Increasing the 800K baht requirement for retirement extension?

[ross163103]

I read on another thread about Big Joke thinking of increasing the 800k baht requirement for retirement extension. I can't find any firm articles about it, has anybody heard anything about this? And no, I'm not trolling.

[scubascuba3]

i read it too, a Pattaya News article. Hopefully they realise it's a stupid idea as criminals probably have more money than hard working retired folk

[JimTripper]

18 minutes ago, scubascuba3 said:

i read it too, a Pattaya News article. Hopefully they realise it's a stupid idea as criminals probably have more money than hard working retired folk

Agree, that’s strange. I think the Thais have a stereotype that good people are wealthier. Maybe something to do with merit (you did good things in past lives so are wealthy now) or social class standing (We know where that one comes from).

Edited August 2, 2023 by JimTripper

[DrJack54]

Another example of a thread that should be stopped in it's tracks.

 

At very least moved to pub forum or general topics forum..

 

Scaremongering is best description. 

[JensenZ]

Here's the relevant Pattaya News Quote:

 

"As part of the efforts, Pol Gen Surachate promised that he would propose an amendment to the immigration law, especially concerning retirement visa extensions, through the police chief once a new government takes office. This aims to filter out bad people and make the law truly helpful for investors or someone who innocently want to live in Thailand."

[mokwit]

2 minutes ago, JensenZ said:

Here's the relevant Pattaya News Quote:

 

"As part of the efforts, Pol Gen Surachate promised that he would propose an amendment to the immigration law, especially concerning retirement visa extensions, through the police chief once a new government takes office. This aims to filter out bad people and make the law truly helpful for investors or someone who innocently want to live in Thailand."

The bangkok based newspaper we can trust gets down and dirtier on the details.

[MJCM]

Even a law firm posted a video about it

 

 

[swissie]

Let's face it: Long overdue. Increse will come. But for long term residents some "grandfathering" rule will be granted to long term residents.

Otherwise this will easily turn into an "international diplomatic incident", making headlines all over the world.

But: New residents will have to pay more for the right to stay long-term in Thailand. Just a matter of time.

 

[blackcab]

38 minutes ago, nauseus said:

It was also front page news yesterday in the publication that cannot be named here.

 

You can name the Bangkok Post, but unfortunately you cannot link to it or quote from it.

 

Those restrictions are set by the BP, not by us, and we try to abide by the BP's wishes.

[JensenZ]

1 minute ago, swissie said:

Let's face it: Long overdue. Increse will come. But for long term residents some "grandfathering" rule will be granted to long term residents.

Otherwise this will easily turn into an "international diplomatic incident", making headlines all over the world.

But: New residents will have to pay more for the right to stay long-term in Thailand. Just a matter of time.

 

I believe there is already a "grandfathering" for long term expats, still only requiring 400k for retirement extensions.

[mokwit]

1 minute ago, JensenZ said:

I believe there is already a "grandfathering" for long term expats, still only requiring 400k for retirement extensions.

That was previous governments. Under this government of people who have spent their entire lives on army bases the amount was de facto increased by 400k PA (due to requirement to keep 400k in account year 'round) with no grandfathering and Joke and smart people on this board saying there had been no change because it was still only 800k................

[swissie]

3 minutes ago, JensenZ said:

I believe there is already a "grandfathering" for long term expats, still only requiring 400k for retirement extensions.

I am quite sure that "long-term Farangs" have nothing much to worry about. Not so for "newcomers".............

[mokwit]

2 minutes ago, swissie said:

I am quite sure that "long-term Farangs" have nothing much to worry about. Not so for "newcomers".............

Why? We all had to keep an extra 400k in the bank.

 

12 minutes ago, swissie said:

turn into an "international diplomatic incident", making headlines all over the world.

I doubt it. Thailand is not Switzerland.

[bkk6060]

Seems a change could be they may ask for a criminal history from everyone.

WIth what appears to be an increase in criminal activity, I bet they would like to try and identify gang members and those with criminal records.

[MrMuddle]

What no one has mentioned is that the Thai Government only guarantees one million Baht in their accounts, if the Bank goes bust. Who in their right mind would keep more than that in a single Bank account?

