800k might not be enough

[david555]

7 minutes ago, Mike Teavee said:

I seem to recall reading a post from Ubon Joe about the retirement limit being set at $2,000 USD per month so if anything the amount should reduce rather than increase (But I can't see that happening).

 

Also recall that the last time they "Grandfathered" people they had to have a certain number of extensions (IIRC 10) under their belt so a lot of people will still be in for a shock if it does increase.

 

If I had to put money on it, I would guess it would increase to 1-1.2 Million but at this number (& certainly if it goes to 1.6 Million) some guys might as well go down the 20 year Thai Elite visa for 1 Million 

 

 

 for grandfathering the extensions must be unbroken the whole series years  period . I understand that was the rule , 1 year other visa and grandfathering advantage becomes void

Edited March 26, 2019 by david555

[Traubert]

Where exactly did this thing about health insurance originate? I dont recall anything from the TIO saying it was going to be mandatory at any stage?

 

Was it one of those 'the next thing will be' grumbles that became fact on repetition?

[gentlemanjackdarby]

14 minutes ago, Mike Teavee said:

I seem to recall reading a post from Ubon Joe about the retirement limit being set at $2,000 USD per month so if anything the amount should reduce rather than increase (But I can't see that happening).

 

Also recall that the last time they "Grandfathered" people they had to have a certain number of extensions (IIRC 10) under their belt so a lot of people will still be in for a shock if it does increase.

 

If I had to put money on it, I would guess it would increase to 1-1.2 Million but at this number (& certainly if it goes to 1.6 Million) some guys might as well go down the 20 year Thai Elite visa for 1 Million 

 

 

I think those with the cash would likely go somewhere else rather than the TE route; most folks don't look favorably on the TE

 

With that amount of cash, Malaysia is an option and for a lot less, one can get a PI SRRV, which is for as long as one wants and grants residency, which opens up the option of getting an O-A in Manila.

 

The O-A option now looks like a lot less hassle and uncertainty with the same results as a retirement extension, albeit in two-year chunks

[onera1961]

7 minutes ago, gentlemanjackdarby said:

The O-A option now looks like a lot less hassle and uncertainty with the same results as a retirement extension, albeit in two-year chunks

If they add the stupid health insurance requirement for O-A, it will soon become a history and lots of people who rely on O-A for partial year stay in Thailand will go for Tourist Visa. I will certainly do that. Two TV a year will cover my 6-month stay in Thailand. Penang, here I come!!!!

[gentlemanjackdarby]

31 minutes ago, onera1961 said:

If they add the stupid health insurance requirement for O-A, it will soon become a history and lots of people who rely on O-A for partial year stay in Thailand will go for Tourist Visa. I will certainly do that. Two TV a year will cover my 6-month stay in Thailand. Penang, here I come!!!!

The administrative burden of verifying health insurance would be a nightmare for the embassies and Thai Immigration UNLESS there were 3 or 4 'approved' Thai companies that would offer policies with which the embassies and Immigration became familiar and were accepted on sight

 

The Thailand Embassy in Washington D.C. list 3 or 4 companies for those considering an O-X visa; the coverage amounts (not much) seem to be the same among all the offerings and the premiums are about the same (pretty inexpensive)

 

Of course, with an O-A, since everything is verified by the embassy in one's country of residence, it might be as simple as using one's 'home' (residence) country policy so long as one is covered, even by reimbursement, for accidents and illnesses abroad.

 

For example, I was looking at Pacific Cross Philippines as an option if I base myself in the PI and, because PC offers coverage in Thailand, for an O-A, coverage could be verified by the Thailand embassy in Manila along with the other verifiable requirements, such as the health certificate.

[marcusarelus]

7 hours ago, Mike Teavee said:

I seem to recall reading a post from Ubon Joe about the retirement limit being set at $2,000 USD per month so if anything the amount should reduce rather than increase (But I can't see that happening).

 

Also recall that the last time they "Grandfathered" people they had to have a certain number of extensions (IIRC 10) under their belt so a lot of people will still be in for a shock if it does increase.

 

If I had to put money on it, I would guess it would increase to 1-1.2 Million but at this number (& certainly if it goes to 1.6 Million) some guys might as well go down the 20 year Thai Elite visa for 1 Million

What retirement limit? 

[ubonjoe]

10 hours ago, puchooay said:

The words "investment" and "investors" is used in the same paragraph as the one quoted above. It seems that this new rule, if implemented, refers to those entering Thailand to do business.

 

I had a translation of it sent to me in a message that included investment in it.

The number shown is 800k baht but that may also be an error.The entire article is confusing.

[Mike Teavee]

5 hours ago, marcusarelus said:

What retirement limit? 

