What is the history and significance of the 800,000 baht requirement for retirement visas in Thailand?

as to mandatory retirement insurance:

thai govt should require every

tourists to buy health insurance

or contribute to a broad fund

set up by the govt for this

purpose. There are always

news that Thai public health

system spent too much on

foreigners or default withouT

settling the bill after treatment. which led to

immigration required OA retirees to buy

mandatory health insurance, however, the particular case in nov 2023

of a british man suffered from leukemia and unable to settle Thai hospital bill of about british pound sterling (reported in bangkokpost and thaiger)shows that mandatory

insurance for retirees simplily could not help

govt to reduce public health expense, but the

retirees suffer due to extremely high

insurance fee (comes with old age) and the

exclusion on pre conditions and all illness

that may arise from pre conditions, but are

retirees more susceptible to the latter illness

than other new medical problems, for

example, if common healtH priblems such as

diabetes, high blood pressure, and chlestrol

are all excluded from protection, maybe the

health insurance only useful for some cancers

such as lung cancer or PSA problem?

this case supports Thai govt intention to impose tourist tax to offset medical expense spent for foreigners

76-british-citizen-stranded-in-thai-hospital-with-a-0-baht-plea-to-escape/ (and required bank deposit or proof of monthly income)

They doubled the amount for both marriage and Retirement. It was pretty sloppy with false claims of income and false bank accounts, so they tightened up the ship after a few had to plead to their embassies for money to go home.

OK:

lets say u use ur logic an the 800,000 is so ur not a burden on thailand in case shit goes bad

BUT u have 65,000 method< you could have zero savings

How does that stop u from being a burden, if things go sideways?

There are around 100,000 people with retirement visas in Thailand. The total of their compulsory deposits is 100,000 * 800,000 = 80 billion baht. Thai banks' total desposits are around 17 trillion baht. Therefore, expat retirees' compulsory deposits make up only around 0.5% of total deposits. This doesn't have any meaningful impact on the value of the baht.

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personally i am more concerned with air quality now than financial or insurance requirement now in view of recent reports

this youtuber, a lawyer, always keep track of local visa or immigration policy, integrity legal

there has been talk or rumour that the requirements will be raised, not only financial requurement, but so far seems only elite visa requirement has been drastically raised last year or so. Anyway the mandatory health insurance for retirement visa implementd in2019 was also said to be necessary due to foreigner causing great expense on thai public health service

Good for the banks but nothing to do with propping up the baht.

I got my first retirement visa in 2003 it was 800 000 then

Most any country with the time will require proof of funds for residence. Tourists, not so much. Usually you hear this complaint from first time expats.

@Marty ********

as you know, as you have a LTR Visa, there are Visas where you need no funds in a Thai Bank just a good income. Also as pointed out by others on the Non O after the first year you can go to the monthly deposit. Living in Thailand is a privilege and I'm happy I qualify and they let me.

Raised it from 400,000 to 800,000 about a decade ago. Still have the 65,000 per month income option to savings.

Banks don’t give a shit. Think of the trillions held in Swiss accounts because of no one to claim the money.

Only an inconvenience for the depositors who cannot spend down past 400,000. Many make arrangements for the chick to clean out the account when dead. ☠️ Remember to give a good friend the PIN not the chick with instructions on what to do.

As an aside, the quickest way to killing yourself is to have life insurance with a Thai chick as the beneficiary. Her family will kill you.

The 800,000 requirement for retirement visas in Thailand has been in effect since 2008. Before that, the figure was lower, at 400,000 baht. The increase was implemented to ensure that retirees have sufficient funds to support themselves during their stay in Thailand.

Regarding the benefit for Thai banks, it is true that having these funds in their coffers can provide stability and contribute to the overall strength of the Thai economy. However, it’s important to note that these funds are not directly used by Thai banks to shore up the baht or for international market activities. The funds are primarily meant to demonstrate financial stability and self-sufficiency for retirees seeking a retirement visa.

As for the number of retirees who pass away or leave Thailand without withdrawing their funds, specific data on this matter is not readily available. It would require a detailed analysis of individual cases and circumstances.

So there are 3 methods to meet the non-O financial requirements: the 800k deposit method, the 65k/mo monthly income method, and the combination method (only in some immigration offices). There are also different deposit requirements for single (800k) and married (400k) extensions.

All these allowed methods don't add up, to me, to be consistent with the simple explanation that the 800k is to bail you out in an emergency. There is no consistency. (not that there has to be)

Correct me if I am wrong but do they ask for the wife's financials when applying for a marriage extension? If not then that doesn't explain the lower 400k deposit for the marriage extension.

Also, my previous OA visa required health insurance AND I was required to deposit 800k. I actually kept a deposit of 1,200,000 in my bank to cover the immigration requirement and 400,000 to cover emergencies.

My 10 year pensioner LTR visa doesn't require a bank deposit but does require health insurance and a fairly high yearly income. That combination makes a little more sense.

At some point it was 500,000 baht but not sure when the figure was increased to the current 800k

You get a Will in Thai Law with a good reputable professional firm.

Not a one man cheapskate.

You are required to supply medical proof you are of sound mind or the Will is invalid.

You set up your Beneficiaries as Executors.

While ensuring that the Law Firm will do the Probate if required.

A Will without Probate is useless.

And once the Will is done you check it with the Bank.

Any accounts based in another country require a separate Will.

You really believe the retirement 800k is "shoring up" the baht? Seriously? Geez, there's some deluded people around! 😂

I don’t think it is a conspiracy to support the banks but it is something many countries do. Maybe they are just copying each other.

It is a bit of a filter to discourage poor people from settling here. I’ve heard plenty of people comment that they have never had 800,000 ($22,555) in any bank in their life.

Definitely a great deal for them. But I can’t really imagine why anyone would do this. Financial foolishness at best to leave 800k doing nothing

Just a question, do you have to leave that money there all the time? Or do you just have to make sure it’s there at visa renewal time? If you decide to leave can you take it with you? 😊

up until it was 200,000 0r 250,000

If you dont have a good solid will ( that thailand accepts) the thai bank gets ur cash

as one gets older an has no one to leave it to, a good reason to use an agent

It seemed to have been 800,000 for quite a while when I deposited it 7 years ago.

Thailand is not alone to require bank deposits in order to get a retirement visa. The amounts vary from country to country.

My Australian friend died in Chiang Mai without having a valid will for Thailand. His Thai widow had to employ a lawyer to go to the Thai courts for release of his banked money (mainly his 800.000 thb for his retirement visa. It took a full 12 months to get access to his funds,

It's not a conspiracy. They want to know you can take care of yourself in the event you have some type of medical emergency or other unforseen circumstance. They don't want you to become a burden to Thailand, so they make you prove you have enough money to support yourself each year.