Thai retirement funds cannot be touched under any circumstances.

[up2you2]

To renew my retirement visa annually, the minimum amount that has to held in my account cannot fall below 400,000 Baht for seven months of the year, and not fall below 800,000 Baht for the remaining five months of the year.

Today I was told by a senior Thai Immigration Officer, that even if funds were required for a hospital expense, if my funds in my account fell below the above limits, then I would no longer be able to renew my Thai retirement visa automatically.

When this law and requirement was brought into force, I do remember hearing something about the fact that these funds were to be put aside in the event of health issues.
To pay hospitals bills, but seeming that is not the case, in fact from what I was lead to believe today, they simple cannot be touched if one wishes to renew their retirement visa.

In the event that what I have stated here is incorrect, can anyone point to an English translation of the Thai law, that states categorically that these funds can be used for hospital bills, without denying one's annual visa renewal?
 

[worgeordie]

It's always been that way , just don't fall below 400 K and make sure it;s

back up to 800K   " 800,000 Baht for the remaining five months of the year."

it's not the remaining 5 months ,but 2 after and must be back up to 3 months

before renewal ,or other way round, cannot remember now. 

 

regards worgeordie

[Pattaya57]

4 minutes ago, worgeordie said:

It's always been that way , just don't fall below 400 K and make sure it;s

back up to 800K   " 800,000 Baht for the remaining five months of the year."

it's not the remaining 5 months ,but 2 after and must be back up to 3 months

before renewal ,or other way round, cannot remember now. 

No it hasn't. It used to be 800,000 was decided that's what's required to live off as a retired person so 800k needed in bank to last the year. Then all the agents started bypassing the rules with fake 800k deposits immediately withdrawn so they made it 800k for 3 months after, 400k for 7 months and 800k for 2 moths before extension.

 

Funny how the reason for the change was to stop agent fake 800k deposits but now agents don't even do that, it's now a paid for fake 800k deposit letter from the bank that says it's been deposited for 3 months.  

 

Pretty simple, if Thailand decides 800k is required to live here in retirement then let us spend the 800k instead of allowing agents banks and immigration to get their slice of the pie

 

[Georgealbert]

 

For retirement using the 800K funds method, the latest requirement is police order 35-2561 (Jan 2019).

 

Amounts to be maintained, or further extension not granted.

 

Section 2.22, item (4).

 

Edited February 15 by Georgealbert

[lopburi3]

The money is in your account and available for medical or other needs if required - but you will not be able to renew your extension of stay for retirement if you have to use - you could still extend for medical treatment if ongoing or start the retirement extension process again.

[KannikaP]

10 minutes ago, Georgealbert said:

 

For retirement using the 800K funds method, the latest requirement is police order 35-2561 (Jan 2019).

 

Amounts to be maintained, or further extension not granted.

 

Section 2.22, item (4).

 

This is wrong as it says you must have INCOME of 65k, where really you must TRANSFER 65k monthly. And then says also 800/400k in the bank. It is one or the other.

 

[G_Money]

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

[up2you2]

25 minutes ago, Pattaya57 said:

No it hasn't. It used to be 800,000 was decided that's what's required to live off as a retired person so 800k needed in bank to last the year. Then all the agents started bypassing the rules with fake 800k deposits immediately withdrawn so they made it 800k for 3 months after, 400k for 7 months and 800k for 2 moths before extension.

 

Funny how the reason for the change was to stop agent fake 800k deposits but now agents don't even do that, it's now a paid for fake 800k deposit letter from the bank that says it's been deposited for 3 months.  

 

Pretty simple, if Thailand decides 800k is required to live here in retirement then let us spend the 800k instead of allowing agents banks and immigration to get their slice of the pie

 

Thank you for this clarity.
Living expenses as opposed to potential health cover.
400,000 to 800,000 Baht locked up until the day I die, and the only beneficiaries I can see here are the banks.

[lopburi3]

1 minute ago, KannikaP said:

This is wrong as it says you must have INCOME of 65k, where really you must TRANSFER 65k monthly. And then says also 800/400k in the bank. It is one or the other.

 

Actually the requirement is income of 65k per month and such a letter from your Consulate is the normal proof.  New alternative (as several of largest nations no longer issue letter) is proof of 65k per month transferred into a Thai bank account.

[couchpotato]

2 minutes ago, G_Money said:

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

Might be ridiculous to you, but for other people they DO NOT have money/property in another country..they live here permanantly and all their transactions and money/property etc is in baht, so different scenarios.