[swissie]

10 minutes ago, MrMuddle said:

What no one has mentioned is that the Thai Government only guarantees one million Baht in their accounts, if the Bank goes bust. Who in their right mind would keep more than that in a single Bank account?

Have 17 different Thai Bank Accounts. And keep your (main) liquid assests in your home country.

[StayinThailand2much]

10 minutes ago, swissie said:

Have 17 different Thai Bank Accounts. And keep your (main) liquid assests in your home country.

Problem is that Immigration will neither accept a balance spread over 17 bank accounts, nor keeping the sum in your home country.

Edited August 2, 2023 by StayinThailand2much

[MrMo]

Way back in the last millennium, it was raised to Baht 800 (though I remember not from what).   (Forget all the "adjustments" about it needing to be in the account for month and months.   Those rules came in as groups of farang passed around the same 800.)

At the time it was raised to Baht 800 the grandfather rule applied, i.e. the new amount only applied to those taking a retirement visa for the first time.   For the rest they stayed on the old amount.   Allegedly some needed just 100 though it is doubtful that any of those guys are still breathing. 

What do you think of the chances of Immigration applying that rule this time ?

[theoldgit]

Topic derailing the thread, and response, removed.

[Ben Zioner]

1 hour ago, JimTripper said:

than hard working retired folk

That would be breaking the law wouldn't?

[Liverpool Lou]

1 hour ago, nauseus said:

It was also front page news yesterday in the publication that cannot be named here.

The Bangkok Post had an article about it also. 

 

What's the "publication that cannot be named here"?

[Liverpool Lou]

1 hour ago, swissie said:

Long overdue. Increse will come. But for long term residents some "grandfathering" rule will be granted to long term residents.

How could you ever know that about a possible change that is nothing more than a consideration at the moment.  Unless they have PR, there are no "long term expat residents" (except for special circumstances/applications/investments) we are all short term. temporary, twelve-month term residents, no more.

[nauseus]

1 hour ago, blackcab said:

 

You can name the Bangkok Post, but unfortunately you cannot link to it or quote from it.

 

Those restrictions are set by the BP, not by us, and we try to abide by the BP's wishes.

Got the same msg from one of your colleagues. Thanks.

[Felton Jarvis]

Cambodia and the Philippines must be writing some hefty checks to Big Joke, since they are the beneficiaries of any “adjustments” to the income requirements. With my next Social Security increase, I will be receiving 100 thousand Thai baht a month, but I will never deposit a dollar of that amount into my Thai bank account. Cambodia is far cheaper and doesn’t constantly tinker with the rules or require 90-day reports. I will be heading there if Thai I-O pushes me just a little bit. Let them eat millionaires.

[mancub]

As long as they endorse or promote the use of agents to bypass the "rules".it won't matter how much they decide to raise the 800k to.

The fees payable,.of course, will rise, or we may see a boom in marriages of convenience even !

[lordgrinz]

Wouldn't even mind having the money in an account, if it received some reasonable interest, I can get 5% in the US right now.

[Felt 35]

4 hours ago, JimTripper said:

Agree, that’s strange. I think the Thais have a stereotype that good people are wealthier. Maybe something to do with merit (you did good things in past lives so are wealthy now) or social class standing (We know where that one comes from).

I think it looks quite typical standard here. When business is going well, we make it as difficult for foreigners as we can without upsetting International media, but during/after crises such as Black May 92, the financial crisis of 1997, Sars, bird flu, Tsunami and Covid, we stand with hat in hand and welcome foreigners. If they was transparent they adapt the visa rules and residence regulations as in the US / Europe then most criminals and a lot of others will think twice. But ????????

Felt

[sabaiguy]

1 hour ago, lordgrinz said:

Wouldn't even mind having the money in an account, if it received some reasonable interest, I can get 5% in the US right now.

or if you're in the market 15%+

[mania]

***Moved response to main article in General News section***

https://aseannow.com/topic/1302335-retirement-visa-overhaul-in-the-wind-gangs-run-out-of-town-tim-newton-today-august-2/

Edited August 2, 2023 by mania

[ross163103]

My thinking is; how many people on retirement extensions are involved.in criminal activity? Yes, supposedly the bikers were but pretty sure this is an isolated incident. In my 30 years here I've seen more issues with people on tourist visas than retirement extensions. Maybe Joke is just using the bikers as an excuse to increase the fees.