Retirement 800k/400k

[Oxx]

Does the required money need to be kept in a single account?

 

I was thinking about putting 400k in a 4 year fixed deposit (for convenience and slightly higher interest rate), then each year putting another 400k  in a 5 month fixed deposit.

 

Would this work?

 

Thanks

[NCC1701A]

i have two fixed accounts with Bangkok Bank one has 500k and the other 300k for a total of 800k. been doing it this way for 5 years.  

 

9 minutes ago, Oxx said:

Would this work?

 

Edited February 7, 2019 by NCC1701A

[ubonjoe]

Three is not rule that states it has to be in only one account.

I see no reason for you plan not to be accepted. Just be sure the fixed deposit account allows withdrawals without delay or penalty other than loss of interest.

[kjun12]

The very real problem is that no one, including the immigration officers, know what will be allowed.

[marcusarelus]

5 minutes ago, kjun12 said:

The very real problem is that no one, including the immigration officers, know what will be allowed.

800 for 5 months and 400 for 12 months.  Now you know and it's not a problem anymore. 

[DrJack54]

Op your plan will work fine. Keep in mind the money needs immediate access and no penalties that would drop it below the 800/400.

As an aside I wonder how many members will now just put the 800 in a fixed term and be done with it. Another account for living costs.

[Chicken George]

It

1 hour ago, marcusarelus said:

800 for 5 months and 400 for 12 months.  Now you know and it's not a problem anymore. 

It wull be 800,000 baht for 8months. Two before extension. Three after and three before you extend if you extend again a month before its due date. 

 

[jacko45k]

3 minutes ago, Chicken George said:

It

It wull be 800,000 baht for 8months. Two before extension. Three after and three before you extend if you extend again a month before its due date. 

 

Well supposedly only 2 months seasoning before renewal. 

[Chongalulu]

1 hour ago, marcusarelus said:

800 for 5 months and 400 for 12 months.  Now you know and it's not a problem anymore. 

If you’re going to make snide remarks it would help if you got it correct yourself....as has already been pointed out to you.

[Michaelaway]

Please clarify:

the 800,000 must have been in your Thai bank account for: 2 months or 3 months before your 1-year retirement extension date?

[ubonjoe]

26 minutes ago, Michaelaway said:

Please clarify:

the 800,000 must have been in your Thai bank account for: 2 months or 3 months before your 1-year retirement extension date?

The new rules that go into effect on March 1 states it is 2 months before the date of application and 3 months after that the 800k baht has to be in the bank.

[Michaelaway]

OK, THANK YOU, GOT IT:

(Siam Legal) Qualifications:

• Applicant must be 50 years of age or over

• Must meet any of the financial requirements:

1.   Security deposit of THB 800,000 in a Thai bank account for 2 months prior to the visa application

[marcusarelus]

1 hour ago, DrJack54 said:

Op your plan will work fine. Keep in mind the money needs immediate access and no penalties that would drop it below the 800/400.

As an aside I wonder how many members will now just put the 800 in a fixed term and be done with it. Another account for living costs.

I've done it for 20 years. 

[marcusarelus]

1 hour ago, nchuckle said:

If you’re going to make snide remarks it would help if you got it correct yourself....as has already been pointed out to you.

2 before and 3 after is 5 months and 12 months 400?  What did I get wrong? 

[bert bloggs]

2 hours ago, DrJack54 said:

Op your plan will work fine. Keep in mind the money needs immediate access and no penalties that would drop it below the 800/400.

As an aside I wonder how many members will now just put the 800 in a fixed term and be done with it. Another account for living costs.

done this for years , far simpler

[rott]

1 hour ago, Chicken George said:

It

It wull be 800,000 baht for 8months. Two before extension. Three after and three before you extend if you extend again a month before its due date. 

 

Says who exactly? Never heard that before.

[Jonnapat]

36 minutes ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

Very sympathetic I must say. Some people happen to be more fortunate than others in terms of finances.

[norbra]

I recently re-entered Thailand and am now considering renewing my retirement extension in June using 65K per month option.

To date my monthly transfers in have not been as high as 65000 thb

What would be required to renew my extension using the income method?

 

Thanks in advance

[NoshowJones]

3 hours ago, kjun12 said:

The very real problem is that no one, including the immigration officers, know what will be allowed.

The IOs don't need to know what is allowed or not, they just make up their own rules, even

different officers in the same office.

[NoshowJones]

53 minutes ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

What a ridiculous post, none of us retirees could seriously agree with this poster.

