New rules for retirement visa

General Udon Thani topics only!
User avatar
Giggle
udonmap.com
Posts: 1095
Joined: October 18, 2016, 4:24 pm

Re: New rules for retirement visa

Post by Giggle » February 9, 2019, 3:48 pm

Monthly international transfers quickly become a cost-inefficient way to do it for most -- and will probably be phased out as an option down the line, as it requires too mut thinking.

"Show us the money" should replace "bad guys out, good guys in" as the slogan.



samuel
udonmap.com
Posts: 498
Joined: July 31, 2014, 11:00 am
Location: Udon Thani

Re: New rules for retirement visa

Post by samuel » February 9, 2019, 8:19 pm

rick wrote:
February 9, 2019, 3:40 pm
…or 40,000 baht EVERY month into a Thai bank as a foreign transfer for the income method…
if using TransferWise in order to save money be aware that TransferWise will appear as "local transfer" in your bank book.
so this might not be an option for UTH IO.
.
Transferwise.jpg

johanthomsen
udonmap.com
Posts: 41
Joined: March 7, 2018, 8:11 am
Location: Faroe Islands

Re: New rules for retirement visa

Post by johanthomsen » February 9, 2019, 8:34 pm

There must be some work around regarding transferwise, since it goes off ones own account in home country and one self is recipient with a bank account recipient created at their site

User avatar
sometimewoodworker
udonmap.com
Posts: 1456
Joined: October 7, 2008, 11:19 am

Re: New rules for retirement visa

Post by sometimewoodworker » February 9, 2019, 9:13 pm

johanthomsen wrote:
February 9, 2019, 8:34 pm
There must be some work around regarding transferwise, since it goes off ones own account in home country and one self is recipient with a bank account recipient created at their site
However it is a domestic transfer in your home country to TW and a domestic transfer in Thailand from TW to your account.

Some people have found that with a Bangkok Bank account it is often coded as an international transfer even though it is a domestic transfer.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

johanthomsen
udonmap.com
Posts: 41
Joined: March 7, 2018, 8:11 am
Location: Faroe Islands

Re: New rules for retirement visa

Post by johanthomsen » February 10, 2019, 12:49 am

sometimewoodworker wrote:
February 9, 2019, 9:13 pm
johanthomsen wrote:
February 9, 2019, 8:34 pm
There must be some work around regarding transferwise, since it goes off ones own account in home country and one self is recipient with a bank account recipient created at their site
However it is a domestic transfer in your home country to TW and a domestic transfer in Thailand from TW to your account.

Some people have found that with a Bangkok Bank account it is often coded as an international transfer even though it is a domestic transfer.
Hmmm.. How can it be a domestic transfer to TW when on my bank account it says after moving to money Thailand that it is transfer abroad.. Confusing :-k :-k :-k

User avatar
sometimewoodworker
udonmap.com
Posts: 1456
Joined: October 7, 2008, 11:19 am

Re: New rules for retirement visa

Post by sometimewoodworker » February 10, 2019, 7:09 am

johanthomsen wrote:
February 10, 2019, 12:49 am
sometimewoodworker wrote:
February 9, 2019, 9:13 pm
johanthomsen wrote:
February 9, 2019, 8:34 pm
There must be some work around regarding transferwise, since it goes off ones own account in home country and one self is recipient with a bank account recipient created at their site
However it is a domestic transfer in your home country to TW and a domestic transfer in Thailand from TW to your account.

Some people have found that with a Bangkok Bank account it is often coded as an international transfer even though it is a domestic transfer.
Hmmm.. How can it be a domestic transfer to TW when on my bank account it says after moving to money Thailand that it is transfer abroad.. Confusing :-k :-k :-k
Because the money you pay to TW does not leave the country you pay it in.

The money TW transfers to you is from their own deposit in Thailand.

Your money doesn't move internationally.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

Chuchi
udonmap.com
Posts: 329
Joined: April 17, 2016, 1:55 pm

Re: New rules for retirement visa

Post by Chuchi » February 10, 2019, 8:13 am

Apologies for my ignorance on the subject as I’ve always used the 800k baht method but from my understanding I will have to leave 400k dormant in my bank.Regarding 65k income per month income

1.Can you spend it or do you have to accumulate for a year?
2.Can it be separate transfers eg. 40k then 25k?
3.If I was thinking to go to the 65k route would it be preferable to initiate it the month before my renewal ?
4.Anybody on this already what’s the easiest way to keep a record, put your bank book through the atm/update once a month?
I understand these questions may sound ridiculous to some but I’m honestly clueless regarding the income method

