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ResourcesVisa & Immigration LawThailand Immigration Law3.8 Million Baht Bank Balance Needed by Retirees from October?

3.8 Million Baht Bank Balance Needed by Retirees from October?

Transcript of the above video: 

As the title of this video suggests, and this may seem provocative to some but it doesn't come without a basis here. We have been talking about what has been announced in various news articles has been promulgated through various regulations is starting in October we are going to be looking into the fourth quarter of 2022 at a situation wherein retirees are going to need to show a higher amount of coverage for inpatient insurance. As we have discussed in other videos, that is going to be a $ 100,000 in inpatient coverage. Now we have also discussed it may be possible to self-insure for that coverage and various evidence may be useful. Now, no real point speculating what kind of evidence is going to be used starting from the fourth quarter because we are not there yet and as everybody knows as a practical matter you see how this works when the rubber hits the road frankly. 

A recent article and I urge folks are watching this video to read it is from the Pattaya Mail,, the article is titled: Long Stay retirees in Thailand to be allowed to self-insure. Quoting directly: "Immigration consultants are already saying that wealthy O-A retirees in Thailand who cannot obtain insurance would be well advised to keep and retain 3.8 million Baht on deposit here. That is the simplest way to prove the new baseline. The alternative appears to require several affidavits, forms for Companies and Banks to sign as well as approval from the Ministry of Foreign Affairs officials." Yeah, long story short, what is being said here is there is now going to be $100,000 coverage requirement or you can self-insure. So if you can't meet the insurance requirement you can prove up your ability to finance your own insurance if you will or pay for yourself in hospital by showing $100,000 of your own or equivalent and possibly in property although that remains to be seen.

So what some have speculated and it is an interesting supposition, I don't know exactly where I would stand on this at the moment. I am always kind of a believer in unless it is going to imminently harm you, sometimes it is better to wait until you get a better idea of how things are going to look because 3.8 million Baht is a lot of money. I mean it is over US$ 100,000, it is like $125,000 so we are not talking just chump change for lack of a better term. I understand the argument. It is like okay if you want to be absolutely certain you are not going to have any problems, just put 100 grand in the bank, put 800,000 on top of it so you can show not only you have the financial requirement you have the insurance requirement and boom you are done worrying about that. Now will that ultimately prove to be necessary as a practical matter come the fourth quarter of 2022? It remains to be seen. I would say I am skeptical that that will be the case.