Expat Income Requirements Changing?

[2lz2p]

Interesting video, but as the person notes, he and his Thai legal staff have seen nothing officially of a change in financial requirements for retirement. But he does note that it may be a an indication of changes that will come about in the (near?) future.

Will such change come about -- IMO it is possible. The current requirement for 800,000 baht has been in place for more than 20 years. Needless to say, costs in Thailand have increased over those years. But, if it does come about, it most likely will only impact those obtaining visas or doing first extensions after rules are officially changed (which, as yet have not happened).

In the past, when changes were made, those already on extensions of stay were "grand fathered" in and so long as they keep their extensions continuous, the old amount (800k for most of us. Section 2.22 of the current Immigration Police order governing extensions has the following re those that were on extensions of stay prior to October 21, 1998:

(6) An alien who entered the Kingdom before October 21, 1998 and has been
consecutively permitted to stay in the Kingdom for retirement shall be subject to the following
criteria:
(a) Must be 60 years of age or over and have an annual fixed income with fluids
maintained in a bank account for the past three months of no less than Baht 200,000 or have
a monthly income of no less than Baht 20,000
(b) If less than 60 years of age but not less than 55 years of age, must have an annual
fixed income with funds maintained in a bank account for the past three months of no less
than Baht 500,000 or have a monthly income of no less than Baht 50,000

[Dodger]

The fact that the Managing Director of the Law Firm speaking in this video didn't contact the Royal Thai Consulate in LA directly to question this erroneous requirement BEFORE broadcasting this video publicly is both negligent and totally unprofessional in my opinion.

Law firms like this have a track-record of fear mongering when it serves their best interest, and personally, I won't pay any heed to this piece of flimsy speculation at all.

There are 63 Thai embassies and 40 consulates operating around the world and not a single one (other than LA) has mentioned this erroneous requirement. According to the Managing Directors own statements, there has been no mention of this policy change in Thailand at all. And that includes the Thai lawyers who work in his office, who, one would assume, are connected to the network over here and have their ears close to the train tracks. And one has heard anything?

He should have contacted the LA Consulate before opening his mouth...Bottom Line.

React as you choose. But I wouldn't go changing your visa classification (O, O-A, etc.)...messing with your bank account(s), or anything else based on this nonsense.

As 2Lz2p mentioned, if changes like this were to occur in the future they would probably apply the "grand father" clause anyway.

[Dodger]

Maybe the Integrity Legal Law Firm who produced this video should look at the LA Thai Consulates web site again. It appears as if the error has already been corrected. Go figure!

(Site link below)

O-A Visa Requirements:

4. Bank statement or evidence of adequate finance showing
– a deposit of the amount equal to and not less than 800,000 Baht; or
– an income certificate (an original copy) with a monthly income of not less than 65,000 Baht; or
– a deposit account plus a monthly income totaling not less than 800,000 Baht.
– In the case of submitting a bank statement, a letter of guarantee from the bank
(an original copy) is required.

https://thaiconsulatela.org/en/visa/...-category-o-a/

[Manforallseasons]

Maybe the Integrity Legal Law Firm who produced this video should look at the LA Thai Consulates web site again. It appears as if the error has already been corrected. Go figure!

(Site link below)

O-A Visa Requirements:

4. Bank statement or evidence of adequate finance showing
– a deposit of the amount equal to and not less than 800,000 Baht; or
– an income certificate (an original copy) with a monthly income of not less than 65,000 Baht; or
– a deposit account plus a monthly income totaling not less than 800,000 Baht.
– In the case of submitting a bank statement, a letter of guarantee from the bank
(an original copy) is required.

https://thaiconsulatela.org/en/visa/...-category-o-a/

This is there original site the video references the new updatesd site.

[Dodger]

This is there original site the video references the new updatesd site.

OK...here's the so-called "updated site": https://thaiconsulatela.org/en/non.o/

You'll notice that the Updated Site (LA Only) being discussed in the video also says the following:

"TYPE "O" VISA HOLDERS ARE PERMITTED TO STAY IN THAILAND FOR 90 DAYS"
"TYPE "O-A" VISA HOLDERS ARE PERMITTED TO STAY IN THAILAND FOR 1 YEAR"

Choke on that one...if you're into get fear-mongered.

[Gaybutton]

Law firms like this have a track-record of fear mongering when it serves their best interest, and personally, I won't pay any heed to this piece of flimsy speculation at all.

And it wouldn't be this guy's first time. It is exactly what you call it - fear mongering.

If anyone out there wants to get themselves nervous or frightened by this, be my guest.

Meanwhile, this was also posted on my board. I deleted it. I'll scare people when there's a good, valid, confirmed reason to scare them. This isn't it. There has been more than enough of that over the past few years.

The easiest way to avoid O-A visa problems is not to get an O-A visa. Come to Thailand. Get your retirement visa here. Now you'll have the O visa. Seems like a no-brainer to me.

