Visa With 800,000 Baht

[Dodger]

I choose not to use that option because there is no guarantee that option will remain. If it ever comes down to the only way to get the retirement visa is the 800,000 baht in a Thai bank account method, like it or not I intend to make sure I have it.

Understood.

Having similar concerns regarding what the options would be in the future, I opted to use the 65k method, for the mere fact that I would never allow Thailand (or anyone) to put controls on my bank account and/or spending. That's just the bottom line with me.

The 65k method has been in place for decades, after it was revised from something like 50k/month for expat retiree's which was in place for many decades previously. I just don't think the monthly income method will ever be removed as an option for residing here. But that's just me thinking out loud. Each person has to do what they feel is best, and this being Thailand, nothing's ever for sure.

[Dodger]

I have to assume that those who chose the 800k method did it because they had no other option. If by chance a person can use the 65k income method that would certainly be advisable. A person is free to switch between these two "methods" at their discretion (at renewal time).

I have no problem meeting the income requirement and have been living for almost 3 years on the sale of my Thai condo and still have more than 800,000 in my account however, at the current exchange rate I am not anxious to use my dollars as a monthly deposit into my Thai account while all this time my monthly income multiplies in my home account.

That certainly makes sense, but having 800,000 THB (U.S. $26,000) that's half-frozen and falls under the scrutiny by these Bozo's isn't such a sweet deal either.

Damned if you do - damned if you don't!

[Jun]

Unless anyone has superior insight, there is no guarantee that the next move in exchange rates will be in your favour. If the markets efficiently price that exchange rate, it follows that there is about a 50% chance of the next move being up and 50% of it being down.

If living in Thailand, then to me it would make sense to have some assets in Asian currencies and some cash in Thai baht. Even spending just a few months a year in the region, I do that.

What I wouldn't like is having the 800,000 more or less frozen. If dipping into that means a loss of visa entitlement, then it's not much use for spending in case of a minor emergency !

[Gaybutton]

this being Thailand, nothing's ever for sure.

That is precisely the problem. While the 65,000 baht per month method works fine for now, the problem is there is nothing in place to guarantee how long that will continue or the means of proving it won't change. I'd love to be able to spend that 800,000 baht - and I would spend it right here in Thailand - but my fear is if I do spend it, that's when something will go wrong with the 65,000 baht per month method.

As much as I dislike being forced to keep 800,000 baht untouchable, I won't risk losing my retirement visa by spending it. So, as long as nothing happens that would force me to spend it, it's going to continue just sitting there in my Thai bank account.

For me, relying on the 65,000 baht per month method is just too risky until and unless Thailand engraves it in stone to the point that I can feel certain and secure that method will continue to work. It probably will continue to work, but speaking only for myself, "probably" just isn't good enough.

[Undaunted]

I'd love to be able to spend that 800,000 baht - and I would spend it right here in Thailand - but my fear is if I do spend it, that's when something will go wrong with the 65,000 baht per month method.
As much as I dislike being forced to keep 800,000 baht untouchable.

It feels like a form of ransom.

[Gaybutton]

It feels like a form of ransom.

Ransom. Extortion. Whatever best describes it, it's a hell of a lot of money to force retirees to hold virtually untouchable.

The part mostly responsible for it ending up on my "I Don't Get It" list is the idea behind it - making sure foreign retirees have enough money to support themselves, especially in case of an emergency. But if an emergency arises and you're forced to spend it, now you lose your eligibility for the retirement visa if you can't replace it or can't replace it quickly enough.

I don't see how so much money sitting in a Thai bank account helps anyone other than the banks. I don't understand why that is better than letting foreigners spend it in Thailand, which would help a great many more Thai people than it being untouchable in a Thai bank account.

Who came up with that in the first place? If somewhere along the line it actually makes sense, I'd like someone to explain it to me - because definitely "I Don't Get It".

[pong]

Back to Q; now I realise the REASON behind this was a ´scam´ discovered by smart Thai investigators that some poorer farang simply rolled over that sum, so that as much as 5/6 persons could show they had it in their bank (for a week or so), based on a system of mutual trust, perhaps also organised by some visa-processing agent. I don't have to comply with it-I am only here when the weather is too cold for comfort back home and not too overly hot here, so don't bother.
The final result of really sticking to the rules (not a thing that's very common in TH anyway) is that when you really would need that sum, most likely sickness by yourself (and not that of a certain buffalo from a nice friend) and sink through the threshold, you are more or less then forced to go home, or elsewhere that sets less stringent rules. So that TH gets relieved of a potential burden, as that seems the main reason behind it all.

[lukylok]

TH gets relieved of a potential burden, as that seems the main reason behind it all.

Perfectly logical from a Thai point of view.

If you delve into the sum, it won't be available if you are sick, and if you cannot replace it, you have to move and not be an eventual burden on Thailand.

Not likeable but effective.

[Gaybutton]

Perfectly logical from a Thai point of view.

I don't see it that way. Imagine billions more baht going into the Thai population rather than being held by banks. To me, that is what would be perfectly logical from a Thai, or anybody's, point of view.

In my opinion, when a few have caused problems, you don't deal with it by coming up with blanket rules and regulations that end up hurting the vast majority of perfectly innocent people. It might solve certain problems, but it also creates problems. There are better ways of handling these things.

Again and again, I blame the embassies. When Thailand insisted that true proof of income be guaranteed by the embassy affidavits, the embassies dealt with it by refusing to issue any more affidavits. They said it is too difficult to check people's actual monthly income.

Why? What makes it so difficult for embassies to be able to check? If verifiable evidence can be shown to a Thai immigration officer, and be accepted as genuine - right then and there on the spot, where does a hard part for the embassies come in? Can't they check the same paperwork Thai immigration officers check?

[Dodger]

I'd love to be able to spend that 800,000 baht - and I would spend it right here in Thailand - but my fear is if I do spend it, that's when something will go wrong with the 65,000 baht per month method.

You and I are on the same page with this, but we took different approaches regarding risk mitigation:

I chose the 65K method, although have a separate account (Thai bank) with +800k in the event that things ever changed in the future and I needed it for visa renewal purposes. By taking this approach, I was able to avoid having controls placed on any of my accounts ($$$ money$$$), and simply use my monthly income statement for visa renewal purposes.

As a side item: I didn't like the fact that in order to comply with the 65k method, I was forced to open a direct deposit account at Bangkok Bank, because that is the only bank in Thailand where my monthly SSA deposits can be processed. So, I followed the rules, and opened the account, although, I withdraw the total amount of my foreign deposits at Bangkok Bank on a monthly basis ...hop on my motorbike...take a 5 minute ride... and deposit the money in my Kasikorn Bank account which I've had for years and wasn't forced to open. It's just a matter of principle to me, but I don't give Bangkok Bank the opportunity to use a single baht of my money for their own investment purposes. I simply use them as a service to receive my foreign deposits.