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

[jacko45k]

20 hours 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?

Combination method appears to mandate 400,000 minimum maintained in a Thai account. Although that reduces the monthly income requirement to about 35,000, that dead lump sum may be a struggle for many.

[Joe Mcseismic]

21 minutes ago, bikerlou47 said:

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!

I would consider the guy a fool.

[wayned]

5 minutes ago, jacko45k said:

Combination method appears to mandate 400,000 minimum maintained in a Thai account. Although that reduces the monthly income requirement to about 35,000, that dead lump sum may be a struggle for many.

Could you please give a link to where the combination method requires 400k in the account.  Ubonjoe seems to think that the combination method is still available but would only require you to maintain the amount used to get to the 800k to remain in the account for the year not 400k.  I assume that nobody has tried it yet.

[ubonjoe]

I just cleaned out some off topic bickering and baiting post by 2 members. Time to end it.

[ubonjoe]

2 hours ago, jacko45k said:

Combination method appears to mandate 400,000 minimum maintained in a Thai account. Although that reduces the monthly income requirement to about 35,000, that dead lump sum may be a struggle for many.

Nobody is sure that the requirement will be since the vision to the police order is not clear. It only reference back to the previous paragraph of the clause.

1 hour ago, wayned said:

Could you please give a link to where the combination method requires 400k in the account.  Ubonjoe seems to think that the combination method is still available but would only require you to maintain the amount used to get to the 800k to remain in the account for the year not 400k.  I assume that nobody has tried it yet.

As I have said several times we need some info from immigration about it from immigration is needed.

I am of the opinion the reference to the previous paragraph is only for the 2 months before and 3 months after part of it.

[Olmate]

2 hours ago, jacko45k said:

Combination method appears to mandate 400,000 minimum maintained in a Thai account. Although that reduces the monthly income requirement to about 35,000, that dead lump sum may be a struggle for many.

If correct  a $20K AUD cover charge I won’t be paying to stay in this disco!

[Tanoshi]

3 hours ago, wayned said:

Could you please give a link to where the combination method requires 400k in the account.  Ubonjoe seems to think that the combination method is still available but would only require you to maintain the amount used to get to the 800k to remain in the account for the year not 400k.  I assume that nobody has tried it yet.

I tend to agree with Joe, but I think it could be completely misinterpreted by IO's.

 

Quote

(5). Must have annual earnings and funds deposited in a commercial bank in Thailand totalling of no less THB 800,000 until the filing date. The said fund must remain in the account prior to and after the permission is granted and the alien can make a withdrawal under the same conditions as in (4).

No mention of a minimum of 400K funds, just a total of funds and income totalling 800K.

It's the 'can make a withdrawal under the same condition as in (4), that causes the confusion.

 

Quote

(4). At least 2 months prior to the filing date and at least 3 months after being granted permission, the alien must have funds deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,000, OR,

It seems pretty clear to me that you can withdraw down on the funds 3 months after permission is granted, under the same conditions as (4), however if you read that condition as drawing down to leave 400K in the account as in (4) makes no sense, but if it's read as drawing down half of said funds as can be interpreted from (4) 800K - 400K = half of funds, then regardless of the funds used, 200,400, 600K, you could withdraw half, leaving the balance in the account same as in condition (4)

 

It really need clarifying and we're probably going to read conflicting reports from different Immigration offices as applicants try the combo method.

 

According to another thread, it's now confirmed;

Quote

It’s now clarified that the rules — as written — are; 

Cash and income totalling 800K.

The cash element must be in the account for 2 months prior to applying, and 3 months after the extension is granted.

A minimum balance of 400K must be maintained at all times.

 

 

[Yellowtail]

3 hours ago, bikerlou47 said:

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.

Apparently, they do not want poor people coming to live here.

 

Judging from the rules, higher-income people are welcome and lower-income people with some savings are welcome,  but lower-income people with no savings are not welcome.

 

[JackThompson]

1 hour ago, Yellowtail said:

Apparently, they do not want poor people coming to live here.

Poor people are not coming to Thailand in the first place.  They are moving to our passport-countries, instead.  There are no handouts for them here.

[Yellowtail]

4 minutes ago, JackThompson said:

Poor people are not coming to Thailand in the first place.  They are moving to our passport-countries, instead.  There are no handouts for them here.

Cambodians aren't poor?

[JackThompson]

19 minutes ago, Yellowtail said:

Cambodians aren't poor?

The ones Immigration allows in legally on L-Visas, to drive down wages and deny jobs to Thais?  Sure, they can come in.  No "crackdown" on them, since powerful businesses like cheap-labor.  We have the same problem in my passport-country.

