Holding the balance: Phuket Immigration clarifies new rules on retirement visas to start March 1

By Tanyaluk Sakoot

 

A foreigner hands in his application at Phuket Immigration. Photo: Tanyaluk Sakoot

PHUKET: Phuket Immigration this week clarified the new rules regarding applications for retirement visas, confirming only one major change: that for those applying using funds in a Thai bank account to support their application, a minimum of B400,000 must be kept in the account throughout the year.

 

The rest of the “new” provisions have already long been in use, explained Phuket Immigration Deputy Chief Lt Col Archeep Jaroensuntisuk.

 

“Phuket Immigration has received the order to introduce the new rules. The order was issued on Jan 18, and the new rules will come into force on March 1,” he said.

Full story: https://www.thephuketnews.com/holding-the-balance- phuket-immigration-clarifies-new-rules-on-retirement-visas-to-start-march-1-70401.php#qgBqsVHsLejG2iWL.99

 

-- © Copyright Phuket News 2019-02-16

“Under the income requirement, applicants must receive at least B65,000 per month,” Col Acheep explained.

As many embassies no longer issue affidavits confirming income, this is no longer required, he said, noting that letters from governments and pension fund providers will be accepted along with other forms of evidence to prove the income pending.

 

“Of course any financial statements from banks and copies of bankbook records proving this income already being received should be provided,” he said.

Read more at https://www.thephuketnews.com/holding-the-balance- phuket-immigration-clarifies-new-rules-on-retirement-visas-to-start-march-1-70401.php#qFDrdIdC5SewFzHi.99

 

So from my perspective in trying to qualify for the 65k per month method I can provide the required evidence, which was a worry because they have been ''fickle" in that area.

 

Not decided yet as to follow that route or the 800k route. For me it depends upon whether or not I can get an automatic transfer of funds from my NZ bank, so trying Transferwise under an automatic payment schedule if poss.

 

well that's cleared that up - not

 

I am under 60yo and have been using the 800k balance for the last 5 years so do the new rules apply to me or not

 

more confusion

1 minute ago, smedly said:

well that's cleared that up - not

 

I am under 60yo and have been using the 800k balance for the last 5 years so do the new rules apply to me or not

 

more confusion

It applies to you -- Open the link and read the whole report.

Other offices may vary ,as some just seem to make their own

rules up,a lot has been posted about these changes,many seem

to be wanting to move on to greener fields,the only good thing

for those staying,there will be less in front of you doing extensions.

regards worgeordie

4 minutes ago, Christophers200 said:

It applies to you -- Open the link and read the whole report.

I did open the link - so my previous rules regarding 800k are not grandfathered only those from before the 800k was introduced

2 minutes ago, worgeordie said:

Other offices may vary ,as some just seem to make their own

rules up,a lot has been posted about these changes,many seem

to be wanting to move on to greener fields,the only good thing

for those staying,there will be less in front of you doing extensions.

regards worgeordie

The only issue I have is keeping the balance at 800k for 6 months instead of 3, the rest I was doing anyway

 

I fail to see any practical advantage of the 6month balance of 800k - what is the point of it

Edited February 16, 20197 yr by smedly

1 minute ago, smedly said:

The only issue I have is keeping the balance at 800k for 6 months instead of 3, the rest I was doing anyway

You will have to tighten your belt ????

regards Worgeordie

I am working towards reducing my time in Thailand to less than 5 months in a year that will allow me to avoid extensions and 90 days reporting altogether.

 

Unsure if this article/interview really clarifies rules 

Reading it, it looks like those who still use an embassy's income letter

now need to show "bankbook records proving this income already being received [in a Thai bank]" ?? 

8 minutes ago, Pattaya46 said:

Unsure if this article/interview really clarifies rules 

Reading it, it looks like those who still use an embassy's income letter

now need to show "bankbook records proving this income already being received [in a Thai bank]" ?? 

No one need Embassy/Consulate letter no more in Phuket, that what Phuket Immigration says.

If u are from Norway or Sweden they also have to show bank account even though have have a pension letter (State pensjon). What going to happen is that these consulates will be closed down.

Edited February 16, 20197 yr by nasa123

Or just take a trip to Savanakhet where financials are not a requirement .

I probably need to move out from this madhouse soon  If the bath go more stronger I'm out, don't have the money to stay and I'm married and have lived her for soon 15 years, this IS my Home! I have no place to go! ????

The paper from the embassy show the income Before Tax

the Bank after Tax there is a big difference.

You live here very long time you married a Thai and take care the family

But you have NO RIGHT what so ever and they still make it even more difficult

for us to stay here I probably spend 8-900000 a year here the most time but now when I get older the money is not to great now, and the Bath is too damn strong

I lose about 30000thb/month compare from the first time I come her

Not to nice of you Thailand!

