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

[steve73]

22 minutes ago, Sheryl said:

 

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. 

 

Your 52k cost implies you are able to get at least 6.5% interest (or 8.7% if based on only being available for 9 months), plus whatever you're assuming in a Thai savings account.

Where are you able to get these Guaranteed "No-risk" rates.?

[fforest1]

8 minutes ago, marcusarelus said:

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. 

Visa tightening is happening in many countries now not just Thailand...

 

[madmen]

Visa tightening is happening in many countries now not just Thailand...
 

Yep those running to vietnam or PI Are in for a rude shock!
Those running [emoji125] to Cambodia are in for a huge culture shock. Even a free lifetime visa would not change my experiences of that place.. Better to just go home where we have no hassles

[icare999]

1 hour 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.

and why should that be better over last 20 years at least against GBP baht has risen i used to get 75 baht to gbp now 40 and soon i reckon 35 

[icare999]

1 hour 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.

because in last 20 years baht has gone up in value i used to get 75 baht to gbp now 40 and id trust here much more than west or your one of those who havent noticed west is declining east is rising west is becoming a shithole while here is fast overtaking it 

[Spidey]

1 hour ago, steve73 said:

See here.. 

 

The whole post sounds like nonsense. Could be CM doing their own thing. They had been asking some US citizens for documented backup to their embassy affidavits recently.

 

Definitely no requirement in the regs for the money to have come from a pension. For the 800k in the bank route, there never has been.

[bkk6060]

1 hour ago, Sheryl said:

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.

I am surprised because you have made so many great posts and contributions here, now you posted this.

I guess if one wants to stay here now, there is a small cost and sacrifice required. 

I do not know where you are getting your loss of funds.  Maybe invest in the money someplace else?

In any event, it is what it is now and if a person likes it here and wants to stay then there is no other choice.

Suck it up, obey and follow the rules , and move on.

[Sheryl]

1 hour ago, steve73 said:

Your 52k cost implies you are able to get at least 6.5% interest (or 8.7% if based on only being available for 9 months), plus whatever you're assuming in a Thai savings account.

Where are you able to get these Guaranteed "No-risk" rates.?

Lots of people getting retruns like that. Not "no risk" of copurse, almost nothing is.

 

I'm getting over 7% interest on FDs in Cambodia at present (and have done for the past 20 years). . Others get these sorts of returns through EFTs and the like. It can be done.

[Date Masamune]

4 hours 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.

I would not marry for a visa but, Good enough advice until the goalpost is again moved.

[steve73]

3 minutes ago, Sheryl said:

Lots of people getting retruns like that. Not "no risk" of copurse, almost nothing is.

 

I'm getting over 7% interest on FDs in Cambodia at present (and have done for the past 20 years). . Others get these sorts of returns through EFTs and the like. It can be done.

Interesting.. Is that in a USD account in Cambo?  And is it no-risk?  I was offered 9% on a Vietnam Dong account when I was living there a few years ago, but the VND was seriously devaluing against the USD during that time, so little real growth.

 

I'm investing directly into oil companies.. From mid '16 to oct '18, I was up over 150%, but it dropped back by late December to just a 20% gain, although rising slowly again now.  There are some great opportunities out there for the brave (or stupid..!).

 

But for my retirement extension I'd prefer to keep enough in my Thai account (and accept minimal interest) than being forced to sell other investments at a low point.  

[fforest1]

21 minutes ago, bkk6060 said:

I am surprised because you have made so many great posts and contributions here, now you posted this.

I guess if one wants to stay here now, there is a small cost and sacrifice required. 

I do not know where you are getting your loss of funds.  Maybe invest in the money someplace else?

In any event, it is what it is now and if a person likes it here and wants to stay then there is no other choice.

Suck it up, obey and follow the rules , and move on.

Its kind of hard to follow rules when they change them so often dont you think?......They put out loads half baked new murky visa requirements almost monthly these days....And your telling people to suck-it-up?
You must be joking....  

