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BANGKOK 24 March 2019 01:46
rumbo1

A possible way around the remaining 400 k balance for retirement extension ?

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Sorry to bore everyone with the ongoing saga but after a previous post i made on this topic i had many replies saying there will be no checks on financial status at 90 reports for a retirement extension. If this is the case ( for those depositing 800 k ) i can only assume you would be refused the following year for a new extension if your funds dropped below the required minimum.

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

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9 minutes ago, rumbo1 said:

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

This can only happen if every application is treated as a new application. You may have to move out of Thailand at least for more than 6-months when your extension ends. If you turn around and come back with a tourist visa to start the process, immigration may still deny you. Of ocurse, if you keep 400K in the bank, you may have to show an income of approx. $35K/month. So basically a person needs around $12K USD in savings and a pension payment of $1200/month to live in Thailand. I think this is the cheapest one can use to legally retire in Thailand unless currency drops to 20 baht/USD, then most people have to say good bye to Thailand. 

Edited by onera1961
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Quote

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

Close one account and open another account on the same day with all funds rolled into the new account would be acceptable.   That's going to occur especially with fixed savings accounts where one matures and you close it/roll the funds over to a new fixed account....I've done that before and Chaengwattana Immigration didn't have a problem with that.

 

However, if you destroy evidence regarding the closed account, well, I can only assume you like to "self-inflict" pain.  OR, you didn't really have 800K in the closed bank account for X-period of time (if you even had an account) although you did round up 800K for the new account.  Immigration if probably going to think you are trying fool them.

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19 hours ago, rumbo1 said:

what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

If you used 800,000 in the bank for your current extension (after March 1st or whenever), when you go in to renew they would have a record of the account you used and be looking for proof that you maintained at least that amount for 3 months and kept at least 400,000 for the rest of the year. If you destroy any record of that account and only have a record for the new account for a few months, you'd be unable to provide the evidence they require for the renewal.

 

Maybe I'm missing something but I don't see how the plan you put forward could meet the requirements for your next renewal.

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20 hours ago, rumbo1 said:

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

Your passport and data will show you had a previous extension of stay on your last Non-immigrant O visa. You'll a new Non-immigrant O visa, as you start on a fresh term, which might mean that you need to leave the nation without a re-entry permit to terminate your old extension of stay, and thereafter apply for a new visa.

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I heard that for those people who have stayed in Thailand for more than 20 years only 200k baht is required. Any truth at all in this ?

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Just now, Thingamabob said:

I heard that for those people who have stayed in Thailand for more than 20 years only 200k baht is required. Any truth at all in this ?

Pre 1998 retirees can grandfather old income levels.

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39 minutes ago, jacko45k said:

Pre 1998 retirees can grandfather old income levels.

As long as they have continually been on extensions based on retirement from that time, pre 1998.

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22 hours ago, rumbo1 said:

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

why you would want to do this?

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6 hours ago, ChouDoufu said:
On 2/18/2019 at 4:39 PM, rumbo1 said:

Ok what happens if annually you open a new bank ac with 800 k 2 months before new renewal and close and destroy existing bank ac ?

why you would want to do this?

That indeed is a mystery. Can't see anyway that immigrations would agree to it and it would be an unending hassle anyway.

 

The attempts to come up with ways to avoid compliance are laughable and the people who concoct them seem to make the erroneous assumption that they are so very clever  ... which is one of the reasons that immigrations seems to be intent on making the rules more onerous for everyone. 

 

 

Edited by Suradit69
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