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

[overherebc]

10 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

Yep. you bring in 800,000 live on fresh air for 5 months then take 400,000 out to live on for 4 months then bring in another 400,000 so you can live on fresh air for 6 months, rinse and repeat.

Possible correction to the rules would be some out some in to have 800,000 or 400,000 to show when needed. Let's face it everybody must have some kind of income.

Edited February 2, 2019 by overherebc

[jacko45k]

4 minutes ago, yang123 said:

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

Watch this space....

I bet the guy is fed up of answering the same questions over and over, if ManU drop points at Leicester he will be even grumpier!

[notamember]

14 minutes ago, mokwit said:

How so?

to suggest an agent would go to the trouble of cloning an ATM  card of an account that has only 500 baht in it and then not expecting that the card owner might just change the pin number of the original card when its given back to him thus rendering the clone card made to steal the 500 baht entirely useless

 

I think that is a naive notion to have and demonstrates how deeply entrenched the notion of agents being criminals really is

 

[madmen]

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

Makes sense. They won't make an announcement jeopardizing there relationship with their contacts.

Somebody who is effected by the latest immigration announcement should call [emoji338] them though. They can give details off the record via phone [emoji336]

[notamember]

11 minutes ago, Tanoshi said:

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

i have read your posts before, i think you have a real balanced attitude

you have a chip  on both shoulders

 

[ThaiPauly]

I can't wade through 100 pages of this.

 

I have 2 questions that hopefully someone who has followed this thread more closely than I answer. I would be grateful for a response, and it may clarify things for other folks.

 

I have read that you need the 800,000 in the bank for 2 months before you apply for your visa, previously it was three or is this just for new applicants as before?

 

Can you put 800k in a high interest account or does it have to be in your regular savings book? If you have to have it here you may as well try and get as much for it as you can, but I believe that it has always had to be in your own normal day to day account that pays 0.5%? Which gives the Thai banks a lot of our money to make money with for a year while paying us jack.

 

Thanks

[scottiejohn]

Fixed savings account with instant access.  1.5/1.75% BKK is acceptable in CM.

Obviously it must be in place at least 3 months B4 and run for the full year with NO withdrawal if you want the interest.

Edited February 2, 2019 by scottiejohn

[Tanoshi]

13 minutes ago, notamember said:

i have read your posts before, i think you have a real balanced attitude

Thank you I'll take that as a compliment.

 

13 minutes ago, notamember said:

you have a chip  on both shoulders

There not chips.

 

Seriously, I'm sure many like myself who are following this topic and trying to form some kind of clarity on how these new rules impact their day to day living in Thailand and how to revaluate management of their funds, it's quite distracting to read continual posts about Condo prices and the changing markets, or conspiracy theories about the levels of corruption involving agents and Immigration.

I'm sure they may be well intended and a point of discussion …………. just not in this topic.

Edited February 2, 2019 by Tanoshi

[steve73]

1 hour ago, jacko45k said:

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!

12 month statement from the bank...  but the banks need to be set up to be able to provide this on-demand, not with a 3-4 week wait that it currently requires.

[jvs]

Well it  is a real chore to read all of these posts,many asking the same question or making the same comments.

I will just wait for next week because i am pretty sure this new rule(not a law yet)will be changed.

We will see what happens.

[Tanoshi]

14 minutes ago, ThaiPauly said:

I have read that you need the 800,000 in the bank for 2 months before you apply for your visa, previously it was three or is this just for new applicants as before?

The new order affects everyone applying from March 1st onwards.

From this date it will be 800K for 2 months prior and 3 months after the application date, then a balance of 400K must be maintained for the remaining 7 months, until you top back up to 800K for your next application.

 

17 minutes ago, ThaiPauly said:

Can you put 800k in a high interest account or does it have to be in your regular savings book? If you have to have it here you may as well try and get as much for it as you can, but I believe that it has always had to be in your own normal day to day account that pays 0.5%?

Immigration will only accept an account where funds can be immediately withdrawn without notice.

Typically, Savings accounts, fixed term accounts and Foreign currency deposit accounts.

Savings accounts 0.5% interest.

Fixed terms variable, currently 1.5% for a 1 year fixed term.

