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

[Pattaya46]

44 minutes ago, Peterw42 said:

1 hour ago, JLCrab said:

I guess so.

So its business as usual via agents, the whole thing appears to be a pointless exercise.

Read carrefuly: "New Retirement Income Rules"

It was before the "New Retirement Money-in-the-bank Rules"

 

BTW agree with many here that recent Key Visa "news" are just BS. It's clearly commercial speech and this Daren in fact knows probably no more than us. At the Pattaya Expat Club meeting he was just enable to reply to most questions...

[onera1961]

21 minutes ago, JLCrab said:

Police and Ministerial Orders are one thing. To change the 90 day report requirement, as has been suggested,  would require an amendment to the Immigration Act of 2022 (1979). Once you open that Pandora's Box, who knows what else might be changed.

Can't it be changed by another Immigration Act that will abolish all 90-day reporting, just like SMART visa act that requires no work permit requirement or 90-day reporting for for smart visa holders and spouses get work permit without applying automatically?

[JLCrab]

4 minutes ago, onera1961 said:

Can't it be changed by another Immigration Act

The Immigration Act of 2022 was enacted by the late HM the King.

 

It is not trivial to change, amend, or replace.

[wayned]

20 minutes ago, JLCrab said:

My near(est) term plan is that I will have 2 90-day in-office IMM reports before I have to decide what to actually do for my next extension. I will have at least 5 65K+ baht monthly FTT deposits to show first visit and will see how they react to "Is this going to cut it??"

Plan for the worst, hope for the best is all that we can do.

[Peterw42]

Just now, JLCrab said:

The Immigration Act of 2022 was enacted by the late HM the King.

 

It is not trivial to change, amend, or replace.

Every Act of parliament is essentially enacted by the King, nothing special about immigration Act.  All Acts have the same preamble at the start, condo act below.

 

BHUMIBOL ADULYADEJ REX.
Enacted on the 21st day of April 2522
Being the 34th year of Present Reign

--------------

His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim that:

Whereas it is deemed expedient to have a law on Condominiums:

Be it, therefore, enacted by H.M. the King, by and with the advice and consent of the National Legislative Assembly, in the capacity of the Parliament, as follows

[JLCrab]

15 minutes ago, Peterw42 said:

nothing special about immigration Act.

Other than it's been in place since 1979.

 

And all I said was that changing/modifying/abolishing an Act of HM the King is not the same as modifying/creating a new Police or Ministerial Order.

 

And if they start to modify the Section 37 90-day report requirements, they could at the same time modify/change/ eliminate the Section 35 smoke-&-mirrors provisions used to circumvent what is nominally required for extension of stay in the Kingdom.

[peterrabbit]

2 hours ago, Peterw42 said:

Every Act of parliament is essentially enacted by the King, nothing special about immigration Act.  All Acts have the same preamble at the start, condo act below.

 

BHUMIBOL ADULYADEJ REX.
Enacted on the 21st day of April 2522
Being the 34th year of Present Reign

--------------

His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim that:

Whereas it is deemed expedient to have a law on Condominiums:

Be it, therefore, enacted by H.M. the King, by and with the advice and consent of the National Legislative Assembly, in the capacity of the Parliament, as follows

Article 44 allows the current PM to bypass all this at the stroke of a pen.????

[Date Masamune]

Article 44 allows the current PM to bypass all this at the stroke of a pen.[emoji20]

So condominiums will be confiscated?


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[stud858]

19 minutes ago, Date Masamune said:

So condominiums will be confiscated?


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Impossible. People are complacent , but not that complacent.

[fforest1]

14 minutes ago, Date Masamune said:

So condominiums will be confiscated?


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How far do they want to take the anti farang sentiment?

Answer this and there is your answer....

 

[onera1961]

14 hours ago, JLCrab said:

It is not trivial to change, amend, or replace.

Then how did they enact smart visa act that does not require 90-day reporting and no work permit?

[Tanoshi]

1 minute ago, onera1961 said:

Then how did they enact smart visa act that does not require 90-day reporting and no work permit?

Ah, well that's the 'smart' bit.  

[fforest1]

11 hours ago, peterrabbit said:

Article 44 allows the current PM to bypass all this at the stroke of a pen.????

If they really hated 90 day reporting mark my words it would be gone in one week...

[MRTELLYOUSTRAIGHT]

After 160 pages of this BS I feel like heading over to Lazada and ordering a length of rope.

[Yellowtail]

1 hour ago, fforest1 said:

How far do they want to take the anti farang sentiment?

Answer this and there is your answer....

 

What anti farang sentiment?

[wayned]

1 hour ago, MRTELLYOUSTRAIGHT said:

After 160 pages of this BS I feel like heading over to Lazada and ordering a length of rope.

