Jump to content
You are not logged in ▶️ Click here to sign-up or login ×

New financial regulations for retirees: Nearly a third of expats may have to leave - but half on Facebook say they're off!

webfact

By webfact
in Thailand News

Recommended Posts

  • Replies 819
  • Created
  • Last Reply
jesimps Gold Member

jesimps

Posted
Posted
7 hours ago, Nielsk said:

I Agree with all You have written exept from Big Joke. He is good for Thailand and I'm not sure he is the one to blaeme for the new regulations ?!?

Couldn't disagree more. I still can't see why old, self sufficient expats, many with Thai families, are a problem for Thailand. Not all are rich of course, but I reckon there aren't many who have to go scrounging to the authorities. No, this guy is an egotist who's trying to make a name for himself. Never misses a photo op and looks good picking on easy targets like farang, who can't fight back and just have to comply. Now if he had anything about him, he'd push for a job like Minister With Special Responsibilities for Reducing Road Deaths. Or something in education. We'd see then if he was "good for Thailand".

Link to comment
Share on other sites
jesimps Gold Member

jesimps

Posted
Posted
7 hours ago, FritsSikkink said:

It won't hurt the economy at all, only the ego's of the poor pensioners.

 

7 hours ago, FritsSikkink said:

It won't hurt the economy at all, only the ego's of the poor pensioners.

It isn't YOUR ego that I'd like to hurt. Smug isn't the word. Another one who used to drop all his classmates in the cart at school by siding with the teacher. Bet you got a regular ass kicking from your chums. What is it exactly that makes you get off on other peoples struggles? Not just you, there's a small cabal on here who's G-spots seem to get tickled by it.

Link to comment
Share on other sites
dinsdale Ruby Member

dinsdale

Posted
Posted
8 hours ago, spidermike007 said:

One can only hope that come election time, all of this nonsense will be over, and both Prayuth and especially the biggest joke, will be sent out to pasture for the rest of their lives. They are not doing anything that benefits their nation, and they are picking on good men, who are bringing a lot to the table. Dumb and dumber. What can one say? 

Alas! I fear not. As for the idiots at the top well they can't think past their noses with their tiny uneducated brains.????

Link to comment
Share on other sites
Jingthing Legendary Member

Jingthing

Posted
Posted
Possibly this will greatly help Thailand get rid of the retirement community that is not wanted in Thailand and overall improve the quality of people who stay and retire here .

Look at this as an evolution as Thailand becomes a more upscale and cutting edge international country in Asia . Upgrade your profile or move on and find another place that was like Thailand was decades ago because so much is and has changed here . Nothing stays the same and be happy for Thailand as it becomes a more upscale and technologically upgraded location . If you don’t want make the effort to upgrade your profile to match the changes taking place in this country just move on but don’t complain about Thailand wanting to upgrade every aspect of its country and expat community . I remind myself I am a guest here and the country looks out for its own people first not the expat .
Aha. Its ethnic cleansing of the not rich enough blancos. Is your last name Swift by any chance?

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

Link to comment
Share on other sites
Jingthing Legendary Member

Jingthing

Posted
Posted
Totally unrepresentative surveys. 
 
Not every expat is on Thai Visa forum or Facebook
 
The vast majority of contributors on TV are negative whatever the topic/question.
 
A properly constructed survey would need to reflect age groups, income groups, geographic location, sex and marital status across the expat community
 
 
 
Nobody is saying any poll here is scientific.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

Link to comment
Share on other sites
Whyamiandwhatamidoinghere Silver Member

Whyamiandwhatamidoinghere

Posted
Posted
8 hours ago, spidermike007 said:

It does appear that this administration, and especially the biggest joke, are trying to do everything in their power to discourage ex-pats from staying here. Does it not? These imbeciles should be making our lives easier, and making visa policy simpler. Rather they seem to be tightening the noose, every chance they get. To call them ignorant, fearful, xenophobic, non-visionary, and misguided would be a vast understatement. Biggest Joke said he would make things easier and simpler. He is doing just the opposite, and barely even disguising his contempt for foreigners. He is the single biggest threat to the ex-pat community right now. 

