Retirement Extension Changes?

[Kabula]

With the worldwide financial retreat, currency exchange retreats, low interest rates, combined with an increase with inflation, I was wondering if anyone heard of any rumors, or saw any recent postings on the Thai Immigration website, or news reports, regarding any new changes involving qualifications for retirement extensions. I would be interested in hearing about any new recent changes from the 3 months seasoning of funds in a Thai bank rule when opting for combined income and declaring foreign income. And, any new increases in financial requirements for total income, other than the current limit of 800,000, THB.

Of course everyone is watching current exchange rates which could have a dramatic effect on financial qualifying with the combination option, especially if some foreign currencies are devalued. I understand 4 countries recently devalued their currencies. It appears the safest option would be to have 800,000 + in a Thai bank so one would not have to worry too much if they could afford it. If they devalued the THB currency that could be a big surprise.

I'm currently planning many months ahead of application time trying to avoid speed bumps and pot holes!

Any new information would be helpful to all applicants...

[OMGImInPattaya]

The US$ is not in retreat...speak for yourself ☺

[OMGImInPattaya]

I agree that some people having retirement extensions coming up soon may be in a bit of a pickle, depending on their overall financial situation. It probably would have been better if they had just put the 800k in the bank when they first settled in Thailand; then they would avoid all the currency fluction concerns.

Edited July 1, 2016 by OMGImInPattaya

[ubonjoe]

Moved to here.

There have been no changes to the written requirements to get an extension based upon retirement for many years.

The last change was in 2008 when they added in the 60 days for the first extension allowance.

Some offices are wanting the money in the bank for doing the combination method to be seasoned although it is not in the written rules. Some offices that want it are flexible if the money in the bank is a small amount compared to the income part of the combination.

[ubonjoe]

I agree that some people having retirement extensions coming up soon may be in a bit of a pickle, depending on their overall financial situation. It probably would have been better if they had just put the 800k in the bank when they first settled in Thailand; then they would avoid all the currency fluction concerns.

The OP wrote about the combination method not the money in the bank option. Exchange rate fluctuations only affect the income and combination methods.

[chakatee]

life in Thailand doesn't get cheaper so I guess it wouldn't be smart to decrease the amounts needed. Increasing it would be more likely and feasible.

[KhunBENQ]

It appears the safest option would be to have 800,000 + in a Thai bank so one would not have to worry too much if they could afford it.

Yes.

The rest of the thread is a bit vague to me.

As written there have been no changes in the Baht requirements,

Knock on wood.

And currency fluctuations are not a new topic.

Some win, some loose.

5yr charts for USD, CHF, EUR, GPB, AUD:

USD: http://www.xe.com/currencycharts/?from=USD&to=THB&view=5Y

EUR: http://www.xe.com/currencycharts/?from=EUR&to=THB&view=5Y

GBP: http://www.xe.com/currencycharts/?from=GBP&to=THB&view=5Y

CHF: http://www.xe.com/currencycharts/?from=CHF&to=THB&view=5Y

AUD: http://www.xe.com/currencycharts/?from=AUD&to=THB&view=5Y

OK, zoom in on the British Pound looks a bit disturbing

Edited July 1, 2016 by KhunBENQ

[IMA_FARANG]

Not a new change, but in either 2013 or 2014 Chaeng Wattana changed the rules for the combination (Bank account plus monthly income combination) to require a 3 month waiting period.

This was discussed before on this forum topic in 2014.

In other words, for the combination method using a bank account and a monthly income you must have the money in the bank for 3 months to approve the combination funds method.

[Kabula]

The US$ is not in retreat...speak for yourself ☺

Your response is <removed>! I was referring to worldwide currency retreats that the dollar has created.

The US$ vs the THB is currently in retreat from the dollar highs. It will continue with the continued massive sell offs of US Treasuries worldwide, and will be a problem for US citizens qualifying for a combination financial retirement extension. Especially when the US dollar is devalued by 1/3 in a few months. Don't believe it, wait and see. Save this post to read and weep.

Edited July 1, 2016 by ubonjoe
removed a inflammatory comment

[KhunBENQ]

With your clairvoyance you (and me) should be a millionaire in 3 months.

Could you share some more please.

I set my calendar.

[moe666]

The US$ is not in retreat...speak for yourself ☺

Your response is <removed>! I was referring to worldwide currency retreats that the dollar has created.

The US$ vs the THB is currently in retreat from the dollar highs. It will continue with the continued massive sell offs of US Treasuries worldwide, and will be a problem for US citizens qualifying for a combination financial retirement extension. Especially when the US dollar is devalued by 1/3 in a few months. Don't believe it, wait and see. Save this post to read and weep.

I believe the brits have more to worry about than americans with there pulling out of the EU, by the way how did the US create this

[ubonjoe]

Not really sure how the dollar could be devalued. Currency exchange rates around the world are based upon it and are often devalued against it.

It might loose some of its value but it would not be devalued.