FCD accounts 0.9% if in a 1 year Fixed term account.

 

Other higher interest accounts usually require notice for withdrawals.

 

[Tanoshi]

2 minutes ago, steve73 said:

12 month statement from the bank...  but the banks need to be set up to be able to provide this on-demand, not with a 3-4 week wait that it currently requires.

Which bank is that?

My BKK branch print them off while you wait.

Alternatively sign up for online banking. You can print off up to 6 months statements.

[Straight8]

On 1/31/2019 at 11:18 PM, Rhys said:

.... this dude needs a bj.

 

Are you offering? ????

 

I don't know, perhaps soften him up a bit??

Edited February 2, 2019 by Straight8

[steve73]

10 minutes ago, Tanoshi said:

Which bank is that?

My BKK branch print them off while you wait.

Alternatively sign up for online banking. You can print off up to 6 months statements.

I'm just stating what I've read on TV over the past few months (my bad).. I've only ever needed a 3 month statement.

Not sure if Imm would accept self-printed statements, although you could perhaps get the bank to verify it as genuine.

...or just keep your book up to date..

I'm tempted to open a dedicated account just to keep the funds in, totally separate from my normal banking. 

Edited February 2, 2019 by steve73

[madmen]

Well it  is a real chore to read all of these posts,many asking the same question or making the same comments.
I will just wait for next week because i am pretty sure this new rule(not a law yet)will be changed.
We will see what happens.

Smart move. I think the BJ wonder boy will be making a major change of face. Time will tell

[Tanoshi]

6 minutes ago, steve73 said:

I'm tempted to open a dedicated account just to keep the funds in, totally separate from my normal banking. 

If you have the funds to do that, many do just that.

Sitck 400K or even 800K if affordable into a Fixed term account for better interest rates.

Edited February 2, 2019 by Tanoshi

[Spidey]

2 minutes ago, madmen said:

14 minutes ago, jvs said:

Well it  is a real chore to read all of these posts,many asking the same question or making the same comments.
I will just wait for next week because i am pretty sure this new rule(not a law yet)will be changed.
We will see what happens.

Smart move. I think the BJ wonder boy will be making a major change of face. Time will tell

I like the Key Visa theory that it's only for new applicants. Dropping the seeding term from 3 months to 2 didn't make sense but the period for new applicants has always been 2 months. With this in mind, read the new police order again. Suddenly, it all becomes clear.

 

Panic over guys. Back in your boxes.

[Aussie69]

So, if I put 800k permanently in the bank has anything changed?

Does that satisfy requirements for 90 day reporting & annual renewal for a long term retirement?

 

[Tanoshi]

3 minutes ago, Spidey said:

I like the Key Visa theory that it's only for new applicants. Dropping the seeding term from 3 months to 2 didn't make sense but the period for new applicants has always been 2 months. With this in mind, read the new police order again. Suddenly, it all becomes clear.

 

Panic over guys. Back in your boxes.

What makes you believe it's purely for new applicants?

 

I read nothing in the order to that effect, quite the contrary.

1. Criteria for consideration an aliens application for a stay in the Kingdom.

(Isn't that what we do each and every year).

2. 6.2 An aliens qualification does not meet criteria or conditions for consideration to permit the stay within the Kingdom as previously submitted due to the changes or void whatsoever.

 

Where's the relevant grandfather clause?

[Spidey]

2 minutes ago, Tanoshi said:

What makes you believe it's purely for new applicants?

 

I read nothing in the order to that effect, quite the contrary.

1. Criteria for consideration an aliens application for a stay in the Kingdom.

(Isn't that what we do each and every year).

2. 6.2 An aliens qualification does not meet criteria or conditions for consideration to permit the stay within the Kingdom as previously submitted due to the changes or void whatsoever.

 

Where's the relevant grandfather clause?

It's not a "grandfathering" issue. It's for first time applicants for a visa extension.

[Ctkong]

19 hours ago, overherebc said:

Wonder why?

To built up customer confidence and encourage foreign investment, the central bank got to guarantee deposits to a large degree especially after the financial collapse... now after the dust had settled down, the central bank can reduce the exposure . 

