I have enough for the 20 year Thai Elite (1 million baht. A 5 year costs 500k). But it would take out 75% of my savings. To avoid that issue I could either wait a couple more years, or take out a loan. Option 1 was the original plan but things are changing rapidly and the loan option is beginning to look better.

 

Has anyone taken out a loan to obtain the Thai Elite? I am curious what loans were available in your home country for this type of expense.

 

In my situation I'd probably finance about 50% of it so 500k THB or $16,000. I'm not even considering Thai loan options as I know we have few or none.

 

Any advice you guys have about financing all or a part of one of these is welcome

 

Lately, lot of people ask for loans for bikes, cars... but for an Elite Visa, that's s new one....

 

But the basic question is the same... what is the collateral you have to offer? House, apartment, car,... that is independent of country.

 

And NO, I don't think you get a loan in your home country for a Thai Elite Visa based on your jobs salary... obviously, you want to emigrate, therefore give up your job, therefore your work contract and salary is worth toilet paper for every financial institute.

3 minutes ago, Swiss1960 said:

And NO, I don't think you get a loan in your home country for a Thai Elite Visa based on your jobs salary

You're assuming the "true" nature of the purpose of borrowing is disclosed. Banks are often willing to take quite nondescript reasons such as "debt consolidation" or even "holiday" provided the borrower can show at the time of applying a capacity to repay

I am a freelancer paid through an LLC in the US. I have been in Thailand for a few years already and am currently here. 

 

As I understand it there is asset based financing at higher interest, and borrower based financing based on income. Maybe it's not so cleanly divided, has been a few years since I've looked into this stuff.

 

I don't have a home so home equity loans are out. The only option I see at the moment is a personal loan. $16,000 seems quite large for that type of loan but that is just I hunch. I imagine they wouldn't want to let people buy a car anonymously if they couldn't even qualify for a car loan.

 

 

Sounds like a desperate move to me ...a loan for an elite visa,,,,,you know no employment/working aloud on this visa,,,,,,,they could take it of you any time if they thought you was doing any work in Thailand.

12 minutes ago, taninthai said:

you know no employment/working aloud on this visa

 

Yes, but if he's very quiet about his working, then it shouldn't be any problem!  

Honestly I do not think it is smart to invest 75% of your net worth into a visa. What if you change your mind in 2 years and want to go home or elsewhere? With so much of your savings in that visa, you make yourself miserable.

14 minutes ago, TallGuyJohninBKK said:

 

Yes, but if he's very quiet about his working, then it shouldn't be any problem!  

Yes that should be allowed????????????????

Edited August 31, 20196 yr by taninthai

When I think about what watch I could buy for that money or how many places I could travel to I give up on the idea.

The elite Visa will cost much more depending on how long it takes to pay off the loan and most likely an unsecure loan woukd have an even higher interest rate.

I would just marry a Thai, I have no assets here so a divorce down the road would not affect me.

75% of your savings is alot. Save money to buy a place or invest in something that will return some income.

I think people are losing their minds to get to the point of wanting to finance an elite Visa. 

Go speak to agent.

 

john

OP: what is your status in terms of other visa options? How old are you? You mention an LLC in the US, are you a US citizen? I personally believe that no one should consider the Elite Visa unless they can pay cash, and the amount paid is less than 1% of their net worth.

23 minutes ago, timendres said:

OP: what is your status in terms of other visa options? How old are you? You mention an LLC in the US, are you a US citizen? I personally believe that no one should consider the Elite Visa unless they can pay cash, and the amount paid is less than 1% of their net worth.

 

That would mean the person has to have a net worth of $3.2 million. You are stricter than I am. I'd say once you have $1 million in net worth a 20 year visa for $32,000 should not be much of a cost consideration.

 

I'm 33, a US citizen, and have access to tourist and ED visas. I'm a programmer and could also take a local job but that's undesirable for income and lifestyle reasons. Right now ED visas are the best bet.

 

I've done some analysis of competing options and the only other country that interests me is the Philippines. I prefer Thailand though.

 

On a per year basis I'm already paying about the same for ED visas as the 20 year Elite would cost. It's unfortunate that you must pay the full balance up front for the Elite; if not for that fact it would be the best option easily. Still, I am seriously considering it.

Edited August 31, 20196 yr by Hal65

2 hours ago, cerox said:

Honestly I do not think it is smart to invest 75% of your net worth into a visa. What if you change your mind in 2 years and want to go home or elsewhere? With so much of your savings in that visa, you make yourself miserable.

I agree with this. 20 years is a major commitment. Lots can change here for the better or worse in that time, including a stronger baht on top of inevitable inflation that makes it even more expensive to live here.

 

Getting a loan for such a risk is a bad idea.

1 minute ago, Hal65 said:

That would mean the person has to have a net worth of $3.2 million. You are stricter than I am. I'd say once you have $1 million in net worth a 20 year visa for $32,000 should not be much of a cost consideration.

 

I'm 33 and have access to tourist and ED visas. I'm a programmer and could also take a local job but that's undesirable for income and lifestyle reasons. Right now ED visas are the best bet.

 

I've done some analysis of competing options and the only other country that interests me is the Philippines. I prefer Thailand though.

 

On a per year basis I'm already paying about the same for ED visas as the 20 year Elite would cost. It's unfortunate that you must pay the full balance up front for the Elite; if not for that fact it would be the best option easily. Still, I am seriously considering it.

I agree that if the Elite could be purchased with yearly payments, it would be super sweet. Then it is not much more expensive than other options. With the new recent visa changes, if you were a board member of a Thai company, you can get 90 day (IIRC) Non B visas to enter Thailand for board meetings, but that would require trips back to the US - again expensive and time consuming unless you are already planning on that. A work permit would be perfect, and it may be possible to set that up in a way that looks attractive to you. Much easier for you, being 33 yo, than for me being an old man. The ED visa is not as simple as it used to be, but could be worthwhile if you would like a degree from a Thai university. A friend got his MBA that way. I concur that Thailand is a better choice than the Philippines for a young working person.

