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

[Joe Mcseismic]

I'm not an economist, so, I don't really know.

Maybe because the Thai economy is based on exports (69% of GDP), or, the very low unemployment rate (0.6%), or, GDP growth per annum (>3%).

[PETITJEAN]

Hello, 

I do not see anywhere that we are talking about the "MIXED METHOD" about income, namely a deposit in fixed account of the difference between the 65,000 thb required monthly and the income actually collected. The amount thus fixed was blocked in a fixed account until the request for renewal of the annual visa.     This is what I have been applying for more than 7 years ... without problem.

 

But now, with the new directives, what becomes of this "facility"? Is she still there? What are the new terms of its application, if still existing?

 

Unfortunately, many of us do not have more than 65,000 thb of monthly income ... and need this particularity to stay in Thailand.

Like many of us, the totality of our economy has gone into buying land and building a house ... So, more reserves available for this new "guarantee" required ...

 

Thank in advance for an answer...

 

Benoît

[ubonjoe]

8 minutes ago, PETITJEAN said:

I do not see anywhere that we are talking about the "MIXED METHOD" about income, namely a deposit in fixed account of the difference between the 65,000 thb required monthly and the income actually collected. The amount thus fixed was blocked in a fixed account until the request for renewal of the annual visa.     This is what I have been applying for more than 7 years ... without problem.

The combination of income and money in the bank is still possible. The part that is not clear is how much you have to keep in the bank after you do the application.

[elviajero]

51 minutes ago, PETITJEAN said:

But now, with the new directives, what becomes of this "facility"? Is she still there? What are the new terms of its application, if still existing?

The 'combo method' is still available, but the rules have changed.

 

How they have changed is still unclear. We are getting conflicting information from immigration offices, but it is possible that you will need to keep a minimum balance of 400K that can't be touched during the year.

[wayned]

7 hours ago, elviajero said:

you will need to keep a minimum balance of 400K that can't be touched during the year.

That would be a dumb rule if you only need 160k to make up the difference.  I can see the before and after but hope that the minimum would at least be the same as the amount you needed if less than 400k.  We'll just have to wait and see, and if there is no written policy it will be up to each individual office, how nice!

[Henryford]

On 2/13/2019 at 10:47 AM, wayned said:

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!

The same reason all the Western currencies are falling. Massive printing of funny money, massive fiscal and trade deficits, low GDP growth, low (negative) interest rates, massive immigration of welfare scroungers. Movement of manufacturing overseas. Thailand has none of these problems and so the Baht will continue to appreciate.

 

Oh and before you say that the USA has had good GDP growth that's only on the back of a $1 trillion a year deficit backed by money printing (like maxxing out your credit card).

[metisdead]

Off topic trolling posts about Vietnam have been removed as well as the replies. 

[rainwater]

I don't see why they can't keep the 800K rule for 3 months and then lower it to 400K for the remainder of the year so we can use OUR MONEY to live on as the system was designed. Holding 800K hostage for 6 months is pure lunacy. Most of my friends are leaving, they just can't keep 800K locked up for 6 months without being able to use at least some of it to live on. This is the most ridiculous visa rule I've ever seen living here 12 years full time on retirement visas. So they are PUNISHING EXPAT Retirees in an attempt to stop thier own malfeasance. Why not raise the visa costs, pay immigration staff a decent living wage, severely punish staff who abuse the system, arrest and imprison so called "visa agents" who try to bribe immigration staff.

[madmen]

On 2/12/2019 at 12:43 AM, 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?

its not just availability. having one rule streamlines the visa process at immigration. 

[rott]

4 hours ago, rainwater said:

I don't see why they can't keep the 800K rule for 3 months and then lower it ...............................................', arrest and imprison so called "visa agents" who try to bribe immigration staff.

1) What you or I see or don't see does not enter into it.

2) They do not seem to have to try very hard, in fact it appears to be a requirement.

[Pattaya46]

5 hours ago, rainwater said:

Most of my friends are leaving, they just can't keep 800K locked up for 6 months without being able to use at least some of it to live on.

Please explain: If your friends have these 800k even for only 1 month, what stop them sending part of it back to their country and then using the 12x 65k method? This way they can use their money to live here.

[rainwater]

53 minutes ago, Pattaya46 said:

Please explain: If your friends have these 800k even for only 1 month, what stop them sending part of it back to their country and then using the 12x 65k method? This way they can use their money to live here.

So you're saying my friend can switch mid stream, he moved 800K here about 2.5 months ago, he is going to immigration this week to try for his visa renewal, so if he gets his renewal, he can move the 800K back to England then start sending 65K a month and Pattaya immigration will accept that? And then he can start freely spending any of the 65K a month? So if you use the 65K plan and pay the extra costs to transfer the money, you can immediately use any and all the 65K every month?

[Pattaya46]

"mid stream" no.

I mean that if they have "800k for the year" they must be able to organize "65k x12 transfers" that will make them qualify for the next extension, and will be able to use (to live) these 65k each month.

[rainwater]

5 minutes ago, Pattaya46 said:

"mid stream" no.

I mean that if they have "800k for the year" they must be able to organize "65k x12 transfers" that will make them qualify for the next extension, and will be able to use (to live) these 65k each month.