I already tried, but they are sold out and it is on back order!  I'm now looking at buying a 30 meter Thai bamboo ladder!

[elviajero]

1 hour ago, onera1961 said:

Then how did they enact smart visa act that does not require 90-day reporting and no work permit?

Work doesn’t require a work permit, it requires permission, which usually comes in the form of a work permit. So it’s easy to get permission without a change of law.

 

The BOI/One stop could just be ignoring the 90 day report — possible given address reporting is selectively enforced all over. Or they could be making reports on behalf of the ‘smart visa’ holder.

[JLCrab]

6 hours ago, onera1961 said:

Then how did they enact smart visa act that does not require 90-day reporting and no work permit?

BOI has the right to do so I guess for those qualifying for BOI.

[JLCrab]

7 hours ago, onera1961 said:

Then how did they enact smart visa act that does not require 90-day reporting and no work permit?

THAILAND INVESTMENT PROMOTION ACT (NO. 3)
(AS amended) B.E. 2544

 

Chapter 3
Rights and Benefits

Section 24. Subject to the law on immigration, only in so far as it is not otherwise provided herein, the Board (of Investment) shall have the power to grant permission to foreign nationals for entry into the Kingdom for the purpose of studying investment opportunities or performing any other act benefiting investment for such period of time to stay in the Kingdom as the Board may deem appropriate.

[Date Masamune]

9 hours ago, fforest1 said:

How far do they want to take the anti farang sentiment?

Answer this and there is your answer....

 

What anti farang Sentiment? Are major politicians on TV everyday harassing the

99 percent who are non-immigrants by definition and self supporting?

 

[KhunFred]

On 1/31/2019 at 7:32 PM, mlkik said:

800.000 baht is not very much if you genuinely have retired and have committed to living in Thailand.

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

Interest rates here are no worse than my home country. I am not wealthy enough to speculate and possibly lose on the investment of stocks and shares . Therefore I see no reason not to have savings here.

 

You obviously have not read the statistics on what the average person has in "savings" at retirement, NOT including pension payments. It's about 1500 dollars. Most of us did not retire from the federal government or from a Fortune 500 company with a "golden parachute" plan. Thailand is a retirement destination for those who do not have unlimited funds. The rich can live anywhere.

[Yellowtail]

3 minutes ago, KhunFred said:

You obviously have not read the statistics on what the average person has in "savings" at retirement, NOT including pension payments. It's about 1500 dollars. Most of us did not retire from the federal government or from a Fortune 500 company with a "golden parachute" plan. Thailand is a retirement destination for those who do not have unlimited funds. The rich can live anywhere.

As I understand it, Thailand is a is a retirement destination for those that can pony-up at least 800K a year...

 

 

[AGareth2]

6 minutes ago, Yellowtail said:

As I understand it, Thailand is a is a retirement destination for those that can pony-up at least 800K a year...

 

 

or 65k/m

or a combination

good days for some are over

[Olmate]

9 minutes ago, AGareth2 said:

or 65k/m

or a combination

good days for some are over

I would think the combination method would be suit most,I,m pretty sure it WONT be acceptable now tho! Any recent examples of that being wrong please?

[Yellowtail]

22 minutes ago, AGareth2 said:

or 65k/m

or a combination

good days for some are over

Well with transfer fees and the currency spread to get to 65K a month one would likely be into it for 800k a year, yes?

[ubonjoe]

16 minutes ago, Olmate said:

I would think the combination method would be suit most,I,m pretty sure it WONT be acceptable now tho! Any recent examples of that being wrong please?

A combination is still allowed according to the rules. It is not clear how the new rules will be applied for it as far as how much has to stay in bank after it is approved.

It appears to be the same 2 months before and 3 months after the money will have to be in the bank but after that it is unknown.

[BertM]

On 2/8/2019 at 8:59 PM, Pib said:

Sure it can be done...might not be the right way to implement something....but Thai immigration still did it.  TIT.  

Just wondering... what does TIT stand for? I'm getting senial... ????

[steve73]

This Is Thailand....

[bikerlou47]

My issue is with 65,000 a month, this is a lot of money.

Consider the guy who came here with savings and with those saving he did the following:

Bought a house for his GF so they could live together with no rent.

Paid cah for a vehicle so they could travel with no car payments.

Bought a property and a house for his GF parents.

Educated the GF children so they could get better jobs, here and abroad.

So now most of the savings is gone but he still has his pension which they can live comfortably.

65000 is a lot of money!

[bikerlou47]

All I stated was that 65,000 baht a month is a lot of money.

Make no assumptions about my ability to comply with visa requirements.

I have a friend who has a doctorate degree has worked all his life and receives 2800 a month.

My parents combined receive 1800 a month.

To require over 2000 a month to live in this country is a lot of money for a pension.