10 Year Visa PLUS no 90 day reporting.

[overherebc]

12 minutes ago, farangx said:

If you are dead, you are dead and you stay dead.  That 800K is no longer a concern of yours.

 

That's not answering the question though.

Yes, leaving a will saying where the money should go might help.

[farangx]

18 minutes ago, overherebc said:

That's not answering the question though.

Yes, leaving a will saying where the money should go might help.

In that case you have to let everyone know about that 800K you have in the bank should you die within that 3 months.  And remember to withdrawal that 800K after that 3 months and let everyone know its whereabouts over next 9 months.  In case your will's executor cannot find that 800K or know of its existence.  To avoid this hassle, I suggest an agent.

 

Edited January 29, 2019 by farangx
didn't like 2 words

[gamini]

On 1/26/2019 at 6:28 PM, elviajero said:

Unless they change the law even a "10 year visa holder" will have to make 90 day reports.

 

Hopefully 90 day reporting will get stopped for all in the not to distant future.

90 day reporting is a non issue for most of us. Anyone can do it for you, you have three weeks window in which to do it. You can post it or do it online. And now you don't even have to fill in any forms. You just produce your passport with the old slip on it and it takes about two minutes.

I really can't understand all the fuss. 

[LucysDad]

6 minutes ago, gamini said:

90 day reporting is a non issue for most of us. Anyone can do it for you, you have three weeks window in which to do it. You can post it or do it online. And now you don't even have to fill in any forms. You just produce your passport with the old slip on it and it takes about two minutes.

I really can't understand all the fuss. 

 

 

It is also a pointless exercise and achieves little or nothing IMO.

 

After, say, 3 consecutive extensions address reporting should be 6 monthly and after 5 extensions not at all.

[mike787]

It's Thailand, everything is a joke...after living here for many years, I learn to accept that nothing is permanent except death.

[maxcorrigan]

On 1/26/2019 at 10:35 PM, andy said:

I have one of those as well.  It's a reciprocal agreement between India & the US, as Indians are issued USA tourist visas for 10 years.  Of course, Thais also get 10 year USA tourist visas, but I suppose it is far too logical and straightforward for the powers that be in Thailand to make it reciprocal for Americans.

But it's the Thai way of keeping you in your place as a non-immigrant, Good Lord man are you, a lowly fallang, expecting a Visa ie. upgrading your status, no chance! (sarc.before Chomper get's confused again)

Edited January 29, 2019 by maxcorrigan

[BertM]

2 hours ago, overherebc said:

@Benroon

If someone who is in their later years is retired here, no relatives or friends back home, no wife here etc sticks 800,000 in the bank and he has the only atm card to get to the money and then dies of a heart attack or stroke while on a weekend away somewhere his passport is the only means of ID. The embassy is informed and can't find any living relatives anywhere they are not going to contact all the banks in Thailand to find out if he has any money anywhere so his money will sit there untouched until it's classed as an inactive account.

Question.

What happens to it?

Ask your bank. I don't know where it would go if no one claimed it. If I didn't care about it enough to address it while I was alive then I probably wouldn't care about it after I was dead. My bank said it would give mine to my wife after she produced a death certificate. But, not wanting to take chances, she knows where the bank card is located and knows the pin number. If you want your money to go to someone, I suggest a WILL and giving that person your pin number and location of your bank card so they can access the account.

Edited January 29, 2019 by BertM

[Mattd]

On 1/27/2019 at 3:32 AM, Thaidream said:

There is no Thai Visa except the Immigrant (Residence) Visa that allows more than a 1 year extension of stay. The OXis valid for 5 years at a time but the holdere needs to report to Thai Immigration eveery year to reconfirm the requirements.

 

Thailand would need to change the Immigration Act of 1979 to allow any extension past 1 year at a time. It is the same for 90  day reports and requirements. To change the Immigration act will need Thai cabinet approval and the consent of the National Assembly.  I'm not  holding my breath.

Whilst I agree under the context of an extension of stay based on retirement, wife etc. the immigration law does actually allow for extensions of over 12 months for non PR holders, I have had several 2 year EOS issued based on work and a WP issued under IEAT / BOI.

