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

[Leslie850]

A clever way and legal way to avoid putting the 800,000 into a bank and an easy and Legal way to put 65,000 baht per month into your Thai bank.https://www.youtube.com/watch?v=CT8DqSqULZM

 

[Yellowtail]

50 minutes ago, Gweiloman said:

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

 

And your point is?

[Gweiloman]

11 minutes ago, Leslie850 said:

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 

 

 

Totally against the spirit of the law. If it gets into the hands if TI, expect more stringent conditions and requirements to be applied 

[madmen]

3 minutes ago, Gweiloman said:

Totally against the spirit of the law. If it gets into the hands if TI, expect more stringent conditions and requirements to be applied 

he is just doing the merry go round. 

[Gweiloman]

6 minutes ago, Yellowtail said:

 

And your point is?

Ok, I’ll bite ????. 800,000 bht worth of shares today can be worth only 750,000 next month. Would you like me to continue?

[Yellowtail]

It's been discussed here numerous times. Yes, it can be done, but it does not seem very cost effective.

[Yellowtail]

2 minutes ago, Gweiloman said:

Ok, I’ll bite ????. 800,000 bht worth of shares today can be worth only 750,000 next month. Would you like me to continue?

What does it have to do with haveing money in the bank? It like saying: Hey, I have a Rolex, cna I use that?

[Gweiloman]

7 minutes ago, Yellowtail said:

What does it have to do with haveing money in the bank? It like saying: Hey, I have a Rolex, cna I use that?

You might want to reread the post that I was replying to. Hint: from Smerty 

[Yellowtail]

1 minute ago, Gweiloman said:

You might want to reread the post that I was replying to. Hint: from Smerty 

Why? 

 

Hint: I read it, ergo the Rolex analogy

[ChouDoufu]

3 hours 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, it will not.  funds have to be immediately available.   once you sell a stock, you wait 2-3 days for settlement.  i think same problem with etf's and mutuals at thai banks.

 

immigration will only accept savings and fixed.

 

 

[elviajero]

34 minutes ago, Leslie850 said:

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 

 

 

The £500 is soon going to disappear in charges. So you need £500 PLUS the cost of sending the money back and forth.

[Gweiloman]

5 minutes ago, Yellowtail said:

Why? 

 

Hint: I read it, ergo the Rolex analogy

Ok, my bad, Choudofu gave the official reason in the above post. Extrapolating logically, the monetary value is also (or at least, should be) a major factor. 

I don’t understand what is the big deal about the funds having to be available immediately. What real difference would a couple of days make? Anyone?

[tabarin]

10 minutes ago, elviajero said:

The £500 is soon going to disappear in charges. So you need £500 PLUS the cost of sending the money back and forth.

Nonsense, if you do this in a smart way it might cost you 500-800 baht a month in fees only as the incoming transfer fees have to be paid regardless.
Tons of ways to even make it more legal / official with some LTD setup abroad.

 

Obviously you could make it even more efficient when you have more cashflow than the 1 month difference. You could then only send back every X months.

[Gweiloman]

2 minutes ago, tabarin said:

Nonsense, if you do this in a smart way it might cost you 500-800 baht a month in fees only as the incoming transfer fees have to be paid regardless.
Tons of ways to even make it more legal / official with some LTD setup abroad.

Aren’t transfer charges normally a percentage of the amount of funds to be transferred?

[Yellowtail]

5 minutes ago, tabarin said:

Nonsense, if you do this in a smart way it might cost you 500-800 baht a month in fees only. 
Tons of ways to even make it more legal / official with some LTD setup abroad.

 

800/20,000 = 4% per month, or 48% a year or 25 months to burn through your 20,000.

 

You go ahead on...

[tabarin]

5 minutes ago, Gweiloman said:

Aren’t transfer charges normally a percentage of the amount of funds to be transferred?

That depends where / with who or how you transfer your money. I know 3-4 digital banks with EU/GBP money alone that would allow you to do a few thousand euro per year for free entirely and that is without making a proper plan or dealing with big banks. Be creative and do your homework, it is so easy.

[tabarin]

Just now, Yellowtail said:

800/20,000 = 4% per month, or 48% a year of 25 months to burn through your 20,000.

 

You go ahead

Dude, do you have your head sticked in the sand or something? Obviously you PAY the fees with your BUDGET and not from your LIMITED MONEY.

[Yellowtail]

1 minute ago, tabarin said:

Dude, do you have your head sticked in the sand or something? Obviously you PAY the fees with your BUDGET and not from your LIMITED MONEY.

