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

[jackdd]

1 minute ago, Naamblar2014 said:

If all they want is to keep your money in Thailand and not allow you to use your money,  why not just make the annual ext fee 400,000 baht. Ridiculous I know,  but how many would stay if they came out with that self serving ...well all I can call it is corruption.   In essence they are forcing you to commit money that you can't use and at a time when exchange rates favour their economy. Total buffalo caca.

I suggested this somewhere quite a while ago already... Thailand could just charge people for every day in the country (amount to be specified), they could throw in a health insurance for treatment in government hospitals. Would make many things very simple ????

[MrPatrickThai]

17 minutes ago, ukrules said:

They will be making people report to immigration every month to collect their allowance one day.

 

This system is a joke, it's going to be great for Vietnam and Cambodia.

Do you actually think they want old penniless sexpats?

[BestB]

I am not of retirement age yet, so do not know much ins and outs. but instead of getting an extensions, would it not now be easier just to get multiple entry NON 0 visa or do visa runs every 3 months?

 

New rule basically states 3 months prior and 3 moths after must have 800 000 baht in the bank, and the rest of the time 400 000 baht.

 

So for 6 months it must be 800 000 and for 6 months 400 000. Should one go below 400 000 for a week to make some purchase, then you would be out of luck for next extension?

 

And what happens to those who are NOT showing money in the bank but income of 65 000 per month?

[MrPatrickThai]

24 minutes ago, DaRoadrunner said:

The problem I have with Thailand is the lack of stability, one never knows when the idiots are going to change the law or what ridiculous requirements there will be. Sad thing is, It's still better than where we all came from!

Do you think it is easier for Thai pensioners to live in your country?

 

[onera1961]

54 minutes ago, zydeco said:

My biggest problem with this is I don't want to go to Chaeng Wattana an extra two, three, four or eight times per year?

My interpretation of this order is your following year's retirement extension will depend on the money you have the past year. You can always withdraw the entire balance after getting an extension but you can't renew the following year. I don't think they will ask people to go every three months. That is too much work load on the TIs. 

[moto77]

22 minutes ago, ocddave said:

All I know is that when my wife came to the USA for 5 years to gain her PHD, she didn't have to do anything but enjoy her time there on her Visa, no hassling every year or 90 days. So Like I stated, we should hammer the Thai's back with tit-for-tat immigration hassles, maybe then we will get better treatment. Enough of them head to the US to further their education, and even military travel there to visit, or train with our military.....hammer them with hassles, then see how quickly things change.

So... that means the US would have to completely stop requiring visas of Thais coming for tourism. I'd love to hear what the orange idiot in chief thinks about that idea.

Thailand has been pushing for being on the VWP for years... I think the US will have to start there and then see what it can negotiate. But for now, the US isn't even matching tourist visa policy so you really can't complain.

[notamember]

22 minutes ago, madmen said:

Oh please. We both know the the majority effected by this were using income letters or agents

 

Agent door closed. That's life but why are so many crying. TV is the hub of thai bashing so this news should be good as finally the poor bashers get to go home

 

And if the Thai authorities read the TV threads they would be disgusted at the hate spewed by ungrateful farang directed at the thai people! Wouldn't surprise me if that played a big part in today's announcement

 

Ahhh but as the old saying goes, be careful what you wish for

 

agents door closed?

they have just been given the opportunity to double and maybe quadruple their income

instead of showing 800K once a year now they will be paid for doing it twice and maybe more if they can't be bothered to do the 400k on the next two

just make a flat annual fee of it along with the annual renewal fee for another 20k a year

(5k a quarter like the ED visa overlook fees)

process alongside the 90 days, mailed in the bankbook and the passport and with a signed deposit and withdrawal slip to get the 800K in and out 

in turn the IO gets to quadruple their income by rubber stamping something that they normally only get to do once a year 

Sounds like good business for the IO and agents to me

 

i think visa agents stock just went up exponentially

 

[thequietman]

27 minutes ago, madmen said:

Oh please. We both know the the majority effected by this were using income letters or agents

 

Agent door closed. That's life but why are so many crying. TV is the hub of thai bashing so this news should be good as finally the poor bashers get to go home

 

And if the Thai authorities read the TV threads they would be disgusted at the hate spewed by ungrateful farang directed at the thai people! Wouldn't surprise me if that played a big part in today's announcement

 

Ahhh but as the old saying goes, be careful what you wish for

 

People like you sicken me, you really are a snob. Let's be clear I am not yet old enough to retire and am a long way off my state pension but I live here and I can meet the requirements.