[KittenKong]

I agree that some people having retirement extensions coming up soon may be in a bit of a pickle, depending on their overall financial situation. It probably would have been better if they had just put the 800k in the bank when they first settled in Thailand; then they would avoid all the currency fluction concerns.

The OP wrote about the combination method not the money in the bank option. Exchange rate fluctuations only affect the income and combination methods.

Not really. The money deposited has to come from somewhere at some point, usually abroad, and many people spend the 800kB progressively over the year prior to topping it up a few months before their renewal application. Even those like me who leave the 800kB on deposit permanently still have to have another source of money to spend, and many of those will be transferring it on a regular basis. It so happens that I have several years worth of daily expenditure on deposit here, so the exchange rate today doesnt bother me, but at some point I will have to import money again and at that time the rate will be important to me regardless of which method I use for my extension.

[KittenKong]

And, any new increases in financial requirements for total income, other than the current limit of 800,000, THB.

As far as I know the last time the sum required was increased (400kB to 800kB, I think) those who were already getting retirement extensions via the deposit method were "grandfathered" and could continue with just 400kB on deposit. Perhaps someone with a long beard can confirm that?

I personally know many people who just get the whole thing done by an agency for about 13,000B, which involves neither income declaration nor deposit of their own money, and presumably if the THB continues to rise against the EUR and GBP then more and more people will be attracted to this method.

[KittenKong]

Not really sure how the dollar could be devalued. Currency exchange rates around the world are based upon it and are often devalued against it.

It might loose some of its value but it would not be devalued.

Exchange rates are not based on the USD. The USD just happens to be used as a pivot currency to calculate the value of others on, and the main reason for this is because it is the largest of the freely traded currencies. If the USD drops (which is does from time to time) then the effect is that all the other currencies rise, or vice versa if you prefer. It's just two sides of the same coin.

Markets could just as well use the Yen or the EUR or the GBP or gold or even Mars bars as the pivot and the calculations would be the same, though the daily fluctuations might well be bigger. Of those mentioned, Mars bars would be the most useful in a real crisis.

[Eclipse]

And, any new increases in financial requirements for total income, other than the current limit of 800,000, THB.

As far as I know the last time the sum required was increased (400kB to 800kB, I think) those who were already getting retirement extensions via the deposit method were "grandfathered" and could continue with just 400kB on deposit. Perhaps someone with a long beard can confirm that?

I personally know many people who just get the whole thing done by an agency for about 13,000B, which involves neither income declaration nor deposit of their own money, and presumably if the THB continues to rise against the EUR and GBP then more and more people will be attracted to this method.

(6) For an alien who entered Thailand before October 21,

1998 and continuously allowed to stay in the Kingdom as a

retiree, the following shall apply:

(a) He/she must be 60 years of age or over and has regular

income. His/her bank account deposit shall not be less than Baht 200,000 a year and evidence of the account deposit for the

previous 3 months must be shown; or he/she has a monthly income of not less than Baht 20,000.

B. If he/she is under 60 years of age but not less than 55,

the alien shall have regular income with a bank account deposit of not less than Baht 500,000 a year and evidence of the account deposit for the previous 3 months must be shown, or he/she has a monthly income of not less than 50,000 baht

Edited July 1, 2016 by Eclipse

[OMGImInPattaya]

And, any new increases in financial requirements for total income, other than the current limit of 800,000, THB.

As far as I know the last time the sum required was increased (400kB to 800kB, I think) those who were already getting retirement extensions via the deposit method were "grandfathered" and could continue with just 400kB on deposit. Perhaps someone with a long beard can confirm that?

I personally know many people who just get the whole thing done by an agency for about 13,000B, which involves neither income declaration nor deposit of their own money, and presumably if the THB continues to rise against the EUR and GBP then more and more people will be attracted to this method.

So what you're saying is that you know many people who corruptly obtain their visa extensions. I'm not judging but just calling it what it is...I wouldn't want to base my existence in a foreign country on such a fraudulent basis.

[OMGImInPattaya]

The US$ is not in retreat...speak for yourself ☺

Your response is <removed>! I was referring to worldwide currency retreats that the dollar has created.

The US$ vs the THB is currently in retreat from the dollar highs. It will continue with the continued massive sell offs of US Treasuries worldwide, and will be a problem for US citizens qualifying for a combination financial retirement extension. Especially when the US dollar is devalued by 1/3 in a few months. Don't believe it, wait and see. Save this post to read and weep.

So by October, you're predicting 24 baht or so to the dollar...that works out nicely for me as I have a trip Stateside in October. Unfortunately, I 99.99 percent sure it won't come to pass.

[KittenKong]

I personally know many people who just get the whole thing done by an agency for about 13,000B, which involves neither income declaration nor deposit of their own money, and presumably if the THB continues to rise against the EUR and GBP then more and more people will be attracted to this method.

So what you're saying is that you know many people who corruptly obtain their visa extensions. I'm not judging but just calling it what it is...I wouldn't want to base my existence in a foreign country on such a fraudulent basis.

Probably. I dont do it so the legality of it is not my problem, but if I didnt have the deposit money or the income I might be tempted to do the same.