"Limit" was a poor choice of word, I meant the monthly amount that you need to have as income (currently 65,000) or multiplied by 12 (& rounded up) on deposit (currently 800,000).

Edited March 27, 2019 by Mike Teavee

[jonclark]

4 hours ago, ubonjoe said:

I had a translation of it sent to me in a message that included investment in it.

The number shown is 800k baht but that may also be an error.The entire article is confusing.

Odd statement - so can I assume that whoever wrote this has a magical method that allows legitimate business investors to be separated from those of ill intent. From my limited understanding criminals often have more money than businesses and would be happy to stick 1, 2, 3 million odd baht in a bank account if it grants them access to commit their crimes - I mean they can always withdraw the money at some point in the future, nothing has been lost, so as a method it is not fit for purpose. Basically your are setting aside some money...to be granted safe harbor or to commit your crime.

 

Surely a better screening process for the actual visa is a better method for separating legitimate from those who are not. Depositing cash has no impact on this? 

[Dmitry2222]

Maybe it's because of the election, so many announced changes... I guess guys who plan to retire in the future will take in attention instability of immigration rules.

[dotpoom]

16 hours ago, jackdd said:

What do you think might the new required minimum amount be? 1 million? 1.6 million?

Why not just wait and see...little else can do?

[Emdog]

Wish to remind dear posters that those of us who go the 800k route  are investors in Thailand. We just have no say in where the money is invested. That is left to the banks using our money.

[LongTimeLurker]

16 hours ago, INV said:

It's 60 days before and 90 days after

Not according to Chaengwattana, my mate is there as I type and they told him 4 months before and 2 months after.

 

He's had the money in for 3 months before but no problem, his agent just paid a backhander and it was all forgotten about.

 

But I thought this change in rules was meant to do away with agents being able to bribe IOs?

[Thaidream]

I would be very surprised if  the amounts were raised to double.  The progression of raises in the past were from 200 to 500 to 800 so this is an increment of  300K per raise-   more like 1.11o,ooo Baht per year. As far as grandfathering, I was here during those years and I cannot remember there being  any   numbers of extensions  one had to have to get grandfathered.  I believe if one was on a current retirement extension that was enough to get the grandfathering. 

 

The proposals have to be approved by the Thai cabinet before coming into affect.  As Ubon Joe said -the article translation does not make much sense .

 

As far as the agents are concerned- whether the amount is 800K or double- they can still and will provide it at much higher fees .

IMO- 800K is already too much .  there is a certain point where the public- that's us will simply refuse to place  increased amounts in Thailand and move on.  I won't even put 800K in Thailand- too unstable- but I am willing to put 400K  or  transfer 65K per month.  If the article is correct there will be a run on marriages as well as  airline tickets outbound.

[JackThompson]

17 hours ago, INV said:

yea not a surprise, this morons can't even read their own regulations

It's not that they "cannot" read them, it is that they "Think they know better," and there is no active chain-of-command to force them to obey their department's own published rules and regulations.  

 

When a list of requirements exists for an office, it differs from other offices, and usually has something to the effect of, "We can ask for anything more we feel like," at the bottom - making the list semi-pointless, and corruption inevitable - especially as agents are given free-reign to skip many published and all unpublished requirements "for an extra fee."

 

The solution is one set of nationwide rules, and severe penalties for IOs who deviate from those rules.

Edited March 27, 2019 by JackThompson

[crazykopite]

17 hours ago, INV said:

It's 60 days before and 90 days after

It’s only 60 days before for new applicants after that it’s 3 months before and 3 months after then reduced to 400,000 for 6 months and then back to 800,000 3 months before your next extension renewal in other words if you already have an extension of stay your 800,000 cannot be touched for 9 months out of every 15 months. ☹️☹️☹️☹️☹️

[suzannegoh]

17 hours ago, Inn Between said:

It certainly depends to a large degree on how one chooses to live. I moved there in 2000 and lived in the Pattaya area for about 17 years. Foreign food and restaurants have always been a rip off. I could get a Thai breakfast of fried pork and basil with rice and kai dao for half the cost of a couple of scrambled eggs with toast and coffee, and although it probably cost the same or less to make than the Thai breakfast, the price will be double because it's "Western food". 

 

For someone like me who cooks the vast majority of my own food, has a DIY nature, and doesn't go bars more than once a month or so (to do anything more than people watch with friends and have a couple of beers), 65K could go very far. I don't need anything to be big and fancy. 

But if your lifestyle involves never going out to restaurants, never going to bars, and cooking all your food at home, you could live darn cheap in rural America too and never have a sense that you are missing anything.

