Elite Visa now a serious alternative to 800k in bank?

[homeseeker]

With the new rule for retirees using the 800k in the bank method to obtain the annual renewal this in effect  means for long stayers they need keep at least 400k in the bank indefinitely. Might as well write of that sum.

My understanding is for the 5 year elite visa there is a guarantee of  5 years  hassle free living though the downside a one off payment of 500k.

Also Elite Visa holders who have made their home in Thailand still need to go to immigration annually and need do the 90 day report ..is that right?

So does anyone have any input as to which is best?

 

 

 

[ubonjoe]

They only have to do 90 day reports unless they never leave the country for a year they do not have to go to immigration for anything else.

If they don't leave and re-enter the country to get a new one year entry they would need to apply for a one year extension.

[New beginnings]

Firstly if you pop out of Thailand just before the 5 year expiration date and re-enter before the elite visa expires you will get another full year on entry thus total 6 years.  Secondly you only have to go to immigration to extend if you do not leave Thailand for the full year as you automatically get 12 month renewal on each re-entry to Thailand. Still have to do 90 day reporting but these can be done on-line or depending where you live Thai Elite will do these for you if you drop of your passport to there local office.

[KiChakayan]

OP, your thinking is ok if you give yourself a life expectancy of 6 years or less and don't have a family that will happy to make the best use of that money after you pass away. 

[Caldera]

I don't see Elite as a serious alternative for those who qualify for the retirement extension using the 800,000 baht in the bank option. If you're prepared to keep that money in the bank at all times, it's about as hassle free as it could be, plus if and when you decide to leave, the money will still be yours to take along.

[wazzadg44]

I don't think you can look at life expectancy of 6 years. If you import and bank 85000 baht every year for those 6 years you will have enough to purchase a further 5 year Elite visa. You cold do this ad infinitum.

 

 

 

 

 

 

 

[sirineou]

When you use the 800K in the bank option, if things go tits up for you , You have 800k to get more tits, if you buy an elite visa, you are all out of tits.

[wazzadg44]

If things go really tits up and I lose 500,000 baht, just maybe you will lose that 800,000 baht also.

[sirineou]

1 minute ago, wazzadg44 said:

If things go really tits up and I lose 500,000 baht, just maybe you will lose that 800,000 baht also.

Why would I lose the 800K?

As far as I know Thai banks are pretty safe.  I agree that there is a small chance that for whatever reason I might lose the 800k but I guaranty you are not getting your elite visa money back. 

[wazzadg44]

I'm fully aware that I could lose all 500,000 under certain circumstances. Under certain circumstances,not necessarily the same ones, you could lose 800,000. I'm not specifying how or when it would happen,just that it COULD.

[sirineou]

1 minute ago, wazzadg44 said:

I'm fully aware that I could lose all 500,000 under certain circumstances. Under certain circumstances,not necessarily the same ones, you could lose 800,000. I'm not specifying how or when it would happen,just that it COULD.

I don't understand this conversation .

It is really a very simple concept. When you purchase an elite visa, and a year later  you need money  they will not refund your money , on the other hand, with the 800k in the bank , you have 800k in the bank,

what is so complicated about that?

[Pilotman]

Not sure that this question makes any financial sense, unless I am missing something.  The Elite visa is something you buy that has a pre determined life (5 years), after which it has no value. The 800K in the bank is yours and remains so? Surely its not one or the other, it's whether you are wealthy enough to buy something that will need to be renewed after 5 years, as opposed to leaving money in the bank?  For myself, I wouldn't consider it, as I think its a  very poor deal.   

[Pilotman]

19 minutes ago, wazzadg44 said:

I'm fully aware that I could lose all 500,000 under certain circumstances. Under certain circumstances,not necessarily the same ones, you could lose 800,000. I'm not specifying how or when it would happen,just that it COULD.

Not under 'certain  circumstances', after 5 years it will be gone, both visa and 500K

[jacko45k]

1 minute ago, Pilotman said:

For myself, I wouldn't consider it, as I think its a  very poor deal.   

Until it is the only deal.

[murraynz]

i think some people are paranoia about security of our money in thai banks..

i think this is unfounded--they are as "almost' as safe as any bank -elsewhere...

i think those that make the most 'fuss' about depositing 800,000thb in thai bank---

simply dont have the funds--sure the interest rate is minimal-tax, but 800,000 is not a huge amount to earn much income, anyehere else....

[Pilotman]

3 minutes ago, jacko45k said:

Until it is the only deal.

Then I would move elsewhere. There are no circumstances that I can foresee where I would voluntarily give a foreign government circa £13,000 every 5 years for the privilege of spending my hard earned money in their economy.  

[KiChakayan]

1 hour ago, wazzadg44 said:

I don't think you can look at life expectancy of 6 years. If you import and bank 85000 baht every year for those 6 years you will have enough to purchase a further 5 year Elite visa. You cold do this ad infinitum.

That's hilarious, mathematically. 

[KiChakayan]

1 hour ago, wazzadg44 said:

I'm fully aware that I could lose all 500,000 under certain circumstances. Under certain circumstances,not necessarily the same ones, you could lose 800,000. I'm not specifying how or when it would happen,just that it COULD.

Lets take this outlandish reasoning in reverse: If things go as planned after 5&6 years you WILL BE 500000 poorer and I'll still have my 800000. ????

But never mind some guys can blow 500000 without even blinking an eye, I am making about 3000000 a year so I am not in this league.

[scubascuba3]

the 5 year 500k elite is a bad deal, 20 year 1m elite is not a bad option if people are forced to get health insurance.