[overherebc]

12 minutes ago, BertM said:

Ask your bank. I don't know where it would go if no one claimed it. If I didn't care about it enough to address it while I was alive then I probably wouldn't care about it after I was dead. My bank said it would give mine to my wife after she produced a death certificate. But, not wanting to take chances, she knows where the bank card is located and knows the pin number. If you want your money to go to someone, I suggest a WILL and giving that person your pin number and location of your bank card so they can access the account.

Yes I agree a will is essential.

Ref' your wife knowing the PIN she could have access as you want her too when you fall off the perch, as does mine, however as far as I'm aware in law she doesn't have the legal right to do so until the bank is aware of your demise and clears it.

Saying that I doubt very much if anything would come of it.

The reason behind it would be that you may want to split the money left and give some to others so would she technically be stealing from them?

Just askin'

[Rugon]

Typical, I apply for Thai Citizenship then they give any tom dick or harry a 10 year visa! 

[elviajero]

1 hour ago, gamini said:

90 day reporting is a non issue for most of us. Anyone can do it for you, you have three weeks window in which to do it. You can post it or do it online. And now you don't even have to fill in any forms. You just produce your passport with the old slip on it and it takes about two minutes.

I really can't understand all the fuss. 

I agree, however, online and post options aren’t available at all offices, and some people live hours away from their nearest office.

 

Easy options, for some, to report aren’t the issue. It’s a 40 year old law that is pointless. Reporting our address every year is enough; unless we move when a change of address (already required) should be done.

[NoshowJones]

On 1/26/2019 at 1:06 PM, ubonjoe said:

A 10 year visa for retirement was mentioned and separately a amendment to the immigration act to eliminate 90 day reporting by the head of immigration was being considered.

If it happens, it will probably be something like the Elite Visa, we will be expected to pay a large some of money up front, and repeat again after ten years.

[NoshowJones]

On 1/26/2019 at 6:28 PM, elviajero said:

Unless they change the law even a "10 year visa holder" will have to make 90 day reports.

 

Hopefully 90 day reporting will get stopped for all in the not to distant future.

and pigs will fly ????????️????️

[NoshowJones]

On 1/26/2019 at 10:42 PM, Pattaya46 said:

I remember the same kind of comments when the Elite Visa appeared...

and there are now thousands of people using it. 

Yes, all the rich guys who don't mind throwing their money away every five years.

[CMNightRider]

On 1/26/2019 at 9:26 PM, Snow Leopard said:

1 Million US$ of dead money for 12 months and then 500K US$ of dead money for 9 years. What a joke. 

 

1 Million US$ invested correctly should long term make you +7% = 70K US$ per year. Not touching your capital. 

 

You can live in many places better than Thailand on 70K US$ per year. 

It's interesting to see how many foreigners on this site that don't understand what they are giving away when they deposit their money in a Thai bank.  I see so many comments these people make thinking others don't have the money to satisfy Thai Immigrations 800,000 baht deposit requirement for a measly one year extension.  

 

You have to be brain dead to comply with this requirement.  I really believe there will be a lot of foreigners leaving this year as their one year visa extensions come due.     

[CMNightRider]

6 hours ago, overherebc said:

@Benroon

If someone who is in their later years is retired here, no relatives or friends back home, no wife here etc sticks 800,000 in the bank and he has the only atm card to get to the money and then dies of a heart attack or stroke while on a weekend away somewhere his passport is the only means of ID. The embassy is informed and can't find any living relatives anywhere they are not going to contact all the banks in Thailand to find out if he has any money anywhere so his money will sit there untouched until it's classed as an inactive account.

Question.

What happens to it?

The Thai banks are counting on this to happen. ????

[NoshowJones]

On 1/27/2019 at 12:44 AM, elviajero said:

That’s not correct.

 

They have to report their address like everyone else if they stay longer than 90 days. They are not exempt.

 

Then, in addition, every year they have to visit immigration to reconfirm their status (qualification for the visa).

They can use an agent.????

[NoshowJones]

7 hours ago, Rally123 said:

Currently you do NOT have to do a 90 day report. Anyone can do it for you as long as they have your passport. Can't understand the fuss.

 

I've been saying that for years. They want boots through the door. Hence why offices won't allow 'report online' or 'postal reports'.

A poster last week wanted me to name the very few that will not accept postal reports.

He just would not believe me.

[BertM]

4 hours ago, overherebc said:

Yes I agree a will is essential.

