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

[Golden Triangle]

Just now, Peterw42 said:

The radio station got the scoop but most of the information was wrong or speculative. I would rather get the correct facts a day later and know that it is happening, not maybe happening.

I get your point ????My concern was the fact that neither TV or The Nation or even the BKP to my knowledge, were totally unaware of any of this, usually things get leaked and speculated on well in advance, this time nothing - I find that worrisome.

[Roy Baht]

1 hour ago, rainwater said:

I know many expats who have lived here for years (some of them millionaires) and none of them keep 800K parked in a Thai bank.

I'm sorry but this is the part I don't get. If you're a millionaire (in pounds or dollars), how can you not afford 800K baht? I mean, you're willing to break up your family, relocate, let it ruin your life--for less than 20K sterling? "He deserted his wife & children--because he's a savvy investor"?!

[cleopatra2]

40 minutes ago, Golden Triangle said:

The other thing that concerns me about this whole affair is that it was announced by a smallish radio station on their daily news update, which I copied and posted on here for others to see, nothing from thaivisa or The Nation prior to this, no rumblings, no hints, no nothing, wham, out of the blue a pretty small radio station gets the scoop above the big boys!! How was that possible ?? J Fairfield closed my original post and opened this one.

 

So what else is in the air ?? I hate to think and who's gonna get the scoop on the next big change ?

Obviously there is more changes in the pipeline. The revised police order drafted in January , but comes into force March.

BJ has been saying  h ow the immigration act is now outdated and changes are forthcoming.

[Jingthing]

10 minutes ago, cleopatra2 said:

Obviously there is more changes in the pipeline. The revised police order drafted in January , but comes into force March.

BJ has been saying  h ow the immigration act is now outdated and changes are forthcoming.

Perhaps. 

I have a bold idea though. 
How about publishing clarification about the rules already pushed out before shocking us with yet more totally unclear orders?

 

Particularly around --

 

Enforcement mechanics for the new seasoning on steroids for retirement extensions

 

Specific and explicit explanations on the rules for combo applications without embassy letters, if indeed they will still be supported without embassy letters at all

 

That's a start anyway.

[David Walden]

3 hours ago, humbug said:

we can all see this, there was even a banned book on 'a coup for the rich' but your comment on 'politics over their heads' should be put in the low iq comments section where it deserves, maybe you meant oppression

 

lets just hope for a change

 

from a regime of prohibition to a regime of permission

With your response, you sound like what I'd expect from the 700,000 or so Thais who own 2/3rds of the wealth in Thailand

[Straight8]

On 2/2/2019 at 6:39 AM, jacko45k said:

Elite Visa? 

 

Let's be real here, definitely an option for those under 50, but at a guess, most could not justify spending 500K for only 5 years.

 

Rip off & only for those with mighty deep pockets

[Jingthing]

3 minutes ago, Straight8 said:

 

Let's be real here, definitely an option for those under 50, but at a guess, most could not justify spending 500K for only 5 years.

 

Rip off & only for those with mighty deep pockets

I'm over 50 and considering it now and I actually think it might make financial sense for me. Deep pockets? I'm afraid not. 

[Oxx]

3 hours ago, rainwater said:

So you'll be leaving Thailand soon for your favorite Banana Republic, safe travels and good riddance 

 

Absolutely no need to leave Thailand to go to Banana Republic.  There's one at EmQuartier.

 

https://www.facebook.com/pages/Banana-Republic-Emquartier

 

Edited February 4, 2019 by Oxx

[madmen]

 
Let's be real here, definitely an option for those under 50, but at a guess, most could not justify spending 500K for only 5 years.
 
Rip off & only for those with mighty deep pockets

Agreed. Usually it's extremely deep pockets. If 500k was loose change would I line up for hours at immigration? No freaking way!

[David Walden]

1 hour ago, Roy Baht said:

I'm sorry but this is the part I don't get. If you're a millionaire (in pounds or dollars), how can you not afford 800K baht? I mean, you're willing to break up your family, relocate, let it ruin your life--for less than 20K sterling? "He deserted his wife & children--because he's a savvy investor"?!