 

15 minutes ago, smedly said:

The only issue I have is keeping the balance at 800k for 6 months instead of 3, the rest I was doing anyway

 

I fail to see any practical advantage of the 6month balance of 800k - what is the point of it

800K two months before and 3 months after = 5 months. The point of it is to (maybe) identify those who pay agents for the loan and at a cost. I understand that borrrowing money is not a crime, but the interest cost of holding it a further 3 months (=c.10k extra at c.5%) will adversely affect some who do not have the necessary funds.

 

But that does seem unfair and heavy-handed. From the article, you could still use the combination method, if that's a better option and probably that flexibility will become the most favoured.

For example, 400k stuck in a Thai bank account for one year, earning interest of 8k, plus income of 33k per month sent to a Thai bank account. 

54 minutes ago, xylophone said:

along with other forms of evidence to prove the income pending.

Which, hopefully, will, in the case of Phuketians at least, include TransferWise confirmations demonstrating the foreign provenance of >65k monthly transfers which have not been coded FTT or similar in the passbook.

Edited February 16, 20197 yr by OJAS

3 minutes ago, Hellsten said:

I probably need to move out from this madhouse soon  If the bath go more stronger I'm out, don't have the money to stay and I'm married and have lived her for soon 15 years, this IS my Home! I have no place to go! ????

The paper from the embassy show the income Before Tax

the Bank after Tax there is a big difference.

You live here very long time you married a Thai and take care the family

But you have NO RIGHT what so ever and they still make it even more difficult

for us to stay here I probably spend 8-900000 a year here the most time but now when I get older the money is not to great now, and the Bath is too damn strong

I lose about 30000thb/month compare from the first time I come her

Not to nice of you Thailand!

 

If your on a OA Retirement visa change to the O spousal visa the financial requirement is half the other only 400,000 yearly just need more paperwork .

9 minutes ago, Hellsten said:

I probably need to move out from this madhouse soon  If the bath go more stronger I'm out, don't have the money to stay and I'm married and have lived her for soon 15 years, this IS my Home! I have no place to go! ????

The paper from the embassy show the income Before Tax

the Bank after Tax there is a big difference.

You live here very long time you married a Thai and take care the family

But you have NO RIGHT what so ever and they still make it even more difficult

for us to stay here I probably spend 8-900000 a year here the most time but now when I get older the money is not to great now, and the Bath is too damn strong

I lose about 30000thb/month compare from the first time I come her

Not to nice of you Thailand!

 

Is`s time fore your wife and all wife/husband to wake, soon the all money are gone. No one pay food, rent,gass,school money to children+++ so start to complain to the Head Office of Immigration in Bangkok.

Edited February 16, 20197 yr by nasa123

10 minutes ago, keith101 said:

Or just take a trip to Savanakhet where financials are not a requirement .

For now. Savannakhet is unique in SE Asia so don't expect that situation to last

11 minutes ago, stephenterry said:

800K two months before and 3 months after = 5 months.

for first applications only

 

renewal is three months before, this question has already been answered

1 minute ago, smedly said:

for first applications only

 

renewal is three months before, this question has already been answered

Ah, yes. Forgot that it is 3 months seasoning for any subsequent year.

"GRANDFATHER RULE

Stunningly, under the new order the old provisions that people who have been living in Thailand for continually on a retirement visa since before Oct 21, 2008 can still apply under the exact same conditions that they were first approved."

 

Really?

3 minutes ago, Thailand said:

"GRANDFATHER RULE

Stunningly, under the new order the old provisions that people who have been living in Thailand for continually on a retirement visa since before Oct 21, 2008 can still apply under the exact same conditions that they were first approved."

 

Really?

why did you expect that to change ?

I think that was a misprint it should have been 1998.

1 minute ago, smedly said:

why did you expect that to change ?

Is that date correct? If you have lived here on "retirement" extension for over 10 years there are no changes?

4 minutes ago, Mango Bob said:

I think that was a misprint it should have been 1998.

I think so and a very bad one.

5 minutes ago, Thailand said:

Is that date correct? If you have lived here on "retirement" extension for over 10 years there are no changes?

 

6 minutes ago, Mango Bob said:

I think that was a misprint it should have been 1998.

That is correct it should of been October 21,1998.

From police order 35/2562.

1 hour ago, smedly said:

well that's cleared that up - not

 

I am under 60yo and have been using the 800k balance for the last 5 years so do the new rules apply to me or not

 

more confusion

Technically nothing has changed for you. As long as you have 800k in the bank all year then there is no problem with worrying about dropping below the 400k mark. Life carries on.  

3 minutes ago, ubonjoe said:

 

That is correct it should of been October 21,1998.

From police order 35/2562.

 

Hey..... this is Thailand... What's a 10 year difference one way or the other, among friends!!!!  

Anything different in this "news" compared to what we have many times already?

3 minutes ago, Thailand said:

Anything different in this "news" compared to what we have many times already?

I all honesty not that I can see