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

[BritTim]

The Non O-A visa from home country is looking a lot more attractive. Until the rules on that change, a short term loan to meet the money in the bank requirement will even be possible.

 

It is interesting to speculate how visa agents might try to get around the new rules. Perhaps, there will be organised visa runs for a single entry Non O (over 50) with shingle day bank loans as part of the deal.

[farang63]

I apologize if I'm wrong and my ignorance, this does not apply to extensions for a wedding with a Thai citizen extension thai wife? 

 

I apologize and thank you in advance

[chama]

How does this compare to other countries requirements?

[alex8912]

11 minutes ago, Peterw42 said:

Or leave them at the same price and make it peoples "only" option.

if it comes down to 800k for 6 months then 400k for 6 months, in the bank forever. A 500k Thai elite visa starts to look ok for a 5 year visa.

And from what I understand can be really for 6 years with timing. Not a bad deal for hassle free living which is what retirement should be about for most people. It would be about 83,000 baht a year for 6 years. 

[salavan]

As I read it in addition to the 800k we will also need to show an income or did I read it wrong

[overherebc]

2 minutes ago, farang63 said:

I apologize if I'm wrong and my ignorance, this does not apply to extensions for a wedding with a Thai citizen extension thai wife? 

 

I apologize and thank you in advance

Retirement status only.

Relax.

[Peterw42]

1 minute ago, salavan said:

As I read it in addition to the 800k we will also need to show an income or did I read it wrong

A couple of people have recklessly speculated that but its not in the official order or announcement

 

[chrisinth]

1 hour ago, wwest5829 said:

OK, thus far I am not involved as I have the 65,000 a month transferred for 7 years now. I recognize Thailand’s right and necessity of cracking down on those trying to game the system. My bottom line is, should the 800k become required for all would cause me to seek retirement elsewhere. Up to you Thailand.....

You raise a good point with the income method which may also cause concerns. I didn't see any reference in the amendment, but for the income method do they also have to maintain a minimum of 400,000 baht in their accounts all year round? If not, I can see a lot of people changing to this method of financial proof if no minimum retention of funds is needed.

 

That would be pretty ironic, after the hundreds of pages dedicated to opposing the requirement of 65,000 baht a month having to be shown coming into a Thai bank account, that it may be the way to avoid minimum requirement proof.

 

A lot of people have been saying what a hero BJ has been. To those who have been praising him, I Hope your feelings have remained the same................

[ocddave]

14 minutes ago, chama said:

How does this compare to other countries requirements?

All I know is that when my wife came to the USA for 5 years to gain her PHD, she didn't have to do anything but enjoy her time there on her Visa, no hassling every year or 90 days. So Like I stated, we should hammer the Thai's back with tit-for-tat immigration hassles, maybe then we will get better treatment. Enough of them head to the US to further their education, and even military travel there to visit, or train with our military.....hammer them with hassles, then see how quickly things change.

[DaRoadrunner]

The problem I have with Thailand is the lack of stability, one never knows when the idiots are going to change the law or what ridiculous requirements there will be. Sad thing is, It's still better than where we all came from!

[Bazle]

4 minutes ago, Zack61 said:

If you have a lazy 800k laying around then there won’t be a problem. Put it in the bank and forget about it. 

Then it’s business as usual ....

Not necessarily for me and others in the same situation. It will depend on what they will require regarding having the funds in the account for 3 months after the extension.

 

I'm in and out of the country frequently, and it might well be that I won't be around at the precise time of the 3 months after. If they are going to be flexible and let me establish that I've maintained the funds appropriately, say, at the time of the next renewal, fine, no problem. Otherwise, I foresee difficulties.

[MJKT2014]

How the heck can this law be changed with just one months notice? I will not be able to top up my Thai account above the 400k continuous limit until after 1-Mar, as I never needed to before.

 

When my extension renewal is due in Aug, presumably I be declined after 11 years of renewals because my 400k level wasn't maintained throughout with just one months notice given?? This cannot be right?

[baansgr]

6 minutes ago, chama said:

How does this compare to other countries requirements?