However, for you to refer to people as the 'poor' ones is disgusting to say the least.

 

What have you got against a retiree settling in Isaan and living off his small but liveable state pension. He is supporting his wife and maybe her closest family and he and she are happy. He takes nothing from Thailand except the weather that is free to all and the relaxed lifestyle.

 

What is it about him that you don't wish him the best? Is he taking money out of your hand? Is he taking food from your or your families mouth?

If these decisions were reciprocated in our respective countries, the Thais living there would be going nuts declaring discrimination at all points and rightly so.

 

Let people live their lives and you live yours.

[MrPatrickThai]

43 minutes ago, baansgr said:

Its not zero dollar, why would I want to tie up 20k Sterling when I get over 7% in divis, cost 120 quid a month just on loss of income..many others use their savings to provide income.

I get more than 7% on my Thai Military Bank SET50 Dividend account. Two years ago it was 18%.

[Daffy D]

I think there are bigger corruption problems that need sorting than visa agents.

 

While obviously anyone retired here needs to have enough money to live on, proving you have 80K in the bank that you can't actually spend on living doesn't seem to prove much of anything.

 

Retirees without sufficient money to live on will eventually, one way or another disappear anyway, so problem solved.

 

 

 

Edited January 31, 2019 by Daffy D

[ttrd]

8 minutes ago, baansgr said:

Retirement in Phillipines, age 37 or above, $10,000 (310,000 THB) in bank get lifetime retirement visa, no passing go, no hoops or wais to do and no ninety days or rentry...plus is reduced by 50% if ex-services....thats how toyland compares

You seems to have forgotten the other side of the coin - the food, the terrorism, the criminality, the unstable leader Duterte with his instant killing of drug dealers, the environmental destruction, earthquakes, typhoons and terrible infrastructure to mention some ....

 

[moto77]

1 minute ago, MrPatrickThai said:

Do you think it is easier for Thai pensioners to live in your country?

 

The US requires a $1,000,000 investment for any similar visa treatment. 
But if you have that, there are no reports or anything else and you get permanent residency.

[Kalasin Jo]

40 minutes ago, NE1 said:

This is what I think our office will end up asking for. 

 

And if you are in and out of the country and never need to do a 90 day report?

[ocddave]

1 minute ago, ttrd said:

You seems to have forgotten the other side of the coin - the food, the terrorism, the criminality, the unstable leader Duterte with his instant killing of drug dealers, the environmental destruction, earthquakes, typhoons and terrible infrastructure to mention some ....

 

So, just about the same as Thailand. 

[madmen]

Yes they very well may not but for their Thai wives and children many support this may not be the case.

These threads are monitored by the authority's, that's just normal however the extreme bashing of thais and the country is totally disgusting and has not gone unnoticed. Why else are they now squeezing out expats? Those with family should have been more respectful!

You guys only have yourself to blame and no doubt will be reflecting on it in the next sub zero winter in your home country.. Remember that country you bashed before landing in Thailand? Kinda ironic

[ttrd]

18 minutes ago, rott said:

Why? If the rules and/or the IO say so then that is why.

If you are looking for another reason, have you been here ten years?

After 10 years here its only over stayers who still ask why ...

[arithai12]

2 hours ago, DrTuner said:

After 12 years of suffering under the penetrating gaze of counter #6 at Jomthien I'll simply disagree. It's a hassle.

Oh my, 12 years? They do have long queues at Jomtien.

[namatjira]

they could have at least have given all the long term retirees a little more than one months notice.....that is unjust and quite brutal.

that indicates a serious shift in the thinking of the authorities about how they view retirees....and it’s not pretty.

they have shown here little or no consideration at all to people 

who have purchased condos , raised families and looked after wives.....this is a bad call from the Thai government....so much for polite.....

[MrPatrickThai]

1 minute ago, madmen said:

These threads are monitored by the authority's, that's just normal however the extreme bashing of thais and the country is totally disgusting and has not gone unnoticed. Why else are they now squeezing out expats? Those with family should have been more respectful!