Dude, any way you slice it, it's still 48% a year. 

[ChouDoufu]

43 minutes ago, Leslie850 said:

A clever way and legal way to avoid putting the 800,000 into a bank and an easy and Legal way to put 65,000 baht per month into your Thai bank.https://www.youtube.com/watch?v=CT8DqSqULZM

 

you don't have a foreign currency account?  from the video, it seems you intend to send 500 pounds, convert to baht, then convert back to pounds and send back.

[tabarin]

1 minute ago, Yellowtail said:

Dude, any way you slice it, it's still 48% a year. 

I guess you have some obsession with percentages and can't think outside the box. 
Also you are taking the maximum of costs while it would be more likely to be 600 baht, which is only the case if you do it EACH month while with 3x the difference in savings it would be only quarterly. Try taking off 2% a year on inflation of the 400-800k baht instead and the lost revenue on investments that could be 7-10% a year if you are so obsessed with percentages.

The point of this solution is that you can have a yearly visa while spending no more than 20-30USD monthly of your entire pension to make it work.

[elviajero]

17 minutes ago, tabarin said:

Nonsense, if you do this in a smart way it might cost you 500-800 baht a month in fees only as the incoming transfer fees have to be paid regardless.
Tons of ways to even make it more legal / official with some LTD setup abroad.

 

Obviously you could make it even more efficient when you have more cashflow than the 1 month difference. You could then only send back every X months.

Sending an extra 20K baht could increase the transfer costs.

 

800 baht is about £20. That’s £240 a year, meaning you need £740, not £500! That’s £980 over 2 years £1,220 over 3 years etc.

 

It may be legal, but the application would be fraudulent because you’re claiming to have an income that you do not have.

[ChouDoufu]

12 minutes ago, Gweiloman said:

Ok, my bad, Choudofu gave the official reason in the above post. Extrapolating logically, the monetary value is also (or at least, should be) a major factor. 

I don’t understand what is the big deal about the funds having to be available immediately. What real difference would a couple of days make? Anyone?

medical expenses?  hospital won't treat without payment, don't suppose you want to wait 3 days for them to stop the bleeding.

 

 

[tabarin]

13 minutes ago, elviajero said:

Sending an extra 20K baht could increase the transfer costs.

 

800 baht is about £20. That’s £240 a year, meaning you need £740, not £500! That’s £1,480 over 2 years £2,220 over 3 years etc.

 

It may be legal, but the application would be fraudulent because you’re claiming to have an income that you do not have.

It is a rough indication and again, it could just as good be less than 400 baht with no charges on the first X thousand pound yearly when using a few digital accounts and banks.

There is nothing fraudulent about it depending on how you organise your financial life and setup, if you pay yourself out from a LTD company it is income legally regardless what you do with it afterwards or how that LTD get its funds. If you play everything by the rules you always lose.

The original poster and video gives a shitty example as well as most people struggle with the 400-800k baht and not with let's say a few months of the difference. That would make it less than a few transfers pear year (back to UK or wherever). 

 

Also any other solution with tourist visa's etc. would end up more expensive than this.

Could even do it with crypto and auto-selling it to fiat right after the 1st confirmation. If I buy BTC in Thailand and exchange that back to FIAT on a foreign account right now I will be spending less than 5$ even if it is 500k baht and takes me less than a working day to have it in a real bank again.

[Gweiloman]

4 minutes ago, ChouDoufu said:

medical expenses?  hospital won't treat without payment, don't suppose you want to wait 3 days for them to stop the bleeding.

 

 

Haha. Fair enough. Although having said that, how am I supposed to uplift my FD in the middle of the night on April 14 whilst bleeding profusely from my wounds?

[Gweiloman]

9 minutes ago, tabarin said:

It is a rough indication and again, it could just as good be less than 400 baht with no charges on the first X thousand pound yearly when using a few digital accounts and banks.
There is nothing fraudulent about it depending on how you organise your financial life and setup.

The original poster and video gives a shitty example as well as most people struggle with the 400-800k baht and not with let's say a few months of the difference. That would make it less than a few transfers pear year (back to UK or wherever). 

 

Also any other solution with tourist visa's etc. would end up more expensive than this.

Could even do it with crypto and auto-selling it to fiat right after the 1st confirmation. If I buy BTC in Thailand and exchange that back to FIAT on a foreign account right now I will be spending less than 5$ even if it is 500k baht and takes me less than a working day to have it in a real bank again.

Technically it’s fraudulent as it’s not income but rather just rolling his money. 

