Sell Condo to then put 800,000 into bank ?????

[RJRS1301]

54 minutes ago, EricTh said:

I made the same mistake as you. I am also considering selling my house and just rent.

 

My house is worth more than the 800k, immigration should take into account our property purchases as well.

House and land?

[RJRS1301]

13 minutes ago, thaitero said:

There are a lot of people living on retirement extensions who do not have glue about  requirements to get retirement extension by real rules because they have used agents to get their stamps. 

 

Now it is time to learn ????

Also the embassies do not acquaint you to all the requirements for reporting extending . IO at entry tell you nothing not even about your first reporting obligations or need to carry necessary paperwork of having reported.

[RJRS1301]

9 minutes ago, Thailand said:

Going the same route to cater for additional changes in requirements as too old for continued hassle.

House up for sale at well over 12 million. Expecting to get screwed on price but will be happier to rent and have funds offshore in the event our chosen retirement destination becomes untenable.

Hope not, love it here but it ain't what it was 18 years ago!

Still have to show funds in a Thai bank account 

[Thailand]

Just now, RJRS1301 said:

Still have to show funds in a Thai bank account 

Really, thank goodness we have your input.

[jmd8800]

1 hour ago, dcnx said:

They should make an exception for everyone who has invested at a certain level here. 

I agree with this. The rules could be be fairly stringent like a condo worth $XXX, but many have invested by buying a condo and have ownership rights (different from buying a house) and I think they should be able to use this as a means of showing financial stability. Although can't someone buy a high enough priced condo and get a visa based on that?

 

Not to detract from people who 'own' houses as a measure of financial stability, but the spirit of the law says foreigners cannot own land and by extension houses. I know, I know... there are plenty of ways around this, but if the spirit of the law says no to home ownership then it is understandable why Thai gov't does not recognize it.

[Ctkong]

2 hours ago, DrJack54 said:

You have an asset. You do not have money. Show income or money in bank. Pretty simple rules

You gotta eat. Assets are not cash. They’re not liquid enough. You need real money in the bank for day to day living. That is the immigration’s rationale. 

[yodsak]

54 minutes ago, thaitero said:

There are a lot of people living on retirement extensions who do not have glue about  requirements to get retirement extension by real rules because they have used agents to get their stamps. 

 

Now it is time to learn ????

They will carry on using agents.

[Tanoshi]

3 hours ago, Toca said:

However, when my visa consultant contacted immigration to renew my retirement visa they informed her that whilst I held a B3 Million mortgage free condo, that was not enough proof of financial stability and that I also need have B800,000 cash in the bank !!

Or an income of 65K per month, or, a combination of cash and income.

 

If your consultant didn't advise you of all your options, legal or otherwise, you need to find a new consultant.

Edited March 16, 2019 by Tanoshi

[NCC1701A]

3 hours ago, Toca said:

I held a B3 Million mortgage free condo,

i will give you 800,000 cash sight unseen today for your condo.

 

 

[GeKoSc]

3 hours ago, Nyezhov said:

They should make an exception just for you?

No, for all real estate owners. Isn't that obvious?

[GeKoSc]

28 minutes ago, NCC1701A said:

i will give you 800,000 cash sight unseen today for your condo.

 

 

cynical type of offer....

[ratcatcher]

1 hour ago, RJRS1301 said:

Also the embassies do not acquaint you to all the requirements for reporting extending . IO at entry tell you nothing not even about your first reporting obligations or need to carry necessary paperwork of having reported.

AFAIK, it has never been the responsibility of any embassy to acquaint their citizens with rules regarding immigration. Immigration officers at entry points are also not required to inform you of reporting obligations and other necessary paperwork. It is the responsibility of the "non-immigrant" to acquaint themselves with the rules of staying in the country.. This sub- forum is a gold mine of relevant information.

[Myran]

What you people fail to realize is that it's not about showing assets, but about liquid funds you can use to take care of yourself. A condo is money completely tied up and which will take time to get a hold of in case something happens.

 

It's hardly immigration's fault you don't know the rules of the country you're staying in. Not to mention how clueless your "visa consultant" must be, considering she doesn't have the faintest clue about the basic requirements of a retirement extension.

[Thailand]

1 hour ago, GeKoSc said:

cynical type of offer....

The carpetbaggers will be out in force in the coming months.

[Peasandmash]

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

[DrJack54]

8 minutes ago, Peasandmash said:

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

Say what!! Replace batteries in calculator

[Peasandmash]

 i don't need to replace the batteries.. lol.. mind your cents and your dollars will take care of themselves..

[Pattaya46]

1 hour ago, Peasandmash said:

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

A Fixed Deposit account may give you 2%.

On 800k full year it would make 16'000 Baht (per year!)

No way you will rent a 3-bathroom house for 2'000 Baht/month... 

 

So please follow @DrJack54's advice:

Replace the batteries in your calculator

[Thailand]

1 minute ago, Pattaya46 said:

A Fixed Deposit account may give you 2%.

On 800k full year it would make 16'000 Baht (per year!)

No way you will rent a 3-bathroom house for 2'000 Baht/month... 

 

So please follow @DrJack54's advice:

Replace the batteries in your calculator

Or let us know where you are getting such great interest rates. ????

[CharlieH]

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[JohnnyBD]

1 hour ago, Peasandmash said:

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

How much interest are you earning on your 800k? Which bank and what is the interest rate?

Edited March 16, 2019 by JohnnyBD

[dcnx]

To sell an asset for the privilege of staying here another year would be incredibly stupid 

Edited March 16, 2019 by dcnx

[bkk6060]

Ok OP.  Your way of ¨belonging¨ is to buy a condo?

