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

[zydeco]

When the new rules for 65K per month first came out, I tried to point out that if you have US social security you do not necessarily receive your social security check each and every month. Sometimes, a holiday will mean that you received two payments in one month and zero payments in the next. This was the case this past August/September because of Labor Day. At the time, ubonjoe said he didn't think it would be a problem, that Immigration would be reasonable and see that the early check applied to September. I hope ubonjoe is correct. But all I see is evidence of more rules and more "gotcha" in the details. Do the 800K route and they keep half your money permanently. Go the monthly route and there are too many potholes for Immigration to do a gotcha. You can't rely on anything anymore.

[BritManToo]

6 minutes ago, roger buttmore said:

You clearly didn't read what I'd posted before you commented, or you're deliberately trying to put words in my mouth.

 

I said 9 month's worth of monthly outlay, not one year, And I never mentioned anything about businesses at all. You're making things up, just like many used to do with their affidavit declarations, which is why those on a financial cliff-edge now have crumbling terraferma beneath their feet.

No, I've always had plenty of money, it was always the corruption that put me off using Thai immigration in Chiang Mai.

 

[dick dasterdly]

13 minutes ago, roger buttmore said:

You clearly didn't read what I'd posted before you commented, or you're deliberately trying to put words in my mouth.

 

I said 9 month's worth of monthly outlay, not one year, And I never mentioned anything about businesses at all. You're making things up, just like many used to do with their affidavit declarations, which is why those on a financial cliff-edge now have crumbling terraferma beneath their feet.

Don't worry, you'll be as jaded as the rest of us after a few years.....

[JackThompson]

1 hour ago, jacko45k said:

Well let me add to this long thread, just got a message from someone in the North of Thailand, who went to renew their retirement extension based on 800k in the bank today.

Things to note, person was also required to do  90 day reporting, despite it not being due. Extension was granted and friend was told that 

1) Must have 800,000 in the bank when  does the next 90 day report.

2) After that 400,000 baht is required.

Also given a copy of the rules, as per the OP here.

 

Worrying in that it suggests keeping to the terms is required for the current running extension, rather than a future application. Well under the view of that IO.

This matches what another poster reported from his agent-buddy - that the agents would be collecting fees for each update, similar to the fees collected for ED-Visa renewals.  That system has generated a lot of money for immigration (after the ED-Visa so-called "crackdown" sic), so it appears they may have expanded it to increase revenue.  After all, one year is far too long for that clique not to get some humiliation-satisfaction or claw some money out of foreign interloper's pockets - same rationale as with the ED.

 

https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/?do=findComment&comment=13812563

 

[Tanoshi]

8 minutes ago, keemapoot said:

Yeah, a good option so long as you like to travel every 90 days, but not so good when you just when to stay put and not leave anymore.

You can get 60 day extensions.

You could stay up to 17 months with only 3 border runs.

 

There'll be a lot of married expats, who only obtained the 'retirement' extension because of it's ease.

Not so anymore …… some will now consider their options, an extension based on marriage, or the Non Imm O ME.

[JackThompson]

14 minutes ago, Tanoshi said:

Find a girl, settle down (as the song goes) get a Non Imm O ME from Savannakhet.

No more 90 days, no more proof of incomes, or deposits held in a Thai bank.

But how long will they let that go on?  I speak as one using it, so not hoping for the worst.  

 

If they start asking for financials, I can get a stat-doc from the US Embassy in Vientiane or HCMC.  But if more of us start doing that, the agent-money recipients will likely invest some of their proceeds in shutting that down, as well.

 

I'd use the income-method in-country via my mo-xfers (waste of fees, but worth a shot), but the local office thinks the income-method for married to Thai folks must be a govt-pension - so that's out. 

 

Short-term, we'll find a way.  But long-term - who knows?

[jacko45k]

1 hour ago, jacko45k said:

Well let me add to this long thread, just got a message from someone in the North of Thailand, who went to renew their retirement extension based on 800k in the bank today.

Things to note, person was also required to do  90 day reporting, despite it not being due. Extension was granted and friend was told that 

1) Must have 800,000 in the bank when  does the next 90 day report.

2) After that 400,000 baht is required.

Also given a copy of the rules, as per the OP here.

 

Worrying in that it suggests keeping to the terms is required for the current running extension, rather than a future application. Well under the view of that IO.

To add, check this recently posted thread.

