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

[Joe Mcseismic]

OK, just change that to being a burden.

What about these people. Should they be here?

https://www.youtube.com/results?search_query=homeless+in+pattaya

[Trollmann]

I bought a car and a couple of motorcycles and i paid in cash. I have no loan, pay no interest fee to anyone. I pay 1000 baht for one year internet and 2500 baht a month rent for 45m2 for nice appartment near the sea. I pay up one year in advance 30 000 and the houseowner are very happy. So, expenses are 31000 a year plus food and 1000 baht a month for gasoline. We make our food at home to get the safest, freshest and cleanest food. I think it is absolutely not nessecery to have a regulation that have to force me to transfer 65 000 baht to my thai account every month at todays exchange rate when i absolutely are not in need of that money at all. I just does not want to transfer money to thailand now! The exchange rate are just TERRIBLE now and the cost of thai baht are up 51,57% in 5 years compared to NOK and SEK! (Norway and Sweden)

Edited February 17, 2019 by Trollmann

[AGareth2]

6 minutes ago, Trollmann said:

Why does i have to transfer 65 000 baht to my thai account every month at todays exchange rate when i absolutely are not in need of that money at all?

because it is a regulation

[jesimps]

23 minutes ago, bert bloggs said:

There is going to be lots of pissed off immigration officers when ,lots of us change to a marriage visa ,

After 12 years of retirement visa, I'll reluctantly be doing the marriage visa method next time. My big fear is that there'll be loads of others doing the same thing and it'll mean hours spent in "The black hole" to do something which usually takes me thirty minutes. Maybe even go to an appointment system. One thing's certain, there's no room left in the Jomtien office to accommodate extra staff, even if they decided to increase the personnel.

[bert bloggs]

8 minutes ago, jesimps said:

After 12 years of retirement visa, I'll reluctantly be doing the marriage visa method next time. My big fear is that there'll be loads of others doing the same thing and it'll mean hours spent in "The black hole" to do something which usually takes me thirty minutes. Maybe even go to an appointment system. One thing's certain, there's no room left in the Jomtien office to accommodate extra staff, even if they decided to increase the personnel.

Well if it means waiting hours so be it ,ime on retirement , luckily i can afford the changes ,but why should i park 800,000 in the bank for 5 months and 400,000 permenantly when i dont have to?

[AGareth2]

3 minutes ago, bert bloggs said:

why should i park 800,000 in the bank for 5 months and 400,000 permenantly when i dont have to?

you have to if you want the extension

Edited February 17, 2019 by AGareth2

[jesimps]

3 hours ago, ginjag said:

To my mind there is nothing wrong with the "BORDER runner" scammers and illegals ,yes.  Why would a border runner be stopped from doing this, if he re enters and is spending money here ??  same arriving on a flight and getting 30 days free visa,  why not  ??  why limit this person to how many visits.

First one of your posts I've ever given a "like" to. Have you come to realise that it's your beloved junta who're making all these changes? 

[Trollmann]

11 minutes ago, AGareth2 said:

because it is a regulation

Refrasing: I think it is absolutely not nessecery to have a regulation that have to force me to transfer 65 000 baht to my thai account every month at todays exchange rate when i absolutely are not in need of that money at all.

[jesimps]

3 hours ago, Joe Mcseismic said:

My own theory as to why rules are being tightened, is that the expat resident population has exploded in the last 15 years. Go anywhere in Thailand now and there will be foreigners. Go to any small village and there will be some foreigner living not too far away. In the 90's it was rare to see foreigners in the cities of Esaan, now there are many.

Immigration are just culling the herd by trying to keep the richest ones, the ones that have the least chance of being a burden on the State.

If you have any sense at all, you'll know that isn't the purpose of these rule changes. I'm not going to expand, but use your loaf.

[Trollmann]

3 minutes ago, AGareth2 said:

you have to if you want the extension

I think the poster know that without you commenting on that. I understand it as he dont really are in need of the money required to get the extention for other purposes than getting the extention.

[Joe Mcseismic]

2 minutes ago, jesimps said:

If you have any sense at all, you'll know that isn't the purpose of these rule changes. I'm not going to expand, but use your loaf.

So why don't you, can't you explain?

What's the point of saying I'm wrong without correcting it? Or, are you just a wind-bag?

