Increasing the 800K baht requirement for retirement extension?

[mokwit]

1 minute ago, OJAS said:

Uninsurable original non-OA visa holders are already required to deposit 3m THB into Thai bank accounts for retirement extension purposes - 2m of which is unprotected/uninsured - as a result of sub-para 6.3 of Police Order 654/2564:

 

 

 

 

Good luck getting a denial of insurance confirmation from the British Embassy. Why do they assume embassies will come up with these documents?

 

[TallGuyJohninBKK]

One might also ask, Big Joke was in a leadership position in the Immigration Bureau for a good period of time.

 

During that time, what did he ever do to shut down the bogus Chinese visas deal that Immigration had been complicit in for many years, or to do anything to crack down on the organized crime motorcycle gang operations?

 

Not much from all indications, as both have/had remained thriving operations long after his departure from the Immigration Bureau last time around.

 

He talks a big game when it comes to such things... But when it comes right down to it, the Thai police and Immigration have continued to operate just as they always have....

 

[scubascuba3]

2 hours ago, TallGuyJohninBKK said:

That would make more sense toward achieving their stated goal (keeping out criminals) vs. their stupid notion that increasing the financial requirement on retirement extensions will somehow weed out criminals (which it won't).

 

Yep a criminal record check when people first apply for a retirement extension makes a lot of sense, I've said they should have been doing that for years, they can choose to ignore petty crimes etc from long ago if they wish

[retarius]

To be fair, I've been here for 15 years now and it's always been 800,000 despite rampant inflation....so an increase to 1 million would not be unfair to anyone. 

Over the years I've known a few guys here that ran out of money, used agents etc and thinking they were the smartest thing since sliced bread....beating the system. 3 have died in desperate circumstances, leaving their women in dire straits. I don't know why any westerner would want to be poor in Thailand?

[retarius]

22 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).

Jim, I didn't know that....but it makes perfect sense to me.

[sirquest007]

22 hours ago, MrMo said:

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 ?

Thank you for clarifying when the last increase was.

 

I tried to find it and failed...

 

I would not be surprised if it's raised to 1 million and 80k

For marriage to 500/50k

 

One should always prepare for devaluation.

Apparently the Thai government gave us + 20 years ????

 

If they match it to the value of 800k from 20 years ago, we are looking at 1.5-2 million as requirement...

Marriage to 800K-1Mil (or 65-75k)

 

We will see in the next few years.

 

Big change like that will be ugly.

 

[mokwit]

Just now, phetphet said:

While the retirees might not be the biggest spenders, the numbers of them, and their annual spending must still add up to a tidy sum.

I don't think they give a damn and don't think 65k/month is enough to have foreigners amongst them.

[BritTim]

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[Henryford]

14 hours ago, retarius said:

To be fair, I've been here for 15 years now and it's always been 800,000 despite rampant inflation....so an increase to 1 million would not be unfair to anyone. 

Over the years I've known a few guys here that ran out of money, used agents etc and thinking they were the smartest thing since sliced bread....beating the system. 3 have died in desperate circumstances, leaving their women in dire straits. I don't know why any westerner would want to be poor in Thailand?

The problem is that the 800k was set when the GBP was 70+, with the GBP at 44 the 800k is really now 1.3m.

[Mike Teavee]

39 minutes ago, Henryford said:

The problem is that the 800k was set when the GBP was 70+, with the GBP at 44 the 800k is really now 1.3m.

I seem to recall somebody saying that the 800K/65K pm was set to match on approx. $2K pm so at current rates that would be 70K pm /840K.

 

[JBChiangRai]

3 minutes ago, Mike Teavee said:

I seem to recall somebody saying that the 800K/65K pm was set to match on approx. $2K pm so at current rates that would be 70K pm /840K.

 

I am fairly sure they didn’t consider exchange rates when they set the 65k/800k, they probably set it at a level in THB that was significant in advantage to the Thai economy.

 

It would be interesting to know what that figure would be now adjusted for inflation.

[Henryford]

1 minute ago, JBChiangRai said:

I am fairly sure they didn’t consider exchange rates when they set the 65k/800k, they probably set it at a level in THB that was significant in advantage to the Thai economy.

