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


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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

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.   

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

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7 hours ago, DrTuner said:

You must be on that Earth 2 they have on The Flash. My first marriage extension process last decade ended with a bottle of JW black requested by the IO "for the boss". Was a nOOb then and since that, learned to how to look like an old hand (basically try to look like an old Sino-Thai Hi-So granny, ie. completely pissed off) and they haven't tried again. Maybe you have that expression naturally. 

That's what I asked the other guy and he had not had any problems himself (I think) so was only repeating gossip he'd heard.  I have never gone to Imm with a Thai person so I've never had any problems. 

 

From what I've seen most of the corruption must occur with agents and is outside of my direct experience.  I've seen the agents show up with gifts and a pile of passports and cut into line.  But no one has ever tried to shake me down. 

 

I've always done the 800 money in the bank although my pension is enough to do it that way also.  I've never met anyone who had problems at Jomtien.  Why would you flame me?  I've never done anything to you.  I don't lie or spread gossip and post only what I know to be a fact. 

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5 minutes ago, jacko45k said:

Elite Visa? 

Fair point, but if someone has been working on Thai salary and wants to stay on it is a material amount. Let's face it, many of us are here because of living costs - I can afford elite 20yr/to stay here easily, but not e.g. Switzerland in the summer and the Caribbean in the winter which I would consider if I had more money.

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9 hours ago, marcusarelus said:

Visa extensions may use a fixed deposit account in my experience.  

Yes, very low interest fixed deposit. They earn almost nothing. Surely, savvy investors can do better things with their money was my point.

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1 minute ago, Fex Bluse said:

Yes, very low interest fixed deposit. They earn almost nothing. Surely, savvy investors can do better things with their money was my point.

Probably about 1.5% , liable to 15% withholding tax. Savvy investors perhaps can, but needs must! If the alternative is an extra spend of 25,000 / year, or 500,000 for a 5 year option it may be a good investment.

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I imagine that the first time that you use the new rules it will be a real treat!

 

For the monthly income option the order, as I read it , says that you have to have a letter from your bank stating that $XXXX.XX was deposited every month.  That amount will vary depending on the exchange rate and my fixed amount is deposited in New York and I doubt that the rural bank that I use will have access to that amount and my SMS messages will most likely not be acceptable if they even understand the requirement.

 

There is no mention of the "combination" method or what the requirements are for keeping money in the bank after the application, or even is it is still an option.

 

My next extension is not due until November but I can see a real treat coming!

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6 hours ago, gentlemanjackdarby said:

Damn, that was a harsh reply to what was a good point.

 

And I'm not sure why you think tracker funds (what we in the U.S. call 'index funds') have less risk than an individual stock- the whole point of an index fund is to buy the market as a whole or possibly a small target slice of the market and I can tell you from experience, when the market takes a nosedive as it did a couple of months ago, most of the time index funds take a bigger fall (or rise in a rising market) than some actively managed funds or individual stocks.

 

There's a saying in investing - 'when the market dives, the good stocks get beat up along with the bad' and that goes double when one owns the whole market.

 

His point assumed an investment in a single share (very naive). Of course trackers/ index funds reflect by and large the movement in the market but they insulate younfrom from the scenario the other poster painted (all your eggs in one basket) a basic rule of investment. One does not make stock assessments on 2/3 months spans but over 5 year minimum performance. On that basis you can take any 5 year period in history and stocks have always outperformed bank deposits. The latter are a slow motion car crash destined to reduce it’s purchasing power due to the ravages of inflation. My 40 year investment performance has well outperformed any deposit.

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7 hours ago, David Walden said:

Just look at the Thai Embassy web site under retirement visa before commenting.  Open thine eyes and yee shall see.

The Thai Embassy website says nothing about retirement visa extensions or retirement visas, only visa applications. It also states multiple entry non-immigrant visas will be treated on a case-by-case basis, and any visa application is subject to rejection as seen fit. I suggest you dial down the sanctimony.

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Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

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5 minutes ago, Benmart said:

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

But, at the end of the day, expats pay for Thai incompetence and dishonesty, as always. Thai, as a cultural trait, will tend to target and attack only the weakest people in any scenario. They never attack the strong. So, being expats, we are always the weakest as the Thai make sure we are stripped of rights - even equal protection under the law.

 

Smart system they have.

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11 minutes ago, Benmart said:

Visa agents falsify by depositing 800k into someones account, the bank knows very well what is going on when they print a report and officials that are involved seem to be part of the problem. Corruption on mutiple levels.

The banks likely are also complicit. In some cases money really goes into a person's account, albeit for a short duration. Putting money in is usually not an issue, having the authority to take it straight back out again without the account owner's input surprises me!

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