Elite or retirement

[zhorik]

I am 71 and moving to Thailand. My problem is do i buy an elite visa or get a retirement visa. If mandatory medical insurance is required then the costs of a retirement visa increase dramatically. my pensions and assets  qualify for the retirement amount  . I understand that some offices do not accept the monthly income requirement and insist on you  having 800000 in a Thai bank especially if your consulate will not verify your pension income. You also have to leave half in i understand.

[Momofarang]

At 71 no one should even think of moving to Thailand. I you can afford TE have a look M2H (Malaysia second Home). They have solid requirements for entry, but during your stay none of the petty xenophobic hassles one is submitted to here. And for those who get older and a bit more frail, healthcare matches western standards, with English speaking doctors, who don't have a certain attitude...

[onera1961]

For retirement you have to lock up 400k and elite is only 500 k. You can get out and in once a year to avoid TM30 nonsense. Of course after 5 year, you don't have any thing. Tough decision.

Sent from my JKM-LX2 using Thailand Forum - Thaivisa mobile app

[sfokevin]

The Elite cost you can not recoup... The 800k for a retirement is in a savings account that you can repatriate if you decide to go elsewhere... It the insurance requirements do kick in my bet is both the Elite & retirement visas will have same requirements... from you home country get an initial retirement visa that essentially gives you two years here before you need to put 800k in a Thai bank for the renewal...

Edited September 7, 2019 by sfokevin

[Puchaiyank]

Healthcare insurance in Thailand at your age is problematic...your age puts you in a category of expensive insurance with lousy benefits...if you have pre-existing conditions...they may not "ever" be covered...

 

Make healthcare coverage a priority...one long stay hospital visit may wipe out your retirement savings...

 

A heads up here...if you go to a hospital for a healthcare insurance physical...do not volunteer "any" information...think of it as a police interrogation...anything you say may be used against you!

 

Good Luck!

 

[Sheryl]

Health insurance is not mandatory at this time but is very, very necessary to have unless you are wealthy enough to handle expenses in the millions of baht at a time. And should not defer getting it, as tiem passes you may develop pre-existing conditions that make it impossible to get, Get it now and keep it.

 

Elite visa costs 500K baht for 5 years and that money is gone. If after 5 years you still want to stay, another 500k.

 

Retirement visa if issued in your home country (O-A) requires that you have the equivalent of at least 800k baht in the bank or income of 65k/month but this money does not have to be brought into Thailand and there are no restrictions on spending the lump sum if that method is used..  This visa gives you a one year stay on each entry and if you time it right you can stay 2 years by making a re-entry right before the end of the visa validity.

 

To get a retirement extension in country (as opposed to an O-A visa) you need either  800k in the bank in Thailand or to bring in 65k from abroad each month. If the lump sum is used you have to have it in the bank 3 months before extension and 3 months after and then after that must keep at least 600 k balance so yes, unlike the O-A visa there are restrictions on spending if the lump sum method is used (as well as requirement the money be brought into Thailand). However the money remains yours - you can get it out anytime if you decide to leave Thailand, and the 400K that you can't spend is still there to count towards future extensions (unlike the 500k you pay for elite, which you have to pay again 5 years later).

 

I can see no advantage to Elite for someone old enough to qualify for retirement.

 

There is a definite advantage to getting an O-A visa rather than an in-country extension of stay for retirement, at least to start with, since it does nto tie your money up.  The only real reason to switch later to extensions of stay rather than getting consecutive O-A visas would be if you wanted to avoid the need to return to your home country every 2 years.

 

 

[ThomasThBKK]

Why not buy a 20 year elite visa.

With all due respect, then you are 91 years and can reasses.

 

30k usd (1mio thb) and you have peace for 20 years.

 

That would be my decision if i was in your age and the money wouldn't matter, locking up 800k THB is not much different, in my opinion.

[DrJack54]

OP, I cannot believe you thinking about elite visa. Obtain an O-A in your country every 2 years. Your dosh can remain in your home country. 71..elite visa? Hells bells. 

[donnacha]

48 minutes ago, ThomasThBKK said:

30k usd (1mio thb) and you have peace for 20 years.

33K USD

 

48 minutes ago, ThomasThBKK said:

That would be my decision if i was in your age and the money wouldn't matter, locking up 800k THB is not much different, in my opinion.