 

One can only hope that come election time, all of this nonsense will be over, and both Prayuth and especially the biggest joke, will be sent out to pasture for the rest of their lives. They are not doing anything that benefits their nation, and they are picking on good men, who are bringing a lot to the table. Dumb and dumber. What can one say? 

They have been doing it since the 2006 coup. They told you then they didn't want foreigners in Thailand but now with a military government, who are protectors and allies of Buddhism, now have the power to put action on their word. Its not about you personally but its about the preservation of culture. They don't care about the majority of us who come and do good and have respect for their culture. It's the few that come here and conduct themselves in a manner that insults Buddhism that they despise. They (the powers that be) don't care about the economics, only the optics. Remember, as an expat you are only a glorified tourist and at any time they can pull the welcome mat from beneath your feet and they don't give a horse's ass about how hard you fall. 

 

Link to comment
Share on other sites
Zack61 Silver Member

Zack61

Posted
Posted
1 hour ago, realenglish1 said:

 Although this does not affect me the problem with this rule is they should have grandfathered all the current retirees rather then have it affect who is already here There are going to be big problems if they do not correct this

No other country does this to their visa holders Its like just cancelling a visa without concern for the visa holder. On top of that It will affect the Thai economy and real estate values All of a sudden lots of apartments are not being rented 

 

Reap what you sow

Exactly what I was thinking. Introduce the the new regs to new applicants and phase out the existing through natural attrition. It would be a fair and considerate approach and most of us would be gone one way or the other within 10 to 20 years. It would allow the government a safer approach in assessing whether or not the new requirements will attract new retirees in the way they are hoping. 

To bludgeon everybody in this manner may well kill off the cash cow on their doorstep and shoot themselves squarely in the foot. 

Link to comment
Share on other sites
Khaeng Mak Apprentice Member

Khaeng Mak

Posted
Posted
8 hours ago, humbug said:

this criminal gang of nationalists backed by the chinese state will always be trying to reduce numbers of expats, its what they loudly bellowed with chests puffed out to the cheering mostly chinese origin protesters.

 

blaming embassies, blaming agents all just an excuse, reducing numbers is what they are you doing, we all just know that if they stay in absolute power for a few more years, there be even more negative immigration changes for all of us 

Long stay expats in Thailand are currently under siege. It is unfortunate that the mass of them do not yet realize it.

Link to comment
Share on other sites
Jingthing Legendary Member

Jingthing

Posted
Posted
This is getting Funny!
 
I just left Chiang Mai Immigration (Monday, Feb. 4tn). I went to pose this question to the Director here, if this was true what was bouncing around TV, on this subject.
 
The answer I received was my account needed to show the funds, intact in my account 3 months prior to Visa renewal! PERIOD!!
 
As for the idea being discussed here, answer was a flat "We have not received any Orders to change the intact rules"! Original Immigration Rules still apply!
 
So I have a answer that buffs everyone's fears on what was being told ( by who??) On this subject. I am sure that if we visit Immigration 3-4 months prior to renewal date and ask again we will get a current answer. Would be nice if they would send a notification of change letter to all current Retiree's of change when it happens. If it ever does. This would show everyone that all this paperwork they say they are doing is actually getting done, also prove that the 90 day reporting is keeping everyone's Immigration folder current with correct address!
Don't be silly. The new orders haven't taken effect yet. Pay attention. They will unless they cancel them or revise.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