How long you been in Thailand....do you really need to stay all year round?

i stayed in Thailand for nearly 5 years straight when I was your age...popped back to my own country once or twice for a short time.

but at the end of that 5 years I had had enough of the place and actually wanted to head back to home country.

im bit older and wiser now and can let a lot of annoying stuff go over my head,, Thailand can get boring and frustrating pretty quickly.

metv give you 9 months no problem.

4 hours ago, Hal65 said:

Has anyone taken out a loan to obtain the Thai Elite? I am curious what loans were available in your home country for this type of expense.

Personal loan, HELOC, home improvement, second mortgage, credit card cash advance, buying gold using credit card and then selling for cash, business improvement loan, you name it. it is available. 

Edited August 31, 20196 yr by onera1961

4 hours ago, Hal65 said:

$16,000 seems quite large for that type of loan but that is just I hunch.

Apply at SoFi or other peer to peer lenders like prosper, upstart, etc. Search for best peer to peer lenders and you'll get more info. The amount depends on your income and credit score. 

Edited August 31, 20196 yr by onera1961

3 hours ago, cerox said:

Honestly I do not think it is smart to invest 75% of your net worth into a visa.

I won't spend 75% of my net worth on anything  except health. 

Rent money for lost money is a funny question.

2 hours ago, Hal65 said:

 

That would mean the person has to have a net worth of $3.2 million. You are stricter than I am. I'd say once you have $1 million in net worth a 20 year visa for $32,000 should not be much of a cost consideration.

 

I'm 33, a US citizen, and have access to tourist and ED visas. I'm a programmer and could also take a local job but that's undesirable for income and lifestyle reasons. Right now ED visas are the best bet.

 

I've done some analysis of competing options and the only other country that interests me is the Philippines. I prefer Thailand though.

 

On a per year basis I'm already paying about the same for ED visas as the 20 year Elite would cost. It's unfortunate that you must pay the full balance up front for the Elite; if not for that fact it would be the best option easily. Still, I am seriously considering it.

Why go through so much to stay in Thailand?  If you can't get the appropriate visa without borrowing $16,000 just go home. 

4 hours ago, taninthai said:

Sounds like a desperate move to me ...a loan for an elite visa,,,,,you know no employment/working aloud on this visa,,,,,,,they could take it of you any time if they thought you was doing any work in Thailand.

He's been working for years on various visas. In another post he even asked if he was Ok to take a laptop and 4g enabled phone into the IDC in Chiang Mai.

This must be the 7th concurrent thread he has running all asking how to get around his visa issues.

OP, may be i missed something or misreading. but you can comfortably afford 500 000 baht, so why not just get the 5 year for 500 000 instead of having to borrow? in 5 years you may have more money or visa situation may change or god knows what could happen.

Hi Hal, another thread opened. I can't decide whether you are a serial troll or very determined. However I do admire your tenacity.

One question. Why is it so important you stay in Thailand? Girlfriend/boyfriend/significant other? As a digital worker you could just as easily work in another SEA country and visit frequently without hassles.

Why Thailand?

Let's not forget the visa can be cancelled at any time if they presume you might have done something illegal (even if you didn't). There is that case from the spanish dude who was accused of rape, he had an elite visa and they cancelled it just after his arrest before he was proved guilty. That's a thing to consider, if you borrow that much money for a paper that can be cancelled if you are under investigation is going to be expensive.

 

Now I'm not telling you not to buy it, but this visa is for the wealthy people, not for those who need to take a loan to buy it. Thai immigration made this visa to attract rich people, not the common folks.

2 hours ago, BestB said:

OP, may be i missed something or misreading. but you can comfortably afford 500 000 baht, so why not just get the 5 year for 500 000 instead of having to borrow? in 5 years you may have more money or visa situation may change or god knows what could happen.

 

ED Visas are better than the 5 year Elite for the short term. Overall the best bet for the long term is the 20 year Elite as soon as possible. The longer I delay getting a 20 year, the less covered years under 50 years old it covers me for.

 

2 minutes ago, Hal65 said:

 

ED Visas are better than the 5 year Elite for the short term. Overall the best bet for the long term is the 20 year Elite as soon as possible. The longer I delay getting a 20 year, the less covered years under 50 years old it covers me for.

 

You really believe you will want to stay here after 20 more years ? There is many other places in the world that would be happy to have retirees.

4 minutes ago, JohnnyBKK said:

You really believe you will want to stay here after 20 more years ? There is many other places in the world that would be happy to have retirees.

 

It's Pattaya or Angeles for me. I've spoken to friends and nothing else competes IMO.

 

You guys speak as if Thailand is in rapid decline. I agree that 5 years ago it was a little better, but not that much.

Edited August 31, 20196 yr by Hal65

I can hardly believe someone would want to go into debt to live as an expat. Amazing.

28 minutes ago, Hal65 said:

 

ED Visas are better than the 5 year Elite for the short term. Overall the best bet for the long term is the 20 year Elite as soon as possible. The longer I delay getting a 20 year, the less covered years under 50 years old it covers me for.

 

you do not have the money for the 20 year visa, ED visa is clearly no longer an option. Am i missing something or one of is loosing the marbles.

23 minutes ago, Hal65 said:

 

It's Pattaya or Angeles for me. I've spoken to friends and nothing else competes IMO.

 

You guys speak as if Thailand is in rapid decline. I agree that 5 years ago it was a little better, but not that much.

If you after cheap and variety of vagina's just say so. have a few more options then, like Bali and Jakarta just to name a few