[Manforallseasons]

And it wouldn't be this guy's first time. It is exactly what you call it - fear mongering.

If anyone out there wants to get themselves nervous or frightened by this, be my guest.

Meanwhile, this was also posted on my board. I deleted it. I'll scare people when there's a good, valid, confirmed reason to scare them. This isn't it. There has been more than enough of that over the past few years.

The easiest way to avoid O-A visa problems is not to get an O-A visa. Come to Thailand. Get your retirement visa here. Now you'll have the O visa. Seems like a no-brainer to me.

….

[Armando]

Will such change come about -- IMO it is possible. The current requirement for 800,000 baht has been in place for more than 20 years. Needless to say, costs in Thailand have increased over those years. But, if it does come about, it most likely will only impact those obtaining visas or doing first extensions after rules are officially changed (which, as yet have not happened).

I thought I had read somewhere a few months ago that the government had set up yet another committee to review the entire issue of retirement visas. As @2lz2p points out, the present system and income amounts have basically been in place for decades. Various Immigration chiefs have tinkered with it but I do think a complete revision should take place to make retirement more simple and with just oe or two options.

Every time this topic comes up, I get the feeling there are those in government who want to encourage retirees to change over to the Thai Elite scheme. Presently this provides several options, the most popular probably being a 5 year stay for 600,000 Baht with the option to extend by a further 15 years for an additional 400,000 Baht. The scheme offers additional benefits but few are likely to be of much interest to most retirees. The problem of course is that these are non returnable fees. On the other hand, the 800,000/400,000 baht in an account route for virtually for each year cannot be touched unless you leave the country or die - as far as i understand it.

I know several retirees without pensions or social security who have joined the Elite scheme and are very happy with it. But then they know they plan to remain in the Kingdom for the rest of their lives - or are rich!

[Dodger]

.

I know several retirees without pensions or social security who have joined the Elite scheme and are very happy with it. But then they know they plan to remain in the Kingdom for the rest of their lives - or are rich!

Every time this topic comes up I find myself either laughing, choking, groaning, gagging, or just getting dizzy and falling into a catatonic trance.. Not sure why this happens. Just a natural reflex I guess.

If my monthly retirement income wasn't enough to qualify for a retirement visa in Thailand, I wouldn't have retired here. Having 800,000 THB frozen in a Thai bank account is something I would never even consider. The Elite Plan is a sham. It would be a cold day in hell before I walked into Immigration and handed anyone 600,000 THB for anything.

This is Thailand. And the way I look at it, they (Immigration) will do everything in their power to get as much money from you as they can, and will use their legal discretion (legal loop holes) to do exactly that. The only way to beat them at this game is to not play the game. And the only way to not play the game is to comply with the requirements. No huge sums of money frozen in their banks. No small fortunes slid into their pockets. And no visa agents - who serve as nothing more than the conduit for the flow of funny-money into the same pockets. You either have the income necessary to live here - or you don't.

If they were to ever raise the monthly income levels in excess of what I'm bringing in without having a "grandfather" clause,, I'd move to another country.

I fully understand that some people have plenty of money in the bank, but don't have a monthly retirement income that meets the minimum requirements. For them, I guess the 800,000 THB method is something to consider, BUT, only if they're financially secure enough to be able to freeze this amount of money in their bank without incurring any financial hardships. The problems come into play (happens often) when people are not financially secure enough to do this on a continual basis and start having financial problems. To be honest, if I was in their shoes, I would not have selected Thailand as my place for retirement.

[Armando]

Every time this topic comes up I find myself either laughing, choking, groaning, gagging, or just getting dizzy and falling into a catatonic trance.. Not sure why this happens. Just a natural reflex I guess.

If my monthly retirement income wasn't enough to qualify for a retirement visa in Thailand, I wouldn't have retired here. Having 800,000 THB frozen in a Thai bank account is something I would never even consider. The Elite Plan is a sham. It would be a cold day in hell before I walked into Immigration and handed anyone 600,000 THB for anything.

So assuming you did not have social security at a certain level or a pension because you had worked for various companies without pensions - true of many who work in Asia - where would you have retired to? You forget that not every one is as fortunate as you. Some others have to find different ways, either through the 800,000 route or Thailand Elite. Is there another route for those who have no pension? As for those who dismiss Thailand Elite, I know several who are members and not one thinks it is anything but a great move for them in their financial circumstances. Which is the better alternative? 800K locked in a bank account for life or until you leave (I believe) or 1 million for 20 years visa?

And remember that if the government can change the Thailand Elite programme, it is in my view more likely to change the retirement visa requirements first. Thailand Elite seems to be aimed primarily at those the government actually want to live here. Does it want everyone paying 65K per month when that amount has remained static for a great many years. Surely it is bound to go up sooner rather than later. And of so, by how much? Remember too that the 800,000 route was changed only a couple of years ago to make that route more difficult for many people. For how much longer will that 65K remain at that level?