Anyone gotten their Retirement extesion in Phuket

[phuketrichard]

3 hours ago, stevenl said:

 

So both using deposit method, and responding to a post about income method.

In the past Phuket immigration wanted to verify that the income earned was actually used in Thailand, and they used the very primitive method (show me your ATM card) for that.

BUT now ur not allowed to use it to live on,  (at least 400,000 of it)
its just to sit there, 

why?? who the F#@K knows

Cant see any reason to ask for a atm card

 

ONLY reason i see for these new rulings is so the agents, ( and and those in cahoots with them) can make more $$

 

It would be one thing if the 400,000 was there for medical emergencies or any emergencies but thats not the way it is.

[Olmate]

7 hours ago, Badrabbit said:

Okay can you tell me how they could get money as they do not have a pin code or have any identification relating to you? Uou could just blank out 4 numbers on the copy.

You could also blank out the 3 digit security number on the back, without that they could not use online.

 

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That’s what I said first response ,don,t rule out ID theft tho, lots of your personal info in very insecure paper files at Imm Office, no such thing as privacy provisions here

[merijn]

11 hours ago, stevenl said:

Are you saying the combination options doesn't exist anymore?

The combination rule can only be used with a income certificate from the embassy.

Not with the 12 month income option. (maybe this will change in the future)

[Old Croc]

15 hours ago, phuketrichard said:

BUT now ur not allowed to use it to live on,  (at least 400,000 of it)
its just to sit there, 

why?? who the F#@K knows

Cant see any reason to ask for a atm card

 

ONLY reason i see for these new rulings is so the agents, ( and and those in cahoots with them) can make more $$

 

It would be one thing if the 400,000 was there for medical emergencies or any emergencies but thats not the way it is.

 

This guy has a different take on leaving the 800k in the bank.

An American vlogger so very wordy, but the underlying message makes some sense.

 

 

[phuketrichard]

absurd, guys looking at it all wrong...

If u pay $1 for coffee,  u pay $1 for coffee, ur not saving $2 if u had to pay in America, as ur NOT living in America

 

You can put ur 800,000 ( $25,000) in a account in Cambodia and earn up to 8%

[Old Croc]

29 minutes ago, phuketrichard said:

absurd, guys looking at it all wrong...

If u pay $1 for coffee,  u pay $1 for coffee, ur not saving $2 if u had to pay in America, as ur NOT living in America

 

You can put ur 800,000 ( $25,000) in a account in Cambodia and earn up to 8%

I think the concept he's espousing is that the 25k is like a ticket to allow you to live in Thailand, where you can live for a hell of a lot cheaper than if you had to stay in the US. Therefore you are using a lot less of your limited retirement funds for a similar (or better) lifestyle.  An entrance fee if you like, that can pay for itself over time, and enable you to better enjoy your declining years. Well worth the money, from his viewpoint.

 

We would all like Thailand visas (to continue) to be free for long stayers, but, as has been proven, this attracts far too many undesirables who are a blight upon a country struggling to become first world. Thailand has enough problems of it's own making without open borders allowing wholesale importation of rubbish from elsewhere 

 

Can you really get 8% in Cambodia?  And would your money be secure there?

[LivinginKata]

Well thanks to fellow members responding to my original question about changing from the 800k to 65k/month in bank. I can afford to have the 800k in Thai bank all year but I resent having to maintain 800k for 3 months after approval year extension and then 400k for another ? months. Like others I had always consider this money as a buffer against a major expense here in Thailand. Now Immigration is bludgeoning us with this financial requirement.

 

Hence I started considering the 65k/month idea. Like others I prefer to keep my pension monies in the UK due to the terrible/volatile exchange rates. I can easily set up a 65k Baht transfer each month for not much fee cost from my Singapore bank.  But from all your comments it seems not worth doing before my annual renewal in November 2019. But I am considering setting in this monthly transfer from October 2019 and hope ?? this will be good enough for the 2020 renewal, assuming the rules not changed again. Hmmm ... that's the problem.

 

Comments please fellow members, and thank you for reading.

 

 

[Old Croc]

1 hour ago, Old Croc said:

I think the concept he's espousing is that the 25k is like a ticket to allow you to live in Thailand, where you can live for a hell of a lot cheaper than if you had to stay in the US. Therefore you are using a lot less of your limited retirement funds for a similar (or better) lifestyle.  An entrance fee if you like, that can pay for itself over time, and enable you to better enjoy your declining years. Well worth the money, from his viewpoint.

Forgot to highlight the fact that you can get your ticket money (800k) back at any time if you decide to depart.

No, it doesn't earn interest, but in my case, the massive devaluation of the AUD has meant my 800k buys a lot more dollars now than when I lodged it - $24,714 then to $35,000+ in less than 8 years.

And, I could add to the mix the lazy $300,000 profit I made by selling my 35yo semi-detached unit in Australia and buying a bigger, better, pool villa here for a 1/3 of the price, Thailand has been brilliant for me financially, but I didn't come on minimal funds and expect a country where I've never paid any tax, to give me a free run .

[Old Croc]

LiK

If you are able to arrange regular 65k payments it would seem the better option as it provides an ongoing living wage and frees up the lump sum for other purposes if needed.

The down sides are vagaries in exchange rates which you can no longer manipulate because it must be transferred monthly, and the possibility a delay, for whatever reason, could result in failure to meet that strict monthly rule, resulting in a refusal of extension. 

I import more than the required amount into the country, but prefer to do it at my prerogative. For me the 800k does the job for the extensions and it will probably never get touched until about 10 minutes after the last of my ashes waft out of the local temple chimney. The new owner won't be worrying about interest rates.

