Using My Condo to Meet the 800K extension requirement

[Khaeng Mak]

The recent changes now require that I lock 800K thb in my account and at least 400K thb all year.

 

I cannot access this money for my living expenses, without invalidating my retirement visa extension.

 

So I would like to suggest that a more simple solution is to just let us use the 800K to purchase a property or a business in our name. And make that new rule retrospective. 

 

That is, anyone who has already purchased a condo (worth more than 800K) in their name need only show their chanote to get their extension.

 

But such a policy would make it easier for many retirees and we all know that that is not the intended outcome of these recent changes.

 

Your thoughts on my idea are welcome.

[sirocco]

Please, the Thais are not stingy with imagination to complicate our lives, do not add.

[NCC1701A]

46 minutes ago, Khaeng Mak said:

Your thoughts on my idea are welcome.

well a nice idea. but not good for the Thais.

 

 

[indepth]

Brilliant Idea. I'm sure BJ will read and take notice. . 

[PoorSucker]

8 minutes ago, indepth said:

Brilliant Idea. I'm sure BJ will read and take notice. . 

Actually he have mentioned it, suggesting wifes property might be used instead of the 400.00 for marriage extension. 

This so wife can get a new house instead of keeping money in bank. 

 

No mention of retirement extension. 

[Khaeng Mak]

Immigration's rationale for me having 800K in the bank was that I should have sufficient money to cover my living expenses for one year.

 

But that position no longer holds up to logical scrutiny.

 

Immigration can no longer claim that the money is for my living expenses. As it cannot be withdrawn from my account.

 

If I have to lock my money up. Why can't I lock it up in the purchase of a Condo.

 

The retirement programs in several other countries allow me to do so.

 

Or are these changes just a poorly implemented plan to effectively double the amount I must now have in Thailand. 800K locked up in a low interest account, and then I have to bring in additional money to live off.

 

Or is there trouble on the horizon and those in charge want to bolster Thai banks with immovable foreign funds?

Edited February 3, 2019 by Khaeng Mak

[scubascuba3]

But that position no longer holds up to logical scrutiny.
 

I don't think that matters here and who do you tell that cares

[elviajero]

An extension of stay based on investment is currently possible if you buy a new condo valued at 10M baht or over.

 

For your idea to work the retiree would still need to show an income or other money to live on. 

[Khaeng Mak]

23 minutes ago, elviajero said:

An extension of stay based on investment is currently possible if you buy a new condo valued at 10M baht or over.

 

For your idea to work the retiree would still need to show an income or other money to live on. 

No. Under these current new changes. My 400K is locked up. No need to show any income for living expenses.

 

Immigration can not lock my money up and then tell me it is for living expenses. That line no longer stands up to logical scrutiny.

Edited February 3, 2019 by Khaeng Mak

[elviajero]

19 minutes ago, Khaeng Mak said:

No. Under these current new changes. My 400K is locked up. No need to show any income for living expenses.

I get that, but you're suggesting permission to stay based on investment, not retirement. That already exists and requires investment of 10M min.

 

19 minutes ago, Khaeng Mak said:

Immigration can not lock my money up and then tell me it is for living expenses. That line no longer stands up to logical scrutiny.

I agree to a point, however, the 800K was a minimum amount.

[Khaeng Mak]

1 minute ago, elviajero said:

I get that, but you're suggesting permission to stay based on investment, not retirement. That already exists and requires investment of 10M min.

 

I agree to a point, however, the 800K was a minimum amount.

I am not talking about an investment visa.

 

I am talking about retirement extensions.

 

We now have to have a minimum of 400K deposited in a Thai bank all year.

 

Why can that money not be invested in another asset besides cash.

 

For example. the ssrv retirement program also requires a cash bond, but you can use it to buy a condo.

[stud858]

How about retirees are offered a free business class Thai airways trip to Thailand if they decide to spend their life savings in Thailand.

 

[elviajero]

6 minutes ago, Khaeng Mak said:

I am not talking about an investment visa.

 

I am talking about retirement extensions.

 

We now have to have a minimum of 400K deposited in a Thai bank all year.

 

Why can that money not be invested in another asset besides cash.

 

For example. the ssrv retirement program also requires a cash bond, but you can use it to buy a condo.

Ok. So you want permission to stay based on being retired by using an investment to cover the 400K. I agree that should/could be an option for immigration to consider.

 

But you would still need to provide another 400K in the bank or an income to show you can support your stay as a retiree.

[ozmeldo]

I think any second condo or investment property (condo) worth more than 1.5m should be considered covering the 800k. It's illiquid but if need be surely could be fire saled for 800k. Like that.

 

But it's not as though Thai bureaucracy are either reasonable or creative.

 

One condo, primary residence no way. It's your home + it's illiquid.

Edited February 3, 2019 by ozmeldo

[ozmeldo]

1 hour ago, Khaeng Mak said:

I am not talking about an investment visa.

 

I am talking about retirement extensions.

 

We now have to have a minimum of 400K deposited in a Thai bank all year.