Cheers

User avatar
sometimewoodworker
udonmap.com
Posts: 1456
Joined: October 7, 2008, 11:19 am

Re: New rules for retirement visa

Post by sometimewoodworker » February 10, 2019, 11:34 am

Chuchi wrote:
February 10, 2019, 8:13 am
Apologies for my ignorance on the subject as I’ve always used the 800k baht method but from my understanding I will have to leave 400k dormant in my bank.Regarding 65k income per month income

1.Can you spend it or do you have to accumulate for a year?
2.Can it be separate transfers eg. 40k then 25k?
3.If I was thinking to go to the 65k route would it be preferable to initiate it the month before my renewal ?
4.Anybody on this already what’s the easiest way to keep a record, put your bank book through the atm/update once a month?
I understand these questions may sound ridiculous to some but I’m honestly clueless regarding the income method

Cheers
To the best of my understanding at the moment of the newest rules, that are subject to change, the proof of income section only applies to US UK Australian and Danish citizens.

1 not clear but you probably/may need to keep 400,000 in the account the rest can be spent, though the 3 months after rule is very unclear so you may have to accumulate during that period as well. (You will have to ask the immigration office when you apply)

2 total of at least 65k per month international transfer more than 1 international transfer should be acceptable.

3 if you do that it will be probably refused. The rules have been published in time for international transfers to be started in February 2019.

My guess is that if you haven't started international transfers by the end of February 2019 (possibly if immigration is feeling generous March 2019) you will be unable to get an extension using the income or combination method in 2019 or very early 2020. The rule states 12 months of transfers, with discretion available to immigration officers in 2019/early 2020 to accept less than 12 months.

4 you will need a bank statement (it lists every movement and balance) as well as the bank book so probably it isn't necessary to have every movement listed in the bank book, however using a different account day to day will keep the numbers of movements low making the international transfers obvious.

With the latest guidance the income method is now much less clear than it was so your confusion is understandable. The 800k deposit is much easier to understand and comply with specially if you don't need to use the money.
Last edited by sometimewoodworker on February 10, 2019, 12:03 pm, edited 1 time in total.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

Chuchi
udonmap.com
Posts: 329
Joined: April 17, 2016, 1:55 pm

Re: New rules for retirement visa

Post by Chuchi » February 10, 2019, 11:57 am

Thanks sometimewoodworker much appreciated

DuiDui49
udonmap.com
Posts: 875
Joined: March 15, 2006, 3:10 pm
Location: Koh Samui

Re: New rules for retirement visa

Post by DuiDui49 » February 10, 2019, 4:55 pm

Just wonder for how long more Savannakhet is going to be an option for Marriage Visa and whithout showing any proof of Income..Me think,soon that lopehole going to shut down too..
Best regards
//DuiDui
"Exercise is individual and nutrition is queen: together, you have a kingdom."

“Gratitude is not only the greatest of virtues but the parent of all others.” 

"To grow and mature demands time and willingness to learn from your own misstakes"

User avatar
parrot
udonmap.com
Posts: 9203
Joined: March 19, 2006, 8:32 pm

Re: New rules for retirement visa

Post by parrot » February 10, 2019, 5:02 pm

Back in the daze before anyone in Udon had email........and I had questions about the visa situation here....I had to send a letter to a retired GI friend here and wait 2 months for him to reply. I'm pretty sure if I was considering moving here from the US today....given the thousands and thousands of posts about the current visa situation....I would opt to not move here. Way too confusing, even though I live here and can read through most of the bs.
I think the question shouldn't be 'how many expats are going to bail as a result of new rules', instead it should be how many potential expats are going to decide to not come.

dunroaming
udonmap.com
Posts: 817
Joined: July 14, 2009, 1:34 pm

Re: New rules for retirement visa

Post by dunroaming » February 10, 2019, 9:12 pm

parrot wrote:
February 10, 2019, 5:02 pm
Back in the daze before anyone in Udon had email........and I had questions about the visa situation here....I had to send a letter to a retired GI friend here and wait 2 months for him to reply. I'm pretty sure if I was considering moving here from the US today....given the thousands and thousands of posts about the current visa situation....I would opt to not move here. Way too confusing, even though I live here and can read through most of the bs.
I think the question shouldn't be 'how many expats are going to bail as a result of new rules', instead it should be how many potential expats are going to decide to not come.
The other question parrot is how many are going to get married to meet requirements as that's the way immigration is pushing everyone towards.

User avatar
Lone Star
udonmap.com
Posts: 5698
Joined: June 26, 2014, 11:52 pm

Re: New rules for retirement visa

Post by Lone Star » February 10, 2019, 9:58 pm

Pushing expats into marriage? No. Requiring expats to prove their ability to support themselves.