Link to comment
Share on other sites
Jingthing Legendary Member

Jingthing

Posted
Posted
Totally agree.  If a retiree doesn't have at least a million baht cushion in reserve for emergencies and their own peace of mind they should stay at home.  Also healthcare should be compulsory; it's just basic common sense for any country to insist foreigners are not going to be a burden and boot them out. What do they add to the economy anyway just cluttering up barstools nursing a happy hour beer or the pavements outside a 711.  Thailands version of Brexit - Titxit?
They're locking up 400k of the reserves.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

Link to comment
Share on other sites
Jingthing Legendary Member

Jingthing

Posted
Posted
he never said they were GIRLS....[emoji23][emoji23][emoji23][emoji23]

Lets face it the only real people I see staying are the ones with too much invested here, Most of the people that never put down roots or bought property have already left. Most others with no roots myself included are staying till our visas are up and then heading off too, With rising prices and the terrible exchange rate( predicted 1 AUD be worth about 18thb in a few years already 22 now), Constant tightening of visa rules, there are just too many other great places in this world to live. 
That's why I'm still here. Rent don't but.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

Link to comment
Share on other sites
Khaeng Mak Apprentice Member

Khaeng Mak

Posted
Posted
1 hour ago, robsamui said:

Very shortsigted view. I've been living here full-time for 23 years. During this time my income has averaged 40,000 baht per month. I've never had 800,000 baht in the bank. But I've put well over 12 million baht into the Thai economy. 

 

Now I'm taking it to Vietnam, where it's much cheaper, much easier to stay, and foreigners are viewed as a welcome cash-crop right across the board.

If Thailand was a restaurant, then its business plan would be low quality and high-priced, and have no regular locals eating there, only tourists. And in the first low season it would go bust because there was no customer-base to keep it going.

The restaurant analogy is nice.

 

But you forgot to mention the Maitre D who now requires a 800K tip and two inches of paperwork just to let you in the door.

Link to comment
Share on other sites
Burma Man Newbie

Burma Man

Posted
Posted
9 hours ago, spidermike007 said:

It does appear that this administration, and especially the biggest joke, are trying to do everything in their power to discourage ex-pats from staying here. Does it not? These imbeciles should be making our lives easier, and making visa policy simpler. Rather they seem to be tightening the noose, every chance they get. To call them ignorant, fearful, xenophobic, non-visionary, and misguided would be a vast understatement. Biggest Joke said he would make things easier and simpler. He is doing just the opposite, and barely even disguising his contempt for foreigners. He is the single biggest threat to the ex-pat community right now. 

 

One can only hope that come election time, all of this nonsense will be over, and both Prayuth and especially the biggest joke, will be sent out to pasture for the rest of their lives. They are not doing anything that benefits their nation, and they are picking on good men, who are bringing a lot to the table. Dumb and dumber. What can one say? 

Abso;utely right. I am considering leaving. Their system will make you renew visa each year until you die. No permanent residency here except for a few top executives working here. You go to immigration office every year until you die.....I have 6 million house , new car and money here in Bangkok but just because of having to do the shit until I die I am leaving .

 

Link to comment
Share on other sites
chama Rookie Member

chama

Posted
Posted

It appears that the plan is to send those foreigners home that do not have at least a medium level of financial fortitude. Somewhere along the line there has been a feeling that most of the crime in Thailand comes from foreigners. Most of us would argue that point, but with all of the Facebook and other scams (and we know which sub-demographic is almost always involved there) are foreigners. When we think of foreigners we think of people like ourselves but there are many that come from poorer countries that are here only to run a scam. That being said many of those who leave will be people that have done nothing wrong, pay for goods and services and add to the Thai economy. Some will leave based on principle and some will leave because as the foreign demographic is reduced so will the services that are designed to support foreigners. Once the cast outs are gone who will be blamed for all of the countries problems? The punching bag will be greatly deflated. Thailand is becoming less and less attractive to visit or stay for newbies. Only the old hands that know how to navigate all of the foolishness find a high degree of comfort, but its still here if one knows their way around.

