Popular Post Khaeng Mak Posted February 3, 2019 Popular Post Share Posted February 3, 2019 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. 6 2 Link to comment Share on other sites More sharing options...
sirocco Posted February 3, 2019 Share Posted February 3, 2019 Please, the Thais are not stingy with imagination to complicate our lives, do not add. 1 1 Link to comment Share on other sites More sharing options...
NCC1701A Posted February 3, 2019 Share Posted February 3, 2019 46 minutes ago, Khaeng Mak said: Your thoughts on my idea are welcome. well a nice idea. but not good for the Thais. Link to comment Share on other sites More sharing options...
Popular Post indepth Posted February 3, 2019 Popular Post Share Posted February 3, 2019 Brilliant Idea. I'm sure BJ will read and take notice. . 5 Link to comment Share on other sites More sharing options...
PoorSucker Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
Popular Post Khaeng Mak Posted February 3, 2019 Author Popular Post Share Posted February 3, 2019 (edited) 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 As it cannot be withdrawn from my account.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 3 Link to comment Share on other sites More sharing options...
scubascuba3 Posted February 3, 2019 Share Posted February 3, 2019 But that position no longer holds up to logical scrutiny. I don't think that matters here and who do you tell that cares 1 Link to comment Share on other sites More sharing options...
elviajero Posted February 3, 2019 Share Posted February 3, 2019 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. 2 Link to comment Share on other sites More sharing options...
Khaeng Mak Posted February 3, 2019 Author Share Posted February 3, 2019 (edited) 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 Link to comment Share on other sites More sharing options...
elviajero Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
Khaeng Mak Posted February 3, 2019 Author Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
stud858 Posted February 3, 2019 Share Posted February 3, 2019 How about retirees are offered a free business class Thai airways trip to Thailand if they decide to spend their life savings in Thailand. 1 Link to comment Share on other sites More sharing options...
elviajero Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
ozmeldo Posted February 3, 2019 Share Posted February 3, 2019 (edited) 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 Link to comment Share on other sites More sharing options...
ozmeldo Posted February 3, 2019 Share Posted February 3, 2019 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 1 Link to comment Share on other sites More sharing options...
ozmeldo Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
Mavideol Posted February 3, 2019 Share Posted February 3, 2019 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...""" Link to comment Share on other sites More sharing options...
Justin Side Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
madmen Posted February 3, 2019 Share Posted February 3, 2019 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 Link to comment Share on other sites More sharing options...
crazykopite Posted February 3, 2019 Share Posted February 3, 2019 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 . Link to comment Share on other sites More sharing options...
crazykopite Posted February 3, 2019 Share Posted February 3, 2019 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 ☹️ Link to comment Share on other sites More sharing options...
FritsSikkink Posted February 3, 2019 Share Posted February 3, 2019 Or you sell your house, go rent and have the 800K in the bank. Link to comment Share on other sites More sharing options...
dcnx Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
Lacessit Posted February 3, 2019 Share Posted February 3, 2019 Won't happen. Wishful thinking. Link to comment Share on other sites More sharing options...
elviajero Posted February 3, 2019 Share Posted February 3, 2019 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. Link to comment Share on other sites More sharing options...
Popular Post elviajero Posted February 3, 2019 Popular Post Share Posted February 3, 2019 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. 6 Link to comment Share on other sites More sharing options...
Khaeng Mak Posted February 3, 2019 Author Share Posted February 3, 2019 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. 1 Link to comment Share on other sites More sharing options...
Popular Post FritsSikkink Posted February 3, 2019 Popular Post Share Posted February 3, 2019 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. 2 1 Link to comment Share on other sites More sharing options...
FritsSikkink Posted February 3, 2019 Share Posted February 3, 2019 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? Link to comment Share on other sites More sharing options...
shy coconut Posted February 3, 2019 Share Posted February 3, 2019 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? 1 Link to comment Share on other sites More sharing options...
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