[pontious]

3 minutes ago, Spidey said:

It's not a "grandfathering" issue. It's for first time applicants for a visa extension.

I tend to agree - the 2 month seasoning seemed odd.

[peterg40]

If I understood your post correctly, then I seems to me
that one very small concession has been made
as you stated that the 800000Baht only has to be in a Thai Bank for 2 months
rather than 3 months as per current requirements.
Am I correct in my understanding of your post?


Sent from my iPhone using Thaivisa Connect

[Spidey]

2 minutes ago, peterg40 said:

If I understood your post correctly, then I seems to me
that one very small concession has been made
as you stated that the 800000Baht only has to be in a Thai Bank for 2 months
rather than 3 months as per current requirements.
Am I correct in my understanding of your post?


Sent from my iPhone using Thaivisa Connect

No.

[ubonjoe]

10 minutes ago, Spidey said:

t's not a "grandfathering" issue. It's for first time applicants for a visa extension.

I don't think so. There is no mention of that in the order.

The change to 2 months is due to having to keep it in the bank for 3 months after. It will be the same for the first and all extension application.

I would not go by what one agent thinks.

[Spidey]

Just now, ubonjoe said:

I don't think so. There is no mention of that in the order.

The change to 2 months changed is due to having to keep it in the bank for 3 months after. It will be the same for the first and all extension application.

I would not go by what one agent thinks.

There's no mention of very much in the order. As clear as mud.

 

Having dealt with Key Visa before, I think I'd rather go by what Key Visa says than a load of blurts on TV.

[ubonjoe]

14 minutes ago, Spidey said:

There's no mention of very much in the order. As clear as mud.

Something as important as it only being for first time applicants would certainly be mentioned. 

Perhaps that is what Key Visa is hoping for since it is going to hurt their business.

[from the home of CC]

19 hours ago, tlandtday said:

It's the process... the ends do not justify the means.  One must seriously assess living in a country that requires one to show a passport to send a birthday card to your mother.

if foreigners weren't sending yaba and heroin via the mail system to your mother, you probably wouldn't have to do this..

[elviajero]

23 minutes ago, Spidey said:

25 minutes ago, peterg40 said:

If I understood your post correctly, then I seems to me
that one very small concession has been made
as you stated that the 800000Baht only has to be in a Thai Bank for 2 months
rather than 3 months as per current requirements.
Am I correct in my understanding of your post?


Sent from my iPhone using Thaivisa Connect

No.

Yes it's changed; it's now 2 months before the first and subsequent extension

 

However, it's now 5 months in total. 2 before you apply and 3 months after.

Edited February 2, 2019 by elviajero

[madmen]

Why did they pay that much for a condo?  At 8K/mo rent for a high-floor sea-view, the sale-price is nowhere near that any more.  Granted, many who bought years ago paid a high price, since immigration wasn't blocking Western tourists then, so the rents for the same units were 15K/mo.  But those units are on fire-sale, now.
 
Many bought condos with their savings, knowing they would never have to pay rent again, so could live well on a lower income.  After all, they "grandfathered" the last changes - so probably thought there was at least a semblance of stability and good-will involved.  They thought wrong. 
 
Thailand won't give ANY credit for a retiree's condo-equity in their retirement-scheme - even though it is clearly not "money to spend" any more (as formerly advertised).  So, they likely paid too much in the past, now cannot rent it out or sell it for anywhere close to break-even, and immigration is forcing them to move to another country - where they will have to start paying rent, again.  Talk about a set-up and burn!! 
 
Glad I never bought a condo here.  I  considered it, but the rental-prices kept falling, and falling, and falling... as immigration tightened the screws on one subset of the Western expat-population to the next - to drive the renters and buyers away.  Try doing short-term BnB to short-termers, and they'll bust you for that, too.  No Win situation, folks.  Keep your money somewhere safe.  Investing here is a crap-shoot.

Dude you live in jomtien where you can buy a condo for less than the price of a new camry.
Your paying 8k a month and think you killed it and got a super deal because all the expats left yesterday [emoji23]

You can't make that stuff up!
But here is a novel idea. Why not start a new thread about rents and stop hijacking this one?