 

[zydeco]

And just to remind everyone, the new rules take effect in 23 days, just over three weeks from now. And nobody has heard, seen, or read precisely how the new rules will be implemented. Imagine the poor guy who never reads TV and goes in for his renewal expecting the usual from last year.

[keemapoot]

4 minutes ago, JackThompson said:

I'd use the income-method in-country via my mo-xfers (waste of fees, but worth a shot), but the local office thinks the income-method for married to Thai folks must be a govt-pension - so that's out. 

Do you mean to say that your local IO office will not let you do monthly transfers from abroad unless you can prove it is a government pension? I assume this is for a married to a Thai extension of stay, so 40k/mo.

[JackThompson]

sorry-duplicate

[pazza]

Let me guess, they want to copy the 30 day "waiting period" to get the final stamp from the marriage extensions next. After that add photos of yourself next to your bed, etc. Enjoy the "easy retirement extensions", soon as painful as the marriage extensions.

Already happening in Nong Khai (except for the 30 day wait)

Sent from my AGS-L09 using Thailand Forum - Thaivisa mobile app

[jacko45k]

3 minutes ago, JackThompson said:

This matches what another poster reported from his agent-buddy above in this thread - that the agents would be collecting fees for each update, similar to the fees collected for ED-Visa renewals. 

 

https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/?do=findComment&comment=13812563

 

Also confirmed in another new thread.

 

[watcharacters]

 

 

I strongly recommend to all those seeking a visa requiring a bank deposit to simply deposit  ฿800K in the bank of your choice and then forever after  "set it and forget it".

[JackThompson]

4 minutes ago, jacko45k said:

Also confirmed in another new thread.

But no info in that report about how they would check the money-seasoning post-application.

[Spidey]

5 minutes ago, JackThompson said:

But no info in that report about how they would check the money-seasoning post-application.

My guess is that it would be checked when you make your next application. Otherwise it would be a nightmare for the IOs.

[Spidey]

9 minutes ago, watcharacters said:

 

 

I strongly recommend to all those seeking a visa requiring a bank deposit to simply deposit  ฿800K in the bank of your choice and then forever after  "set it and forget it".

My advice would be to leave the 800k in your bank in your own country and send it over at the rate of 65k per month.

[jacko45k]

21 minutes ago, JackThompson said:

But no info in that report about how they would check the money-seasoning post-application.

Agreed.

[zydeco]

13 minutes ago, Spidey said:

My advice would be to leave the 800k in your bank in your own country and send it over at the rate of 65k per month.

As always, I shall follow the law. Whatever that is.

[steve73]

23 minutes ago, Spidey said:

My advice would be to leave the 800k in your bank in your own country and send it over at the rate of 65k per month.

Seems from that other thread that only pension income is acceptable in CM....

 

 

 

[Spidey]

7 minutes ago, steve73 said:

Seems from that other thread that only pension income is acceptable....

No. Completely untrue. The only requirement is 65k baht from a foreign source.

[Spidey]

9 minutes ago, zydeco said:

As always, I shall follow the law. Whatever that is.

That is the law. You have the option of sending 65k baht/month from a foreign source or the 800k option. I just can't understand why anyone would choose the 2nd option.

[steve73]

5 minutes ago, Spidey said:

No. Completely untrue. The only requirement is 65k baht from a foreign source.

See here.. 

 

[JackThompson]

29 minutes ago, Spidey said:

My guess is that it would be checked when you make your next application. Otherwise it would be a nightmare for the IOs.

They seem ok doing quarterly extensions for ED, now - and making a killing on the "no hassle" fees. 

 

7 minutes ago, Spidey said:

15 minutes ago, steve73 said:

Seems from that other thread that only pension income is acceptable....

No. Completely untrue. The only requirement is 65k baht from a foreign source.

The "pension" wording-trick tends to get used primarily on marriage-based extensions (40K/mo), but not at all offices. 

[worrab]

41 minutes ago, watcharacters said:

 

 

I strongly recommend to all those seeking a visa requiring a bank deposit to simply deposit  ฿800K in the bank of your choice and then forever after  "set it and forget it".

That is exactly what I have done in the past and will do so for the future. Should have no worries then barring any other changes.

[BobBKK]

5 minutes ago, Spidey said:

That is the law. You have the option of sending 65k baht/month from a foreign source or the 800k option. I just can't understand why anyone would choose the 2nd option.

I can't understand anyone using the first option. Rate changes, letters and all those issues?  put 800k in your saving account and LEAVE IT there. Simple?

