Are Thai Retirement Visa Requirements Changing

[JimGant]

On 11/9/2021 at 9:04 PM, HappyGoLuckyLife said:

Not sure about Thailand, but here in the US FDIC insurance ($250K USD) covers all accounts in that bank in total. Not individual accounts.  So, if you had two accounts both with $250K. only one of those accounts would be covered by the insurance.

To get around the $250k cap, add PODs. My accounts at my US bank all have two PODs assigned -- my niece and my nephew. This makes them Totten trusts and ups the insurance by $250k per POD beneficiary. Thus, if the bank goes under, I'm insured up to $750k. Also, these accounts avoid probate, which is nice, since all my assets in the US are financial, with either PODs. or beneficiaries, in the case of my IRAs. So when I kick, no one needs to dig out my Will to inherit my estate.

https://www.thebalance.com/payable-death-fdic-increase-357241

 

The Feds have a handy calculator for figuring out various FDIC scenarios:

https://edie.fdic.gov/calculator.html

 

Sadly, I can't sign up my Thai nieces and nephews as PODs (no SSNs or ITINs). Thus, I would need a US lawyer to probate my Will designating these Thai relatives as beneficiaries. So, having considerably more than 800k in a Bangkok Bank savings account, for immigration purposes, serves the second purpose of having financial assets, slated for my Thai beneficiaries, being handily in country.

 

And, no, I'm not worried that the Thai gov't would allow Bangkok Bank to go under -- don't believe any Bangkok Bank savings account holders lost any money in 1997 -- and safeguards have been tightened since then. And, no, I'm not losing any money by bringing money from my US accounts to Thailand -- this is money from the liquid, safe side of my conservative portfolio, not from the one/third portfolio in securities, that's going bananas right now. In fact, at today's interest rates, the concept of opportunity cost at the low end is almost meaningless: The money I brought over is from a savings account earning .11% interest; the Bangkok Bank savings account at least earns .25%. But, we're talking peanuts vs. peanuts, even to the point where I don't want to even waste time looking at transferring to a fixed account. Anyway, sorry for those without an adequate, balanced portfolio in home country, whose argument about bringing 800k to Thailand is that they would lose so much money by not being in securities; sounds like these folks are over dependent on securities to get them through old age.....

[KarenBravo]

24 minutes ago, jackdd said:

How do you know this? When it changed from 400k to 800k people weren't grandfathered.

Actually, I think the requirement for grand-fathering was dependent on how many previous extensions you had continuously. So, maybe not as easy as I first posted. 

[david555]

Just now, KarenBravo said:

Actually, I think the requirement for grand-fathering was dependent on how many previous extensions you had continuously. So, maybe not as easy as I first posted. 

Not how many ..... only they should being continuous no pause or change in it  so it is stated .

 

Even in the combination methode  no complete grandfathering , as NOW  the money must be in a active upfront  transferrin ....., not as before anymore  just brought  proof you are entitled to receive amount coming ....(which made it like a credit note ....????, not any more now , must be proven came on bank in monthly deposits )

[LarrySR]

31 minutes ago, Liverpool Lou said:

So do the current, actual requirements and the first few Google results referred only to the correct, current IB requirements!  Now you know.   

 

By the way, what does it matter when it's clear that the IB requirements have not changed?

Don’t pop a vessel. 

[KarenBravo]

3 minutes ago, david555 said:

Not how many ..... only they should being continuous no pause or change in it  so it is stated .

 

Even in the combination methode  no complete grandfathering , as NOW  the money must be in a active upfront  transferrin ....., not as before anymore  just brought  proof you are entitled to receive amount coming ....(which made it like a credit note ....????, not any more now , must be proven came on bank in monthly deposits )

grand-fathering was dependent on how many previous extensions you had continuously.

 

Doesn't my statement say that.

[david555]

Just now, KarenBravo said:

grand-fathering was dependent on how many previous extensions you had continuously.

 

Doesn't my statement say that.

yes ! ,

but it made much attention on the " how many " ..... made thinking you needed many , while even 1 would be sufficient ...., 

same same but a little different...As they sai in Thai ????

[Liverpool Lou]

14 minutes ago, LarrySR said:

Don’t pop a vessel. 

I didn't.

[Mike Teavee]

4 hours ago, DrJack54 said:

Certainly an option. 

Friend of mine seriously rich (don't know why he just doesn't have a 20 year PE) ....uses agents for everything. Maybe spends 20k per year.

I don't think it's strange at all. 

For me being fully retired, I'm still doing it myself as my extension is very simple process. 

 

I use an agent for everything, costs 8,000 THB (have the 800k in the bank) on top of the usual 1,900 THB Immigration fee for annual extension & 200 THB x 4 for 90 day reports (can’t do them online at the moment as the app has me on overstay since 27th September ???? )

 

So 8,800 THB (approx 170 THB per week) covers the agent fees for the year 

[DrJack54]

4 minutes ago, Mike Teavee said:

So 8,800 THB (approx 170 THB per week) covers the agent fees for the year 

Yes and that's a good plan.

 

When agent also obtains extension without funds in the bank then naturally cost up.

For extension alone would be ~15k.

Yes some less some more.

[david555]

6 minutes ago, DrJack54 said:

Yes and that's a good plan.

 

When agent also obtains extension without funds in the bank then naturally cost up.

For extension alone would be ~15k.

Yes some less some more.

When land borders open and then covid extensions disappear , they go probably rise prices as now they have fewer customers as extensions are easy to get under that name of "covid extensions" , and hence those need other options ... 

[Mike Teavee]

9 minutes ago, david555 said:

When land borders open and then covid extensions disappear , they go probably rise prices as now they have fewer customers as extensions are easy to get under that name of "covid extensions" , and hence those need other options ... 

