why they ask for 800k?

[VIPinthailand]

why 800k bahts when I can live with 1/3 of that?

[Jingthing]

Well like any country offering a retirement visa option (most don't have any at all) they want to make sure the retirees are a financial benefit to the country and also above all not a financial burden to it. The exact amount is really at their discretion. I understand that you question the logic of that amount. Others would question that it should be more. There is not only the annual expenses but also contingencies for emergencies.

Some countries offer a better break for those who own local real estate. Logically I think Thailand should do the same, but of course they won't. Their country, their rules.

[Anthony5]

Because they don't want the trailer folks move here.

[Jingthing]

There's always Cambodia!

[allane]

Anyone who can't put up that much is someone Thailand doesn't need, at least if he is not working and supporting himself. It is not a requirement that you bring or spend 800 K ever year; in subsequent years you are only required to "top it up", i.e. replace what you have spent.

Edited July 11, 2015 by allane

[4evermaat]

You can also provide affidavit for 80k baht monthly income. You need to get the affidavit notarized by the embassy responsible for your passport.

[Jingthing]

Anyone who can't put up that much is someone Thailand doesn't need, at least if he is not working and supporting himself. It is not a requirement that you bring or spend 800 K ever year; in subsequent years you are only required to "top it up", i.e. replace what you have spent.

That is very true. There is no requirement to import or spend 800K annually.

In fact there is no requirement to annually import even ONE baht if you can show the 800K.

Of course, if you're here, you will spend money, but there is also no minimum days residency requirement either.

So pretty liberal overall.

You could just fly in for the annual extensions (with reentry permit) and then just leave.

Not sure why you'd want to ... but you could!

[Jingthing]

You can also provide affidavit for 80k baht monthly income. You need to get the affidavit notarized by the embassy responsible for your passport.

65K.

[Jingthing]

Another reason I think they should cut a better break for retired expats who own real estate which would legally be condos. While that's not a Thai person, they also have a "real" connection to Thailand owning their home here.

[Maestro]

"why 800k bahts when I can live with 1/3 of that?"

There is nothing in the extension rule 2.22 to indicate that you are expected to spend 800k Baht during the 12- month period for which your retirement extension is valid. You are free to spend less or spend more.

[Maestro]

Removed an off-topic post and the reply to it.

[Jingthing]

"why 800k bahts when I can live with 1/3 of that?"

There is nothing in the extension rule 2.22 to indicate that you are expected to spend 800k Baht during the 12- month period for which your retirement extension is valid. You are free to spend less or spend more.

Yes overall it seems a fair and reasonable program for the retired expats, but I do think some path to a somewhat higher STABILITY status after perhaps 5 or 10 years of continuous extensions would be a humanitarian improvement. People get older ... they want to feel more secure they won't be booted out of their now long term home too easily.

[TallGuyJohninBKK]

Because they don't want the trailer folks move here.

Well, judging by some of the folks I see out and around town these days, that doesn't really seem to be working.

Of course, there are all kinds of different ways, legal and illegal, for folks to end up staying in Thailand -- not just retirement extensions or visas.

So just having a financial requirement associated with retirement extensions/visas is hardly ensuring the "quality" farang resident here.

[Pib]

Sure, you might spend 1/3 of that but emergencies do pop-up sometimes like an accident/disease which would require hospital care...and hospitals like to be paid since a foreigner is not covered under the Thailand universal card/30 baht medical program....and the Thai govt definitely don't want to pay for your hospital care. Plus as Maestro said, the immigration rule doesn't say you have to be spending the Bt800K for year; it only says you must have it in a bank account if using the bank account method for income proof.

[Craig krup]

Their reasoning will be, "If you don't have funds you'll have to work. You may work if you do have funds, but if you don't have funds you definitely will. If you've got funds, and you're too old for the hassle, and it's too hot, and your skills will limit your earnings, you'll probably spend your savings". Thailand basically subscribes to what economists call "the lump of labour" fallacy. They think there's a fixed number of jobs to go around, and so if someone takes a job they can only have taken it at the expense of someone else.

On another thread I did to death the difference between i) 800,000 baht, and ii) the equivalent of 800,000 baht. The second of these is a lot less onerous, in my view, because it doesn't require you to take on a load of currency risk, and if you stop living in the country you don't have to change the money back. From the Thais point of view, of course, retirees are a source of foreign currency earnings, and (therefore) a welcome support for the baht in the international currency markets. You can see why they want you to change the money. It seems to depend on who you approach as to whether they'll accept "the equivalent of" or whether you have to have a baht deposit. If it's a baht deposit I'll probably always do 90 day visas (although the way the EU is going retirement nearer home looks increasingly likely - the sterling/drachma rate might be quite attractive).

I wonder whether there has ever been court action to freeze a baht account after an accident. I'll bet there has. They want you to have money in case something happens. I don't know why they don't up the retirement visa to £300 per annum but throw in basic health cover with it. That or insist on evidence of private cover, or assess the risk you pose once a year and make everyone a tailored one year visa price, with health cover included.

If you think about it from there point of view say $3,000 in an escrow account which couldn't be touched without the agreement of an arbiter would be better. That way if you are sick, jailed or due for deportation it would go some way to meet the expense.

Edited July 11, 2015 by Craig krup

[Pattaya46]

[Well, judging by some of the folks I see out and around town these days, that doesn't really seem to be working.

How could that work when you have quantity of "agencies" who offer their services to get your retirement extension without having to show any money ? This morning again, I went to Tukcom Pattaya and there was, just at the entrance, an ad "Your Retirement Visa : 19'000 baht", with name & phone. They don't even hide their illegal business.

