deposited 2 months prior and stay up to 3 months after and at ALL times 400K, question what about the living expenses we do need extra money to live on, is it another 400K, 600K, 800K or less

Depends on your expenditure.

If you want to maintain the same lifestyle, then another 400K to cover a 6 month period, by which time you can then withdraw 400K for the next 6 months, maintaining your 800K expenditure.

It's a one off, as next year you'll only need to transfer 400K to top up to 800K.