[Sheryl]

2 minutes ago, steve73 said:

Interesting.. Is that in a USD account in Cambo?  And is it no-risk?  I was offered 9% on a Vietnam Dong account when I was living there a few years ago, but the VND was seriously devaluing against the USD during that time, so little real growth.

 

I'm investing directly into oil companies.. From mid '16 to oct '18, I was up over 150%, but it dropped back by late December to just a 20% gain, although rising slowly again now.  There are some great opportunities out there for the brave (or stupid..!).

 

But for my retirement extension I'd prefer to keep enough in my Thai account (and accept minimal interest) than being forced to sell other investments at a low point.  

Yes, USD account at the Foreign Trade Bank.  No, not "no risk", Cambodia's banking sector is relatively young and there is no system of deposit insurance yet. but it is a fairly strong sector, more trabsparent/better regulated than other aspects of the economy.  I use the commercial wing on the national bank and there have been no issues to date.  https://thelawreviews.co.uk/edition/the-banking-regulation-review-edition-9/1169667/cambodia

 

I've seen posters reporting similar levels of interest through various types of investment, those of course require constant attention/management which is nto my thing hence my preference for higher interest FDs.

[peterrabbit]

This topic is the most important event for expats who have retired in Thailand for a long time, with serious life changing outcomes for many, hence the 140 pages of replies on this forum to date.

 

Right now there must be tens of thousands of retirees reconsidering their decision to retire in Thailand and seriously considering moving on to a less xenophobic country.

 

So why is there virtually no mention of this issue in the Local English speaking Expat press newspaper websites? 

 

Their silence on this issue is deafening!  ????

[MrMuddle]

On 1/31/2019 at 7:48 PM, Sheryl said:

And only half of it then.

 

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

 

In practical terms if your living costs here average around 65k a month  then you need to bring in bring in almost 1.2 million 3 months before your expiration date.

 

Since they are requiring substantial amount of funds deposited which cannot be spent, big question in my mind is: will they allow it to be in a fixed deposit so at least it gathers more interest?

 

Also - when does this take effect? I have been using the 800k method and, naturally, spending it down as the year passes and balance right now is already under 400k.

 

????

I'm pretty sure my 800K is in a fixed rate deposit a/c and has been for 12 years or so. has there been a change to this rquirement ?

[ubonjoe]

10 hours ago, ubonjoe said:

I just removed a few pages of off topic posts and etc. Time to get back on topic. The topic is about applying for extensions of stay not visas applied for at a embassy or consulate.

And now a comment about moderation. A repeat of it will result in a formal warning. 

[Pib]

18 minutes ago, peterrabbit said:

This topic is the most important event for expats who have retired in Thailand for a long time, with serious life changing outcomes for many, hence the 140 pages of replies on this forum to date.

 

Right now there must be tens of thousands of retirees reconsidering their decision to retire in Thailand and seriously considering moving on to a less xenophobic country.

 

So why is there virtually no mention of this issue in the Local English speaking Expat press newspaper websites? 

 

Their silence on this issue is deafening!  ????

Because it's a negative for Thailand.  Thai newspapers shy away from printing negative stories on Thailand.  They do occasionally, but generally try to avoid it.

[marcusarelus]

49 minutes ago, fforest1 said:

Its kind of hard to follow rules when they change them so often dont you think?......They put out loads half baked new murky visa requirements almost monthly these days....And your telling people to suck-it-up?
You must be joking....  

They have put out new rules that effect retired people twice in 20 years. 

[fforest1]

11 minutes ago, marcusarelus said:

They have put out new rules that effect retired people twice in 20 years. 

Did I say only retired people....Nope......They have been making lots of new visa rules for all visa classes for a number years....The last 2 years they have really cranked things up....And every last change has been a tightening....

[elviajero]

30 minutes ago, peterrabbit said:

This topic is the most important event for expats who have retired in Thailand for a long time, with serious life changing outcomes for many, hence the 140 pages of replies on this forum to date.

 

Right now there must be tens of thousands of retirees reconsidering their decision to retire in Thailand and seriously considering moving on to a less xenophobic country.