[crazykopite]

Problem is every office throughout the Kingdom have their own interpretation so I won’t be following the advice of an IMO who is not in my province.

[Cake Monster]

Once you have deposited 800k into a Thai Bank for at least 6 months prior to your Retirement Visa date, I believe it then has to remain in the Bank for a period of 3 Months after your retirement visa date.

Two issues arise about this if correct

The first is that when 800K is in the Bank, you have to keep using the account, or it will be closed by your bank, so the balance must never be below the 800 k.

The second issue, and one which I have seen nobody mentioned before, is that if you have your 800 K in the Bank, and then you depart of this Earth, who has the legal right to your money ?

Is it the Bank, the state or your Estate? ? or your Widow?. Clarification is required on this, and all depositors really need to make a Thai will, clearly stating who is entitled to the Money upon your death.

[ChouDoufu]

29 minutes ago, Trollmann said:

I think it is absolutely not nessecery to have a regulation that have to force me to transfer 65 000 baht to my thai account every month at todays exchange rate when i absolutely are not in need of that money at all. I just does not want to transfer money to thailand now! The exchange rate are just TERRIBLE now and the cost of thai baht are up 51,57% in 5 years compared to NOK and SEK! (Norway and Sweden)

but you don't gotta do that;  you have to import the equivalent of 65k baht.  immigration will accept foreign currency accounts.  only have to exchange what you actually need.

just have to be careful; the amount of krones you send over at the beginning may not satisfy the requirements 6 months later.

[xylophone]

3 hours ago, indepth said:

Keep your eye on the exchange rate. If it crashed overnight as your transfer is taking place and its at he end of the month, you will have to start all over again, another 12 months. Now that is something I will be worrying about a lot.

Thanks, but will be sending a top-up to my pensions mid month and will exceed what I need by some margin just to cover the exchange rate fluctuations.........did think about that.

[farangx]

9 minutes ago, Cake Monster said:

Once you have deposited 800k into a Thai Bank for at least 6 months prior to your Retirement Visa date, I believe it then has to remain in the Bank for a period of 3 Months after your retirement visa date.

 

The rule changes make no distinction between new and old extensions.  It is 800K in the bank 2 months prior and 3 months after, then reduce to 400K in the bank for the next 7 months.

 

9 minutes ago, Cake Monster said:

The first is that when 800K is in the Bank, you have to keep using the account, or it will be closed by your bank, so the balance must never be below the 800 k.

Find a bank that won't close your account due to inactivity.

 

9 minutes ago, Cake Monster said:

The second issue, and one which I have seen nobody mentioned before, is that if you have your 800 K in the Bank, and then you depart of this Earth, who has the legal right to your money ?

Is it the Bank, the state or your Estate? ? or your Widow?. Clarification is required on this, and all depositors really need to make a Thai will, clearly stating who is entitled to the Money upon your death.

This was covered.  You can create a will, have someone access to your account with an ATM card and some other suggestions that I forgot.

 

[indepth]

21 minutes ago, xylophone said:

Thanks, but will be sending a top-up to my pensions mid month and will exceed what I need by some margin just to cover the exchange rate fluctuations.........did think about that.

When I first went to Singapore, I was getting 4 Sing dollars to 1 Oz dollar, now they are on par.Its heading that way here too. That is something to keep in mind. Its getting harder  and harder to get a good nights sleep.

[PEE TEE]

On 2/16/2019 at 2:10 PM, 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!

 

Yes sad also the uk pound is very weak we all know why. however it's not Thailand to blame . just a pity that the Uk don't have the same  immigration rules. its hard but Thailand has got it right  

[xylophone]

4 hours ago, Billthekiwi said:

Hi,

I use World First to transfer money.

It is based in Australia and has been very reliable.

 

I pay no fees and the rate is okay. In addition Bangkok Bank does not charge me anything either.

 

Never felt the need to look elsewhere.

Thanks Bill, but ASB NZ will not AUTOMATICALLY transfer funds overseas.

[marcusarelus]

1 hour ago, bert bloggs said:

There is going to be lots of pissed off immigration officers when ,lots of us change to a marriage visa ,

I would think they will keep asking for more unnecessary paperwork until you get tired of trying to comply. 