Ref' your wife knowing the PIN she could have access as you want her too when you fall off the perch, as does mine, however as far as I'm aware in law she doesn't have the legal right to do so until the bank is aware of your demise and clears it.

Saying that I doubt very much if anything would come of it.

The reason behind it would be that you may want to split the money left and give some to others so would she technically be stealing from them?

Just askin'

It will be part of her inheritance. No problem...

[NoshowJones]

5 hours ago, gamini said:

90 day reporting is a non issue for most of us. Anyone can do it for you, you have three weeks window in which to do it. You can post it or do it online. And now you don't even have to fill in any forms. You just produce your passport with the old slip on it and it takes about two minutes.

I really can't understand all the fuss. 

"I really can't understand all the fuss". Of course you can't. You probably live quite near your IO. Not everyone does.

Besides, as it has already been mentioned, not all IOs accept postal reports, and a lot of retirees object to being treated like criminals.

Edited January 29, 2019 by possum1931

[Pattaya46]

56 minutes ago, CMNightRider said:

It's interesting to see how many foreigners on this site that don't understand what they are giving away when they deposit their money in a Thai bank.  //

Interesting that for this comments you quoted a post of someone who doesn't know even basic arithmetic.

There is no Thai visa that requires "1 Million US$" in a Thai bank.

He was doing reference to the Non O-X visa that requires 3 million THB, so about $95'000...

Very different of $1 million to me 

 

> You can live in many places better than Thailand on 70K US$ per year. 

Now can you live in many places better than Thailand on 6K US$ per year ?

[farangx]

1 hour ago, CMNightRider said:

It's interesting to see how many foreigners on this site that don't understand what they are giving away when they deposit their money in a Thai bank. 

So what is it that the foreigners are giving away when they deposit money in a Thai bank for a few months. Lower interest rates?  Missing out on investment opportunities that can result in a loss? Severe lack of sleep from fear of losing all their bahts, or a strengthening of the Thai baht?

 

[BertM]

On 1/26/2019 at 9:26 PM, Snow Leopard said:

1 Million US$ of dead money for 12 months and then 500K US$ of dead money for 9 years. What a joke. 

 

1 Million US$ invested correctly should long term make you +7% = 70K US$ per year. Not touching your capital. 

 

You can live in many places better than Thailand on 70K US$ per year. 

It's not 1 mm USD.... it's 3mm in THB on deposit in bank... so, it's more like 95k USD and 55k USD thereafter... More reasonable and if the cost of the visa is not too much, then it may be worth it to some.

Edited January 29, 2019 by BertM

[Maestro]

1 hour ago, BertM said:

It's not 1 mm USD.... it's 3mm in THB on deposit in bank...

For anybody who, besides me, might be wondering: amounts of money are not measured in millimetres (mm) or millimeters (mm), neither in Thailand nor in the USA.

[Sporf]

On 1/26/2019 at 9:26 AM, Snow Leopard said:

1 Million US$ of dead money for 12 months and then 500K US$ of dead money for 9 years. What a joke. 

 

1 Million US$ invested correctly should long term make you +7% = 70K US$ per year. Not touching your capital. 

 

You can live in many places better than Thailand on 70K US$ per year. 

Yup. I'm here on the 5-year PE visa. It was alright at the time. I did it mainly because I wanted to give Thailand a try, was coming and going from BKK quite a bit at the time, and the included car service actually made it not a bad deal, and the endless changes, hassles, and misinformation about getting a visa any other way was just not something I wanted to bother with. 90 day reporting is an absolute non-issue.

 

I'm not allowed to do the retirement visa since I retired at 38. So, that's not an option. Seeing how many people have trouble getting renewal/extension I don't think I'd do it anyway.

 

Sticking money in a bank to rot is not my bag. Banks are where money goes to die. If the 20-year PE visa is a viable "can burn the money and not care" option by the time this 5-year is up... Well, maybe I'll have had my fill of Thailand by then? It's their country and they can make all the rules they want, but I can simply go somewhere else, too...