So in my case, my visa renewal is next Sept, so I should start sending 65K a month starting in March? But can I use part or all of that monthly transfer or does it have to build up to the 400k limit and stay above that point all year long from now on? Is there a link with clear instructions on the 65K method? Thanks

[Yellowtail]

On 2/13/2019 at 9:14 AM, Joe Mcseismic said:

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.

 

 

All banks that were acquired by other banks.

 

No one that had an FDIC insured account at any of the banks listed lost money. 

[Yellowtail]

6 hours ago, madmen said:

its not just availability. having one rule streamlines the visa process at immigration. 

So they should have one rule, say 800K in a fixed account that could not be touched to streamline the system. It would make it much less confusing.

[Whyamiandwhatamidoinghere]

You would think if a country wants you to stay they would have a way for all levels of income and rules that are less confusing. But... 

[ubonjoe]

2 hours ago, rainwater said:

So in my case, my visa renewal is next Sept, so I should start sending 65K a month starting in March? But can I use part or all of that monthly transfer or does it have to build up to the 400k limit and stay above that point all year long from now on? Is there a link with clear instructions on the 65K method? Thanks

If using the 65k baht income option you do not need to keep any money in the bank. Just prove it was transferred into the country.

[Yellowtail]

1 hour ago, Whyamiandwhatamidoinghere said:

You would think if a country wants you to stay they would have a way for all levels of income and rules that are less confusing. But... 

You would think a county would not want people staying that are so easily confused.

 

If they wanted people with all income levels, they would not have an income or savings requirement. They do not want poor people coming here to live, they already have all the unemployed poor people they need. 

[bangsaenguy]

Why worry? BJ will change it again next week. Maybe more convoluted. I really do not like maintaining 800k in a frozen account with no insurance and no interest. Hope my wife can access it after I die.

[indepth]

All the people   , who know everything, who have been saying for years that TI support Agents for a kickback have been proven wrong . Now having to keep money in the banks for 12, 6, 3, 2 or however many months prove this. Just a case of Thai bashing, And to quote a common saying, " if ya dont like it, etc etc". Aveagoodday and god bless. Im orrite Jack, I got the moolah. 

[Olmate]

5 minutes ago, indepth said:

All the people   , who know everything, who have been saying for years that TI support Agents for a kickback have been proven wrong . Now having to keep money in the banks for 12, 6, 3, 2 or however many months prove this. Just a case of Thai bashing, And to quote a common saying, " if ya dont like it, etc etc". Aveagoodday and god bless. Im orrite Jack. 

Or maybe Your Orrong , but thanx heaps????

[bkk6060]

14 minutes ago, indepth said:

All the people   , who know everything, who have been saying for years that TI support Agents for a kickback have been proven wrong . Now having to keep money in the banks for 12, 6, 3, 2 or however many months prove this. Just a case of Thai bashing, And to quote a common saying, " if ya dont like it, etc etc". Aveagoodday and god bless. Im orrite Jack. 

You seem to not understand this place or how the system works.  TI loves the agents and will continue to work with them.

[indepth]

16 minutes ago, bkk6060 said:

You seem to not understand this place or how the system works.  TI loves the agents and will continue to work with them.

Ive been here 25 years after coming on R and R from Nam. No 6 ,2,3,12 month loans, no kickbacks. 

[Gweiloman]

All the people   , who know everything, who have been saying for years that TI support Agents for a kickback have been proven wrong . Now having to keep money in the banks for 12, 6, 3, 2 or however many months prove this. Just a case of Thai bashing, And to quote a common saying, " if ya dont like it, etc etc". Aveagoodday and god bless. Im orrite Jack, I got the moolah. 

What makes you think that funds seasoning is required when using an agent? It’s not required under the old rules, is it?


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[Yellowtail]

1 hour ago, bangsaenguy said:

Why worry? BJ will change it again next week. Maybe more convoluted. I really do not like maintaining 800k in a frozen account with no insurance and no interest. Hope my wife can access it after I die.

The accounts aren't frozen, and they draw interest.

 

Assuming your marriage is registered, why would your wife not be able to access it?

[CharlieH]

Petty bickering removed.

[jacko45k]

11 hours ago, bangsaenguy said:

Why worry? BJ will change it again next week. Maybe more convoluted. I really do not like maintaining 800k in a frozen account with no insurance and no interest. Hope my wife can access it after I die.

Put it in a fixed deposit if you want interest. As to your wife accessing it, have a will to make it clear, although she will still need to get a court order to make the bank release the funds.

[indepth]

10 hours ago, Gweiloman said:

What makes you think that funds seasoning is required when using an agent? It’s not required under the old rules, is it?


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There has been millions of posts that the old rules have changed. Funds seasoning is now law. Dont break the law in LOS, monkey house not too nice so ive been told. 

[Gweiloman]

There has been millions of posts that the old rules have changed. Funds seasoning is now law. Dont break the law in LOS, monkey house not too nice so ive been told. 

Under the old rules, funds seasoning was also law. However, agents were able to circumvent this requirement, some by just depositing the required amount on the same day as the application and some others apparently didn’t even need to do that.
What makes you think that this won’t also be the case under the new rules?


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