[jacko45k]

3 minutes ago, BobBKK said:

I can't understand anyone using the first option. Rate changes, letters and all those issues?  put 800k in your saving account and LEAVE IT there. Simple?

I like using the 800k I put there some time ago at 55 baht/ £ rather than bringing in at 39/ £.

[steve73]

3 minutes ago, jacko45k said:

I like using the 800k I put there some time ago at 55 baht/ £ rather than bringing in at 39/ £.

Agreed.. I initially brought mine here in 2008 at around 64 THB/GBP.

[Sheryl]

I was at my Imm office (Prachinburi) today and inquired. They knew about the new rules and confirmed 800K 200 months before, 3 months after and then not less than 400K rest of the year. They did nto seem to think this meant only first time extensions.

 

I then asked if fixed deposit accounts could be used for this purpose, since there have been reports of some offices not accepting them in the past (you know, back when we were expected to actually spend this money to live on!). They said they did not know.

 

Not very encouraging. I have to either put it in a savings account where it will get virtually no interest or take a risk in it not being accepted because it is in a FD account when the time comes. ????

 

For all those saying "just put 800K in the bank and leave it there, what's the problem?", the problem is loss of money. I've run the numbers, it will cost me  about 52,000 baht a year if I have it in a regular savings account and  about 40,000 year if I have it in an FD. 

 

One does not have to be a "cheap charlie" to object to having the cost of an annual extension go up by that amount. Nor does one have to be unable to afford it to still object to it. I'll probably end up doing this anyhow since every alternative is more of a hassle, but I can and do object to the unnecessary and pointless expense.

[Sydebolle]

I am surprised about the following:

• how come a single officer has the power to change/amend and/or introduce new rules and regulations - almost on a daily basis? It seems like a headless chicken exercise. Usually everything here goes in groups, team and committees to avoid pinpointing a culprit in case things go wrong (and this one will definitely go wrong) 
• are they aware that if the assumed figure of 250'000 retirees are leaving, that those will never come back? Apart from the fact, that B 65'000 today are more than the minimum government pension in a place like Switzerland or Germany, the exchange rate saw a strengthening of 11% in the last three months against UKP, USD, EUR and CHF. Take 250'000 retirees spending B 30'000/monthly accounts for B 90 billion (not millions) a year; this money does not go anymore into rents, restaurants, beers and the two-legged little factories. All this money, by the way, is sourced 100% from overseas sources = net income with zero cost-of-sales.
• I assume that they want to clean up the corruption within the immigration by letting the crooks hang out to dry. Certain printed media in sin city advertise the B 17K - 20K for the one-year-visa without funds; this only works with properly oiled track switches along the way. 

We will see, the flip side of everything in this country was always, that even here they do not eat as hot as it was cooked ....... Maybe they clear the places to make space for those rich wealthy Chinese every Thai vendor, operator and service provider loves so much ????

[marcusarelus]

12 minutes ago, Sydebolle said:

I am surprised about the following:

• how come a single officer has the power to change/amend and/or introduce new rules and regulations - almost on a daily basis? It seems like a headless chicken exercise. Usually everything here goes in groups, team and committees to avoid pinpointing a culprit in case things go wrong (and this one will definitely go wrong) 
• are they aware that if the assumed figure of 250'000 retirees are leaving, that those will never come back? Apart from the fact, that B 65'000 today are more than the minimum government pension in a place like Switzerland or Germany, the exchange rate saw a strengthening of 11% in the last three months against UKP, USD, EUR and CHF. Take 250'000 retirees spending B 30'000/monthly accounts for B 90 billion (not millions) a year; this money does not go anymore into rents, restaurants, beers and the two-legged little factories. All this money, by the way, is sourced 100% from overseas sources = net income with zero cost-of-sales.
• I assume that they want to clean up the corruption within the immigration by letting the crooks hang out to dry. Certain printed media in sin city advertise the B 17K - 20K for the one-year-visa without funds; this only works with properly oiled track switches along the way. 

We will see, the flip side of everything in this country was always, that even here they do not eat as hot as it was cooked ....... Maybe they clear the places to make space for those rich wealthy Chinese every Thai vendor, operator and service provider loves so much ????

That's a really good question and one would have thought the people doing the reporting would have asked that the first question.  Who thought of this stuff?  Certainly not BJ he's only been at Immigration for a few weeks.