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BANGKOK 19 June 2019 06:48
darrendsd

"New" Retirement extension rules

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Did/Have the new rules that were proposed that needing to still have 400K in the bank for the first 90 days come into effect?  

 

A friend of mine who renewed his 1 year a few weeks ago was not told anything by Immigration that it is needed

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Hi Joe as the topic title advises it's the retirement extension

 

So 800k when you first apply - 800k must be in the bank 90 days later for your next extension and then 400k must remain in the bank for the 9 months after that - is that correct?

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11 minutes ago, Kerryd said:


If they wanted people to use agents they would be making the rules easier, not harder. Years ago it was too easy for people to use an agent as they only needed to "borrow" the money for an hour (literally) in order to get a passbook update and bank letter. Then the money was returned to the agent along with a hefty fee.

 

Then Immigration changed the rules - to make it harder to use an agent - because the money had to be in the account for 3 months before applying. Very few people (or agents) want to lend that much money for that length of time, especially to someone that obviously would have a problem paying any of it back if they spent it.

 

However, it seems agents have found a way to get around that and still be able to provide passbooks/bank letters and make money relatively risk free.

 

So Immigration has (again) changed the rules to (again) make it harder to use an agent as the full amount now has to be in the bank for 5 full months and the other 400k has to stay in there permanently.

I doubt any agents are going to lend broke expats 400k for 12 months and another 400k for 5 months and even if they did, they'd charge so much that the broke expats that need agents wouldn't be able to afford the borrowing fees.

When Big Jok (or "Joke") took over Immigration one of the first things he said he was going to do was crack down on the Visa agents and these rules changes are a reflection of that.

I'd say it is significantly harder to use an agent to get around the financial requirements now than it was a couple years ago.

 

Only one example; however, an American in my condo has renewed his extension in the last week. There is no way he has either the 800K or the 65K income. His American pension is about 45K baht/month. So he has got around the rules somehow.

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26 minutes ago, Kerryd said:


If they wanted people to use agents they would be making the rules easier, not harder. Years ago it was too easy for people to use an agent as they only needed to "borrow" the money for an hour (literally) in order to get a passbook update and bank letter. Then the money was returned to the agent along with a hefty fee.

 

Then Immigration changed the rules - to make it harder to use an agent - because the money had to be in the account for 3 months before applying. Very few people (or agents) want to lend that much money for that length of time, especially to someone that obviously would have a problem paying any of it back if they spent it.

 

However, it seems agents have found a way to get around that and still be able to provide passbooks/bank letters and make money relatively risk free.

 

So Immigration has (again) changed the rules to (again) make it harder to use an agent as the full amount now has to be in the bank for 5 full months and the other 400k has to stay in there permanently.

I doubt any agents are going to lend broke expats 400k for 12 months and another 400k for 5 months and even if they did, they'd charge so much that the broke expats that need agents wouldn't be able to afford the borrowing fees.

When Big Jok (or "Joke") took over Immigration one of the first things he said he was going to do was crack down on the Visa agents and these rules changes are a reflection of that.

I'd say it is significantly harder to use an agent to get around the financial requirements now than it was a couple years ago.

 

Same same in Pattaya, few friends recently did theirs, same price, same everything

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Agent supplied extensions are alive and well. I have heard of several people getting extensions using agents since the rules kicked in.

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35 minutes ago, Kerryd said:


Years ago it was too easy for people to use an agent as they only needed to "borrow" the money for an hour (literally) in order to get a passbook update and bank letter. Then the money was returned to the agent along with a hefty fee.



 

Thats exactly how it works now, nothing changed, except there will be more expats using them.    hefty fee same as before.  13k/15k all in. [pattaya]

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Then agents will probably be available for the potentially new health insurance in July......wonder what they will charge?

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Only one example; however, an American in my condo has renewed his extension in the last week. There is no way he has either the 800K or the 65K income. His American pension is about 45K baht/month. So he has got around the rules somehow.

It's not what you know its who you know! anything is doable in Thailand if you are prepared to pay etc!

 

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app

 

 

 

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Posted (edited)
1 hour ago, Lacessit said:

Only one example; however, an American in my condo has renewed his extension in the last week. There is no way he has either the 800K or the 65K income. His American pension is about 45K baht/month. So he has got around the rules somehow.

I think he might have used an agent. or a letter

Edited by yodsak
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1 hour ago, Lacessit said:

Only one example; however, an American in my condo has renewed his extension in the last week. There is no way he has either the 800K or the 65K income. His American pension is about 45K baht/month. So he has got around the rules somehow.

 

I know an American who renewed his ext stay/ret yesterday at Div. 1/CW using an Embassy Income Affidavit dated from the end of December 2018.

 

 

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