[LivinginKata]

Thai Immigration jumped the money in bank from 400k to 800k some many years ago.  If they jump again to 1,600k that's a big number. Lets hope we will be grand fathered in. By the way, they laughed when I said I was grand fathered at the 400k amount. 

 

Edit - now that I think I was on the 200k married man amount. IO noticed I had 400k in bank so thought is would be easier for him to process as retired. Then as had a WP went back to married then 400k. Now back to retired so 800k. I guess that's why they laughed at my claim - oh well

[phuketrichard]

3 hours ago, Old Croc said:

I think the concept he's espousing is that the 25k is like a ticket to allow you to live in Thailand, where you can live for a hell of a lot cheaper than if you had to stay in the US. Therefore you are using a lot less of your limited retirement funds for a similar (or better) lifestyle.  An entrance fee if you like, that can pay for itself over time, and enable you to better enjoy your declining years. Well worth the money, from his viewpoint.

 

We would all like Thailand visas (to continue) to be free for long stayers, but, as has been proven, this attracts far too many undesirables who are a blight upon a country struggling to become first world. Thailand has enough problems of it's own making without open borders allowing wholesale importation of rubbish from elsewhere 

 

Can you really get 8% in Cambodia?  And would your money be secure there?

Been around for years

https://www.prasac.com.kh/en/services/deposits/term-deposit-account

can even open a thai baht account

 

 

[Old Croc]

13 minutes ago, phuketrichard said:

Been around for years

https://www.prasac.com.kh/en/services/deposits/term-deposit-account

can even open a thai baht account

Interesting, I'd never heard of it, 8% is high! I would park some money at that rate, but Cambodia does give some major security concerns for many reasons. 

[phuketrichard]

Cambodia is a Democratic dictatorship

Thailand is a >>>>>   LOL

for expats both governments are the same to me

 

For me, moving back to Cambodia after 34 years here june 2020 when my next extension ends
 

[Badrabbit]

Thai Immigration jumped the money in bank from 400k to 800k some many years ago.  If they jump again to 1,600k that's a big number. Lets hope we will be grand fathered in. By the way, they laughed when I said I was grand fathered at the 400k amount. 
 
Edit - now that I think I was on the 200k married man amount. IO noticed I had 400k in bank so thought is would be easier for him to process as retired. Then as had a WP went back to married then 400k. Now back to retired so 800k. I guess that's why they laughed at my claim - oh well

Why would they increase from 800k to 1.6k? have there been reports from immigration that this might happen? If they increase above 1 million that's me organizing a flight back to the UK!

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[LivinginKata]

40 minutes ago, Badrabbit said:

Why would they increase from 800k to 1.6k? have there been reports from immigration that this might happen? If they increase above 1 million that's me organizing a flight back to the UK!
 

 

I know nothing. I was just extrapolating double last jump as it's been maybe 10 years since the last hike. Mind you that's a number way too much. 65k is a sensible per month living amount and the 800k is based on 12 times 65k. 

[phuketrichard]

1 hour ago, LivinginKata said:

 

I know nothing. I was just extrapolating double last jump as it's been maybe 10 years since the last hike. Mind you that's a number way too much. 65k is a sensible per month living amount and the 800k is based on 12 times 65k. 

jumped in 98/99.... so 21 years at 800,000

 

[LivinginKata]

37 minutes ago, phuketrichard said:

jumped in 98/99.... so 21 years at 800,000

 

 

WOW ... that long ago. How times flies living here in paradise ????

[Old Croc]

Just realized my 90 day and next retirement extension are due shortly.

I know a lot of long termers here on Phuket extend about this time of year. If anyone has recent dealings with Immigration, are the extensions being processed normally, or are there new hoops to jump through? I go the 800k route.

Perhaps thing have settled down now the humour has gone out of the equation.

 

 

 

[skatewash]

1 hour ago, Old Croc said:

Just realized my 90 day and next retirement extension are due shortly.

I know a lot of long termers here on Phuket extend about this time of year. If anyone has recent dealings with Immigration, are the extensions being processed normally, or are there new hoops to jump through? I go the 800k route.

Perhaps thing have settled down now the humour has gone out of the equation.

 

 

 

I would say they are being processed normally now.  I went in late March before BJ's transfer, but don't think that will make any difference.  The extension went pretty smoothly except had to re-copy pages from my passport because I had put multiple pages on a single sheet (didn't like that, they want only a single page on a copy).  They handed out an information sheet that I imagine was intended to clarify the new seasoning and minimum balance requirements but it doesn't manage to do that somehow.

Getting my multiple re-entry permit the next day was just a slow process that took 2 or 3 hours of waiting.  Maybe it's a mistake to try to get a re-entry permit the same day you pick up your new extension since you then have to start that process after 1 PM and after the crowd that's been waiting for them to reopen after lunch.

The details are in the link below including what the new handout looks like.  If you can make any sense of the handout please pass it on. The IO cryptically said that I shouldn't let the balance go below 800,000 baht, but I chalked that up to him giving me a very cursory reading of the new rules and that the new rules that have been explained in the actual immigration letter would apply (which do allow drawdown to 400,000 for half the year).  I didn't discuss it with him as I find those sort of discussions to be very unsatisfying and I was in a good mood after getting my extension and saw no reason to risk that with a silly question that would have probably elicited an even sillier answer.

https://forum.thaivisa.com/topic/1092813-anyone-gotten-their-retirement-extesion-in-phuket/?do=findComment&comment=13999756