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BANGKOK 22 March 2019 00:39
mercman24

THAT 400,000 baht sitting in a bank

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ok i/we have probably read hundreds of post about the new ruling. i have not seen one reply from immigration what this 400,000 is being used for, is it an emergency fund one can, use, for hospital treatment, then it will be * sorry you have under 400,00 on yer bike* it cost 55,00 to get cremated here, (close i can walk it he he) stil i suppose i wont care as i will be cinders.just i have not seen one official, directive coming from IO (or maybe i have missed something ?? )

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I have seen nothing stating it is meant to be an emergency fund. I think that was an opinion voiced by some people.

I think they may be flexible about the 400k baht if you can prove a valid reason for it dropping below 400k.

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It’s a minimum balance; as simple as that. Currently if you drop below 800K during the 60day/3mth ‘seasoning’ period you won’t get the extension. The same will almost certainly apply for the new minimum balances.

 

If you do drop below the minimums you could in theory — as now — leave/re-enter and start the extension process from scratch.

 

You need more than 800K to retire. You need at least 800K plus your annual expenditure, and easy access to other funds for emergencies. The new rules don’t change that.

Edited by elviajero
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I just don't get all these complaints about the new requirements. Note, like many I think it was introduced with little warning etc. Fact is if the the original requirement was to live in Thailand based on retirement or whatever was 800k in Thai bank for 12 months of every year. Fine. Good deal. I need to put 25usd in Thai bank ....OK. Hells bells its not sheep stations.

If you can't afford that find a cheaper deal elsewhere.

Edited by DrJack54
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As I understand it, the 400K in the bank is used to satisfy immigration requirements. 

 

Am I missing something?

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19 minutes ago, JackThompson said:

All the 400K in the bank rule does, is make 12-mo seasoning on that much money.  Likewise with the 800K for 5 mo now (or 6, according to some).  Seasoning is waived for agent-applications.  The "money in the bank" used by agents is only there for a few hours.  That is why the changes only affected seasoning, so immigration's agent-partner-racket would not be affected.  Imagine the guys at the top getting a cut of all the action below - you think they will give that up?

 

The only losers are honest applicants and maybe some loan-sharks who were competing with immigration's partner-agents, while not providing immigration with a cut of their profits.

 

You are correct.  The 400K cannot be used in an emergency, or you could either lose your permit to stay for violation of terms, or be unable to renew the following year (we don't know how it will be enforced).  That money serves no purpose that I can see, other than to protect immigration's agent-partners' businesses from competition.

Why would/should it need to be used in "an emergency"... All this reference to 800k or 400k ongoing. What the? Convert it to USD ... Its sweet nothing for heavens sake. Why would Thailand even want someone scraping along on not being able to meet minimal requirements. 

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1 hour ago, worgeordie said:

Keeping the 400 K THB in the bank ,is to prevent agents circumventing

immigration rules,by putting up the cash for those that did not have

enough to do themselves,as used to happen in the past,before the

agents just had to "Loan" their client the money until they got their

extension,now with having to have 400k THB in all the time ,means

they cannot do it anymore.

regards worgeordie

There is some rationale/logic  in that view. That being  as a way to put a stop to the circumvention WITH the  cooperation of  IM officers ? 

But for those expats caught in the situation where with limited choice they  agree to  extortionist "loans" as a way to satisfy the  new  enforcement of financial requirements could be only to the satisfaction of  the Agents and Thai Imm.

In real terms  it only opens the book on a new and more  lucrative continuation of pseudo/legit/legit compliance.

In situations  where that  becomes  a reality the  winner will be the  Agents although  with possible co-funding with  select  IO.

One person I know who has  queried  his  nominal agent about the  situation has  had confirmation that  it will  not be a problem due to being "well connected". What he  failed to ask  is  the  COST !

 

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23 minutes ago, elviajero said:

No it is not.

 

The is no rule/regulation or directive from the TIB waiving “seasoning for agent-applications.”

Seasoning is waived for agent applications. A well known fact. They themselves advertise this. They dont even bother to hide it.

 

Or am I missing the context of what you were saying.

 

Its called bribery / corruption. I think that was the point being made. 

 

The same agents are advertising the new regs wont effect their business. 

Edited by PAWNEESE
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Seasoning is waived for agent applications. A well known fact. They themselves advertise this. They dont even bother to hide it.
 
Or am I missing the context of what you were saying.
 
Its called bribery / corruption. I think that was the point being made. 
 
The same agents are advertising the new regs wont effect their business. 


Do you have a link to the advertisements claiming there will be no effect?

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