Retirement Visa problem - New Rules

[Garzan]

8 hours ago, Soi7 said:

this will end as of April 1st 2019 that came straight from the horses mouth. But SS direct deposits will still be allowed

If SS deposits will work, I would guess a federal pension would work as well. But good to know. Thanks.

[Oukiva]

Unsure if this is "more official" or not, but at least they contacted the Thai Immigration.

 

 

[dabhand]

Well done to Billyboy294 for his early indication that this change was coming.

But it really is disgraceful of the BE that such important news about a discontinuance of the Income Confirmation letters had been advised to others (Austrian Consul + others?), possibly on the 'Cocktail Circuit' before notifying those who are directly affected.

Even worse that the decision seems to have been pending since May and an announcement delayed by some 5 months. In the knowledge that such a change will mean a review of the financial  situation of those affected. Particularly where a need to build up a cash deposit of B400k/800k might be the only alternative given the uncertainty as to whether Immigration will accept the income option without any Embassy letter. That still being the situation as Immigration have not made any comment on this decision by the BE. 

[PattayaFanatic]

I've been sending my wife money on Popmoney for years to Bangkok bank.

Will have to see how I can send her money now.

May have to start bringing more cash to leave on departure.Stop wiring money all together.

Edited November 26, 2018 by PattayaFanatic

[Oukiva]

And "Project Fear" again  

about Retirement, 800k and Agents,

listen to this video at 0:40 ...

800k every 3 months ?  

 

Edit: It's (for now) the only source on that. So nothing official and it may never happen 

Edited January 31, 2019 by Oukiva

[Srirachapocalypse]

4 minutes ago, Oukiva said:

And "Project Fear" again  

about Retirement, 800k and Agents,

listen to this video at 0:40 ...

800k every 3 months ?  

yeah sounds like they intend that you deposit and don't touch the 800K.

[Oukiva]

Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/

 

The new requirements are likely the result of immigration officials trying to put an end to the practice of visa agents falsifying bank statements for foreigners who do not have enough money to meet the financial requirements needed for a retirement extension.
In October 2018, the then newly appointed immigration chief Surachet Hakpal - known as Big Joke - vowed to crackdown on visa agents who falsify documents for foreigners applying for visas and extensions of stay. 

Edited January 31, 2019 by Oukiva

[Soi7]

Yes confirmed

[davidge]

So, to try and stop agents they introduce requirements that make things more difficult for those trying to do things legitimately and make it likely that even more people will end up using agents.

 

[Kahoy]

1 hour ago, davidge said:

So, to try and stop agents they introduce requirements that make things more difficult for those trying to do things legitimately and make it likely that even more people will end up using agents.

 

I would think that agents will be out of the picture after this.

[davidge]

Just now, Kahoy said:

I would think that agents will be out of the picture after this.

Only if the actual IOs are targeted by the high ups, which is unlikely on past form. I know the new boss does seem serious but a lot of things have still continued as before after temporary hiccups.

We’ll see how things are implemented, but it looks as if on renewal the IO will be expected to see evidence of cash in account for 3 months after the previous renewal, as well as prior to the current renewal, and the lower balance in between. 

The IOs now being ‘persuaded’ to issue the renewal without checking too carefully can still be persuaded to not check the new requirements either. 

Maybe things will be enforced this time, but it remains to be seen. Still not the most comfortable atmosphere for expats though.

[Billyboy294]

2 hours ago, Oukiva said:

Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/

 

The new requirements are likely the result of immigration officials trying to put an end to the practice of visa agents falsifying bank statements for foreigners who do not have enough money to meet the financial requirements needed for a retirement extension.
In October 2018, the then newly appointed immigration chief Surachet Hakpal - known as Big Joke - vowed to crackdown on visa agents who falsify documents for foreigners applying for visas and extensions of stay. 

Many thanks for that.

I have had over 800,000 baht in the bank for more than 3 months. I intend going for my Extension of Stay on 6th February and was looking forward to start spending some of the 800,000 baht as i do not have too much money outwith the 800,000. I thought I could use the 800K. for the next 9 months and top up again 3 months before my next renewal.

The Headline says :Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

Fabulous Radio says every three months.

The question is can we use the 800k and top up at 3 months , or every 3 months what ever it turns out to be. The headline implies not.

 

Edited January 31, 2019 by Billyboy294

[davidge]

4 minutes ago, Billyboy294 said:

Many thanks for that.

I have had over 800,000 baht in the bank for more than 3 months. I intend going for my Extension of Stay on 6th February and was looking forward to start spending some of the 800,000 baht as i do not have too much money outwith the 800,000. I thought I could use the 800K. for the next 9 months and top up again 3 months before my next renewal.

The Headline says :Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

Fabulous Radio says every three months.

The question is can we use the 800k and top up at 3 months , or every 3 months what ever it turns out to be. The headline implies not.

 

As with the previous changes re. income we won’t know until things have been implemented for a while.

