Can some trusted friends deposit money into a mutual fund that totals 800k and then move the 800k between the member's bank accounts, at the right time, as they need to show the 800k in their account for their visa applications?

 

Do the same as the agents, but do it ourselves.

 

Possible?

Edited February 19, 20197 yr by CommunalVisaMoney

With the lead time and then 3 months after, totalling 5- 6 months, 1 pot could in theory serve two people if they got the timing right. BUT only 2 people. (in my understanding)

16 minutes ago, CharlieH said:

With the lead time and then 3 months after, totalling 5- 6 months, 1 pot could in theory serve two people if they got the timing right. BUT only 2 people. (in my understanding)

I was thinking you could squeeze 3 people into the fund, if each of the 3 were prepared to have a small holiday outside of Thailand each year, or come back on a visa exempt stamp.

Edited February 19, 20197 yr by CommunalVisaMoney

what about the 400,000 for the other 6 months, your way you would have to have 400,000 each and another 400,00 that moves , extensions would have to be 6 months apart , and also makeing sure the passport does not run out, which would give you a shorter one year extension, would take some planning.

and the amount? Have you thought about that, for 3 people that is??

400K staying at the account all year through....

 

glegolo

That sort of thing has been going on for years and is no longer possible with the new minimum balances.

1 hour ago, CommunalVisaMoney said:

trusted friends

That's where your idea falls down.

regards Worgeordie

The seasoning is now for 12 months, you just potted yourself.

 

Those who have done this in the past - or used non-agent lenders - will now need to pay off immigration via their agent-partners, to stay without having the required funds. 

On 2/20/2019 at 1:27 PM, farangx said:

The seasoning is now for 12 months, you just potted yourself.

 

The 800k seasoning is for 3 month.  The 400k is for the 12 months.  Where do you get the seasoning of the 800k is for 12 months?

22 minutes ago, CommunalVisaMoney said:

The 800k seasoning is for 3 month.  The 400k is for the 12 months.  Where do you get the seasoning of the 800k is for 12 months?

800k is 5 months 400k 12 months

It probably could work, re the 400k, on the day 400k gets transferred out another 400k gets transferred in = balance stays at 400k. Need to work out the process flows and timing, may need more people, but could be done.

 

I also think a communal insurance fund for expats would work, not for profit just to cover costs of claims and staff

 

 

This is exactly why I have zero empathy.

 

This is fraud and deceit which is precisely what got everyone into the mess.

 

Put the money in the bank or move on. Time to drop the clever thinking and sort out an exit strategy. Really, it's been months. I'd ask moderators to start cutting this stuff off, it runs ceaselessly.

True, we are all suffering disadvantage now because of the liars and fraudsters

sounds way too clever, complicated and illegal for me.  

i doubt anyone will do it, too complicated and too much effort for the average farang

12 hours ago, Orton Rd said:

True, we are all suffering disadvantage now because of the liars and fraudsters

If you are talking of those who obtained affidavits and Stat Decs without actually having the finances I would agree. Even include those using agents who don't, in reality, have the finances, yet can afford the 15-25,000 baht it costs them. But, for those who use an agent simply to avoid the discomfort and effort of going to immigration, and can afford to pay some oink to do it on their behalf, I say good for them. 

For those that can't meet the requirements for whatever reason I guess the agents and associates have got it down by now, simply down to how much to get around the problem.

Simply don't see that changing with corruption endemic throughout.

14 hours ago, Pilotman said:

sounds way too clever, complicated and illegal for me.  

Is it illegal? The requirements are that you have in your bank 800k for 5 months, 400k for 7 months. Does it say anywhere that this money can not be shared with another person if they had renewal dates 6 months apart.

Just now, Henryford said:

Is it illegal? The requirements are that you have in your bank 800k for 5 months, 400k for 7 months. Does it say anywhere that this money can not be shared with another person if they had renewal dates 6 months apart.