If expats choose to get "creative" and marry so that they can keep less on account, that's the bright idea of the expat.

I suspect that when expat marriages spike, Thai Immigration will exercise extra scrutiny on ALL marriage visas. Another scenario where the bad will cause more hassles and suffering for the good. Gaming the system is how we got to this point.
AMERICA: One of the Greatest Stories Ever Told.

dunroaming
udonmap.com
Posts: 817
Joined: July 14, 2009, 1:34 pm

Re: New rules for retirement visa

Post by dunroaming » February 10, 2019, 10:02 pm

Lone Star wrote:
February 10, 2019, 9:58 pm
Pushing expats into marriage? No. Requiring expats to prove their ability to support themselves.

If expats choose to get "creative" and marry so that they can keep less on account, that's the bright idea of the expat.

I suspect that when expat marriages spike, Thai Immigration will exercise extra scrutiny on ALL marriage visas. Another scenario where the bad will cause more hassles and suffering for the good. Gaming the system is how we got to this point.
Tomorrow I might be able to answer this better have a friend coming for lunch and will ask him about his day job and what's caused the changes from his point of view

DuiDui49
udonmap.com
Posts: 875
Joined: March 15, 2006, 3:10 pm
Location: Koh Samui

Re: New rules for retirement visa

Post by DuiDui49 » February 17, 2019, 10:53 am

Holding the balance: Phuket Immigration clarifies new rules on retirement visas to start March 1
Read more at https://www.thephuketnews.com/holding-t ... s7uRBb5.99



Clear as mud..;-)
Best regards
//DuiDui
"Exercise is individual and nutrition is queen: together, you have a kingdom."

“Gratitude is not only the greatest of virtues but the parent of all others.” 

"To grow and mature demands time and willingness to learn from your own misstakes"

minimiglia
udonmap.com
Posts: 344
Joined: January 31, 2017, 10:24 am

Re: New rules for retirement visa

Post by minimiglia » February 17, 2019, 11:17 am

Why???????? 800000 3 month before renewal and 3 months after and 400000 for the next 6 months, simple???

User avatar
sometimewoodworker
udonmap.com
Posts: 1456
Joined: October 7, 2008, 11:19 am

Re: New rules for retirement visa

Post by sometimewoodworker » February 17, 2019, 12:31 pm

minimiglia wrote:
February 17, 2019, 11:17 am
Why???????? 800000 3 month before renewal and 3 months after and 400000 for the next 6 months, simple???
Not quite the new rules are 800,000 2 month before renewal and 3 months after and 400000 for the next 7 months.

Though working on the 3+3+6 is certainly safe
Jerome and Nui's new househttp://bit.ly/NJnewHouse

glalt
udonmap.com
Posts: 1636
Joined: January 14, 2007, 10:35 am
Location: Nong Hin, Loei

Re: New rules for retirement visa

Post by glalt » February 17, 2019, 1:35 pm

I too think that if you can't meet these financial requirements that you cannot afford to live here. Living on a tight budget is not my idea of a pleasant retirement. You certainly don't need to be wealthy.

User avatar
Lone Star
udonmap.com
Posts: 5698
Joined: June 26, 2014, 11:52 pm

Re: New rules for retirement visa

Post by Lone Star » February 17, 2019, 1:37 pm

glalt wrote:
February 17, 2019, 1:35 pm
I too think that if you can't meet these financial requirements that you cannot afford to live here. Living on a tight budget is not my idea of a pleasant retirement. You certainly don't need to be wealthy.
Agree. A tight budget here means near impossible anywhere in the Western World.

Best scenario is just put 800,000 in the bank, leave it there and sleep well.
AMERICA: One of the Greatest Stories Ever Told.

skinner
udonmap.com
Posts: 476
Joined: June 17, 2015, 1:57 pm
Location: Nong bua lamphu

Re: New rules for retirement visa

Post by skinner » February 17, 2019, 1:45 pm

glalt wrote:
February 17, 2019, 1:35 pm
I too think that if you can't meet these financial requirements that you cannot afford to live here. Living on a tight budget is not my idea of a pleasant retirement. You certainly don't need to be wealthy.
Do you really think you need 800,000 baht to live in Thailand ?.
I know MANY people here who have know where near that income , and live a perfectly happy life. Even guys who eat western food everyday and drink often.
Of course the requirements are just that, requirements for the extension , not requirements for a happy life.
IMO not much will change other than the price of the bribe at immigration to ignore the financial requirements.

Post Reply

Return to “General Udon Thani Forum”