Retirement in Phillipines, age 37 or above, $10,000 (310,000 THB) in bank get lifetime retirement visa, no passing go, no hoops or wais to do and no ninety days or rentry...plus is reduced by 50% if ex-services....thats how toyland compares

[ukrules]

They will be making people report to immigration every month to collect their allowance one day.

 

This system is a joke, it's going to be great for Vietnam and Cambodia.

[offset]

Does it also mean that you cannot change bank account for the year. If you have to change bank accounts it would mean that you will need 1200000 in a Thai bank for 3 months before a new renewal (400000 in the old book to meet your old renewal and 800000 for the new renewal)

[zydeco]

2 minutes ago, MJKT2014 said:

How the heck can this law be changed with just one months notice? I will not be able to top up my Thai account above the 400k continuous limit until after 1-Mar, as I never needed to before.

 

When my extension renewal is due in Aug, presumably I be declined after 11 years of renewals because my 400k level wasn't maintained throughout with just one months notice given?? This cannot be right?

One of the ambiguities in the OP. There are clearly lots of problems with this. It sounds as if a bunch of would-be harda**es were sitting around the lunch table and decided to go with the changes to appear tough and hard on corruption. 

[tlandtday]

7 minutes ago, ocddave said:

All I know is that when my wife came to the USA for 5 years to gain her PHD, she didn't have to do anything but enjoy her time there on her Visa, no hassling every year or 90 days. So Like I stated, we should hammer the Thai's back with tit-for-tat immigration hassles, maybe then we will get better treatment. Enough of them head to the US to further their education, and even military travel their to visit, or train with our military.....hammer them with hassles, then see how quickly things change.

I suggest all Americans speak with their US Congressman, Senator or the Administration to look for solutions to these unfair rules.

[spetersen]

Does this mean that the income method of a 65000+ THB monthly deposit in a Thai bank account is not enough, the text is confusing in paragraph 3 in the Online posting, please se below. What is you interpretation ?

 

"3)  Must have evidence of having income of no less than THB 65,000 or; " Is there any change to the income method or is it still intact without deposit 800.000 for three months prior and keep 400.000 for the three months after a granted permission to stay

[rwill]

So now it will actually be easier to wire the 65K each month than to use the 800K deposit method.

[Peterw42]

2 minutes ago, zydeco said:

One of the ambiguities in the OP. There are clearly lots of problems with this. It sounds as if a bunch of would-be harda**es were sitting around the lunch table and decided to go with the changes to appear tough and hard on corruption. 

And in doing so inadvertently create a new level of corruption

[jackdd]

6 minutes ago, MJKT2014 said:

How the heck can this law be changed with just one months notice? I will not be able to top up my Thai account above the 400k continuous limit until after 1-Mar, as I never needed to before.

 

When my extension renewal is due in Aug, presumably I be declined after 11 years of renewals because my 400k level wasn't maintained throughout with just one months notice given?? This cannot be right?

Imho the only requirement to get your extension in August is to have 800k in your bank account 2 months before you apply. After you got the extension you then have to keep 800k / 400k as specified.

[rott]

34 minutes ago, Badrabbit said:

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
 

Why? If the rules and/or the IO say so then that is why.

If you are looking for another reason, have you been here ten years?

[worrab]

24 minutes ago, zydeco said:

Why bother with someone who doesn't know what he's talking about. The ENTIRE POINT of the OP is that 800K in a Thai bank is not the end of it. Not the "done deal." You do realize that extension dates do not correlate to 90 day reports necessarily, don't you? You might do an extension in September, with your 90 day due in October. So, yes, if they want to see proof of the 800K before and after and the 400K minimum throughout the year, they just might require you to come in on 90 days after your extension, which would, YES, put you on a schedule of four 90 day reviews of bank account that would NOT match the 90 day residency reporting. So that would mean 8 trips to Chaeng Wattana. 

Cannot quite agree there. For instance,my UK in Prachuap would do the next 90 day with the extension. So then you would report on Dec based on your theory. They would need to see the 800k under the New proposal. No need to produce bank accounts again until the following year for renewal. Then they will want to see the bank book showing 800k for 3 months prior AND not dropping below 400k inbetween the first 90 day report and the 3 month seasoning. So no need to go 8 times. 