I will hazard a guess that yes it is, in fact I would say that whatever the IOs say is illegal, is illegal.  The Thais are not into nuanced arguments from 'clever' farangs who think they can buck the system.   If found out the IOs would refuse a extension, no doubt about that. Then of course, they tighten things up yet again for the rest of us who try to abide by the rules.  

On 2/20/2019 at 6:17 AM, CommunalVisaMoney said:

Can some trusted friends deposit money into a mutual fund that totals 800k and then move the 800k between the member's bank accounts, at the right time, as they need to show the 800k in their account for their visa applications?

 

Do the same as the agents, but do it ourselves.

 

Possible?

It's a fair question, quite easily manageable two or three times a year until just recently, as long as the friends were to be trusted and extension dates spaced sufficiently apart. Though I understand the three months seasoning was introduced in the first place to try and prevent people from doing this. 

each of 2 people could have a permanent 400,000 baht in their bank account and then share the other 400,000 baht, but this would really take some working out/ planning, with the 2 extensions being 6 months apart.

 

so man 'A' has the seasoning 800,000 baht for jan, feb, and march, the after extension period 800,000 baht for apr, may and june, then the 400,000 baht movable amount would go to man 'B' ( leaving man 'A' with the required 400,000 baht), giving him ( together with his own 400,000 baht )the 800,000 baht for july, aug, and sept and the after extension period of oct, nov, and dec, then repeat as above.

 

the only snag would be applying before the extension expired, as the 800,000 baht would have had to be in the account for 3 months prior to the application date.

 

a lot of trust would be needed and what if one dies while still holding the others 200,00 ( the movable 400,000 baht would be a 50/50 split)

 

i think the thing that 'sticks in my throat' is having to leave the 400,000 permanently in a Thai bank, when happens when you die and the only family are in your home country

1 hour ago, steve187 said:

 

i think the thing that 'sticks in my throat' is having to leave the 400,000 permanently in a Thai bank, when happens when you die and the only family are in your home country

You have a Will in Thailand, covering all your assets, and their disposal after death.

Just give up and go to Vietnam.  It's my fall-back, in case TransferWise screws me, as I expect them to do.

On 3/9/2019 at 10:13 PM, scubascuba3 said:

It probably could work, re the 400k, on the day 400k gets transferred out another 400k gets transferred in = balance stays at 400k. Need to work out the process flows and timing, may need more people, but could be done.

 

I also think a communal insurance fund for expats would work, not for profit just to cover costs of claims and staff

 

 

A lot of people have been recycling money to themselves on a monthly basis.  I believe it's illegal, but hard to be caught out and proved. 

 

No real difference loaning or sharing a lump sum between friends.

A lot of people have been recycling money to themselves on a monthly basis.  I believe it's illegal, but hard to be caught out and proved. 
 
No real difference loaning or sharing a lump sum between friends.

I heard some offices are asking for proof of income as well as the 65k+ monthly into a thai bank account

10 hours ago, scubascuba3 said:

12 hours ago, CommunalVisaMoney said:

A lot of people have been recycling money to themselves on a monthly basis.  I believe it's illegal, but hard to be caught out and proved. 
 
No real difference loaning or sharing a lump sum between friends.

I heard some offices are asking for proof of income as well as the 65k+ monthly into a thai bank account

How are people proving their income to them? 

35 minutes ago, CommunalVisaMoney said:

How are people proving their income to them? 

An Embassy Letter or a pension.

3 minutes ago, SEtonal said:

An Embassy Letter or a pension.

How does an embassy letter prove they have an income?  How do they prove they receive a pension? 

1 minute ago, CommunalVisaMoney said:

How does an embassy letter prove they have an income?  How do they prove they receive a pension? 

Embassy Letter = Embassy Income Verification Letter 

 

Many countries require substantial income documentation before issuing an Embassy Letter.  Documentation may be a pension, bank records, or tax returns.  Some Immigration Offices will accept an original letter from your pension provider stating that you receive a pension.