Another point is that TI requires the minimum sum of 65k per month so doing quarterly transfers are not acceptable 

[Yellowtail]

2 minutes ago, tabarin said:

I guess you have some obsession with percentages and can't think outside the box. 
Also you are taking the maximum of costs while it would be more likely to be 600 baht, which is only the case if you do it EACH month while with 3x the difference in savings it would be only quarterly. Try taking off 2% a year on inflation of the 400-800k baht instead and the lost revenue on investments that could be 7-10% a year if you are so obsessed with percentages.

The point of this solution is that you can have a yearly visa while spending no more than 20-30USD monthly of your entire pension to make it work.

 

My investments in the US last year did not do so well, yours?

If I were living hand to mouth this might be attractive, but I am not, and I do not see much difference between having money in the bank here and having money in the bank in the US. The interest rate here is a little better and the currency has performed well over the years.

I can't imagine living somewhere without a chunk of money in the bank to fall back on, I would liken it to driving around with no spare tire...

I’m not obsessed with percentages, but I am obsessed with not wasting money and not being broke.

[tabarin]

7 minutes ago, Gweiloman said:

Technically it’s fraudulent as it’s not income but rather just rolling his money. 

Another point is that TI requires the minimum sum of 65k per month so doing quarterly transfers are not acceptable 

You are not reading to understand. First of all it is income LEGALLY even if you roll that money. It is about how you roll money and how you pay out.
Second, the quarterly transfers ARE possible. You DO transfer monthly to TH as usual but you do not have to transfer back every month when you have more than 1 month difference saved up, which is plausible to expect and otherwise you can still do it but lose a bit more on fees.

 

Thailand nor any country can do S**T about this as long you set it up the right way.

[Gweiloman]

2 minutes ago, Yellowtail said:

My investments in the US last year did not do so well, yours?

If I were living hand to mouth this might be attractive, but I am not, and I do not see much difference between having money in the bank here and having money in the bank in the US. The interest rate here is a little better and the currency has performed well over the years.

I can't imagine living somewhere without a chunk of money in the bank to fall back on, I would liken it to driving around with no spare tire...

I’m not obsessed with percentages, but I am obsessed with not wasting money and not being broke.

 

If you are obsessed with not wasting money, then you shouldn’t drive around with your spare “tyre”. I haven’t had a flat in years and in case I do, I have a tyre repair kit. 

[Yellowtail]

2 minutes ago, Gweiloman said:

Technically it’s fraudulent as it’s not income but rather just rolling his money. 

Another point is that TI requires the minimum sum of 65k per month so doing quarterly transfers are not acceptable 

But you could return the funds quaterly, or anually for that matter. 

 

Or, you could transfer 65K a month, spend only 45K a month, and in 40 months you'd have 800K in the bank...

[George FmplesdaCosteedback]

On 2/7/2019 at 4:01 AM, elviajero said:

Then leave it wherever you want and transfer 65K to Thailand every month and use the income method.

 

It’s not an investment visa/permit. It’s based on retirement so they want to see the money you live on in or coming in to the country.

 

A retirement extension is meant for retirees that have a monthly income or cash in the bank. 

 

If you receive income less frequently you’ll have to juggle it and send it monthly.

 

Of course it’s legal. 

 

Immigration law gives the Immigration Commission, Director General of the Police and Minister of the Interior the necessary powers.

 

Maybe some, but not many. 

 

Why would someone already with the required 800K plus living expenses need to leave because of these changes?

 

Okay,

1/ If you have less than 65K income and money invested that gives a variable income paid quarterly this is not an option unless the old system is still working where you can have less investment the nearer to 65k you can get so you need less in a "dead" bank account. Say you get 55k, you should only need 200k in the Thai bank rather than making money in an investment portfolio.

2/ Money in property is as much collateral as 800k in a Thai bank, if it is shackled 7 months of the year and you still need 400k in for the other 5 months.

3/ You say the Immigration head is legally allowed to change the law. This is not a local by-law, how can they possibly have that much power, and it is often changed day to day and office to office, not by a "Directive".

4/ I suppose if you are already set up it doesn't make much difference. At 90 he might need better access to the money for medical bills, and assets elsewhere making money he can liquidate later.

 

Big Joke was doing a good job getting rid of over-stayers, illegal entry, frauds, scammers, drug peddlers and thieves, but this is targeting law abiding people that have pensions, cause no trouble and just want to live in the warm with their loved ones.

Much like a car park attendant, with a uniform and a whistle you own the country...