He said he has pensions, no need to lock up 800K if he can show sufficient monthly income.

As @sfokevin pointed out, the main difference is that the Elite visa is money wasted if he changes his mind next year and decides to live elsewhere.

I am astonished that anyone would recommend an Elite visa to anyone over the age of 49.

I agree with @Momofarang that Thailand is not such a good idea for someone of 71, unless you have specific friends or an existing relationship here. We don't know what additional hoops retirees will be asked to jump through over the coming years but it seems likely that the generals will remain in power for at least the next decade and the current hostility towards Westerners will continue to grow. Many better options available.

 

Edited September 7, 2019 by donnacha

[ThomasThBKK]

33 minutes ago, donnacha said:

33K USD

 

He said he has pensions, no need to lock up 800K if he can show sufficient monthly income.

As @sfokevin pointed out, the main difference is that the Elite visa is money wasted if he changes his mind next year and decides to live elsewhere.

I am astonished that anyone would recommend an Elite visa to anyone over the age of 49.



 

Well, i am astonished that someone wants to deal with yearly visa extensions in the age of 71.

I would have better things to do.

 

 

Quote

I agree with @Momofarang that Thailand is not such a good idea for someone of 71, unless you have specific friends or an existing relationship here. We don't know what additional hoops retirees will be asked to jump through over the coming years but it seems likely that the generals will remain in power for at least the next decade and the current hostility towards Westerners will continue to grow. Many better options available.

 

Ehh and that's my reasoning for an elite visa... pay and forget. It all depends how liquid he is ... up 2 him.

How likely is he to move somewhere else in that age after settling down here?

Edited September 7, 2019 by ThomasThBKK

[Momofarang]

41 minutes ago, ThomasThBKK said:

Ehh and that's my reasoning for an elite visa... pay and forget.

Can't forget anything, TE doesn't exempt from 90 days reports and TM30. The only thing it saves are the reentry permits.

[Xavnel]

I was also debating on the Elite Visa. 

Here is my situation:

My Wife and I moved here in November 2017 with a 6 month METV (both Americans)

My wife got an ED Visa, I work 35 days on / 35 days off, outside of Thailand.  So I am always coming and going.  I just come here on VE every time. 

Now, here us for the debating.... the costs.

For my wife's ED Visa,  all together if you add everything up for the Visa and her going to school,  it comes up to about $3,500 a year... 

We could do the Family Elite Visa for 800,000 baht,  which comes up to approximately $5,000 a year,  however we BOTH would have the Visa, I would be stressed every time coming back to Thailand,   and my wife would not need to attend classes 4 times a week. 

Another however.... if we went with the Elite Visa, we would be committed for 5 years. 

[DavisH]

At 71, the OP should stay in their own country - I don't see Thailand as a stable place to live with regards to visa requirments, which have become more strictly enforced over the last few years. And now talk of increasing medical fees and compulsory insurance, which could eventually extend to all visa and extension types. At 71, insurance could become a prohibitive cost - unless the OP is also willing to tie up a few million baht for future health costs. 

[Why Me]

Just because the OP is 71 and eligible for OA/retirement doesn't mean he should not even consider the Elite.

 

The 1 mil. 20-year Elite would probably carry him through to his final days (I'll pray he outlives it but longevity charts are what they are) without ever having to worry about renewal and agents and such in Thailand. Which might be a good thing as one gets older and less competent.

 

All depends on his finances. If he's wealthy enough a 20-year EV might be just the ticket.

Edited September 7, 2019 by Why Me

[garyk]

I am pushing 70, I came back to the US. Unless at your age you are going for the pussy? Then just get a short visa and head back home. And when you get off the plane don't loose your senses..  Have fun.

IMO it is not a good idea to feed the Thai government. Just will make it worse down the line for others.

Edited September 7, 2019 by garyk

[dcnx]

Unless you have to go to Thailand I would look elsewhere. Malaysia 2nd home perhaps? Philippines SRRV visa? Ecuador? Mexico?

 

I wouldn’t think to move here at 71. Good luck fella.

[JohnnyBKK]

I would never consider Thailand at 71... having to go all the time to the immigration for documents is a pain. And spending that much money on a visa... you would be better off spending it on health insurance and healthcare. If you are from Europe move to a cheaper European country like Greece, Romania, etc. No hassles for visas.

