800k might not be enough

[MJKT2014]

19 hours ago, jackdd said:

Quote

การเข้าประเทศจะต้องมีวงเงินในบัญชีที่สูงขึ้นกว่าเดิมที่กำหนดไว้ 8 แสนบาท

 

My own translation, feel free to correct me if i'm wrong:

The required finances to enter Thailand will be raised to more than the previously required 800k baht

It doesn't seem to say more than 800kTHB at all? I simply read it as a minimum 800k THB.

[JohnnyBD]

1. Retirement extension rules below state income of no less than THB 65k per month or 800k in bank for 2 mths before, 3 mths after extension application, then no lower than 400k the rest of the year.

2. Income memorandum below states income has to be transferred into a Thai bank.

Edited March 27, 2019 by JohnnyBD

[justin case]

19 hours ago, Inn Between said:

If true, I guess that means the immigration people are forecasting that inflation in Thailand will be so extreme in the near future that 800k a year or 65K per month won't be enough for a retiree to survive properly. I can't see any other justification for it. 

while the general population gets 300 baht per day , even if they work 30 days = 9000 day

 

the farang from goldenland needs 7x more

 

they must be eating gold leaf & diamond cereals for breakfast, those pesky farangs

[Khaeng Mak]

1 hour ago, BritManToo said:

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.

And ice.  You forgot ice.

[Khaeng Mak]

I have been saying this for months and just now the penny is starting to drop for some TV members.

 

Long stay expats here in Thailand are currently under siege by the local authorities.

 

Anyone who thinks otherwise is entirely deluded.

Edited March 27, 2019 by Khaeng Mak

[JackThompson]

36 minutes ago, suzannegoh said:

... 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.

Retirees cannot use much of the money in a Thai Bank for spending any more - just 1/2 of it for a few months, then top off and don't touch it at all for another 5 (some offices 6) months, again.  It's just money sitting there earning small returns. 

 

And, of course, most retirees - especially those who own condos - don't need to spend 800K Baht/yr to live in Thailand.  Many may have that much coming in, but much of it is being re-invested - though that is now more difficult if their embassy-letters are gone, so have to send the income here, first, then send back what isn't needed.

 

Then there is the factor of accessing the money from outside the country if one had to leave.  Retirees have no "right" to be in the country, given no path to PR (retirees cannot work) no matter how many years here. 

[Khaeng Mak]

In the wake of the currently unfolding house price crash in Australia the AUD is forecast to hit as low as 16 baht in the coming year.

 

So if they increase the lump sum deposit requirement to 1.6 million then Aussies will have to pony up a cool ONE HUNDRED THOUSAND DOLLARS for the honor of receiving a retirement visa extension.

 

Oh and lets not forget the compulsory medical insurance that is schedule for implementation later this year.

[bkk6060]

16 hours ago, gentlemanjackdarby said:

The administrative burden of verifying health insurance would be a nightmare for the embassies and Thai Immigration

No it would not.

I spoke to a Aetna rep. A few days ago who told me they are gearing up for it and believe it will happen.

You will get an embossed certificate from the insurance company verifying your coverage. 

No nightmares.

[Khaeng Mak]

3 minutes ago, bkk6060 said:

No it would not.

I spoke to a Aetna rep. A few days ago who told me they are gearing up for it and believe it will happen.

You will get an embossed certificate from the insurance company verifying your coverage. 

No nightmares.

The nightmare will be the premium.

[Tropposurfer]

The price of food and other living costs has risen slightly in LOS in the last say ... . 5 years. If you live and eat western food, expect a western standard with your lifestyle, won't eat or don;t eat healthy good quality Thai food that's absolutely everywhere and hang in and live and spend your money in tourist fleecing savee areas yes you'll pay $20 $30 for a meal or more. If you drink with your meals then this is easily achievable in Patt's, Samui, Phuket, and BKK e.g. Sukhumvit. 

Food, gas, electricity, health insurance, motor bikes rego, vehicle insurance, furniture, clothes etc etc is still dirt cheap compared to any western city I've ever visited and or lived in. 

Whinging whining, half glass full folks   ????

[malibukid]

19 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. 

can live very well here on much less. 6500 is  just nuts.  i think the powers that be think where all boozing expats.