The only reason I don't want take money out of my retirement fund in Australia and put it in a Thai Bank is that the Bt800,000 required if left in my retirement fund in Aus returns me about Bt80,000 a year dividend and capital gains or about 10% appreciation.  If I put the money in a bank account in Thailand I may get Bt 10,000 interest equal 1% or nothing.  I can save up to Bt70,000 a year which if you do the sums it's costing about Bt1200 a week to have a Retirement Visa issued in Thailand as that is what I would be forfeiting in dividends to my retirement fund.  I get my Thai Retirement Visa from the Thai Embassy in Australia.  The Thai Embassy accept the surrender value of my retirement fund as money in the bank as the fund is managed by a bank an provided that surrender value is worth more than Bt800,000 it is all OK.  I have never had a bank account in Thailand and it's all up front and legal.  No problems, but you must be able to prove you have the money and its good for 2 years.

[koratkarlos]

What if the expat community were allowed to invest the required money in Thai stocks, bonds or other higher yielding investments so we don't feel that the cash is sitting there doing nothing?  Maybe this is OK.

[PFV]

6 hours ago, rott said:

According to joe a few days ago the requirements only kick in when you do a renewal after 1st March. Unless he has since rescinded this. Possibly there will be further statements from immigration in the near future to clarify things.

 

What individual IOs do is of course difficult to predict.

I visited two different agencies this morning in Chiang Mai to ask about the new regulation. Neither knew anything about it, and stated that the requirement is still only 3 months prior to renewal, so who knows what is going on.

[Jingthing]

I visited two different agencies this morning in Chiang Mai to ask about the new regulation. Neither knew anything about it, and stated that the requirement is still only 3 months prior to renewal, so who knows what is going on.

It's not in effect yet but those agents are pretty pathetic if they don't about the changes yet.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[jacko45k]

1 hour ago, Straight8 said:

 

Let's be real here, definitely an option for those under 50, but at a guess, most could not justify spending 500K for only 5 years.

 

Rip off & only for those with mighty deep pockets

If under 50 and have no need to work, only  100k baht/ year for the ease it provides, it seems reasonable. 

Edited February 4, 2019 by jacko45k

[notamember]

32 minutes ago, PFV said:

I visited two different agencies this morning in Chiang Mai to ask about the new regulation. Neither knew anything about it, and stated that the requirement is still only 3 months prior to renewal, so who knows what is going on.

who would use an agent like that?

where the customer knows more than them

[Andrew Dwyer]

Just seen an email dated today pm from a key Pattaya agent that says the the new requirements apply to new applicants only.

 

Have not seen an official announcement yet.

 

Just saying what I have seen.



Yes , that was mentioned yesterday, Key Visa ?

The general consensus was it’s not correct as “ grandfathering “ was only mentioned for people on consecutive retirement extensions since 1998 .

I hope it’s true but very much doubt it .

[Oxx]

3 minutes ago, David Walden said:

In almost all Western Countries an investment of your retirement funds in an almost all blue-chip stocks and shares portfolio will return you about 6/7% dividends and 3/4% capital gains for an increase of your retirement fund of about 10% per year, all fairly safe unless of course Mr trump sneezes.  Take 10% of your fund each year and it should last for the rest of your life, perhaps, not so in Thailand. 

 

Sheer and utter tosh.  6-7% dividends are a fantasy.  The S&P 500’s dividend yield is currently 1.8%.  On average over the past few decades it's been around 4%.  Other markets are similar.

 

Taking 10% of your fund is absolute folly.  4% is widely considered an acceptable rate of withdrawal.

 

More on the 4% rule:  https://www.investopedia.com/terms/f/four-percent-rule.asp

[ubonjoe]

I forgot to post that I had removed a few pages of off topic, troll, inflammatory, bickering, baiting posts and etc.

I you were to look back a few hundred pages you might find where I posted that posts would be removed without notice and that continues now. If your post disappears you can assume you stepped over the line.

