That means those Sillyporeans who wish to retire in Thailand generally (if following the rules and regulations) will first need to buy themselves a Condo in Thailand.
With the Condo address only then they can go to the bank to open an account.
Follow then they will have to transfer (aka wire) a huge sum of $$$ to Thailand.
After that only then we can apply for the retirement visa?
I wonder how much admin fees or tax the bank in Sillypore and Thailand will charge us?
You don't need to buy a condo or any property. I would go to the thai embassy in Spore to apply for a long term visa.
When applying you should of course have the $$$ available. The embassy can give you more details on how to open an account.
These changes were only announced a few days ago so I don't think the Thai authorities have worked all the details.