I paid 7,000 pre-COVID & it’s only 8,000 now as I’ve moved from Bangkok to Jomtien immigration.

 

TBH all they are doing is filling in the forms, making sure all the paperwork is in order & getting you seen quickly once you arrive (though my BKK agent also used to drive you to CW) - but it’s worth it to me to ensure I don’t have to go back because something is wrong with my paperwork.

[ukrules]

On 11/9/2021 at 10:08 AM, sqwakvfr said:

The 1.2 Million Baht and the 100,000 Baht was posted on the Los Angeles Thai Consulate website for about  a week.  I just checked the website now and this is what is posted:

 

4.   Bank statement or evidence of adequate finance showing
      – a deposit of the amount equal to and not less than 800,000 Baht; or
      – an income certificate (an original copy) with a monthly income of not less than 65,000 Baht; or 
      – a deposit account plus a monthly income totaling not less than 800,000 Baht. 
      – In the case of submitting a bank statement, a letter of guarantee from the bank
        (an original copy) is required. 

Yes, someone made a mistake here - they accidentally let slip their plans for the future.

 

This was no typo, it's in a plan somewhere. Plenty of people seem to be disparaging the guy from the video, I've never heard of him before but he's reporting what he saw and I for one can very much believe that this will happen but it was supposed to be kept secret for now.

 

[pattaya1234was]

2 hours ago, Liverpool Lou said:

"He suggests having 1.2 million in the bank rather than the present 800,000 baht".

No, he does not suggest that!   He specifically stated that he does not know about any changes and it is not an official Immigration Bureau change at the time of the video.

 

"With the banks only guaranteeing 1m baht I think this unlikely".

Why?  Are you suggesting that no one in Thailand will keep than B1m in their accounts in future?

Perhaps you know why the banks have lowered their limit of guarantee from 2m to 1 m because I certainly do not. You are welcome to keep your millions all in the same account-good luck!

[ubonjoe]

4 hours ago, jackdd said:

How do you know this? When it changed from 400k to 800k people weren't grandfathered.

The change done in 2003 was from 600k to 800k baht. No grandfathering was done for that increase.

When they did the big change in 1998 they did have grandfather clause for those that were on extensions then.

This from the current immigration order in clause 2.22.

 

 

 

[david555]

1 minute ago, ubonjoe said:

The change done in 2003 was from 600k to 800k baht. No grandfathering was done for that increase.

When they did the big change in 1998 they did have grandfather clause for those that were on extensions then.

This from the current immigration order in clause 2.22.

 

 

 

but why they point than in point 6 to 500 000baht ?

[ubonjoe]

10 minutes ago, david555 said:

but why they point than in point 6 to 500 000baht ?

Because they increased it again to 600k baht between 1998 and 2003. I think it was done in 2000.

[KarenBravo]

3 hours ago, ukrules said:

Yes, someone made a mistake here - they accidentally let slip their plans for the future.

 

This was no typo, it's in a plan somewhere. Plenty of people seem to be disparaging the guy from the video, I've never heard of him before but he's reporting what he saw and I for one can very much believe that this will happen but it was supposed to be kept secret for now.

 

Any proof whatsoever? Or did you just pull a conspiracy theory from your behind?

[ukrules]

40 minutes ago, KarenBravo said:

Any proof whatsoever? Or did you just pull a conspiracy theory from your behind?

Why don't you simply prove me wrong if you know so much?

[KarenBravo]

27 minutes ago, ukrules said:

Why don't you simply prove me wrong if you know so much?

That's not how it works.

You made the claim, so you have to prove it. That's how the real world works.

[TigerandDog]

On 11/9/2021 at 10:34 AM, grain said:

I've been expecting the financial requirements to be increased for the past couple of years, and it won't surprise me one bit to see them go up next year. My guess is 1.2 mill will become the new requirement, possibly 1.5 mill, but unlikely to be more than that. Of course this is just my hunch. Medical insurance also seems to be something they are inching towards as a requirement for all foreigners. And if so this will spell the end for many aged retirees, me included, who won't be able to get, or afford, medical insurance. Now's the time to be putting some thought to preparing a Plan B.

Medical insurance IS definitely increasing. In fact for NEW O-A, O-X and possibly O visa applications it has already increased to minimum 3 million baht cover, including covid, effective from 1 October this year. I have received confirmation from my health insurance company and a golf friend, who is an Immigration Police Captain, that the increase in health insurance will also be required for extensions of stay with effect from 1st Sept 2022.

 

I also note that Integrity Legal did not point out what Joe had pointed out in a previous post on this topic. The consulate web site that is being referred to has this new information posted under their E-Visa section. The existing requirements are still posted under the requirements for Non Imm O-A based on retirement. So once again we have conflicting information on a Thai Govt web site which just continues to add to the confusion.  However, that being said, with the increase in health insurance already in the works, it will only be a matter of time before the financial requirements are increased too.

 

One thing that will be interesting to see is whether the financial requirements will be grandfathered as they have been for increases in the past.

[KarenBravo]

10 minutes ago, TigerandDog said:

So once again we have conflicting information on a Thai Govt web site which just continues to add to the confusion.  However, that being said, with the increase in health insurance already in the works, it will only be a matter of time before the financial requirements are increased too.

 

One thing that will be interesting to see is whether the financial requirements will be grandfathered as they have been for increases in the past.

Why would you think that? The two are not connected and health insurance is not applicable to holders of Non-Imm O for reason of retirement.

"A matter of time", yes maybe in a few years.

 

 

Edited November 12, 2021 by KarenBravo

[ubonjoe]

This unneeded topic about false info appears to of run it course after I had to remove some bickering, baiting  and inflammatory posts.

This topic now