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

[Gecko123]

So you suddenly have a medical or family emergency which requires you to temporarily tap these funds, and your bank balance drops below 400K. You've got to go to immigration on your knees to beg for your visa to be renewed?

[connda]

I just got it from the horse's mouth.

Told the Thai wife about the new rules.  Her comment:
"There many bad foreigner do no good for Thailand."

 

There it is.  That's what must be being spread around by Thai media and then Thai social media.  "Foreigner" equals "Bad". 
I asked her, "How do you think this ends for you?  I've been supporting you and your family for 12 years, 11 of that married.  Your government keeps up the "All Foreigner Bad" routine until we're forced out of the country.  Then what do you and the family do?  Go back to work at 60 years old?"
The last thing I heard from her was a Thai reference to me being 'male genitalia'. We won't be talking for awhile. 

 

So there it is: "All foreigner bad."  Best of luck in the future everyone.

[Mavideol]

4 minutes ago, ocddave said:

I think they just want Westerners out of the country, because most of this seems like its done for no other purpose but to create hassles on foreigners. Maybe they have taken enough Western money now, that they would just rather have tourist only, and not full-time residents, meaning forget about retiring here going forward. I have no other choice but to stay and support my daughter and wife, so I just have to deal with the hassles, unless enough Thai wives complain about the treatment. But hey, this may all change if the Junta is kicked out of government soon, so who knows.

wishful thinking 555

[moto77]

10 minutes ago, zydeco said:

Reading from your post, then, you are not already retired, here, and you haven't even come here yet. So, you don't know what you're talking about, do you?

You don't know that. Maybe he was using the embassy letter method in the past as I did.

[phuketrichard]

34 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. 

 

do ur 90  day reports online
much easier

[rosst]

I didn't see that coming but I moved to the Philippines because I could sense the attitude of Thai immigration, no problem for me but I expect there will be many people moving out 

[Lipoman]

3 minutes ago, mlkik said:

Exactly ! I moved here at 49 and at 50 got my non o and then retirement extention. I do not get access to my local government pension until I am 55 but have more than enough in savings. My state pension is not until I am 67 so it is a good while away.

Planning is everything!

Well done.  I have a similar plan as you.  

[Spellforce]

I just hope that it will be an easy process, just to update your book bank and show it every 90 days.

 

In Jomtien they want all details of every transactions ! It means that you need to print your book bank every 10 transactions (only the last 10 transactions can be printed).

After 10 transactions, you have 2 lines printed : total debit & total credit.

If they can accept and do the math: balance before - total debit > 800,000 & balance today > 800,000 bahts then it will be fine and easy for us.

[Peterw42]

I have used an agent a couple of times and it was not usually a case of fraudulent bank books or letters, it was always my understanding the agent just presented a bank book to immigration (without funds or not seasoned) and a high level IO (with discretionary powers) approved the extension.

I would imagine the same IO will still be able approve an extension without funds/seasoning etc.

The problem isnt always the agents doing fake documents, its always been agent friendly IOs approving without documents/funds/seasoning.

I imagine that will be business as usual.

[Chicken George]

Maybe better now to go back home every 15 months and get a visa to come back. Then no funds have to be kept here? 

Not for me as yet but never know.

Next thing will be a new visa Say for 5/10 years which you can buy with no funds.. I predict that to be 100k..

 

[zydeco]

3 minutes ago, Lipoman said:

Zydeco, I said it all in my first paragraph.  Your insult is petty.  I'm presuming you chose to not deposit 800k in a Thai bank.  And how is that decision working for you? Enlighten me with your wisdom regarding this topic. 

You're presuming incorrectly. Just like you are about everything else in this topic, because you do not know how the system works. You haven't been through it. But you're lecturing those of us who have. My biggest problem with this is I don't want to go to Chaeng Wattana an extra two, three, four or eight times per year? Have you ever been there? Do you know what it is like to spend a day there, plus the 30km trip to CW through some of the worst traffic in Bangkok? You don't know anything.

[madmen]

It's funny how the desperates like to imply that all farang will run to Cambodia or some other arm pit.

Thailand won't even notice the vanishing of poor farang living as zero dollar long term tourists. Perhaps happy hour in soi bukaho would be a bit quite [emoji16]

[Peterw42]

1 minute ago, Chicken George said:

Maybe better now to go back home every 15 months and get a visa to come back. Then no funds have to be kept here? 

Not for me as yet but never know.

Next thing will be a new visa day fir 5/10 years which you can buy with no funds.. I predict thst to be 100k

 

Those Visa's already exist, Thai elite visa 500k for a 5 year visa

[dendijk]

This should have a ripple effect on areas in Thailand where low waged pensioners are residing. Who will live in the 7000-15000 baht shophouse floors/condos/apartments if those people cannot afford to live here anymore.

 

Many thais live here on 9000 baht incomes, so i really do not understand why they want the farangs outta here that can do it on 40000-64000 baht per month without having huge savings in the bank. I fully understand why low waged pensioners would wanna stay here. Cheap food, beer, nice weather, women, no 3 piece suits with heavy raincoat needed, etc. etc.

 

Thailand what is your chosen destiny. Where are you going?