[Pattaya46]

16 hours ago, notamember said:

16 hours ago, PFV said:

I visited two different agencies this morning in Chiang Mai to ask about the new regulation. Neither knew anything about it, and stated that the requirement is still only 3 months prior to renewal, so who knows what is going on.

who would use an agent like that?

where the customer knows more than them

To be fair, he visited agencies Monday morning and new rules have been announced Thursday evening...

New rule will only start next month. They have time to learn about it and adapt.

[Roy Baht]

22 hours ago, JackThompson said:

Exactly.  I suspect many will be relocating and coming here only for short visits, or switching to Non-OA Visas from their home countries.  That way, they don't have to put any money at all into a Thai account ever again.

This is a good idea.

[David Walden]

2 hours ago, ubonjoe said:

I forgot to post that I had removed a few pages of off topic, troll, inflammatory, bickering, baiting posts and etc.

I you were to look back a few hundred pages you might find where I posted that posts would be removed without notice and that continues now. If your post disappears you can assume you stepped over the line.

None of my posts even remotely fit your description above.  They are simply posts as to facts about the different returns one can expect between the USA  S&P 500 and the Australian ASX200 in relation to posts on this site when deciding to apply for a retirement visa either in the USA, Australia or Thailand.  It appears you a reluctant to allow posts on this site you do not agree with...TIT

[Roy Baht]

1 minute ago, David Walden said:

None of my posts even remotely fit your description above.  They are simply posts as to facts about the different returns one can expect between the USA  S&P 500 and the Australian ASX200 in relation to posts on this site when deciding to apply for a retirement visa either in the USA, Australia or Thailand.  It appears you a reluctant to allow posts on this site you do not agree with...TIT

I think they're just avoiding liability, no? Like if you make a claim about S&P 500 dividends, you're wrong because no one invests in the S&P 500 for dividends. It's for growth.  If you want dividends, buy the Vanuard High Dividend Index.

[Pattaya46]

6 minutes ago, David Walden said:

// They are simply posts as to facts about the different returns one can expect between the USA  S&P 500 and the Australian ASX200 in relation to posts on this site when deciding to apply for a retirement visa either in the USA, Australia or Thailand. //

According to your own description,

your posts have just nothing to do in a thread about extension.

Off-Topic => delete. 

[Tanoshi]

9 minutes ago, David Walden said:

None of my posts even remotely fit your description above.  They are simply posts as to facts about the different returns one can expect between the USA  S&P 500 and the Australian ASX200 in relation to posts on this site when deciding to apply for a retirement visa either in the USA, Australia or Thailand.  It appears you a reluctant to allow posts on this site you do not agree with...TIT

The topic is about the new requirement to keep 800,000 in a Thai bank for 3 months after a retirement extension application.

 

Not about returns on overseas investments, Condo's, or the corruption levels in Thailand.

[Tanoshi]

6 minutes ago, Roy Baht said:

I think they're just avoiding liability, no? Like if you make a claim about S&P 500 dividends, you're wrong because no one invests in the S&P 500 for dividends. It's for growth.  If you want dividends, buy the Vanuard High Dividend Index.

What don't you understand about being off topic.

[jacko45k]

1 minute ago, Tanoshi said:

What don't you understand about being off topic.

As you and I now are!

[Roy Baht]

I hate off topic people

[ivor bigun]

Dont know how true this is ,but was just told by a guy at immegration that it is only for new retirees not us older ones who have been here a long time.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[jacko45k]

1 minute ago, ivor bigun said:

Dont know how true this is ,but was just told by a guy at immegration that it is only for new retirees not us older ones who have been here a long time.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

Selfishly, I can but hope!

[Jingthing]

1 minute ago, ivor bigun said:

Dont know how true this is ,but was just told by a guy at immegration that it is only for new retirees not us older ones who have been here a long time.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

He's obviously confused. Be prepared for months and years of confusion coming from these new orders. The grandfathering is about people that have been here something like 20 years on continuous extensions when the financial levels were lower.