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

[Yellowtail]

9 minutes ago, Gweiloman said:

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. 

 

Actaully the spare came with the car and gets rotated in so it actually extends the life of the set. I haven't fixed a tire in 20 years so a  "tyre" repair kit would be a waste of money.

 

Hey, I might be able to sell the spare and pay transfer fees for a few months...

[Gweiloman]

2 minutes ago, Yellowtail said:

Actaully the spare came with the care and gets rotated in so it actually extends the life of the set. I haven't fixed a tire in 20 years so a  "tyre" repair kit would be a waste of money.

Just imagine how much unnecessary extra weight you have been carrying for the past 20 yrs lol. And if you have more than 1 car, which I presume you do.....

[Yellowtail]

Just now, Gweiloman said:

Just imagine how much unnecessary extra weight you have been carrying for the past 20 yrs lol. And if you have more than 1 car, which I presume you do.....

No, only one.

 

Had a company car the first 17 years I was here...new one every three years, free fuel, free service, free insurance, free tires, free flat repairs...

[Yellowtail]

5 minutes ago, Gweiloman said:

Just imagine how much unnecessary extra weight you have been carrying for the past 20 yrs lol. And if you have more than 1 car, which I presume you do.....

 

 

Actually, working in a factory I had quite a few flats, just never had to fix one. 

[Gweiloman]

16 minutes ago, tabarin said:

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.

 

14 minutes ago, Yellowtail said:

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...

No can do. This is being discussed in another thread

[Gweiloman]

3 minutes ago, Yellowtail said:

No, only one.

 

Had a company car the first 17 years I was here...new one every three years, free fuel, free service, free insurance, free tires, free flat repairs...

And you bother about tyre rotation? OCD comes to mind ????

[elviajero]

3 hours ago, tabarin said:

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.

It is fraud.

 

The rules say that to qualify you must have an income of 65K pm. They then say you have to provide proof of that income with an embassy letter or transfers going into a Thai bank.

 

If someone walked in to an embassy and claimed they had 65K income when it was only 40K, and obtained a letter claiming an income of 65K, the subsequent application to immigration would be fraud.

 

What is being suggested is exactly the same principle. They would be providing evidence of an income that isn't an actual income.

[elviajero]

3 hours ago, tabarin said:

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.

Complete nonsense. They have an income of 40K that's it. And it's less than 65K so you don't qualify for the extension. You are 'rolling the money' to make it appear as if you have an income of 65K, which is fraud.

 

[Spidey]

4 hours ago, Yellowtail said:

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

Don't forget the buy/sell exchange rates. The £500 would be gone in no time.

[MrMuddle]

I have had 800K, left untouched, in a Fixed Rate Deposit a/c here for many years, and have never had a problem renewing my Retirement visa. Is this type of account still acceptable to Immigration under the new laws ?
If not, what accounts are acceptable ?

[jacko45k]

15 hours ago, bikerlou47 said:

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.

Some might consider him overly generous. Spending all of one's savings and nest-egg, fallback, burning his bridges whatever leaves him immensely vulnerable. The money has gone to those who were never able to handle money or their own lives. 

[bikerlou47]

The website said the monthly costs for a single person to live in Bangkok was 21,017.40฿ without rent.

[Yellowtail]

6 hours ago, Gweiloman said:

And you bother about tyre rotation? OCD comes to mind ????

 

Why would I not want to take care of a piece of equipment I was responsible for? The rotation is included with the service, but I imagine you would skip that as well, yes? 

 

It's not yours, so tear it up. right?

[Henryford]

7 hours 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. 

Not really, you have to pay for the transfer from the UK to Thailand anyway. I think Dee Money is only 150 baht the other way, so it's 1800 baht a year.

[marcusarelus]

7 minutes ago, Henryford said:

Not really, you have to pay for the transfer from the UK to Thailand anyway. I think Dee Money is only 150 baht the other way, so it's 1800 baht a year.

And the first Dee Money transfer is free.

[wayned]

5 minutes ago, marcusarelus said:

And the first Dee Money transfer is free.

If you are really worried about 150 baht/month you are in deep s**t with the new regulations!

[Spidey]

1 hour ago, Henryford said:

Not really, you have to pay for the transfer from the UK to Thailand anyway. I think Dee Money is only 150 baht the other way, so it's 1800 baht a year.

I'm talking about the difference in exchange rate between buying baht and selling baht.

 

 

[elviajero]

2 hours ago, Henryford said:

Not really, you have to pay for the transfer from the UK to Thailand anyway. I think Dee Money is only 150 baht the other way, so it's 1800 baht a year.

And what about the money you lose in the exchange rate, and possibly the receiving banks fee?

 

However you make the transfers this idea comes at a cost, which is a lot more than the £500 being claimed.