Also many guys fall into the category of working in Thailand, so their situation is also different also.

[Georgealbert]

26 minutes ago, KannikaP said:

This is wrong as it says you must have INCOME of 65k, where really you must TRANSFER 65k monthly. And then says also 800/400k in the bank. It is one or the other.

 

Sorry but that is a picture of the translated police order. Not my wording. (Full order below)

 

There is the word ‘or’ between 3 and 4

 

Immigration wants to see the monthly transfer, as proof of that income.

 

Edited February 15 by Georgealbert

[scubascuba3]

Rules are rules, if you need the money for medical care then you'll need to use an agent for a year or two until compliant with the rules again, same with me

[G_Money]

6 minutes ago, couchpotato said:

Might be ridiculous to you, but for other people they DO NOT have money/property in another country..they live here permanantly and all their transactions and money/property etc is in baht, so different scenarios.

Also many guys fall into the category of working in Thailand, so their situation is also different also.

You are correct.  It’s ridiculous to me.

 

What not to do:

 

Burn your bridges back home by eliminating your property and bank accounts.

 

Moving to Thailand while still having to work.  Doing what?  Working dead end jobs as a bar manager, “influencer”, blogger and then a Go Fund Me guru.

 

Wasting away ones most productive years just to “Live the Dream”.

 

Just look at the recent thread that mentioned the Aussie that’s looking for handouts to save his bar.

 

BTW, I live here.  But wouldn’t/couldn't if I had to work here to support myself.  Which is why I waited until I could live here independently.

 

Work and invest in the west.  Spend in Thailand.

 

[JimTripper]

49 minutes ago, G_Money said:

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

Unless you forget to do it on the exact dates needed which seems like a chore each and every month.

[Pattaya57]

2 minutes ago, JimTripper said:

Unless you forget to do it on the exact dates needed which seems like a chore each and every month.

How would you forget to do it if you just set up an auto monthly payment on 15th of each month?

[Korat Kiwi]

26 minutes ago, G_Money said:

You are correct.  It’s ridiculous to me.

 

What not to do:

 

Burn your bridges back home by eliminating your property and bank accounts.

 

Moving to Thailand while still having to work.  Doing what?  Working dead end jobs as a bar manager, “influencer”, blogger and then a Go Fund Me guru.

 

Wasting away ones most productive years just to “Live the Dream”.

 

Just look at the recent thread that mentioned the Aussie that’s looking for handouts to save his bar.

 

BTW, I live here.  But wouldn’t/couldn't if I had to work here to support myself.  Which is why I waited until I could live here independently.

 

Work and invest in the west.  Spend in Thailand.

 

I like your train of thought... 

 

About 5 years ago I was living here reasonably happy on a retirement visa. 

 

I buggered off back to NZ to earn more cash.  Now I'm back but it seems that even now I still need more funds. 

 

I'll probably end up using an agent to get retirement visa again but are seriously looking at employment in the mines in Western Australia. 

 

5 years working there will definitely set me up for 'retirement'..... 

 

  Till that money runs out! 

[KannikaP]

1 hour ago, lopburi3 said:

Actually the requirement is income of 65k per month and such a letter from your Consulate is the normal proof.  New alternative (as several of largest nations no longer issue letter) is proof of 65k per month transferred into a Thai bank account.

Yes I know that, but the translation quoted led to believe both were needed, which is not.

I am very fortunate that my Imm Office will accept the Combination Method, where as long as transfers and bank money add up to over Bht 800k, it is OK. I did 40k per month with 420k in the bank for two years, but now just 35k per month = 420k with a similar sum in the bank, suits me fine.

[Baht Simpson]

1 hour ago, G_Money said:

I can use my money whenever and for whatever reasons I want.

That's what I'd be worried about. 🙂 

Better I stick it on fixed deposit where I can't get my sticky fingers on it. 

[JimTripper]

31 minutes ago, Pattaya57 said:

How would you forget to do it if you just set up an auto monthly payment on 15th of each month?

Seems like a hassle but I guess it could work. Probably easier to just keep the minimum funds in there and forget it.

[G_Money]

1 hour ago, JimTripper said:

Unless you forget to do it on the exact dates needed which seems like a chore each and every month.

What dates are these?  I’ve never heard of this.

 

I normally send between the 2nd and 5th of every month with the occasional supplement later in the month because transfers now take longer for some reason.  Never had an issue about when I transferred money.