No there aren’t. Most retirees will not have a problem meeting the new rules.

 

The changes are not down to xenophobia! if they didn’t want us they wouldn’t offer visas and long term permits to stay!

 

30 minutes ago, peterrabbit said:

So why is there virtually no mention of this issue in the Local English speaking Expat press newspaper websites? 

 

Their silence on this issue is deafening!  ????

Because for most retirees it is not a problem.

[Sheryl]

26 minutes ago, MrMuddle said:

I'm pretty sure my 800K is in a fixed rate deposit a/c and has been for 12 years or so. has there been a change to this rquirement ?

No change but it is not specified and while most IOs have been reported to allow it some have not.

 

I asked at my local IO today and got "don't know/not sure" response which was not very  encouraging.

[jacko45k]

23 minutes ago, marcusarelus said:

They have put out new rules that effect retired people twice in 20 years. 

Not twice in 2 weeks?

[elviajero]

1 minute ago, jacko45k said:

Not twice in 2 weeks?

Not really Jack. The recent changes are the first in 5 years.

 

After 24 years of dealing with Thai immigration I know the only certainty is that the rules will certainly change over time.

[ubonjoe]

4 minutes ago, elviajero said:

Not really Jack. The recent changes are the first in 5 years.

But that police order done in 2014 did not change anything for extensions based upon retirement. Same for the ones in 2006 and 2008.

The last real change was back in 2003.

[fforest1]

22 minutes ago, elviajero said:

No there aren’t. Most retirees will not have a problem meeting the new rules.

 

The changes are not down to xenophobia! if they didn’t want us they wouldn’t offer visas and long term permits to stay!

 

Because for most retirees it is not a problem.

I guess 140 pages on this subject is also saying its not a problem for retirees...lol

[fforest1]

Another thing were is the grandfathering in these visa changes? Guys on these forums have been yapping away for years that they are not worried about changes to the retirement visa because retirement visas were always grandfathered in the past.....I would be willing to bet that there will also be no grandfathering when the 800,000 is raised....Why? 

Because these are not simple visa updates....This is more about showing certain people the door.....

 

[elviajero]

2 hours ago, fforest1 said:

Did I say only retired people....Nope......They have been making lots of new visa rules for all visa classes for a number years....The last 2 years they have really cranked things up....And every last change has been a tightening....

Yeah those anti-farang xenophobes have; increased visa exempt extensions to 30 days, introduced a ME tourist visa good for 6 months, revamped and improved the TE scheme, introduced a long term retirement visa, introduced a smart (work permit free) visa, and provided a solution to the loss of embassy letters!

[ivor bigun]

Another thing were is the grandfathering in these visa changes? Guys on these forums have been yapping away for years that they are not worried about changes to the retirement visa because retirement visas were always grandfathered in the past.....I would be willing to bet that there will also be no grandfathering when the 800,000 is raised....Why? 
Because these are not simple visa updates....This is more about showing certain people the door.....
 

So guys who have the 800 000 baht but no more will not be wanted your saying ,harsh if they have a wife and a home kids and have lived here a long time dont you think?

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

[elviajero]

1 hour ago, ubonjoe said:

But that police order done in 2014 did not change anything for extensions based upon retirement. Same for the ones in 2006 and 2008.

The last real change was back in 2003.

Very true!

[ocddave]

2 hours ago, elviajero said:

No there aren’t. Most retirees will not have a problem meeting the new rules.

 

The changes are not down to xenophobia! if they didn’t want us they wouldn’t offer visas and long term permits to stay!

 

Because for most retirees it is not a problem.

I'm waiting for them to increase the marriage/retirement amounts (400k/800k), then we can watch the sh**storm really hit the fan.

[elviajero]

2 minutes ago, ocddave said:

I'm waiting for them to increase the marriage/retirement amounts (400k/800k), then we can watch the sh**storm really hit the fan.

Not going to happen. Permission to stay is to visit/stay with your family. That’s why the financials are far less than a retiree, and will always be less.