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Jonathan Fairfield

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

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5 minutes ago, Sheryl said:

And only half of it then.

 

Basically you have to have a balance of 800K for 6 months of the year (3 months before extension and 3 months after) and then a balance of 400k or more the rest of the time.

 

In practical terms if your living costs here average around 65k a month  then you need to bring in bring in almost 1.2 million 3 months before your expiration date.

 

Since they are requiring substantial amount of funds deposited which cannot be spent, big question in my mind is: will they allow it to be in a fixed deposit so at least it gathers more interest?

 

Also - when does this take effect? I have been using the 800k method and, naturally, spending it down as the year passes and balance right now is already under 400k.

 

????

Not sure but think I read

1st March this year.

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41 minutes ago, Jonathan Fairfield said:

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

Complying with the law in Thailand is usually too hard compared to neighboring countries.  The question is what were the problems does this solve?  More will leave.  Few will come   

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2 minutes ago, damascase said:

but then:

The new requirements to keep 400k baht in the bank for three months after the retirement visa is granted is effective from 1st March  2019.

Unless they mean that if you did a retirement based on 800K already this year, then as of 1 March you must have 400K or not get a renewal???

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9 minutes ago, OKF said:

which visa are they talking about here exactly. I am on a Multiple Non-O and leave the country every 2-3 months for 2-3 months....does this apply for me as well?

Nope. Sleep easy.

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1 minute ago, damascase said:

There is a contradiction in the OP

...

but then:

The new requirements to keep 400k baht in the bank for three months after the retirement visa is granted is effective from 1st March  2019.

I think you'll need to bring your (updated) bank book with you when you'll do your 90 days notification.

Even for people who did their extention visa end of 2018, then after 1st march they will have to show a balance > 400,000 bahts during the last past 3 months.

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3 minutes ago, notamember said:

in your Benz maybe but not in a Toyota pick up

I do not have a Benz or a Toyota pick up. My car has AC and a heater. Maybe you should look into new cars in Thailand and you will realise they also have round wheels! 55

 

 

 

 

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Does it mean one has to keep 400K throughout the year. May be this is another way to ensure people have some money for emergency medical expenses. 

 

My interpretation is that people who are keeping the money through out the year, are not affected. There is no 90-day visit to immigration for verification. They want to check bank book for past activity to determine if the rule was followed or not. It is at least better than what Fabulous 103 FM reported. 

 

In my situation, I bring 15,000 baht every week. So I fall short of 5K baht every month. If I keep 100K through out the year, I will be OK for my extension in 2020. 

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