You guys only have yourself to blame and no doubt will be reflecting on it in the next sub zero winter in your home country.. Remember that country you bashed before landing in Thailand? Kinda ironic

Exactly, these moaners and Thai bashers might now start to believe in Karma. 

 

 

[PerkinsCuthbert]

This certainly changes the opportunity/cost ratio, at least for those with the option to move to neighbouring countries. At a stroke, the onerous financial requirements, not to mention the time and travel expense of these new regulations, make destinations such as Vietnam more attractive.

[Naam]

2 hours ago, TallGuyJohninBKK said:

1. the above info doesn't explain how Immigration will conduct the "three months after" verification???

that can be easily verified at the next extension.

[smedly]

I think the better compromise might have been this

 

No change to the 800k baht 3 months seasoning, after which you have to show at least 600k baht sustained balance 3 months later, bin the 400k sustained balance  - this would have the basic same effect without all the hassle.

 

All of this could be done through an agent for a fee lol 

 

Agents just doubled up - extension no seasoned funds - 3 months later proof of 3 months sustained balance, those that use agents now have to do it twice a year instead of once

Edited January 31, 2019 by smedly

[tlandtday]

1 hour ago, thequietman said:

I am not a retiree nor am I a pensioner but I really don't see what Thailand has to gain by all of this.

Foreign retirees here take nothing from the system and are offered nothing.

They pay their way and in NO Way are a burden to the system. They pay tax and probably more than Thai citizens and they support families and businesses. 

 

Why all the hate? Why all the rules? They take nothing from this country but give back daily. It is very confusing to say the least.

It's nothing more than distraction for political gain.  We are helping you by hammering the bad foreigners... keep your eye on the bad guys while we.............

[Kalasin Jo]

4 minutes ago, onera1961 said:

My interpretation of this order is your following year's retirement extension will depend on the money you have the past year. You can always withdraw the entire balance after getting an extension but you can't renew the following year. I don't think they will ask people to go every three months. That is too much work load on the TIs. 

Seems to me absolutely the logical way to police this new requirement. The applicant must on renewal produce passbook/ bank statements for the previous 12 months. If this shows the applicant has not complied, application refused.

[marqus12]

I have money, but I will not put more money in a greedy racist

vacuum cleaner !!!
I'm just worried about what to do with my Thai family???
Leave them in this sh*t ??? because it's their sh*t ???
or take them with me ???

[MrPatrickThai]

Nobody can support a family here on less that 100k  a month. I know as I've lived here for 30 years and put my 4 children through decent schools and foreign unis.

[madmen]

People like you sicken me, you really are a snob. Let's be clear I am not yet old enough to retire and am a long way off my state pension but I live here and I can meet the requirements.
However, for you to refer to people as the 'poor' ones is disgusting to say the least.
 
What have you got against a retiree settling in Isaan and living off his small but liveable state pension. He is supporting his wife and maybe her closest family and he and she are happy. He takes nothing from Thailand except the weather that is free to all and the relaxed lifestyle.
 
What is it about him that you don't wish him the best? Is he taking money out of your hand? Is he taking food from your or your families mouth?
If these decisions were reciprocated in our respective countries, the Thais living there would be going nuts declaring discrimination at all points and rightly so.
 
Let people live their lives and you live yours.

Decades of thai bashing is what's disgusting. Probably 90% of all posts.

It's called karma. To late now and it's always the poor that will suffer the most.

Perhaps farang can now show some respect for their host country. If the hatred continues then expect it back at you.. That's life

[MrPatrickThai]

2 minutes ago, Naam said:

that can be easily verified at the next extension.

If 800k is too much for you, you could borrow it for the time required, wouldn't cost that much.

[Justin Side]

5 minutes ago, madmen said:

These threads are monitored by the authority's, that's just normal however the extreme bashing of thais and the country is totally disgusting and has not gone unnoticed. Why else are they now squeezing out expats? Those with family should have been more respectful!

You guys only have yourself to blame and no doubt will be reflecting on it in the next sub zero winter in your home country.. Remember that country you bashed before landing in Thailand? Kinda ironic

What a load of rubbish.

B.S.

[BestB]

1 minute ago, MrPatrickThai said:

Nobody can support a family here on less that 100k  a month. I know as I've lived here for 30 years and put my 4 children through decent schools and foreign unis.

Thailand has foreign university? which one?