[cedel]

they should at least allow to keep those funds in either mutual funds, stocks or some accounts that provide at least an interest to fight inflation. Before, I had to sell mutual funds 3 months before applying, then , after visa granted, I could transfer my money in some liquidity mutual funds or fixed term deposits that provided me maybe 1.4-1.6% (in stocks more than that) interest on a yearly basis....

I I have to keep 400,000 on my savings account in Kasikorn, I will lose more money than what I was already losing before !!

I remeber though last year to have spoken with a Belgian married friend and he showed me another kind of bankbook also accepted by immigration, if I remember well, it was a kind of fixed term deposit bankbook that provided a small interest, but higher than the normal "saving account" of Kasikornbank...

[lvr181]

On 2/16/2019 at 5:10 PM, Hellsten said:

Not to nice of you Thailand!

They don't care. The Kingdom will never be a multi-cultural country in any way whatsoever. Certainly insofar as 'farang' (Caucasian) is concerned. ????

[timendres]

1 hour ago, Trollmann said:

Refrasing: I think it is absolutely not nessecery to have a regulation that have to force me to transfer 65 000 baht to my thai account every month at todays exchange rate when i absolutely are not in need of that money at all.

You have the option of putting 800,000 THB into a bank account here, eliminating the need to move money every month, and eliminating your exposure to monthly exchange rate fluctuations. Of course, your 800K will be subject to the change in exchange rate between the time brought in and the time taken out, but maybe you will get lucky and the exchange will go your way.

[marcusarelus]

10 minutes ago, lvr181 said:

They don't care. The Kingdom will never be a multi-cultural country in any way whatsoever. Certainly insofar as 'farang' (Caucasian) is concerned. ????

That's actually why I'm here.  If I wanted Falang culture I'd have stayed home. 

[marcusarelus]

23 minutes ago, cedel said:

they should at least allow to keep those funds in either mutual funds, stocks or some accounts that provide at least an interest to fight inflation. Before, I had to sell mutual funds 3 months before applying, then , after visa granted, I could transfer my money in some liquidity mutual funds or fixed term deposits that provided me maybe 1.4-1.6% (in stocks more than that) interest on a yearly basis....

I I have to keep 400,000 on my savings account in Kasikorn, I will lose more money than what I was already losing before !!

I remeber though last year to have spoken with a Belgian married friend and he showed me another kind of bankbook also accepted by immigration, if I remember well, it was a kind of fixed term deposit bankbook that provided a small interest, but higher than the normal "saving account" of Kasikornbank...

How would they value the mutual fund at the time or your extension?  Stock broker/Imm agent desk at you local immigration office?

[timendres]

All of the speculations about the reasoning behind these changes seem a little off to me. They have not raised the bar (800k/400k permanent, or 40k/65k monthly). They have only attempted to make the proof of these numbers more legitimate. Seems entirely reasonable to me.

 

Personally, I suspect that Thailand has seen the potential coming tidal wave of expats. For example, in the US, the number of people who have saved sufficient money to retire is very small. A very large number of US citizens face a bleak retirement based on the only "retirement savings" they have - social security. However, take that 900USD per month from SS, and drop yourself into Thailand, and suddenly your standard of living has risen dramatically. Spread that potential across the breadth of the "baby boomer" generation, and Thailand could potentially see 10's of millions of people wanting to retire here. And, frankly, they simply cannot absorb that number. Nor, likely, wish to. Frankly, I see immigration requirements getting stricter over time due to this reason alone.

Edited February 17, 2019 by timendres

[marcusarelus]

Have you ever met any of the people decide Thai Immigration rules? ????

Edited February 17, 2019 by marcusarelus

[elliss]

      Phuket immigration , elsewhere in the kingdom ,    not same same .

       Amazing  Thailand .

[elliss]

4 minutes ago, marcusarelus said:

Have you ever met any of the people decide Thai Immigration rules? ????

 

             Big Joke ,  555

[cedel]

18 minutes ago, marcusarelus said:

How would they value the mutual fund at the time or your extension?  Stock broker/Imm agent desk at you local immigration office?

there is always a value, even if it fluctuates like the change rate of the pound, the euro or the USD when they have to value your pension...it is the same (same-same ;-))

Anyway, I think that fixed deposit accounts are valid and offer more intetrest than "saving account (currently 0.50 %/year)...