Link to comment
Share on other sites
marcusarelus Silver Member

marcusarelus

Posted
Posted
1 hour ago, atyclb said:

 

doubt it as their own non education system and culture renders a high % resistant to learning regardless of who is teaching

While you are talking about learning perhaps you should learn what a controlled currency is and what the difference between the Thai Baht and Vietnamese Dong is before giving people financial advice that could prove very harmful.

Link to comment
Share on other sites
marcusarelus Silver Member

marcusarelus

Posted
Posted
4 minutes ago, Burma Man said:

Abso;utely right. I am considering leaving. Their system will make you renew visa each year until you die. No permanent residency here except for a few top executives working here. You go to immigration office every year until you die..

 

It has always been this way.  Nothing new about that.  You didn't know before you came?  That's why there is a Thai Visa website to assist people in finding about the different kinds of visas available.  You can also apply for permanent residency and there are a number of good threads about that for regular people not top executives. 

Link to comment
Share on other sites
rainwater Apprentice Member

rainwater

Posted
Posted
6 hours ago, Bill Miller said:

and remember to transfer the required amount to my Bangkok Bank account, which shows it as an international transfer.

The ACH transfer regs are changing April 1st in USA (if you're using that transfer method), they must be "coded" IAT, I have contacted both my bank and stock broker and they know nothing about this new IAT coding rule:

Advice to senders using US bank internet banking services effective from April 1, 2019,

"If you have a U.S. bank account, you can conveniently transfer funds to a recipient's bank account at Bangkok Bank in Thailand via the internet by completing the steps described below for an international ACH transaction (IAT). International ACH payments are processed in accordance with operating rules and formats developed by the Electronic Payments Association (NACHA).


The IAT is a special code (a Standard Entry Class or “SEC” Code) for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor international ACH payments and to perform screening to ensure compliance with Office of Foreign Assets Control (OFAC, U.S. Department of the Treasury) requirements.  The NACHA  rules require Bangkok Bank’s New York Branch which serves as intermediary, to ensure that payments that are transmitted to account of beneficiary in other country are appropriately classified as IATs and contain information as described below.

 

Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format.  This means that we must require that senders who wish to transmit funds to recipients at Bangkok Bank in Thailand to provide certain identifying information.

Link to comment
Share on other sites
ajarnmarc Advanced Member

ajarnmarc

Posted
Posted
6 hours ago, crazykopite said:

I would imagine every time you do a 90 day report you will have to show your bank statement as well as a confirmation letter from the bank at 200 baht a time ( nice little earner forthe banks )

Kasikorn bank charges 500 bht and acts like it's too much trouble to be bothered with the print out. They have even started to ask me to come back to pick up the print out and letter to support the transactions statements printed out. So it's much more than just the locked down funds at play here...and this will now have to be done 4 times a year instead of once a year; nice. I can hardly wait for that process to begin...NOT!

People are quick to state some BS about the difficulty of loan agents, but I've never heard of such a arrangement, and I think those people stating it are just speculating it to be possible, 

as I really can't see anyone stupid enough to loan out 800k for three month, at any amount of interest, fearing the foreigner will leave at any hour with the funds, regardless if they have a visa or not issued. 

Seems way to far fetched for me to think would be possible.

Several people have stated already they have the amount coming in every month, 

but that they need the funds to support their living expenses, not sit idly in a bank account,

and then no one is considering how difficult it is to move that sum of money out once it's deposited into a local bank, nor the taxes assessed on the deposit for U.S. expats who have to report or whose bank account is automatically reported to the U.S. Government each year.

There are a lot of issues to consider here, on all the various angles this could implicate.

 

In the end is it all worth it?

 

Try renting a new place lately?

 

landlords now want at least 1 year contracts, some of the more desirable places want 3 year contracts and all of that is to be paid annually, 

with 3 or 6 months deposit, which is almost never refunded to the renter, 

without any reason provided, we give they keep, simple as that...

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...