 

It would be interesting to know what that figure would be now adjusted for inflation.

Sure the Thai Government don't care about exchange rates but expats do. When i set up my original 800k it cost me 11,250 GBP. Now it would cost 18,200 GBP. A rise to 1.2m baht would cost 27,300 GBP.

[JBChiangRai]

I think it would be interesting to have a poll on what the members here think it might rise to.

 

I have a feeling the approximate amount of the price increase will be telegraphed by the new Elite Visa prices.

Edited August 4, 2023 by JBChiangRai
Spelling (fat fingers)

[Mike Teavee]

12 minutes ago, JBChiangRai said:

I am fairly sure they didn’t consider exchange rates when they set the 65k/800k, they probably set it at a level in THB that was significant in advantage to the Thai economy.

 

It would be interesting to know what that figure would be now adjusted for inflation.

It's well known that THB was pegged to USD for a longtime & I'm pretty sure it was UbonJoe (RIP) who shared that fact but I can't find the post as it was several years ago. 

 

 

[Mike Teavee]

9 minutes ago, JBChiangRai said:

I think it would be interesting to have a poll on what the members here think it might rise to.

 

I have a feeling the approximate amount of the price increase will be telegraphed by the new Elite Visa prices.

Maybe somebody should start a Poll...

 

I would select an option that said no increases to existing O/OA Visa Holders (except maybe greater scrutiny on people having the money in the bank and/or income) & the creation of a completely new retirement visa based more on the OX...

Not unlike what they are (rumoured to be) doing with the Thailand Elite visa, i.e. leaving the existing Visas as-is & creating a new class of PE visa. 

 

If I had to select an increase I would go with 1Million/80K pm...

 

Edited August 4, 2023 by Mike Teavee

[JBChiangRai]

9 minutes ago, Henryford said:

Sure the Thai Government don't care about exchange rates but expats do. When i set up my original 800k it cost me 11,250 GBP. Now it would cost 18,200 GBP. A rise to 1.2m baht would cost 27,300 GBP.

Exchange rate 70+ when I came here from UK, watching that slide and the uncertainty over the future was what spurred me to go Elite.  Until I discovered the chocolate and wine trick my experiences dealing with immigration were ofttimes disappointing.

[JBChiangRai]

1 minute ago, Mike Teavee said:

Maybe somebody should start a Poll...

 

I would vote no increases to existing O/OA Visa Holders (save for greater scrutiny on people having the money in the bank and/or income) & the creation of a completely new retirement visa based more on the OX... A lot like they are (rumoured to be) doing with the Thailand Elite visa. 

 

If I had to select an increase I would go with 1Million/80K pm...

 

I meant a poll on what we think they will do, not what we want. I have a figure in mind.

[Mike Teavee]

4 minutes ago, JBChiangRai said:

I meant a poll on what we think they will do, not what we want. I have a figure in mind.

My post was what I think they will do...

I believe they will Grandfather in existing holders (save for more scrutiny on Extensions) & create a new 5-year Class of Retirement Visa.

 

Time will tell... 

 

Edit: Why don't you share your number, as I posted if they do increase existing limits I expect it to be 1Million/80K pm. 

 

 

 

Edited August 4, 2023 by Mike Teavee
Edit: I don't "Expect" them I think/believe they will

[JBChiangRai]

4 minutes ago, Mike Teavee said:

Why don't you share your number, as I posted if they do increase existing limits I expect it to be 1Million/80K pm. 

 

 

 

I think it will be 1.5M

[Mike Teavee]

3 minutes ago, JBChiangRai said:

I think it will be 1.5M

Ouch... With that + a 100K pm income you could get the 10 Year Non-IMM OX visa. 

 

Speaking of which it's the 10 Year Non-IMM OX & new(ish) 10 year LTR visas that make me think they will introduce a new multi (5) year visa targeted at guys who can put more money in the bank.

 

Funny enough, 1.5Million would be my guess for it or an income of 100-125K pm.  

[JBChiangRai]

It’s the old Chinese curse

 

”May you live in interesting times”

[Mike Teavee]

23 hours ago, Mike Teavee said:

They've just posted a new video on it... But basically saying the same thing... 