 

[moto77]

2 minutes ago, connda said:

I just got it from the horse's mouth.

Told the Thai wife about the new rules.  Her comment:
"There many bad foreigner do no good for Thailand."

 

There it is.  That's what must be being spread around by Thai media and then Thai social media.  "Foreigner" equals "Bad". 
I asked her, "How do you think this ends for you?  I've been supporting you and your family for 12 years, 11 of that married.  Your government keeps up the "All Foreigner Bad" routine until we're forced out of the country.  Then what do you and the family do?  Go back to work at 60 years old?"
The last thing I heard from her was a Thai reference to me being 'male genitalia'. We won't be talking for awhile. 

 

So there it is: "All foreigner bad."  Best of luck in the future everyone.

THIS.
Is why I'm single. GF's are much less likely to act like this in my experience. 
I'd be serving the divorce papers tomorrow, dude. There are better ways to spend your money.
Good luck.

[MrPatrickThai]

1 hour ago, MikeOKitches said:

Phenom Penh, Cambodia here I come. ????

I wonder why? Young ladies perhaps? Bye! 

[NE1]

2 minutes ago, phuketrichard said:

do ur 90  day reports online
much easier

How can you if you have to show funds all the time , that was the question .

Plus our office doesn't do online reporting .

[Lipoman]

Why are some of you posters making this so difficult to work with?  You put 800k into a Thai bank.  Done.  You have satisfied the immigration rule.  The 800k is really not that much money. 

[dcnx]

36 minutes ago, theoldgit said:

You may be lucky enough to be able tie up 800,000 Baht for five months every year without needing to spend any of it, in which case bully for you.

There might be others who have committed themselves to Thailand by buying themselves a condo to enjoy their retirement in, so don’t have a spare 800,000 Baht they can leave untouched in the bank.

There might be those who’ve retired here under the previous conditions and didn’t expect the goalposts to be moved.

One wonders if those who can demonstrate they have the current required monthly income might be the next to have the goalposts moved.

For the life of me I really don’t understand the reasoning for needing to leave 800,000 Baht in the bank for five months of the year when it’s supposed to be evidence that you have sufficient to live on.

 

Who benefits from your 800k being tied up in a Thai bank?

 

I’ve read there are between 500k - One million expats legally living in Thailand. How many of them are retired? 

 

If I did the math correctly (correct me if I’m wrong) and only 50,000 are retired and on this visa, that’s roughly $1,250,000,000 US dollars. 

 

That’s a whole lot of money to play with. 

[zydeco]

4 minutes ago, moto77 said:

You don't know that. Maybe he was using the embassy letter method in the past as I did.

He said he was planning on retiring to Thailand.

[elliss]

1 hour ago, connda said:

Then why keep up the charade that this money is to cover living expenses if it can only be used six months out of the year. 

So...what's next?  What's the next hammer to drop?

             Confirm your gender is correct , as per your application.

[Pattaya46]

3 minutes ago, Spellforce said:

I just hope that it will be an easy process, just to update your book bank and show it every 90 days.

Where did they talk of "90 days" in the OP ?

My understanding is that they will check your 800k-6 months and 400k-6 months

only when you will ask for your next extension (after 1 year) 

[ross163103]

When will the madness stop?! 

[Zack61]

55 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

 

 

 

 

Mine has a see through windscreen 

[Badrabbit]

My 800k has been in the bank for ten years and that shows in the bank book, why would I need to prove it with a bank statement when the book does the same thing?

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app

[steve73]

Maybe some enterprising moneylenders will spring up. 800k for 6 months, plus 400k for the other 6 months, at say 1% per month equtes to 72,000 for the year. I guess this sets the new "agent fee".

 

Lots of 2ndhand condos will be coming on the market soon, probably at less than half the current prices. Perfect for all the Chinese and Indians that are expected. 

[Chicken George]

3 minutes ago, Peterw42 said:

Those Visa's already exist, Thai elite visa 500k for a 5 year visa

Yeah but now maybe they will make them cheaper so as to get more to take them up and therefore pocket more moneggy..

[smedly]

These new rules cover are pretty much what I do already, I may have to carry about 2k GBP year round to my balance to satisfy the 800k 6months and 400k 12months but not really a big deal, I spend roughly 1200 GBP a month to live on - more than enough for me ")

 

But unless agents find another way to ply their trade through the back door then the agent extension is dead, this will effect many people I know

[The Boss]

3 minutes ago, NE1 said:

How can you if you have to show funds all the time , that was the question .

Plus our office doesn't do online reporting .

Which merely shows how backward a country Thailand actually is.... You can't cure stupid.

 

[Lipoman]

4 minutes ago, zydeco said:

You're presuming incorrectly. Just like you are about everything else in this topic, because you do not know how the system works. You haven't been through it. But you're lecturing those of us who have. My biggest problem with this is I don't want to go to Chaeng Wattana an extra two, three, four or eight times per year? Have you ever been there? Do you know what it is like to spend a day there, plus the 30km trip to CW through some of the worst traffic in Bangkok? You don't know anything.

So, put the 800k into the Thai bank.  Done deal. And 90 day reports equal 4 visits to immigration each year.  Eight trips in a year to immigration?  I think you are tripping.