[Pib]

2 hours ago, DrJack54 said:

Op your plan will work fine. Keep in mind the money needs immediate access and no penalties that would drop it below the 800/400.

As an aside I wonder how many members will now just put the 800 in a fixed term and be done with it. Another account for living costs.

 

14 minutes ago, marcusarelus said:

I've done it for 20 years. 

Ditto...been doing that for around 9 years.  The Bt800K on deposit used for extension and emergency money purposes just sets in one or two fixed or hybrid savings accounts while I use other Thai accounts for day to day living costs.  Cheangwattana (Bankgok) immigration has never had a problem with this and never asked about the account(s) used for extension purposes showing little to no activity other than interest payments....all they were interest in was the required Bt800K amount never dropped below that amount for 3 months before I applied. 

 

Of course now it will be 2 months before and 3 months after at Bt800K and then can drop to Bt400K for the remaining 7 months of the extension year if needing to spend some of the money.  

 

But make no bones about it, before it's like a Bt800K "bond" for 3 of 12 months...remaining 9 months spend all the money if desired/needed.  But now it's like a Bt800K bond for 5 months (2 before application date and 3 after) but then dropping down to Bt400K for the remaining 7 months which can really complicate/restrict how a person can use the money for non-extension purposes.  But I expect Thai banksters are secretly grinning about the new rule.

[asiamaster]

3 minutes ago, possum1931 said:

What a ridiculous post, none of us retirees could seriously agree with this poster.

I actually fully agree with his statement.

[asiamaster]

2 hours ago, DrJack54 said:

Op your plan will work fine. Keep in mind the money needs immediate access and no penalties that would drop it below the 800/400.

As an aside I wonder how many members will now just put the 800 in a fixed term and be done with it. Another account for living costs.

Exactly what I have been doing for over 10 years already. 

[JimmyJ]

1 hour ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

I'm sure other tycoons such as Jeff Bezos, Warren Buffet, Bill Gates, etc., also spend their spare time just as "murraynz" - anonymously posting on internet forums letting people know how well off they are, and dumping on those who have less.

[rott]

If people could not afford to live here they would not be here. There are no hordes of farangs sleeping rough and begging on the sois.

[Batboy]

1 hour ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

Its about time that immigration also took into account homes that some people who have paid for and have retired here to live with their Thai wife. Why cant that value be included as assets against retirement instead of tying up the 800K for 5 months. Sure we need to show we have enough money to retire here but not lock our money for 5 months and then only be able to use 400K before having to put 400K back in 6 months later to make sure its 800k again to allow for the 2 month seasoning before re-applying for the next retirement visa. In my case I have invested over THB 10Million for me an my wife to be comfortable in retirement but none of that counts. Is it not an asset, like money in the bank.

[EricTh]

1 hour ago, ubonjoe said:

The new rules that go into effect on March 1 states it is 2 months before the date of application and 3 months after that the 800k baht has to be in the bank.

 

So do we have to go to immigration again 3 months after the visa date to show the proof? Or do we only show it at the next renewal?

 

 

Edited February 8, 2019 by EricTh

[digger70]

45 minutes ago, possum1931 said:

What a ridiculous post, none of us retirees could seriously agree with this poster.

Why? He's telling you the Facts and I agree. Maybe the Truth Hurts.  

[EricTh]

18 minutes ago, Batboy said:

Its about time that immigration also took into account homes that some people who have paid for and have retired here to live with their Thai wife. Why cant that value be included as assets against retirement instead of tying up the 800K for 5 months. Sure we need to show we have enough money to retire here but not lock our money for 5 months and then only be able to use 400K before having to put 400K back in 6 months later to make sure its 800k again to allow for the 2 month seasoning before re-applying for the next retirement visa. In my case I have invested over THB 10Million for me an my wife to be comfortable in retirement but none of that counts. Is it not an asset, like money in the bank.

Yes, I agree. If you bought a  condo or house, shouldn't that count as asset in Thailand? 

 

Immigration should also take this into account. 

[Pib]

10 minutes ago, EricTh said:

 

So do we have to go to immigration again 3 months after the visa date to show the proof? Or do we only show it at the next renewal?

No indication of that being required from a couple of folks who very recently got their extension.  The immigration office told them about the new requirements but there was on "interim stamp" given....just the full 12 month extension and no requirement to report back in 3 months to confirm things. 

 

I fully expect it will just be one of the first things they check when you come back a 1 year later for your next extension.  Like step 1 before looking to see if you had Bt800K in the bank 2 months before your current application is to check and see if you maintained the required Bt800K & Bt400K levels after the last extension.