I am sure you will correct me if I have miscalculated.

[Peterw42]

Just now, jackdd said:

Imho the only requirement to get your extension in August is to have 800k in your bank account 2 months before you apply. After you got the extension you then have to keep 800k / 400k as specified.

one would hope so but at some point they will have to be looking back at previous balances, you cant show a balance ahead of time.

[Kalasin Jo]

Just gets worse and worse. Really jacking things up. 

 

Have I understood? 800 k in the bank 5 months in total each 12 month period starting 2 months before your application and for the remaining 7 months the balance must  not fall below 400k and be up to full wack again by the end. Easier and safer to be sure you don't fall foul of the rules then, if you can but many of us can't, to keep 800 k in  the bank throughout the year, stuck on deposit. Or use the monthly  65 k income method , again if you can make such regular payments in.

 

At least the outrageous charge for Embassy letters has gone if your Embassy has stopped this!

 

So for a " marriage " extension what's the score? Not mentioned in this extract?

 

Needing 400k what happens? I'm guessing similar. 400k 2 months before application plus 3 months after a total of 5 months again. Have to keep the whole 400k permanently in the account or can one withdraw up to half in the remaining 7 months, as long as it's back up again at the end of those 7 months.

 

 

Either way how will they check this? On the 90 day reporting perhaps. But if you don't do a 90 day report because you've left the country and returned? Or will the check be on your next application and that application turned down if your passbook shows you haven't complied?

 

For a retirement visa/ extension it's only 1 hour 30 minutes drive each way to Khon Kaen but for a marriage one I have to go to my provincial IO at Sakon Nakhon which is 2 1/2 hours at least each way and has always been a pain. Doing it twice anyway to lodge then pick up after the under consideration period is quite enough.

[Zack61]

5 minutes ago, Bazle said:

Not necessarily for me and others in the same situation. It will depend on what they will require regarding having the funds in the account for 3 months after the extension.

 

I'm in and out of the country frequently, and it might well be that I won't be around at the precise time of the 3 months after. If they are going to be flexible and let me establish that I've maintained the funds appropriately, say, at the time of the next renewal, fine, no problem. Otherwise, I foresee difficulties.

I see your point. Hopefully sanity and flexibility prevails. I too am in and out so will cross this hurdle when and if it arises. The next 12 months will be a learning curve for all affected. Will try not to loose any sleep just yet as I suspect there will be further announcements and my next extension is 10 months away so I have the luxury of sitting back and learning off others experiences

[tlandtday]

45 minutes ago, madmen said:

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

Yes they very well may not but for their Thai wives and children many support this may not be the case.

[Naamblar2014]

If all they want is to keep your money in Thailand and not allow you to use your money,  why not just make the annual ext fee 400,000 baht. Ridiculous I know,  but how many would stay if they came out with that self serving ...well all I can call it is corruption.   In essence they are forcing you to commit money that you can't use and at a time when exchange rates favour their economy. Total buffalo caca.

[overherebc]

3 minutes ago, worrab said:

Cannot quite agree there. For instance,my UK in Prachuap would do the next 90 day with the extension. So then you would report on Dec based on your theory. They would need to see the 800k under the New proposal. No need to produce bank accounts again until the following year for renewal. Then they will want to see the bank book showing 800k for 3 months prior AND not dropping below 400k inbetween the first 90 day report and the 3 month seasoning. So no need to go 8 times. 

I am sure you will correct me if I have miscalculated.

Your local Imm'office will decide depending on         

back in a minute someone at the front door, talk among yourselves, I'll be back.

[moto77]

41 minutes ago, unamazedloso said:

let retirees work then no strings attached. All my thai neighbours sit around all day and have nothing to show for it. seems farangs bank interest is the only possible reason for this lunacy. Is Thailand actually poor and so lazy they can only put farangs to work without actually being allowed to....?

No country in their right mind would do that without a substantial investment on the part of the foreigner. That's all Thailand needs is a lot of poor guys showing up to drive Grab cars, etc.