[G_Money]

For anyone from the USA, the Consulate letter regarding monthly income are no longer issued or valid for retirement extensions.  For several years now as I recall.

 

 

 

[Liverpool Lou]

25 minutes ago, G_Money said:

For anyone from the USA, the Consulate letter regarding monthly income are no longer issued or valid for retirement extensions.  For several years now as I recall.

I doubt that anyone is unaware of that after so many years.

Edited February 15 by Liverpool Lou

[lopburi3]

1 hour ago, JimTripper said:

Seems like a hassle but I guess it could work. Probably easier to just keep the minimum funds in there and forget it.

Actually Wise allows automatic transfers on a set date each month (next work day if weekend) and have been using for a year or two.  Nothing to remember as I scheduled the transfers several days after retirement payment is made into source account.  Get 2 day advance notice in case want to cancel the transfer.

[up2you2]

Seems like a lot of posters are going via the monthly transfer route.
On a cost effective basis vis a vis loss of interest (minimum on instant access savings account), at a guess I would say the lump sum method is cheaper.

[G_Money]

3 hours ago, Korat Kiwi said:

I like your train of thought... 

 

About 5 years ago I was living here reasonably happy on a retirement visa. 

 

I buggered off back to NZ to earn more cash.  Now I'm back but it seems that even now I still need more funds. 

 

I'll probably end up using an agent to get retirement visa again but are seriously looking at employment in the mines in Western Australia. 

 

5 years working there will definitely set me up for 'retirement'..... 

 

  Till that money runs out! 

Don’t know your age or physical condition but I would think 5 years in a mine would be hard on the body despite watching Crocodile Dundee.  Most seem to be a hardy bunch.

 

Especially assuming you’re over 50 as you stated you had a previous retirement visa.

 

Was unaware that a kiwi could work in Oz but I suppose you’re part of the same empire.  

 

Forgive my ignorance on this matter.

[ericthai]

11 hours ago, G_Money said:

You are correct.  It’s ridiculous to me.

 

What not to do:

 

Burn your bridges back home by eliminating your property and bank accounts.

 

Moving to Thailand while still having to work.  Doing what?  Working dead end jobs as a bar manager, “influencer”, blogger and then a Go Fund Me guru.

 

Wasting away ones most productive years just to “Live the Dream”.

 

Just look at the recent thread that mentioned the Aussie that’s looking for handouts to save his bar.

 

BTW, I live here.  But wouldn’t/couldn't if I had to work here to support myself.  Which is why I waited until I could live here independently.

 

Work and invest in the west.  Spend in Thailand.

 

There are expats that own companies here and expats working for large multinational companies.  My first trip to Thailand was for work and then my company transferred me to Thailand full time. I work with multinational companies and most of the upper management if from abroad. There is allot more to Thailand than bars....

 

Edited February 15 by ericthai
typing error

[bigt3116]

12 hours ago, Baht Simpson said:

That's what I'd be worried about. 🙂 

Better I stick it on fixed deposit where I can't get my sticky fingers on it. 

 

Except for the extension the money needs to be in an account to which you have instant access (even if that means losing interest or a penalty).

 

[MPoll]

13 hours ago, G_Money said:

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

I used the 800,0000 method because it was easy and I could easily afford it. It was a case of deposit and forget. Seven years ago I had never done international wire transfers. The idea of having to move money every month seemed like a chore. My transfers never showed up in my Thai bank account labeled FFT so there was having to trace the origin of the money, another chore. It was only a couple of years later that I had heard about TransferWise. A couple of years ago I tried setting up a Wise account. It was a disaster. Wise wasn’t any help sorting it out. I don’t trust them with my money (no matter how many rabid Wise fans are out there). It doesn’t matter now. I got an LTR vise which relieved me of any bank deposit requirements.

[proton]

13 hours ago, scubascuba3 said:

Rules are rules, if you need the money for medical care then you'll need to use an agent for a year or two until compliant with the rules again, same with me

 

But using an agent is against the 'rules' 😄

[Card]

14 hours ago, G_Money said:

Why anyone uses this ridiculous method is beyond me.

 

 I happily pay the monthly transfer fees to send the monthly requirement (and more) amount needed for a retirement extension.  Currently the minimum is 65,000 baht per month.  
 

Sent via WISE using “Long term stay in Thailand “. so the funds show as coming from abroad.

 

I can use my money whenever and for whatever reasons I want.

That's assuming you spend 65000 per month. I dont. If you spend  less than that then it will accumulate over time in your Thai account just the same.