Thai immigration considers forcing some retirees to show 800k in bank EVERY THREE MONTHS: report
- Thread starter gotlost
- Start date
nomad97
Resident Geek
Before I got married, had children, bought a house and a car, I too had 800,000 plus in a Thai bank account. However, getting married, finding somewhere to live and raising children soon eroded my capital. For the past 14 years I have always used the Letter from the Embassy and Bank Statements to show that my income was greater than 65,000 baht/month. Personally speaking, I welcome the new requirements to show a monthly income in excess of 65,000 baht/month. In fact, now that I no longer have to (or can) provide a letter from the embassy I will actually save some 2,500 baht/year (the cost of the letter) to renew my yearly extension to remain.
I remember well the alternate method of 800,000 baht in the bank. I also knew of the abuse that went on to borrow the money the day before, obtain the letter from the bank and pay back the loan the day after the extension had been granted. I also remember the indignant 'noise' from the expats who used this method when Immigration introduced the need to 'season' the money for 3 months before the yearly extension. Clearly, the new measures to 'season' the money for longer are designed to counter what Immigration consider is still a loophole that leads to abuse of the financial requirements. I do not know how widespread this abuse is but surely people who meet the financial requirements for a retirement extension should not have a problem with the new requirement.
Yes, the people who will be caught out are those who do not meet the financial requirements set by Immigration, a foreign income in excess of 800,000 baht/year. Sorry, but those have been the rules ever since I came to Thailand over 15 years ago. If expats do not have that annual income then it is they that have brought this new requirement upon themselves.
For those that do meet the financial requirements and no longer want to keep their money tied up in a Thai bank account all year, re-organise your finances and go the route outlined in para 1. Bring your money into Thailand monthly and produce a bank statement/bank book once a year to Immigration.
I remember well the alternate method of 800,000 baht in the bank. I also knew of the abuse that went on to borrow the money the day before, obtain the letter from the bank and pay back the loan the day after the extension had been granted. I also remember the indignant 'noise' from the expats who used this method when Immigration introduced the need to 'season' the money for 3 months before the yearly extension. Clearly, the new measures to 'season' the money for longer are designed to counter what Immigration consider is still a loophole that leads to abuse of the financial requirements. I do not know how widespread this abuse is but surely people who meet the financial requirements for a retirement extension should not have a problem with the new requirement.
Yes, the people who will be caught out are those who do not meet the financial requirements set by Immigration, a foreign income in excess of 800,000 baht/year. Sorry, but those have been the rules ever since I came to Thailand over 15 years ago. If expats do not have that annual income then it is they that have brought this new requirement upon themselves.
For those that do meet the financial requirements and no longer want to keep their money tied up in a Thai bank account all year, re-organise your finances and go the route outlined in para 1. Bring your money into Thailand monthly and produce a bank statement/bank book once a year to Immigration.
gotlost
Kap Chong R Us Member
OR go to Savannahket and get an O-Multi based on marriage.
Half the members of this fourm have them and I would say most of Surin is on them.
Prakhonchai Nick
You chose a custom title
Very happy I went the PR route 30 years ago. Cost me 25,002 baht then. No idea where the 2 baht was for.
Yorky
Fullritis Member
I'm not sure why you consider it "stagnating". I gain more interest from monies in the bank here than I would in most Western" countries at the present time (and pay less tax than I would in UK).
Deerculler
Surin Dinosaur
They will.
melvin
Surin Legend
Deerculler
Surin Dinosaur
I am happy the New Zealand Embassy is still doing the income letter. Hope that they continue to do so.
nomad97
Resident Geek
As you say GL, there are alternatives to a long stay extension based on retirement that require no financial income statement. However, I understand there is down side to the method you suggest, you have to get married to a Thai. Oooops!OR go to Savannahket and get an O-Multi based on marriage.