[Craig krup]

Sure, you might spend 1/3 of that but emergencies do pop-up sometimes like an accident/disease which would require hospital care...and hospitals like to be paid since a foreigner is not covered under the Thailand universal card/30 baht medical program....and the Thai govt definitely don't want to pay for your hospital care. Plus as Maestro said, the immigration rule doesn't say you have to be spending the Bt800K for year; it only says you must have it in a bank account if using the bank account method for income proof.

As a non-drinker who prefers to cook, and who is too scared to ride a scooter, I'd struggle to spend 180,000 a year in Isaan. I was thinking about Thailand this morning. It's the only place I've ever been where snapshot memories spontaneously make me smile, and (being tight) that pretty much comes down to how inexpensive things are. I'm such a tight arse that the 213 baht rail ticket from Bangkok to Nong Khai is like an object touched by a saint or a fragment of the true cross. Mmmmmmmm.......cheapness.

But as I say, an escrow account would make more sense from the Thais point of view. There's no point in giving you a visa based on 800,000B if the first thing you to is spend the lot and put yourself expensively in hospital as a consequence, with no health cover. A couple of thousand quid in an escrow account that you can't touch until you've left the country, and which they can't touch until some Norwegian arbiter has agreed - we all trust Scandinavians! - would make a lot more sense.

Edited July 11, 2015 by Craig krup

[Craig krup]

[Well, judging by some of the folks I see out and around town these days, that doesn't really seem to be working.

How could that work when you have quantity of "agencies" who offer their services to get your retirement extension without having to show any money ? This morning again, I went to Tukcom Pattaya and there was, just at the entrance, an ad "Your Retirement Visa : 19'000 baht", with name & phone. They don't even hide their illegal business.

Is it a real visa, dodgily obtained, or is it a pointless paper copy with a hologram, and if anyone checks the number it comes back as "No entry"?

In other words, are they chucking someone in immigration 10,000 baht to make a false entry on someone else's log in (which would put them in jail) or is it a completely false document (which might put you in jail)?

[KhunBENQ]

why 800k bahts when I can live with 1/3 of that?

A "VIP" living on 22 k Baht per month (800'000/12/3 = 22222)

Or do you have a math problem?

[Rhys]

Interesting thread... Does the UK and USA have this type of retirement policies for non-nationals? I believe this double standard is what PO most.. Yes, keep money for a rainy day, take care of your health.. Certainly Thailand Health Care system is challenged taking care of its own aging population.. however the concept of care in old age for Thai is different, as the family takes care of their own.. most of the time... rather than the nursing home option.

YES... if you can't make the 800k or 400K requirement then the Thai GOVT.. does not want you here, as they will consider you a burden.. real or perceived.

Again it is their call, fair or not.. that is the hoop we must jump to stay in LOS..

Generally most make it...or you find a way..

[mcfish]

You can buy a 50 million bht condo but you still have to cough up the 800k, of course it probably wouldnt be a problem, but why?.. its the inconvenience of having to line up at immigration every few months

[Jingthing]

The U.S. no. Australia yes but only for the wealthy. Banked money not spent is also a benefit to Thailand. Can be lent out.

[swissie]

Correct me if I am wrong. To the best of my knowledge, in the late 1990ies it was raised to 800'000 Bht.

Accounting for inflation, it does not need an Albert Einstein, to arrive at the conclusion, that mathematically it should be around 1,6 million by now !

Are YOU prepared for such a scenario, that could be implemented within a very short "time window" ? Especially in an environment, where quality tourists / quality EXPATS are in demand?

Cheers.

[paz]

You can buy a 50 million bht condo but you still have to cough up the 800k, of course it probably wouldnt be a problem, but why?.. its the inconvenience of having to line up at immigration every few months

No, 10M Bt investment in new real estate or Govt. bonds, is enough to qualify for an extension of stay.

[Jingthing]

Correct me if I am wrong. To the best of my knowledge, in the late 1990ies it was raised to 800'000 Bht.

Accounting for inflation, it does not need an Albert Einstein, to arrive at the conclusion, that mathematically it should be around 1,6 million by now !

Are YOU prepared for such a scenario, that could be implemented within a very short "time window" ? Especially in an environment, where quality tourists / quality EXPATS are in demand?

Cheers.

Grandfathering.

[paz]

The U.S. no. Australia yes but only for the wealthy. Banked money not spent is also a benefit to Thailand. Can be lent out.

The US is easier and cheaper to get to than Australia. An investment of 1M USD, or $500,000 in certain areas is enough to get an EB-5 visa and conditional PR in two years to anyone. The other requirement is that at least 10 workplaces are created or preserved.

[mcfish]

You can buy a 50 million bht condo but you still have to cough up the 800k, of course it probably wouldnt be a problem, but why?.. its the inconvenience of having to line up at immigration every few months

No, 10M Bt investment in new real estate or Govt. bonds, is enough to qualify for an extension of stay.

That almost sounds to logical.

[IMA_FARANG]

There's always Cambodia!

-------------------------------------------

Yes, if you are willing to settle for Cambodia it is always there.

[55Jay]

Somebody's been on the Beer Archa again.......

Whatever you do, don't mention Thai Elite.

[Suradit69]

why 800k bahts when I can live with 1/3 of that?

Because they don't want the country to become an economic refugee camp for destitute farang who can only spend Baht 22,000 (US$650) a month.

Like every other country they want foreigners to come here to benefit the economy not because they're just so thrilled to see farang clogging up the beaches and getting drunk in all the farang owned bars.