[thaitero]

Depends also on homecountry and rules there how you want to calculate your risks.

If your homecountry pick the healthcare tab instant as soon you are back, you can consider  that you take your chances not being so sick suddenly that you are unable to fly back.

Edited September 7, 2019 by thaitero

[natway09]

The way some of you write you would think that the Government steals your 800K once

you put it in the bank.

[carbon007]

One respondent wrote: 'At 71 no one should even think of moving to Thailand.'
I am now 74 and has been living in Thailand for 12 years.
Don't listen to such an unconditioned statement. If you feel like it and you can take care of yourself then come.

If you have blue eyes then remember the sun glasses and wear them (If in doubt why then ask the eye doctor) 

[xtrnuno41]

Elite Easy Access

It is the most reasonable variant for expats and business people who often travel to Thailand. Issued for 5 years, with a one-time entry contribution of 500,000 Baht (≈$15,000). No additional yearly fees charged. No age limitations. One cannot pass the status to a third person, but one can upgrade to Elite Ultimate Privilege upon the payment of 1,605,000 Baht (about $50,000).

 

Elite Ultimate Privilege

Premium package. The visa is given for 20 years to an individual applicant. The cost of participation is a one-time contribution of 2,140,000 Baht ($68,000) and a yearly contribution of 21,400 Baht (about $680).

The applicant must be aged over 20. There is a possibility of one-time status passing to a third person. The cost of status passing is 20% of the package cost as of the moment of passing.

It is a premium package that includes additional VIP services. Visa holder receives:

• personal assistant who helps the visa holder to go through check-in, passport control and customs at the airport under the simplified procedure;
• access to airport VIP lounge;
• transfer service (valid for international flights);
• access to an elite golf club and SPA center;
• free medical check-ups every year;
• discounts in shops;
• state concierge services in connection with the issues of immigration, speedy processing of the driver’s license, etc.

[Suradit69]

20 hours ago, Momofarang said:

At 71 no one should even think of moving to Thailand

A bit of ageism tossed in with Thai bashing.

 

At 71 it's possible that making a major move might be more stressful than for a younger person, but even saying that is an over-generalization.

 

I'm older than the O/P and quite happy in Thailand and I've met others in the over 70 range who are quite happy here. If the O/P has visited Thailand and wants to come here, he should follow his plans (and once here steer clear of needy farang who want to moan about everything).

 

Reading Thai Visa you may get the impression that everyone is miserable and, if able, rushing for the exits. Not true. TV tends to attract those whose post-retirement hobbies are b--ching and moaning.

 

 

[BertM]

The OP could come in with no visa, get 30 days visa exempt at airport, then go open a Thai bank account and xfer 800k from home country. Then, go apply for a non-O 90-day visa based on 800k at least 15 days before the 30 days visa exempt expires. After the 800k has been seasoned for 2 months, go back and get a 12-mth extension based on retirement. Then you're done.

Edited September 8, 2019 by BertM

[Tony125]

OP we can give you better advice if you will tell us which country your coming from. Only 3 embassies ( US, Brit and Aus ) no longer give out income affidavids ,all the others do. Do you know people here, friends, family former co-workers. What convinced you to move to Thailand?  If based on visits from long ago you will be shocked by the many changes and not all for the good. Do you presently have any kimd of health/life/accident insurance that will cover you overseas?

The post #21 above explains what an Elite visa is. In my opinion and many others it is a waste of money for any who are old enough for a retirement visa/extension.

Edited September 8, 2019 by Tony125

[George Duguid]

Bert, During the 12 extension would i still have to go to imigration every 2 or 3 months.

[khunPer]

22 hours ago, zhorik said:

I am 71 and moving to Thailand. My problem is do i buy an elite visa or get a retirement visa. If mandatory medical insurance is required then the costs of a retirement visa increase dramatically.

There are no mandatory health insurance for applying for 12-month extension of stay based on retirement from an original non-immigrant type "O" visa that allow 90-days of stay from entry.

 

The mandatory 400k + 40k baht health insurance is for the so-called "retirement visa" non-immigrant type "O-A" that is granted for a 12-month period, and 12 month stay from last entry date; i.e. can give almost two years in Thailand.

