Retirement visa news - and it's not good

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Gaybutton
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Re: Retirement visa news - and it's not good

Post by Gaybutton »

This morning I received a message from yet another person, a board member who wishes to remain anonymous. After speaking to the Pattaya immigration staff he provided yet another confirmation that the last day embassy letters will be accepted is January 1. After that - 800,000 baht for 3 months in a Thai bank account or start packing your bags.

He did say from talking with the staff that he got the impression, emphasis on impression that, and I quote his message - "they are trying to find alternatives to the verification of the 65,000 Baht issue."

I hope his impression turns out to be correct. What's the hard part? If people can go to immigration with real, verifiable evidence of at least 65,000 baht per month, I don't understand what the problem is. Immigration could at least start with bank letters and bank passbooks - evidence coming from easily verifiable sources other than the applicant himself.

Let's hope this man's impression turns out to be correct. But until that happens, it's 800,000 baht in a Thai bank account for 3 months.
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Undaunted
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Re: Retirement visa news - and it's not good

Post by Undaunted »

I suggest that those that cannot comply with the new rules begin to look at alternatives like Cambodia or cheap fares back to their home country and hope you are not stuck with property here:!:
"In the land of the blind the one eyed man is king"
James the First

Re: Retirement visa news - and it's not good

Post by James the First »

Remember something important however. No one has ever lost money in a Thai savings account not during the 1997 crisis or any time before or since. Anyone suggesting "that they would never keep money in a Thai account" just does not have the facts, or perhaps not the money. Keep in mind however that the rules are changing and by 2020 the maximum amount insured will be one million baht. The answer to this is to have multiple accounts in different banks or find one of the "Government banks" which will continue to guarantee higher amounts... (Below from the appropriate website)

"Up to 10 August 2016 deposits were protected up to 25 million baht. Thereafter, protection will be in place for 15 million baht in deposits between Aug 11, 2016 and Aug 10, 2018; for 10 million between Aug 11, 2018 and Aug 10, 2019; for 5 million between Aug 11, 2019 and Aug 10, 2020; and for 1 million by Aug 11, 2020."

Also, if your country requires that you report accounts with more than $10,000.00 or it's equivalent you need to begin to report your foreign accounts to your home country to stay on the right side of the tax man. You will not owe your home government money on the interest, but they want to know about it. If you have not done one it is also time to take care of having a Thai will so your assets will go to whomever you desire them to go to when you die.

For myself I applaud the government enforcing the law that has previously only been winked at because I am acquainted with three expats who flew out of the country leaving unpaid service providers and hospitals. (One of these literally had his life saved!) Those who do not pay their bills make life harder for those of us who do. This alternative is much less that a HOSPITAL INSURANCE REQUIREMENT for retirees. Think about that premium. A question I shall ask when I renew my annual visa is: "If I have a medical emergency in the three months prior to my annual renewal and top the money up again when I am able to go to a bank will my hospital receipt and topping up my balance within 30 days be enough to demonstrate that I have complied with the 800K requirement?" After all, the money is to demonstrate that we will not be a drain on Thai service providers and hospitals.

Lastly, and this is what you really have to remember, The 800K requirement is for three months prior to your retirement visa renewal. Next day start living off of it for nine months and there goes an easy 600,000 baht of it. Then top your account up again and live from ATM machines for three months. If worked correctly most of the time you won't even have half of 800,000 in a Thai account if you don't want to.
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Re: Retirement visa news - and it's not good

Post by Gaybutton »

James the First wrote:Lastly, and this is what you really have to remember, The 800K requirement is for three months prior to your retirement visa renewal. Next day start living off of it for nine months and there goes an easy 600,000 baht of it. Then top your account up again and live from ATM machines for three months. If worked correctly most of the time you won't even have half of 800,000 in a Thai account if you don't want to.
There is no way I would ever do that. As long as the 800,000 baht rule is in effect, my 800,000 baht is going to stay right where it is - in the bank. The only exception for me would be a dire emergency that would absolutely require me to use that money.

I would be worried that something could happen to prevent me from being able to top it up again. I, for one, am just fine living off my retirement income. I see no need to take out the 800,000 baht only to later have to top it up again.

Also, regarding the 3 expats who skipped the country without paying their bills, I don't see how the 800,000 baht requirement would prevent unscrupulous people from doing the same thing. As a matter of fact, from what I see, it's wealthy people who are far more likely to be unscrupulous and cheapskates about money than anyone else . . .

I do agree with you about nobody losing their money in a Thai bank account. When you hear about things like that happening, it's always due to some sort of scam at an ATM, but I've never heard of a Thai bank going under and people losing their money as a result.
James the First

Re: Retirement visa news - and it's not good

Post by James the First »

Once the computer algorithms are in place the accounts will be frozen at the amount owed a hospital. Just wait, it will occur. I have great faith in and fear of technology. My final argument is for the person who, for whatever reason, just is fearful of having 800K in a "foreign" account any longer than they have to. I join you in the thought of 800K in a permanent account (perhaps given the reduction in deposit insurance mentioned) a totally dedicated account.
Up2u

Re: Retirement visa news - and it's not good

Post by Up2u »

Hopefully, we will have the 65k monthly option available to us not because of fear of losing money in a financial crisis in a Thai bank but because of repatriating money and/or assets in an emergency is a major challenge. I can speak personally of repatriating money here and the hurdles are unbelievable, and that was before I retired.
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Re: Retirement visa news - and it's not good

Post by Gaybutton »

James the First wrote:Once the computer algorithms are in place
In Thailand? If things go in Thailand the way they usually do, by the time they have that technology in place we'll all be gone and long forgotten before that ever happens.

Besides, who says people skipping out on large bills are limited only to bills from hospitals?
fountainhall

Re: Retirement visa news - and it's not good

Post by fountainhall »

I guess I am in the belt and braces camp. I keep a minimum of Bt. 800,000 in my regular savings account for the required 90 days. After renewing my visa, I use the account for the next 9 months, topping it up a few weeks before the minimum time before renewal.

I have medical insurance but have to pay a deductible and a percentage of the total. The good thing is the premium is low. To ensure I do not have to dip into that Bt. 800,000 in the months before renewal I have a second account with another bank in which I ensure I have enough to cover my share of even major surgery. It's also a contingency. In case I have to use more than budgeted for in the main account, I can transfer enough to keep the Bt. 800,000 minimum.

It's certainly a hassle. If I were slightly younger, I'd be tempted by the Thailand Elite 5 year visa. Sure, you lose Bt. 500,000 over 5 years but you don't have the bother of meeting any minimum in your bank account. And there are other benefits, especially if you travel a bit. I know that others here reckon that's a total waste, and perhaps it is. But it makes the whole retirement business a great deal easier.
James the First

Re: Retirement visa news - and it's not good

Post by James the First »

Gaybutton wrote:In Thailand?
Yes, in Thailand. You sound charmingly like me when I said I could not imagine how UPC codes could ever amount to anything. The technology is beyond the control of governments. It is now forced upon them.
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Re: Retirement visa news - and it's not good

Post by Gaybutton »

James the First wrote:I could not imagine how UPC codes could ever amount to anything.
Ok, but we're getting off topic. This is one topic too important to start going off on tangents, so let's stick to the topic now.
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