[malibukid]

25 minutes ago, JackThompson said:

Retirees cannot use much of the money in a Thai Bank for spending any more - just 1/2 of it for a few months, then top off and don't touch it at all for another 5 (some offices 6) months, again.  It's just money sitting there earning small returns. 

 

And, of course, most retirees - especially those who own condos - don't need to spend 800K Baht/yr to live in Thailand.  Many may have that much coming in, but much of it is being re-invested - though that is now more difficult if their embassy-letters are gone, so have to send the income here, first, then send back what isn't needed.

 

Then there is the factor of accessing the money from outside the country if one had to leave.  Retirees have no "right" to be in the country, given no path to PR (retirees cannot work) no matter how many years here. 

rotten deal

[bkk6060]

1 hour ago, BritManToo said:

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.

They may take your house too...

[connda]

20 hours ago, Inn Between said:

If true, I guess that means the immigration people are forecasting that inflation in Thailand will be so extreme in the near future that 800k a year or 65K per month won't be enough for a retiree to survive properly. I can't see any other justification for it. 

And yet my son and daughter in law are expected to live on a monthly salary of 10K.  So basically, it's all totally BS.

[Khaeng Mak]

6 minutes ago, connda said:

And yet my son and daughter in law are expected to live on a monthly salary of 10K.  So basically, it's all totally BS.

No BS whatsoever.  Each and every one of immigration's whims becomes our reality.

[phuketrichard]

19 minutes ago, Tropposurfer said:

The price of food and other living costs has risen slightly in LOS in the last say ... . 5 years. If you live and eat western food, expect a western standard with your lifestyle, won't eat or don;t eat healthy good quality Thai food that's absolutely everywhere and hang in and live and spend your money in tourist fleecing savee areas yes you'll pay $20 $30 for a meal or more. If you drink with your meals then this is easily achievable in Patt's, Samui, Phuket, and BKK e.g. Sukhumvit. 

Food, gas, electricity, health insurance, motor bikes rego, vehicle insurance, furniture, clothes etc etc is still dirt cheap compared to any western city I've ever visited and or lived in. 

Whinging whining, half glass full folks   ????

I'd say the cost of just about everything has risen 20% or more in most of the country in the past 5 years.

The things i used to get to eat at the night markets,food stalls ave gone up at least that much.

My monthly Japanese meal at Fuji has gone up 25% in the past 5 years

[bkk6060]

13 minutes ago, connda said:

And yet my son and daughter in law are expected to live on a monthly salary of 10K.  So basically, it's all totally BS.

Wow, hopefully you are generous and help them out.

[BritManToo]

20 minutes ago, phuketrichard said:

I'd say the cost of just about everything has risen 20% or more in most of the country in the past 5 years.

Petrol was 33bht/l when I came here in 2009, it's 27bht/l now.

The condo I stayed in is still 5000k/month + utils (Emporium Residence Santitham)

My 60" LG TV this year was 1/4 the price it was in 2009.

Edited March 27, 2019 by BritManToo

[Thailand Outcast]

29 minutes ago, bkk6060 said:

They may take your house too...

Do you mean the house that sits on land you can't own?  ????

[OJAS]

58 minutes ago, Khaeng Mak said:

I have been saying this for months and just now the penny is starting to drop for some TV members.

 

Long stay expats here in Thailand are currently under siege by the local authorities.

 

Anyone who thinks otherwise is entirely deluded.

And we're under siege by not only the local authorities here in LOS but also those back in our home countries IMHO. In the case of us Brits, for example, in addition to being inconvenienced by our "beloved" Embassy's decision to withdraw their income confirmation service, we have also had to contend with additional bureaucracy which has been thrust on our shoulders over the past 5 years or so in the areas of passport renewal, State Pension life certificates and legalisation of UK documents.

[BritManToo]

Just now, OJAS said:

we have also had to contend with additional bureaucracy which has been thrust on our shoulders over the past 5 years or so in the areas of passport renewal, State Pension life certificates and legalisation of UK documents.

I go back to the UK for a new passport, no point letting them know where I am.

[gentlemanjackdarby]

49 minutes ago, bkk6060 said:

No it would not.

I spoke to a Aetna rep. A few days ago who told me they are gearing up for it and believe it will happen.

You will get an embossed certificate from the insurance company verifying your coverage. 