[JackThompson]

1 minute ago, crazykopite said:

It’s only 60 days before for new applicants after that it’s 3 months before and 3 months after then reduced to 400,000 for 6 months and then back to 800,000 3 months before your next extension renewal in other words if you already have an extension of stay your 800,000 cannot be touched for 9 months out of every 15 months. ☹️☹️☹️☹️☹️

The new rules say 2-mo before for everyone, now. 

But your local office rules may vary, since they seem to be under no obligation to follow the nationally-published rules.

 

Still, the new rules have changed "bank money" from "money to support yourself" into a semi-bond of sorts - though less secure from Thailand's perspective than a bond, as one could always fail to pay a bill, withdraw/transfer the bank-money, and leave.

[JackThompson]

Just now, suzannegoh said:

But if your lifestyle involves never going out to restaurants, never going to bars, and cooking all your food at home, you could live darn cheap in rural America too and never have a sense that you are missing anything.

If "never" - yes.  But otherwise, you would miss it on those occasions one wanted to go to a beach, socialize, eat out, see a movie, etc.

[BritManToo]

16 hours ago, Mike Teavee said:

Also recall that the last time they "Grandfathered" people they had to have a certain number of extensions (IIRC 10) under their belt so a lot of people will still be in for a shock if it does increase.

I don't have any money in a Thai bank beyond expenses for the month.

Never will, they can set the savings requirements as high as they like.

You'd have to be stupid to park money in Thai banks.

 

Running all my Thai purchases down now, old pickup, old m/c won't be buying anything new.

Won't be spending any money on the house either, just buying essentials like SangSom, soda water and limes.

Edited March 27, 2019 by BritManToo

[Thailand]

Just gets better every time BJ opens his mouth- not!

Definitely appears a deliberate attack on retirees for whatever reason,does not make sense.

[Thailand]

16 hours ago, Mike Teavee said:

 

 

Also recall that the last time they "Grandfathered" people they had to have a certain number of extensions (IIRC 10) under their belt so a lot of people will still be in for a shock if it does increase.

 

 

 

 

I have 17 consecutive extensions but does not appear to count for anything

[Vacuum]

8 minutes ago, BritManToo said:

You'd have to be stupid to park money in Thai banks.

I'm stupid, but I've never had any problems with an extension.

[BritManToo]

1 minute ago, Vacuum said:

I'm stupid, but I've never had any problems with an extension.

You said it, and I'll agree with you.

I've never had any problems getting a VISA, no need to show any money, anywhere, or lick boots at immigration.

Edited March 27, 2019 by BritManToo

[suzannegoh]

18 minutes ago, BritManToo said:

 

You'd have to be stupid to park money in Thai banks.

 

You're looking at it from the POV of someone who is strapped for cash.  If that money would otherwise be sitting in a cash account in the West and you spend more than 800K baht/year anyway, then there's not much downside to putting that money in a Thai bank.

Edited March 27, 2019 by suzannegoh

[BritManToo]

1 minute ago, suzannegoh said:

You're looking at it from the POV of soneone who is strapped for cash.  If that money would otherwise be sitting in a cash account in the West and you spend more than 800K baht/year anyway, then there's not much downside to putting that money on a Thai bank.

I've got 70k pounds in my UK bank, I'm looking at it from the POV of someone who's had enough of these c$#@s.

Come the revolution, your money in the Thai bank is gone.

Edited March 27, 2019 by BritManToo

[Aforek]

18 hours ago, puchooay said:

The words "investment" and "investors" is used in the same paragraph as the one quoted above. It seems that this new rule, if implemented, refers to those entering Thailand to do business.

 

It's what I understand, too ; he doesn't speak of retirees 

[Thailand Outcast]

Of course it was always going to go up.  The only question is, by how much, and you can bet it will not be a small rise, just to keep pace with inflation. 

 

I'm leaving due to the current fiasco.   It looks like I will be beating the rush.  

 

All the good condo's in Vietnam will be already gone by the time the next wave of Thailand outcasts arrive.  ????  

[Thailand Outcast]

19 minutes ago, Thailand said:

I have 17 consecutive extensions but does not appear to count for anything

Correct. 

 

You have the same "rights" as someone who is visiting Thailand for their first time, and entering on a visa exempt stamp.  Zero. 

[marcusarelus]

50 minutes ago, crazykopite said:

It’s only 60 days before for new applicants after that it’s 3 months before and 3 months after then reduced to 400,000 for 6 months and then back to 800,000 3 months before your next extension renewal in other words if you already have an extension of stay your 800,000 cannot be touched for 9 months out of every 15 months. ☹️☹️☹️☹️☹️

The new rules published a number of times on this forum read 60 days before for an extension renewal for all the renewals not just the first one.  You are quoting old information.