 

Part of the problem, at least for US citizens, is the corrupt bank account reporting requirements imposed by the home country, not Thailand. The Thai government doesn't consider this issue. You may consider it oxymoronic to accept burning money over letting it "rot" in a bank account, but any foreign bank account is a major threat to life and freedom for US citizens. The Communists that have taken over the US will look for any excuse to accuse a citizen of a process crime, money laundering for sex traffickers, drug dealers, terrorists, etc... Any excuse will do, no evidence needed. Even a typo on the stack of forms you're forced to fill out can land you in prison, all assets seized and liquidated... They're desperate to keep their sinking ship afloat. It's just not worth it. Either you can afford to burn the cash for the 5 or 20 year PE visa (the only two that are worth considering), or don't do it... I'm sure there are people willing to say "I've been doing it with no problem!" I'll let them learn the hard way when their number is up...

 

I'm interested to see if these 10-year retirement visa rumblings are real, and if the final form is even worth thinking about... But, it likely won't affect or interest me if it still has an age limit since I'm 41 as I write this... If it's silly, it won't simply be a non-viable non-option, but a sign that other options should be considered.

Edited January 29, 2019 by Sporf

[Pib]

47 minutes ago, Maestro said:

For anybody who, besides me, might be wondering: amounts of money are not measured in millimetres (mm) or millimeters (mm), neither in Thailand nor in the USA.

Wrong.  In Thailand when a stuffed envelope is involved in a transaction the recipient may not open and count the money but instead measure its thickness in millimeters.  If of adequate thickness the deal is done; if not thick enough the enveloped is handed back and discussions continue.  ????

[farangx]

2 hours ago, Maestro said:

For anybody who, besides me, might be wondering: amounts of money are not measured in millimetres (mm) or millimeters (mm), neither in Thailand nor in the USA.

In oz, the teller would weigh the bank notes, more adventurous ones would use the counting machine.  ????

 

[Mike Teavee]

8 hours ago, Maestro said:

For anybody who, besides me, might be wondering: amounts of money are not measured in millimetres (mm) or millimeters (mm), neither in Thailand nor in the USA.

(As I found out when I started working for a US Bank), MM is the abbreviated way to express Million and M the way to express Thousand.

 

Confused the hell out of me at 1st as I spent years using M for Million & K for Thousand. 

 

Edited January 29, 2019 by Mike Teavee

[Pattaya46]

5 hours ago, Mike Teavee said:

// as I spent years using M for Million & K for Thousand. 

If you want use correctly prefixes of the International System of Units,

it's M for million, but k (lowercase) for thousand.  

[CMNightRider]

16 hours ago, Benroon said:

So explain then what they are giving away.

 

I can't see anything aside from a convenient arrangement which I won't lose sleep over, so please enlighten me (given not one of the pant wetters on here can recall a mass clearing out of foreigners bank accounts) - and as for the suggestion that this is a thai bank plot to plunder batches of 800,000 bahts is hilarious, its paranoia on a scale that probably needs medication!

 

If there are a lot leaving (it won't happen), then it only suggests those people can't afford to live here. I would like a 4 bedroom penthouse flat in Mayfair but I can't have one because I can't afford it. That's life.

I'm sorry Benroon, but I think it would be better for you to educate yourself on how to make your money grow and pitfalls to avoid as in this recent example of what Thai Immigration requires for a one year visa extension.  As a side note, it is best not to consult with any financial advisors since they don't have your interest in mind and are only interested in how to make money from you.  Financial planning is not rocket science as some seem to believe.

 

As far as foreigners leaving Thailand, if Thai Immigration sticks with their current requirement to deposit your money in their banks, you will see the first wave of foreigners being those who either fall way short of being able to prove they have the required funds to qualify for a one year extension and those who just barely fall short.  This exodus is happening now and will continue until the end of the year and maybe a little beyond until these people are no longer in Thailand.  

 

The next group will be the foreigners who can easily abide by immigrations requirement to deposit their money in Thai banks but are not going to do so for a variety of valid reasons.  By the beginning of next year, Thai Immigration will be able to see clearly the impact of their recent hurdle they set up for foreigners who want to continue living in Thailand.  Generally speaking, once people leave they won't return for any further nonsense.

 

I had to laugh at your suggestion of this being an example of "paranoia on a scale that probably needs medication!"  At least you have a sense of humor.  

 

On the bright side, those who do stay won't be standing in long lines at immigration anymore.  In fact you can see the lines getting much smaller right now, and it certainly doesn't have anything to do with immigration officers being more efficient. ????