No nightmares.

Thanks for reading my post and taking the time to reply, but:

 

I would appreciate it if, in the future, you reply to one of my posts, you would extend me the courtesy of quoting it in its IN ITS ENTIRETY so that those reading your reply would have a complete understanding of what I said without necessarily needing to have read my OP.

 

We all know there are a lot of folks that don't bother reading the entire thread from beginning to end, which leads to confusion

 

In my OP, I specifically said that it would be a nightmare '...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'

 

I intentionally capitalized 'UNLESS' to catch the eye of folks that just skim the posts without completely reading them and to let them know that I only believe it will become problematic (a nightmare) if there is not some sort of standardization of policy disclosures, e,g., a standardized summary disclosure which is a feature of U.S. insurance policies.

 

An embossed certificate is one way of accomplishing the goal of having 'something' an IO or other interested party could accept at face value. 

[bkk6060]

1 minute ago, gentlemanjackdarby said:

Thanks for reading my post and taking the time to reply, but:

 

I would appreciate it if, in the future, you reply to one of my posts, you would extend me the courtesy of quoting it in its IN ITS ENTIRETY so that those reading your reply would have a complete understanding of what I said without necessarily needing to have read my OP.

 

We all know there are a lot of folks that don't bother reading the entire thread from beginning to end, which leads to confusion

 

In my OP, I specifically said that it would be a nightmare '...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'

 

I intentionally capitalized 'UNLESS' to catch the eye of folks that just skim the posts without completely reading them and to let them know that I only believe it will become problematic (a nightmare) if there is not some sort of standardization of policy disclosures, e,g., a standardized summary disclosure which is a feature of U.S. insurance policies.

 

An embossed certificate is one way of accomplishing the goal of having 'something' an IO or other interested party could accept at face value. 

Ok. Sorry.

[gentlemanjackdarby]

Just now, bkk6060 said:

Ok. Sorry.

No problem - just trying to do my bit to get fair and balanced info on the forum and sometimes it's frustrating

[emptypockets]

2 hours ago, Thailand said:

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

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

 

If you bothered to read uj's post with an extract of the discussion inserted, a reasonable person may surmise it has nothing to do with retirees and everything to do with money laundering.

[ubonjoe]

I think many people need to go back and read the first few pages instead of just the OP.

Here is a post I did earlier.

The news article has nothing to do with the 800k baht for a retirement extension.

[emptypockets]

1 hour ago, Khaeng Mak said:

I have been saying this for months and just now the penny is starting to drop for some TV members.

 

Long stay expats here in Thailand are currently under siege by the local authorities.

 

Anyone who thinks otherwise is entirely deluded.

People who can live comfortably and keep 800,000 baht in the bank on a year round basis have no need to feel under siege. Those who cannot and continue to find workarounds of the system may do and so they should.

Anyone who thinks otherwise is entirely deluded, not to mention an agent of paranoia which some people seem to thrive on.

[Aforek]

13 minutes ago, ubonjoe said:

I think many people need to go back and read the first few pages instead of just the OP.

Here is a post I did earlier.

The news article has nothing to do with the 800k baht for a retirement extension.

I have noticed already several times that TV members panic very easily when it comes to money and immigration 

two years ago ( or one year ) , dozens of pages for a misinterpreted message coming from a bad translation 

[emptypockets]

1 hour ago, Khaeng Mak said:

In the wake of the currently unfolding house price crash in Australia the AUD is forecast to hit as low as 16 baht in the coming year.

 

So if they increase the lump sum deposit requirement to 1.6 million then Aussies will have to pony up a cool ONE HUNDRED THOUSAND DOLLARS for the honor of receiving a retirement visa extension.

 

Oh and lets not forget the compulsory medical insurance that is schedule for implementation later this year.

More paranoia.

Since you seem to know a lot about future immigration policy, perhaps you can post further details on the compulsory medical insurance. Date of implementation for instance.

Whether the Aussie drops to the level you claim or not, then that is a matter for the Aussie federal government..... send a letter to your local member. You do vote absentee don't you?

[emptypockets]

1 hour ago, Khaeng Mak said:

No BS whatsoever.  Each and every one of immigration's whims becomes our reality.

   Something I can agree with you on.

Deal with it.