And your Visa financial consultant?

Geez, I would fire her for not knowing the rules she and you actually thought your condo would qualify you for an extension?  WOW.

You ask about selling the condo...

I would.  Sadly, it is mostly going down in value every day thousands of overpriced condos on the market.

You seem to have no other money what is your choice if you want to stay?

Up to you Toca.

Good luck to you Toca.....

Edited March 16, 2019 by bkk6060

[elviajero]

7 hours ago, baansgr said:

With the new rules, you cant even exchange your money in the bank for food or other services as its tied up all year. OP, have you asked your agent if for a fee there is a way round it?

The 800K has always been a minimum amount required to live in the country. You need 800K plus extra funds to cover living expenses. If you draw down the 800K in full you need to top it up again, which under the old rules would require bringing in 1.6M baht within 11 months of entry.

[newatthis]

2 hours ago, Peasandmash said:

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

Lets say rent =5,000 per month = 60,000 per year.
90% of 60,000 = 54,000

 To get interest of 54,000 on 800,000 the interest rate would be approx. 6.5%

That's pretty good for a Thai bank.

Which bank?

[steve73]

57 minutes ago, elviajero said:

The 800K has always been a minimum amount required to live in the country. You need 800K plus extra funds to cover living expenses. If you draw down the 800K in full you need to top it up again, which under the old rules would require bringing in 1.6M baht within 11 months of entry.

As far as I know 800k has NEVER been a minimum amount required to live here.

 

If you have 800k in your thai bank you can live off whatever you want..... 10k/mon like a local, or 200k+ like a HiSo.  I know plenty of guys keep their 800k untouched and manage to live quite comfortably on 30-40k/mon. 

Married guys only need to keep 400k in your bank OR simply import and spend 40k/mon (possibly supporting a family on that).

 

I do agree though that with the requirement to keep 800k for half the year, it's hardly worth running down for just the remaining 6 months especially if you are on a tight budget.  Also, it's probably good if possible to keep an extra 400k or so for immediate access for unforeseen emergencies (unless you have insurance), to avoid any problems for the 6 months you need to keep 800k.  Beyond that baseline you simply live within your means.  

[onekoolguy]

The old saying is that: "A million dollars of equity won't buy a loaf of bread"

However, if you would like to sell your condo at a bargain price?

[onekoolguy]

4 hours ago, Peasandmash said:

I keep the 800k in a bank and rent a new 2 bedroom, 3 bathroom townhouse. the interest I make on the 800k pays for nearly 90% of the annual rent.

That shows how bad a deal it is to buy here! But the women have a different view. I get reminded every month how much money I am spending on rent when all I have to do is "buy them a house" and I can live rent free!

[JackThompson]

8 hours ago, thaitero said:

There are a lot of people living on retirement extensions who do not have glue about  requirements to get retirement extension by real rules because they have used agents to get their stamps. 

 

Now it is time to learn ????

They can still use the very same agents, but the IOs gave themselves a raise under the cover of a so-called "crackdown" on honest applicants, so it will cost more.

 

7 hours ago, Ctkong said:

You gotta eat. Assets are not cash. They’re not liquid enough. You need real money in the bank for day to day living. That is the immigration’s rationale. 

6 hours ago, Myran said:

What you people fail to realize is that it's not about showing assets, but about liquid funds you can use to take care of yourself. A condo is money completely tied up and which will take time to get a hold of in case something happens.

That used to be their rationale for the bank money.  Until a few months ago, all you needed was 800K plus 3 months overhead-costs.  You could make one annual withdrawal from your asset-portfolio annually, to top up 3 mo before the next extension, and spend out of the account all year.

 

But now, they make you lock up the money in the bank to the extent it is useless for day-to-day living.  For all we know, given the lack of clarity in the new rules, if you drop below the proscribed-limits, you go on immediate overstay at that point.

 

If money in the bank serves a "bond" function now (since you cannot use it), then a Chanote to a condo worth as much or more should be interchangeable.  Let immigration hold the Chanote with a permanent-extension (why bother with the yearly crap?).  If you show up to announce your departure, they cancel your extension, hand you your Chanote, and give you 7-days to clear out.

 

Oh, wait, I forgot - that would cut down on agent-laundered side-money.  Nevermind.

 

3 hours ago, dcnx said:

To sell an asset for the privilege of staying here another year would be incredibly stupid 

Unless the asset is somewhere that the govt has gone bad, and doesn't want "your kind" living there any more, anyway.  And the more of us they drive out, the less the condo will be worth, in the long-run. 

Edited March 16, 2019 by JackThompson

[JohnnyBD]

1 hour ago, onekoolguy said:

That shows how bad a deal it is to buy here! But the women have a different view. I get reminded every month how much money I am spending on rent when all I have to do is "buy them a house" and I can live rent free!

Thai ladies are much smarter than we give them credit for. If they ask and we are gullable enough to buy or build them a house in their own names, then we tell everyone it's ours (like some friends of mine try to do), then somehow that makes the men feel better, but the house legally belongs to the wife or girlfriend and I remind them of that. It's their own fault, not the Thai ladies. I never once had an American lady ask me to buy or build her a house, it would be absurd for her to ask in the US, but men come to Thailand and lose all perspective when they fall in love. Not me... I rent... and I'm married to a sweet Thai lady. She can have what I leave her in my "WILL" just like I would normally do with a western wife.

Edited March 16, 2019 by JohnnyBD