https://aseannow.com/topic/1250107-i...ent-extension/
There seems to be a nasty rumour going around that an increase in funds required for retirement are due to rise.
I have been told twice now that there is due to be an increase to 2.8 million Baht later this year.
It came from a very long time good friend who got the info from someone who is clued up on immigration issues.
Has anyone else heard anything ?
Doubt they'd raise it from 800k all the way to 2.8mm in one go. They're just going to create tons of illegal immigrants they need to haul away to the IDC.
Thailand has been making it very, very clear for a long while that they're not interested in being a destination for cheapskate retirees. Malaysia has also increased its financial requirements in the last year or so. The options are (1) Cambodia, where USD 250 per year will get you an infinitely extendable retirement visa, no 90-day reports, no mandatory health insurance or (2) buy an Elite visa for more or less 1 million baht (about the same as the "money in the bank" requirement) or (3) marry a Thai citizen so that your visa is extended on the basis of marriage not retirement
Does anyone sane worry about some possible fabrication originating from an unknown friend of a friend on the internet ?
Let's see how many take the bait.
christianpfc (February 15th, 2022), Dodger (February 14th, 2022)
AppositeOriginally Posted by goji
kittyboy (February 20th, 2022)
Complete nonsense.
The people responding to this idiotic rumor on Aseannow are shooting from the hip, and getting themselves even more confused in the process.
After speaking with several RELIABLE sources about this last year - I posted an outline of the potential changes shown below:
SAWATDEE FORUM:
Expat Income Requirements Changing?
What we know:
All retirement visas are inherently the same as they are all issued pursuant to Section 34 (15) of the Thai Immigration Act. The only significant difference between the O and O-A visas is their place of application, and the fact that the O-A visa holders will be required to have 3M THB in health insurance, effective Oct 1, 2022.
- Visa changes are in the process of being made (confirmed)
- Programs established for attracting wealthy retiree's (confirmed)
- Financial income requirements for Long Stays to be increased (highly probable)
- Insurance policies for expats > 70 y/o developed and available for purchase (confirmed)
- Health insurance mandate standardized across all Long Stay visa classifications (possible)
- Visa restructuring, i.e., streamlined, simplified, updated, gaps closed (probable)
- Grandfather clause for income requirements similar to 1998/2003 revisions (probable)
- Continuous extension provisions established to quality for Grandfathering (probable)
What we can assume from what we know:
- Changes will be introduced sometime in 2022 (probable)
- Retirees will be required to have health insurance (3M THB) (possible)
- Retirees who have >2 yrs continuous extensions, with no interruptions, classification changes, cancellations, or lapses, may be grandfathered from income increase (probable). Ranked "probable" because this is how immigration handled grandfathering to the 2003 revisions.
Note: The financial income requirement for retirees was last changed to 800k baht and 65k baht income in 2003. Marriage was changed from 250k baht and 25k baht income to the 400k baht and 40 baht amounts in the same year. Those who were on continuous extensions of stay based upon retirement in 1998 were grandfathered and the 2003 increase did not apply to them.
Why would it be important to not change your visa classification at this time? Because doing so could potentially be considered a break in your “continuous extensions” as interpreted by Immigration, resulting in your disqualification from being “grandfathered”. This of course is only speculation at this time, but in the event this were to happen, you could potentially be forced to comply with the revised (2022) financial income requirement.
General Visa Stuff:
Thailand has 11 different major visa types as follows:
- Special tourist visa (STV)…not to confused with STD
- Tourist visa (TR)
- Non-immigrant Visa-B (Business)…and MFAS
- Non-immigrant Visa-B (Working)
- Non-immigrant Visa-ED
- Non-immigrant Visa-O-A (Long Stay)
- Non-immigrant Visa O-X (Long Stay)
- Non-immigrant Visa-O (Thai Spouse)
- SMART Visa
- Tourist MT Visa (Medical Treatment)
- Elite Visa
For comparison purposes, the U.S has 31 major visa types, China has 16, Cambodia 6, and Australia with over a hundred. Cambodia is the only country (of the ones mentioned) that actually has a Retirement Visa (ER) for foreign nationals over the age of 55 who are retired and can support themselves financially without working. This 12 month visa can be extended annually.
I've said it before and I'll say it again - Don't worry until there is something to worry about. So far there is nothing. One post by someone who says he heard it from a reliable source is not my idea of something to worry about. There are plenty of people who would say Donald Trump is a reliable source too.
Folks, if any such thing was even being contemplated, would you actually buy the idea that only one person has heard about it and told anyone? Do you truly believe even Thailand would suddenly more than triple the requirement?
Forget it.
christianpfc (February 15th, 2022)
My guess this has more to do with expats that are unlucky enough to hold O-A long stay visas that cannot get mandatory health insurance and must show adequate funds on hand to meet self insurance requirements.
"In the land of the blind the one eyed man is king"
Several Thai approved insurance companies recently developed policies to address this concern. Expensive yes...but at least a viable option for those in need. If this type of policy is unaffordable to someone - the use (or continued use) of an agent seems to be the only other option.
On another thread of yours about the expat population decreasing some that are unable to get insurance are returning to their home country ie.U.S. and U.K.where they can get medicaid or in the case of the U.K. free care via the N.H.S.
"In the land of the blind the one eyed man is king"
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