 

But I was replying to a post about "too poor" retirees - who clearly are not so poor, or would not be eating and sleeping indoors here.

[Yellowtail]

15 minutes ago, JackThompson said:

The ones Immigration allows in legally on L-Visas, to drive down wages and deny jobs to Thais?  Sure, they can come in.  No "crackdown" on them, since powerful businesses like cheap-labor.  We have the same problem in my passport-country.

 

But I was replying to a post about "too poor" retirees - who clearly are not so poor, or would not be eating and sleeping indoors here.

 

Oh, when you said "Poor people are not coming to Thailand...", I thought you meant poor people are not coming to Thailand. 

 

My bad.

[loumaripol]

Hello,

Reading the translation there is no specific method of proving monthly income greater than 65k stated.

 

We still need clarification on this.

[wayned]

IMHO, many retirees that come here are not poor, but they are not rich either.  They can live a nice quality life here on their meager pensions which they couldn't do in their home country and they are contributing to the economy.  But that's not the only reason that they come here, it's for the change in life style.  When I came here to stay in early 1998 I had been diagnosed with coronary artery disease, was having severe angina, and was scheduled for heart surgery.  I elected to take early retirement and forgo the surgery.  The angina stooped on the SQ flight and here I am 21 years later and haven't had a pain since so it's not always money!

[Negita43]

I'm confused, how do we have to prove the 3 months after bit? Another bank letter and visit to immigration?

 

I ask especially because later this year I plan to be out of the country for a couple of months  2 months after i get the extension so I won't be in the country at the appointed time!!!

[wayned]

6 minutes ago, Negita43 said:

I'm confused, how do we have to prove the 3 months after bit? Another bank letter and visit to immigration?

 

I ask especially because later this year I plan to be out of the country for a couple of months  2 months after i get the extension so I won't be in the country at the appointed time!!!

Undefined at this time.  I suspect that they will check when you do your next extension (or they might just forget it ) and if it wasn't there you wouldn't be granted a new one, but who knows!

[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]

That's interesting tell me why you think this guy is a fool?

Would love to know what is going on in your brain t say such a thing.

[Whyamiandwhatamidoinghere]

Jump dog jump to their forever changing retirement rules. When you get tired of jumping leave! ????Still some stragglers left? Change the rules again. Repeat. 

[marcusarelus]

8 minutes ago, Whyamiandwhatamidoinghere said:

Jump dog jump to their forever changing retirement rules. When you get tired of jumping leave! ????Still some stragglers left? Change the rules again. Repeat. 

How many retirement rules have changed in the lasts 5 years?

[Yellowtail]

1 hour ago, bikerlou47 said:

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!

4

How does posting this twice change anything? 

 

The guy that came here with savings knew what the financial requirements to get a visa are, correct? Why is he complaining about it now?

 

He has always had to have 65K a month or 800K in the bank, yes?

 

[phuketrichard]

4 hours ago, JackThompson said:

The ones Immigration allows in legally on L-Visas, to drive down wages and deny jobs to Thais?  Sure, they can come in.  No "crackdown" on them, since powerful businesses like cheap-labor.  We have the same problem in my passport-country.

 

But I was replying to a post about "too poor" retirees - who clearly are not so poor, or would not be eating and sleeping indoors here.

L visa?
dont ya mean an L-A visa ( my khmer gf has one) which includes wp and health card same as thai's have

[elviajero]

13 hours ago, wayned said:

Could you please give a link to where the combination method requires 400k in the account.  Ubonjoe seems to think that the combination method is still available but would only require you to maintain the amount used to get to the 800k to remain in the account for the year not 400k.  I assume that nobody has tried it yet.

It’s written in the new police order. You must maintain a minimum balance of 400K, therefore, you need st least 400K in your account on day 1.

[smerty]

Does anybody know if having 800,000 worth of Thai stocks in a brokerage account at a Thai Bank will satisfy the rule?

[marcusarelus]

2 minutes ago, smerty said:

Does anybody know if having 800,000 worth of Thai stocks in a brokerage account at a Thai Bank will satisfy the rule?

No.

[Yellowtail]

24 minutes ago, marcusarelus said:

No.

Surely someone must know...

[marcusarelus]

3 minutes ago, Yellowtail said:

Surely someone must know...

I do.  The answer is no.

[smerty]

Thanks, you're so full of wisdom, a veritable fount of information.

[Gweiloman]

9 minutes ago, smerty said:

Thanks, you're so full of wisdom, a veritable fount of information.

Think about it. Shares can go up as well as .... right?

[Leslie850]

A Clever and easy way to solve the problem of the 65,000 a month and not having the 800,000 in the bank.

Check this