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

[Jonathan Fairfield 5,877]

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

 

Immigration chief Police Lieutenant General Surachet Hakpal//File photo

 

Thai immigration have announced a major change regarding the financial requirements needed when applying for an extension of stay based on retirement, often referred to as a retirement visa.

 

Confirmed in police order No. 35/2561 obtained by Thaivisa, foreigners who apply for a retirement extension using the 800k baht in the bank or the combination of income method now need to keep 800k baht in the bank for three months after the extension and 400k baht in the bank after that.

 

Foreigners must still be able to show the 800k baht in a Thai bank two months before the application for the retirement extension.

 

The requirements for a retirement extension according to the new police order are as follows:

 

(1) Must have been granted a non-immigrant visa (Non-Im)

(2) Must be 50 years of age or over

(3)  Must have evidence of having income of no less than THB 65,000 or;

(4) At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,00 or;

(5) Must have and annual earning and fund deposited with a commercial bank in Thailand totalling of no less than THB 800,000 until the filing date. The said fund must remain in the account prior to and after the permission is granted and the alien can make a withdrawal under the same conditions as stated in (4).

 

The new requirements to keep 800k baht in the bank for three months after the retirement visa is granted is effective from 1st March  2019.

 

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 Surachate Hakpan - known as Big Joke - vowed to crackdown on visa agents who falsify documents for foreigners applying for visas and extensions of stay.

 

The news comes after Fabulous 103 FM in Pattaya earlier reported that Thai immigration was considering introducing a requirement to force some retirees to show a bank statement with 800,000 baht balance every three months.

 

While the proposal reported by Fabulous 103 FM could be a separate requirement, Thaivisa believes that it is in fact the requirement detailed in the police order No. 35/2561.

 

**Update - this is the order in Thai on the Thai Immigration website: https://www.immigration.go.th/read?content_id=5c515d0a753d2c5d3589c929

 

-- © Copyright Thai Visa News 2019-01-31

 

[DrTuner 10,408]

Let me guess, they want to copy the 30 day "waiting period" to get the final stamp from the marriage extensions next. After that add photos of yourself next to your bed, etc. Enjoy the "easy retirement extensions", soon as painful as the marriage extensions.

Edited January 31 by DrTuner

[MikeOKitches 94]

Phenom Penh, Cambodia here I come. 

[stanleycoin 8,536]

11 minutes ago, DrTuner said:

Let me guess, they want to copy the 30 day "waiting period" to get the final stamp from the marriage extensions next. After that add photos of yourself next to your bed, etc. Enjoy the "easy retirement extensions", soon as painful as the marriage extensions.

They will also need a Urine sample to check for drugs and a poo sample to check for worms,  i will just leave my underpants on there desk. 

 

Edited January 31 by stanleycoin

[zydeco 7,003]

So they're locking in 400,000 year round AND requiring a second trip to g-dam Chaeng Wattana three months after the extension. 

[mlkik 284]

800.000 baht is not very much if you genuinely have retired and have committed to living in Thailand.

Maybe the people getting worried do not really have enough to retire here? I know many people worry about the exchange rates,if that is the case again maybe they are not financially ready for retirement here?

I am far from being well off but I have put enough money in a Thai account to ensure a worry free retirement.

Interest rates here are no worse than my home country. I am not wealthy enough to speculate and possibly lose on the investment of stocks and shares . Therefore I see no reason not to have savings here.

 

Edited January 31 by mlkik

[Aforek 1,009]

And for people who have a fixed deposit with 800000 bahts or more, how does it work ?

on the saving account, according to "and the remaining balance must be no less than THB 400,000 or; ", we must have always  at least  400000 bahts ? 

[DrTuner 10,408]

2 minutes ago, mlkik said:

800.000 baht is not very much if you genuinely have retired and have committed to living in Thailand.

800k might be ok, but committing to living in Thailand is something one should avoid at all costs. You never know when some event makes it inhabitable. 

 

One leg out the door with plan B,C and D in the pocket is the way to go.

Edited January 31 by DrTuner

[notamember 368]

 

agents will simply earn more money and get to charge for the use of the 800,000 baht loan four times a year now, instead of just the once at renewal time

only thing needed now is for the agents IO to set the tariff for this now 90 days-3 monthly show and tell service

Happy days for many.....

 

[madmitch 6,407]

And I thought the 800,000 baht was for living expenses, not as am interst earner for the Thai banks!

 

 

[NE1 946]

Correct me if I am wrong ,  I have to show 800,000 baht in my account every time I do a 90 day report ?

If that is the case , do I have to get a letter from the bank to verify said bank account as per yearly ext.?
 

[Psimbo 3,966]

Bearing in mind there will be about 20 pages of frothing to follow I take it the proof will mean a bank statement every ninety days rocking up to Imm in person. With the (rickety) advent of 90 day on line reporting and rumours of 90 day reports being abolished I think this is a case of one hand not knowing what the other is doing and is doomed to failure.

 

I am looking forward to all the wailing and beating of chests here though. 

[kingstonkid 1,506]

Corrct me if i am wrong but 3 months sounds like 90 days

[MadMac 895]

Well, any corrupt agent would have to fork out at least 80mTHB to only run a small customer base. Hope they will get filtered out.

[thequietman 6,424]

12 minutes ago, stanleycoin said:

They will also need a Urine sample to check for drugs and a poo sample to check for worms,  i will just leave my underpants on there desk. 

 

If they want a sperm sample, you are all set as well.