 

Using the "O" visa and extension of stay based on retirement, you'll pay 1,900 baht for extension and from 1,000 to 3,800 baht for re-entry permission, if you are leaving Thailand during the extended period. Paperwork not that difficult if you follow a local forum with regulation at the local immigration office where you stay; rules can be slightly different from province-to-province. If well prepared with paperwork, it's not a big deal – I've been here as retired for almost 15 years, I'm 70 now; I use the 800k baht deposit method that is more easy the documentation of income, if you can afford the deposit-method, I'll recommend that.

 

Elite Card will cost you from 100k baht annually for a prepaid 5-year card, to 50k baht annually for a prepaid 20-year card. Little less paperwork hassle than applying annually for extension of stay. Compare the fee of 1 million baht fee to having 800k baht in a closed deposit, and interest loss of around 10k baht a year after withholding tax, if the 800k baht is in a fixed 12-month deposit.

????

[ubonjoe]

37 minutes ago, George Duguid said:

Bert, During the 12 extension would i still have to go to imigration every 2 or 3 months.

You only need to do 90 day reports to immigration. They can be done in person, by mail or online,

[Tuvoc]

40 minutes ago, Tony125 said:

The post #21 above explains what an Elite visa is. In my opinion and many others it is a waste of money for any who are old enough for a retirement visa/extension.

With Elite, you still have to do the TM 30 stuff, you still have to do 90 day reports. But is there an annual trip to immigration, or a requirement to leave and re-enter every 12 months ? 

[Martyp]

7 minutes ago, khunPer said:

The mandatory 400k + 40k baht health insurance is for the so-called "retirement visa" non-immigrant type "O-A" that is granted for a 12-month period, and 12 month stay from last entry date; i.e. can give almost two years in Thailand.

There is no health insurance requirement, mandatory or otherwise, to purchase an O-A visa in your home country. The proposed insurance requirement was much talked about in the first half of this year but then  the rumored start start date came and went with no requirement in sight. Except for the pessimists, people stopped talking about it. Look at your local Thai Consulate website to read about the O-A requirements. It is one of several ways to stay in Thailand long term for people over 50 years old.

[NCC1701A]

22 hours ago, zhorik said:

I am 71 and moving to Thailand.

good. at your age I would say you should only move to Hua Hin. Avoid Bangkok and Pattaya as they have horrible immigration offices.

 

what country are you from?

you should have a return to home country plan in case something changes with your home currency exchange rate, you become too sick and need government medical in home country.

 

22 hours ago, zhorik said:

My problem is do i buy an elite visa or get a retirement visa.

if you can afford a elite visa maybe the 90 reporting service in Bangkok might make it worth it plus other perks that work for you. But a retirement visa is only 1900 baht a year.  

 

22 hours ago, zhorik said:

If mandatory medical insurance is required then the costs of a retirement visa increase dramatically.

not required yet. and when it is it will be inexpensive but also inadequate. so make sure you can afford real health insurance. I have Aetna Thailand health insurance. 117,000 baht a year at 64 years of age. or have a pile of cash to self insure but just one serious medical issue and you could be wiped out. Not sure about insurance for you at 71. There are options.

 

22 hours ago, zhorik said:

my pensions and assets  qualify for the retirement amount

put 800,000 baht in Bangkok Bank in Hua Hin in a fixed account and leave it there and forget about it. Then once a year you go to the bank to get a letter to take to immigration. Bank letter takes fifteen minutes and costs 100 baht. Then one hour at immigration once a year. Same basic documents required each year. If you decide to leave Thailand you can take your money at anytime. no problem.     

 

Then go to Bluport Mall in Hua Hin and go the immigration office in the basement and do your 90 day reporting during one of your shopping trips. Cost is nothing. Takes five minutes in low season and fifteen minutes in high season and no paper work of any kind, just your passport. 

 

I strongly urge you to dress like you are going to a important business meeting at immigration and especially at any banks.

No shorts, tee shirts or flip flops. Ever.

Don't go there with any Thai women unless they are your wife and you introduce her as such.

Make sure you have all your paper work in order and don't have any western person superior attitude about the process.

 

Edited September 8, 2019 by NCC1701A