Yes, but, what is the reason to even NEED your money in a Thai bank? Keeping it in an overseas account is legit and can be easily proven via bank statements from your own bank and it is totally unnecessary, unless of course the Thai banks like having all that money in their banks to use. Hmm. In this day and age of computers this hurdle is asinine. And, if legally married to a Thai why not use the marriage aspect for a 1 year O visa at half the necessary money to show rather than the 'retirement' route?
Rice
Resident Smart Arse
You are quite right about technologies out dating such rules. But it is kept to boost the Thai economy. Just keep jumping through those hoops.
Prakhonchai Nick
You chose a custom title
Yes
I believe it is about 100,000baht now with a 7,000baht application fee - if you are married and more if not. Also now you are required to be able to speak, read and write Thai as well as sing the National Anthem. (we won't go into that again)
nomad97
Resident Geek
Well I guess the requirements rule me out from ever getting permanent residency. WTF will I find 7,000 baht for the non-refundable application fee?Yes
I believe it is about 100,000baht now with a 7,000baht application fee - if you are married and more if not. Also now you are required to be able to speak, read and write Thai as well as sing the National Anthem. (we won't go into that again)
merlin
You chose a custom title
"Stagnating" in the sense that it can't be used for life's pleasantries if it is effectively locked in place all year as an immigration requirement. I had need to use 1 million baht for hospital charges just 3 years ago. If I hadn't had the cash available at the time, I would most certainly have died then. If such a situation should arise again, that money simply would not be available to me - unless I moved away from Thailand. A fatalist would say that we all have to die one day. I would prefer to defer that event for as long as possible, and not think that treatment was unaffordable if I wanted to survive longer in Thailand.
My main reason for not emigrating to Argentina back in 2004 was that their government seized/froze Argentinian bank balances a couple of years earlier. I had no wish to expose myself to the risk of that happening again - in any country that doesn't have laws which would make it impossible.
http://articles.latimes.com/2002/jan/11/news/mn-21962
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Deerculler
Surin Dinosaur
Mike, You have got me thinking.
Once a year you go to Savanakhet Laos and pay a couple hundred bucks and get a new O visa based on marriage at the consulate - MULTI ENTRY - no proof of income required. 'Multi entry' so you don't have to get the silly release each time from Immi each time you want to leave and come back in without voiding your 1 year O visa, and pay again more baht as well (you are trying to NOT have to deal with them at all if possible) to get back into Thailand every time you may want to leave on a holiday to Laos, Cambodia, Malaysia, Vietnam, Bali, Kiwiland, Aus, etc.) And that works for land crossings, and air and sea. One less headache and opportunity for them to screw with you. You have a nice 3 day holiday in Savanakhet each year, eating, drinking, and listening to good music staying in decent inexpensive hotels. And you keep your money where you want and not where dictated by others. Legal, no muss no fuss, instead of a 90 day 'report' at Immi you just step out into Cambodia up in Chong Chom for a half hour or so, pay for your Cambo stamps, and step back in 3 times a year. 4th time you head back to holiday in Savanakhet.
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Prakhonchai Nick
You chose a custom title
All well and good for the fit and able.
Many of those requiring o visas etc are not all fit and healthy and may well have problems if they are not able to do the quarterly brdeer run or the Savannakhet trip
CO-CO
Rather wrinkly & occasionally cantankerous member
AFAIK, money for a visa extension HAS to be in a Thai bank.
For a Thai visa obtained in another country then money can be in an overseas bank.
CO-CO
Rather wrinkly & occasionally cantankerous member
Then they have that option to show their money and keep it in a Thai bank, and hopefully are able to use the 90 day check in on line, otherwise they are still having to go to Immi somewhere and do it, and living out here is a much more difficult trek than for those living in BKK and Patts.
But why, if legally married to a Thai, would they not use the marriage based O visa rather than the 'retirement' visa? At half the required 'show money' income stuff? The letter from the embassy was a pain in the ass and I am glad that's gone now. One less hassle of going to BKK to get one, and the added expense if doing it that way before.
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