1. Nothing has change yet & it will take time before anything does.

2. Big Joke is no joke when it comes to Immigration changes so keep an eye out for updates in the news. 

3. Good possibility of Grandfathering but don't solely base your plans on them doing so...

 

 

 

Another video from Integrity Legal... 

More "Inspection Of Bank Statements" For Thai Retirement Visas?

 

 

 

Key point is that Big Joke specifically mentioned that the lack of inspection of bank statements by Immigration Bureau officers is allowing some Foreigners to "Window Dress" their Bank Accounts. 

 

 

[transam]

Just my thought, I suspect that many of these not wanted "Retirees" use agents, or are married to a Thai, so it doesn't matter what immigration head honcho's do regarding raising financial stuff if the agent thing is still active. 

 

I know of a old single biker that lives way up north, but his visa comes from way down south..............

[foreverlomsak]

20 hours ago, Mike Teavee said:

create a new visa type that matches what they want to see in Retirees,

That would be a spend of 1,000,000 THB per month, to go along with the 1,000,000,000 USD invested in a Thai bank, after all foreigners are multi-billionaires, aren't we? ????

[JBChiangRai]

5 minutes ago, Mike Teavee said:

Another video from Integrity Legal... 

More "Inspection Of Bank Statements" For Thai Retirement Visas?

 

 

 

Key point is that Big Joke specifically mentioned that the lack of inspection of bank statements by Immigration Bureau officers is allowing some Foreigners to "Window Dress" their Bank Accounts. 

 

 

Window dressing bank accounts for retirement extensions has become a big business.

 

When my friend died following a motorbike accident, I took his passport and death certificate to immigration.  I mentioned he had one of these hookey no money in the bank extensions and she said “Yes we know, we know who they all are”.  Before he died he told me the local Immigration Office wouldn’t accept his 90 day reports and his visa agent had to do them. Since that time, I think at least one local officer has joined that scheme. At least one local visa agent is now offering the service and other friends with these hookey visas is doing her 90 day reports locally.

 

Actually, this process is a fairly smart way to identify who to later target, but I don’t think that was ever their intention.

 

The Elite visa company (TPC) do have access to our bank accounts, when I applied I was asked about major repeated withdrawals made by my ATM card in Australia. If they have access, probably every gov’t agency does.

[Pattaya57]

Thai Consulate in Australia already asks for A$54,545 in bank for Non-Imm O-A. At today's exchange of 22.50 that's 1,227,262 baht

 

[roobaa01]

Gday 

I think we will see an increment to the 1.6 million to be deposited all year long . Thus resulting in fee increment from the 15 k to 25 k for newbies. Whereas prior applicants will be grandfathered. I think one reason is to make up for COVID losses. Then I think new amendments can be implemented through regulatory process meaning don't need to involve the Thai parliament.

 

Wbr 

Roobaa01

 

 

[Mike Teavee]

2 minutes ago, Pattaya57 said:

Thai Consulate in Australia already asks for A$54,545 in bank for Non-Imm O-A. At today's exchange of 22.50 that's 1,227,262 baht

 

I seem to remember somebody saying the Embassy had updated their site to include higher finance requirements then quickly took it down... The above is still there today on the Sydney Embassy site... 

https://sydney.thaiembassy.org/en/publicservice/non-immigrant-visa-type-o-a

 

 

But on the same site to get a Non-IMM O you only need A$2,000 in your bank account!

Proof of adequate finance

- A bank statement in the past six months showing a deposit account with the minimum fund of AUD 2,000

https://sydney.thaiembassy.org/en/publicservice/non-immigrant-visa-type-o-retirement?cate=60a49cffd5987e330c3424e2

 

 

[JBChiangRai]

They identified the Australian biker gang guy arrested didn’t have correct funds in the bank at the right time.  I think the visa agent “window dressing” route will disappear, but I also think existing retirement extension holders will be grandfathered regarding any increase too.

 

[MJCM]

1 hour ago, roobaa01 said:

Gday 

I think we will see an increment to the 1.6 million to be deposited all year long .

 

If they do that, so increasing to 1,6 Million then the question is, is it allowed to have for example 800K in Bank A and the other 800K in a separate Bank. 
 

reason being, money in a bank is only guaranteed up to 1 Million per Bank.