 

If the 800k is seen as dead money, go with the 400k combo method, and think of 400k as emergency money

 

 

[55Jay]

3 hours ago, homeseeker said:

With the new rule for retirees using the 800k in the bank method to obtain the annual renewal this in effect  means for long stayers they need keep at least 400k in the bank indefinitely. Might as well write of that sum.

My understanding is for the 5 year elite visa there is a guarantee of  5 years  hassle free living though the downside a one off payment of 500k.

Also Elite Visa holders who have made their home in Thailand still need to go to immigration annually and need do the 90 day report ..is that right?

So does anyone have any input as to which is best?

IMO, and apart from any of the fringe benefits, BKK airport limo, etc.,  Elite is still a niche for those under 50 years of age who have surplus income/cash and need an option to live/stay long term here until other Immigration options become available. 

 

I think the modest number of Elite members against the total population of long-stayers, speaks for itself.

[milwaukeeboy]

"My friend" goes with the Elite Visa because he is American and cannot stand that the IRS forces him to file the FBAR every year which requires him to report all balances in foreign bank accounts. Even though 800K isn't a lot to him, he cannot stand the intrusiveness of what he considers to be a globalist police state.

[Guderian]

21 hours ago, Caldera said:

I don't see Elite as a serious alternative for those who qualify for the retirement extension using the 800,000 baht in the bank option. If you're prepared to keep that money in the bank at all times, it's about as hassle free as it could be, plus if and when you decide to leave, the money will still be yours to take along.

Not only that but it can be a pretty good investment. I put the 800K away in a deposit account for my first extension back in 2007, and I've never touched it. Back then there was close on 70 Baht/£ so the 800K was only around £12K. At today's exchange rate if I left Thailand I'd get back £20K for the 800 K Baht. Plus with interest added to the account over the years it's now got well over 850K Baht in it (plus some years the interest is paid into my savings account, so I'm quids-in either way). My only regret is that the designated amount wasn't a few million Baht instead of 800K!

[Pilotman]

29 minutes ago, milwaukeeboy said:

"My friend" goes with the Elite Visa because he is American and cannot stand that the IRS forces him to file the FBAR every year which requires him to report all balances in foreign bank accounts. Even though 800K isn't a lot to him, he cannot stand the intrusiveness of what he considers to be a globalist police state.

well he is paying a lot for that little privilege, must be wealthy. 

[skatewash]

If you are under 50 and do not qualify for any other visa the 500,000 baht Elite Visa should be considered.

 

If you are 50 or over you qualify for a 1,900 baht retirement extension and you should only consider the Elite Visa if you are mathematically challenged.

[JohnnyBKK]

I have the elite visa and it will be over in 2020, I will not renew it. I think Thailand should welcome people like me with open arms instead of making us pay for the right to be allowed to stay. That's a lot of money for a stamp on a passport that still doesn't allow you to do anything else than to be a long term tourist, you can't even get the 5 year driving license.

 

You still need to make sure the TM30 is correctly filled by the landlord or you could get in troubles, also you still need to do the 90 days report by yourself if you don't stay in Bangkok, the elite office is only available in Bangkok.

 

It's not worth the money in my opinion, also Thailand is twice as expensive as 10 years ago, now there is other better options in the world. For the same price you could live in many good countries and without paying any taxes if you travel enough.

[Date Masamune]

47 minutes ago, milwaukeeboy said:

"My friend" goes with the Elite Visa because he is American and cannot stand that the IRS forces him to file the FBAR every year which requires him to report all balances in foreign bank accounts. Even though 800K isn't a lot to him, he cannot stand the intrusiveness of what he considers to be a globalist police state.

Your friend sounds very confused. Where does he keep his money then an American bank or brokerage that reports income and balance automatically?

 

[sead]

Elite doesn't benefit your wife if you die ????

Keeping 800,000 will go to wife and family. Or gf if she knows code.

The bankrate us very bad here.

[charliebadenhop]

I do not currently have al Elite visa but I am thinking about it-

 

Here is my thinking- I have a fund I have been investing in that has been returning 10-12% per year for several years now Let's say 10% for easy calculations. 

 

B800,000 = roughly US$25,000 these says. 

So if I invest that in the fund I have my other money in, or research another fund, I can likely make $2,500 a year on the $25,000, but of course no guarantees.

$2,500 = roughly B75,000. 

 

Keeping to five years for the Elite visa at B500K, my first year would be close to a wash, since I had to pay B500K all in one clump, as compared to keeping it i the bank and getting close to zero interest. After that, I make about $2,500 in investing my $25,000, while averaging a yearly spend of $3,000 with Thai Elite. Close to a wash depending on a lot of unknowns. 

 

So for such a small difference in money, Thai Elite is starting to make a good deal more sense to me.

 

What do you think?

 

 

 

[MadMuhammad]

21 hours ago, murraynz said:

i think some people are paranoia about security of our money in thai banks..

i think this is unfounded--they are as "almost' as safe as any bank -elsewhere...

i think those that make the most 'fuss' about depositing 800,000thb in thai bank---

simply dont have the funds--sure the interest rate is minimal-tax, but 800,000 is not a huge amount to earn much income, anyehere else....

I can think of a couple of English banks that have bankrupted in the last 2 decades but I’m unaware of any Thai banks that have done the same.

happy to be corrected 

[Chicken George]

What is not clear is that if the funds go below 400k in the middle of the visa year extension will they tefguse a futhet extension?

Even if you have 800k in the three months before applying to renew?