 

Why can that money not be invested in another asset besides cash.

 

For example. the ssrv retirement program also requires a cash bond, but you can use it to buy a condo.

Because if it's in a market the value is entirely arbitrary.

 

I'd think a brokerage account of double the amount should be permissible. 1.6m

[ozmeldo]

So..in their own predictable inscrutable way Immigration announces the money is no longer necessary for living expenses but de facto surety bond against personal catastrophe.

 

Would that make you happier because I would imagine that rationale is coming.

 

Final analysis it doesn't matter why. Just that it is.

 

[Mavideol]

back in October when renewing my extension of stay, had a long conversation with the IMO chief and showed them 2 property tittle for my condos and explained to him that I had invested more than 3 million baht therefore the investment should be used to support my extension of stay, his answer was  and I quote ''''' you can have as many properties as you want, IMO doesn't care about that, we just want to see the cash, property worth nothing fro IMO, go back to the bank and get letter..."""

[Justin Side]

3 hours ago, PoorSucker said:

Actually he have mentioned it, suggesting wifes property might be used instead of the 400.00 for marriage extension. 

This so wife can get a new house instead of keeping money in bank. 

 

No mention of retirement extension. 

Any chance of a link to these comments?

Would be interested to read them.

Thanks.

[madmen]

Don't see the difference between a 7 million or 10 million baht condo for investment visa.

Both are useless if money is needed desperately
. So just another figure pulled out of immigration backside

[crazykopite]

4 hours ago, elviajero said:

I get that, but you're suggesting permission to stay based on investment, not retirement. That already exists and requires investment of 10M min.

 

I agree to a point, however, the 800K was a minimum amount.

I may well be wrong but the investment route was 10 million but I understand that this changed a while back to 40 million and it had to be in government stocks this would allow you to own 1 rai of land .

[crazykopite]

It would be interesting to know how many wealthy Thais own properties in the U.K., Germany , USA and many other countries in the world but those of us who decide to move to Thailand find it so difficult to own land or property  Just a thought ☹️

[FritsSikkink]

Or you sell your house, go rent and have the 800K in the bank.

[dcnx]

3 hours ago, Mavideol said:

back in October when renewing my extension of stay, had a long conversation with the IMO chief and showed them 2 property tittle for my condos and explained to him that I had invested more than 3 million baht therefore the investment should be used to support my extension of stay, his answer was  and I quote ''''' you can have as many properties as you want, IMO doesn't care about that, we just want to see the cash, property worth nothing fro IMO, go back to the bank and get letter..."""

There is a visa (so they say) for people here who have invested 10 million baht or more. Local immigration knew nothing about it and neither did any agent we spoke to. Yet, people keep claiming online this is a thing and they got it.

 

We’ve gone round and round with immigration over this and have been shut down every time.

 

Oh well. 

 

[Lacessit]

Won't happen. Wishful thinking.

[elviajero]

1 hour ago, crazykopite said:

I may well be wrong but the investment route was 10 million but I understand that this changed a while back to 40 million and it had to be in government stocks this would allow you to own 1 rai of land .

Not that I’m aware of. 

[elviajero]

1 hour ago, crazykopite said:

It would be interesting to know how many wealthy Thais own properties in the U.K., Germany , USA and many other countries in the world but those of us who decide to move to Thailand find it so difficult to own land or property  Just a thought ☹️

I know many Brits aren’t happy with the number of foreign property/land owners now in the UK, especially London. IMO Thailand are right not to sell of their land.

[Khaeng Mak]

1 hour ago, FritsSikkink said:

Or you sell your house, go rent and have the 800K in the bank.

Impossible to sell a condo now.  Market already crashing and who is going to buy one now when immigration has waged all out war on long stay expats.

[FritsSikkink]

36 minutes ago, Khaeng Mak said:

Impossible to sell a condo now.  Market already crashing and who is going to buy one now when immigration has waged all out war on long stay expats.

So then the whole theory of using your house for the 800K doesn't work.

[FritsSikkink]

1 hour ago, crazykopite said:

I may well be wrong but the investment route was 10 million but I understand that this changed a while back to 40 million and it had to be in government stocks this would allow you to own 1 rai of land .

Any proof of that?

[shy coconut]

8 hours ago, Khaeng Mak said:

Immigration's rationale for me having 800K in the bank was that I should have sufficient money to cover my living expenses for one year.

 

But that position no longer holds up to logical scrutiny.

 

Immigration can no longer claim that the money is for my living expenses. As it cannot be withdrawn from my account.

 

If I have to lock my money up. Why can't I lock it up in the purchase of a Condo.

 

The retirement programs in several other countries allow me to do so.

 

Or are these changes just a poorly implemented plan to effectively double the amount I must now have in Thailand. 800K locked up in a low interest account, and then I have to bring in additional money to live off.

 

Or is there trouble on the horizon and those in charge want to bolster Thai banks with immovable foreign funds?

If you put 800'000 into buying a condo, what are you going to live off?