[inThailand]

With so many not having the monthly or deposit money, are they violating the "be worth more alive than dead" advice. 

 

Could there be an increase in the number of dead falangs? Especially those that are going to leave their loved ones behind and baht less? 

[Yellowtail]

5 hours ago, elviajero said:

And what about the money you lose in the exchange rate, and possibly the receiving banks fee?

 

However you make the transfers this idea comes at a cost, which is a lot more than the £500 being claimed.

2

 

Yes, but the people using this method are rich and care nothing about the fees.

 

Their portfolios are such that their earnings far outweigh any fees that may be realized, and they are much too smart to fund an account at one of the ridiculously risky Thai banks. The "dead" money you or I might foolishly put in a Thai account,  They will put to work earning them many times the interest the Thai banks pay, and with a much lower level of risk.

 

Many of the people using this method also have top-secret security clearances that provide intel on how the currency markets will move, allowing them to further increase their wealth in a way that you and I could only dream of.

[George FmplesdaCosteedback]

Too much squabbling as usual on here.

The fact is this diktat by Big Joke has not been thought through as usual. The muddle is in the lack of clarity in the "directive".

All this does as it stands is increase the opportunities for corruption at the Immigration offices.

I fully expect Big Joke(er) will benefit financially from this, and the extra money in Thai banks who will also be appreciative.

That is the biggest joke!

 

[jacko45k]

3 hours ago, George FmplesdaCosteedback said:

All this does as it stands is increase the opportunities for corruption at the Immigration offices.

It worked then.

[Yellowtail]

5 hours ago, George FmplesdaCosteedback said:

Too much squabbling as usual on here.

The fact is this diktat by Big Joke has not been thought through as usual. The muddle is in the lack of clarity in the "directive".

All this does as it stands is increase the opportunities for corruption at the Immigration offices.

I fully expect Big Joke(er) will benefit financially from this, and the extra money in Thai banks who will also be appreciative.

That is the biggest joke!

 

Yes, if all laws were eliminated, the opportunity for corruption would be drastically reduced. Eliminate crime, by eliminating laws, it's brilliant!!! 

[Spaniel]

16 hours ago, Yellowtail said:

 

Yes, but the people using this method are rich and care nothing about the fees.

 

Their portfolios are such that their earnings far outweigh any fees that may be realized, and they are much too smart to fund an account at one of the ridiculously risky Thai banks. The "dead" money you or I might foolishly put in a Thai account,  They will put to work earning them many times the interest the Thai banks pay, and with a much lower level of risk.

 

Many of the people using this method also have top-secret security clearances that provide intel on how the currency markets will move, allowing them to further increase their wealth in a way that you and I could only dream of.

What a load of BS.

[Joe Mcseismic]

16 hours ago, Yellowtail said:

 

Yes, but the people using this method are rich and care nothing about the fees.

 

Their portfolios are such that their earnings far outweigh any fees that may be realized, and they are much too smart to fund an account at one of the ridiculously risky Thai banks. The "dead" money you or I might foolishly put in a Thai account,  They will put to work earning them many times the interest the Thai banks pay, and with a much lower level of risk.

 

Many of the people using this method also have top-secret security clearances that provide intel on how the currency markets will move, allowing them to further increase their wealth in a way that you and I could only dream of.

Risky Thai banks? Please name a single Thai bank that went bust. (BCCI went bust in the 90's through fraud, so it doesn't count).

I could name lots of US banks that went bust due to the GFC.

[Yellowtail]

11 minutes ago, Joe Mcseismic said:

Risky Thai banks? Please name a single Thai bank that went bust. (BCCI went bust in the 90's through fraud, so it doesn't count).

I could name lots of US banks that went bust due to the GFC.

Go ahead, name them

[Yellowtail]

22 minutes ago, Spaniel said:

What a load of BS.

Right

[Joe Mcseismic]

7 minutes ago, Yellowtail said:

Go ahead, name them

Check this list. All US banks.

https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008–present)

 

They number in the hundreds.

[Joe Mcseismic]

1 hour ago, Yellowtail said:

Go ahead, name them

OK, I've given you a link that shows hundreds of US bank failures.

I'm still waiting for you to name a Thai bank failure.......

 

By the available data, it seems Thai banks are much safer than US banks. If you don't agree, prove me wrong.

Let's not even mention that the US dollar has been weakening against the Baht for years.

[wayned]

13 minutes ago, Joe Mcseismic said:

Let's not even mention that the US dollar has been weakening against the Baht for years.

That's true but the problem that I have is why?  The dollar peaked out at over 56 to 1 baht in January 1998 when I came here to stay, it  fell to around 40 for years and now it's down to 31.  What's the cause, and although I don't like TRump, I don't think that it's due to him?  No trolling, I just don't understand!