Reading the Order (I really wouldn’t go by the radio!) you’ll need 800000 baht minimum in your account for 6 months of the year (3 months before & 3 months after renewal - 2 months before for initial Extension) and a minimum of 400000 baht for the rest of the year.

 

 

[Tarl]

Wow that is making it hard for a lot of retirees. 800k sitting in the bank for 6 months a year unable to be touched.

Section 6 is great news for a mate of mine.

[kansuwan]

1 hour ago, Billyboy294 said:

. I intend going for my Extension of Stay on 6th February

Please let us know how you get on Sir.

Thanks in advance.

[Oukiva]

57 minutes ago, Billyboy294 said:

I have had over 800,000 baht in the bank for more than 3 months. I intend going for my Extension of Stay on 6th February and was looking forward to start spending some of the 800,000 baht as i do not have too much money outwith the 800,000. I thought I could use the 800K. for the next 9 months and top up again 3 months before my next renewal.

This new rule will be effective for March 1st onwards,

so this should not concern you for this year BillyBoy.  

 

57 minutes ago, Billyboy294 said:

The Headline says: Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

Fabulous Radio says every three months.

The question is can we use the 800k and top up at 3 months , or every 3 months what ever it turns out to be. The headline implies not.

I think what said Fabulous Radio (before the order was published) about "every 3 months" is wrong.

I also really doubt that they would make people come back at the Immigration after 3 month to check their bank balance.

IMHO everything will be checked at your next Extension request only (1 year latter).

- If your balance felt below 400k during previous [4-9] months: refused

- If your balance felt below 800k during previous [1-3] & [10-12] months: refused

[expatdude]

Apparently, in a crack down on visa agents faking the 800,000, you have to have 800,000 in the bank 3 months after your extension and 400,000 after that. It will be interesting to see the effects of this. At the very least it will be a pain in the ass getting bank verifications so often. I wouldn't be surprised if this was the capper and many left the LOS. Here's the Thaivisa link:

https://forum.thaivisa.com/topic/1081671-foreigners-now-need-to-keep-800k-in-thai-bank-for-three-months-after-retirement-extension-is-granted/

 

Edited February 1, 2019 by expatdude

[Tarl]

Reported and discussed in another thread. Agree it will cause huge issues for some retirees in having no access to 800k baht for 6 months a year. 

[aussieoutcast]

This is crazy. The 800k (or 65k monthly income) is supposed to be your living expenses for the year of extension. Now the 800k must in bank for 2 months before application and 3 months after, so what are supposed to live on.

Basically means you need about 1.2mil in the bank to pay the 5 months living without using the 800k





Sent from my SM-G570Y using Tapatalk

[stubby]

Not good for me i spend down the 800k and top it up 3 mths before next extension ,just for example my brother retired to the philly's and only needs to show 10k US for his yearly extension. boody crazy!! TIT

[Harry Brown]

19 minutes ago, aussieoutcast said:

This is crazy. The 800k (or 65k monthly income) is supposed to be your living expenses for the year of extension. Now the 800k must in bank for 2 months before application and 3 months after, so what are supposed to live on.

Basically means you need about 1.2mil in the bank to pay the 5 months living without using the 800k





Sent from my SM-G570Y using Tapatalk
 

 

3 minutes ago, stubby said:

Not good for me i spend down the 800k and top it up 3 mths before next extension ,just for example my brother retired to the philly's and only needs to show 10k US for his yearly extension. boody crazy!! TIT

 

Only an idea but instead of having the 800,000 tied up for a good part of a year, could it be possible to just transfer it 65,000 at a time ( or more if wanted)  and somehow have it recognised as income/ pension or annuity? Would it be possible to set up something that looks official at home ?

[Oukiva]

1 hour ago, expatdude said:

Apparently, in a crack down on visa agents faking the 800,000, you have to have 800,000 in the bank 3 months after your extension and 400,000 after that. It will be interesting to see the effects of this. At the very least it will be a pain in the ass getting bank verifications so often. I wouldn't be surprised if this was the capper and many left the LOS. //

- It's not "800,000 in the bank 3 months after your extension" but 800'000 during these 3 months

- "At the very least it will be a pain in the ass getting bank verifications so often." Where do you see there will be such intermediary verifications? From what I have read the only verification will be at your next extension.

 

BTW this news was already announced and discussed yesterday here :

 

 

[Tarl]

9 minutes ago, Oukiva said:

- It's not "800,000 in the bank 3 months after your extension" but 800'000 during these 3 months

 

Are you daying subsection 4 is incorrect where it clearly states the opposite of what you are saying or am I misreading it.

Edited February 1, 2019 by Tarl

[Srirachapocalypse]

It looks pretty clear to me as 5 consecutive months, beginning 2 months prior and then ending 3 months after.

[sexy man]

if they want to check they can make you show your bankbook when you do your 90 days report