Retirement vs Elite visa -- which is best?

[squiggly]

Ideally I would like to move around a lot, at least each year, and maybe spend a year living in a different country before coming back. I know the Elite costs a lot more, but I am not sure if the cost is worth It.

[worgeordie]

If you are 50 or older just go with the retirement option, means

keeping 800,000 THB in the bank most of the time ,but the cash

is still yours, an Elite visa is expensive, if you are still here after

5-6 years you will need to buy another one.....

regards Worgeordie

[Kelsall]

18 minutes ago, worgeordie said:

If you are 50 or older just go with the retirement option, means

keeping 800,000 THB in the bank most of the time ,but the cash

is still yours, an Elite visa is expensive, if you are still here after

5-6 years you will need to buy another one.....

regards Worgeordie

Elite Superior Extension is the best deal for Elite Visa, 20 years for 1M baht.

Edited November 8, 2020 by Kelsall

[worgeordie]

8 minutes ago, Kelsall said:

Elite Superior Extension is the best deal for Elite Visa, 20 years for 1M baht.

Yes IF you have 20 years left to live,

regards Worgeordie

[squiggly]

Thank you, I had not heard of the superior extension, is there a good link to read about it? I am planning on 30-40 years depending on how long I live.

[Salerno]

3 minutes ago, squiggly said:

is there a good link to read about it?

 

https://www.thailandelite.com/at-your-service/card/elite-superiority-extension-membership?locate=en&popup=false

[kbb]

Other benefits of the Elite

 

No Insurance.

If you live in BKK, they have offices to help with 90 day reporting and (I think) the 5 year renewal. 

Other services as well,  such as Driver's Licences. 

Not so helpful if you live out up in the sticks. 

 

Two roles of the dice

   Will you live so long? Stay in Thaland so long?

   Will the Govt change the rules of the game?

 

You do need to leave and return once a year under the Elite.

 

Personally, I'm very happy with the choice. 

(We had some documents stuck down south I needed for my retirement extension, and I was unwilling to travel through the corona cloud to retrieve them)

((We now live two hours the Immigration office. No longer a 20 minute walk))

 

[NoshowJones]

The cost is not worth it, it is money down the drain, get the retirement extensions through an agent, there is no hassle there.

[Peter Denis]

Recommend to read some threads on the Forum on how EliteVisa treated their 'customers' that were stuck abroad and not able to return on their EV, or even worse those whose EV ran out during the Amnesty and were not able to extend it.

Imo only consider an EV when under 50 years of age and not married to a Thai national.

 

[squiggly]

I am planning 50+ so sounds like Elite is probably not the best choice. Thanks. 

[Peter Denis]

8 minutes ago, squiggly said:

I am planning 50+ so sounds like Elite is probably not the best choice. Thanks. 

I just PM-ed you a Guideline for Long-stay in Thailand when +50 year of age (and not married to a Thai national), outlining the main options - i.e. applying for a 1-year Non Imm O-A Visa in your home-country, or applying for a 90-day Non Imm O Visa for reason of retirement either in your home-country, a neighboring country to Thailand or at a local Thai Immigration Office. 

Edited November 9, 2020 by Peter Denis

[redpill17]

On 11/8/2020 at 10:45 AM, worgeordie said:

If you are 50 or older just go with the retirement option, means

keeping 800,000 THB in the bank most of the time ,but the cash

is still yours

Unless you're planning to leave it for your grandkids, you can't take 800k with you to the grave ???? 

Not that it will be worth a lot after 20 years, especially if the economy crashes. My personal opinion.

 

1 hour ago, possum1931 said:

The cost is not worth it, it is money down the drain, get the retirement extensions through an agent, there is no hassle there.

To each their own. I just don't agree that Elite visa is "waste of money". 1M for 20 years is just 50k per year (or 4k per month) - cheaper than sketchy "volunteer" visas and 100% legal. How much did you pay to the agent?

 

4 hours ago, kbb said:

Other benefits of the Elite

 

No Insurance.

Yes, the paperwork is minimal. Almost anyone can apply. Plus, they don't care how much you are earning per month or anything like that.

 

4 hours ago, kbb said:

You do need to leave and return once a year under the Elite.

You can extend it without leaving at Immigration. No need to do visa runs, which is handy with current travel situation.

[Fairynuff]

On 11/8/2020 at 11:13 AM, worgeordie said:

Yes IF you have 20 years left to live,

regards Worgeordie

Not everyone on TV is at death's door!

[worgeordie]

15 minutes ago, redpill17 said:

Unless you're planning to leave it for your grandkids, you can't take 800k with you to the grave ???? 

Not that it will be worth a lot after 20 years, especially if the economy crashes. My personal opinion.

 

To each their own. I just don't agree that Elite visa is "waste of money". 1M for 20 years is just 50k per year (or 4k per month) - cheaper than sketchy "volunteer" visas and 100% legal. How much did you pay to the agent?

 

Yes, the paperwork is minimal. Almost anyone can apply. Plus, they don't care how much you are earning per month or anything like that.

 

You can extend it without leaving at Immigration. No need to do visa runs, which is handy with current travel situation.

So I guess you have the Elite visa and are doing everything to justify it, OK

that's just your view of it, you get the 20 year Elite visa, pay 1 Million  AND

in say 5-10 years time a Xenophobic govt * is in power, and cancels your Visa

BUT i am sure they will refund the balance ????   * even more than some people think this one is. 

regards worgeordie

[Sheryl]

4 hours ago, kbb said:

 

...You do need to leave and return once a year under the Elite.

 

 

 

To my understanding this is not correct, can do a one year extension in-country.

 

The main disadvantages to retirement visa for OP as I see it are:

 

1 - He would have to be in-country every year to extend. The Elite on the other hand stays valid for 5 or 20 years (depending on which he gets) even after the last stamped in permission to stay ends.

 

2 - If he has to get O-A then the requirement to have insurance from one of 13 specified Thai companies. (And if over age 75, required ti get it but the companies won't issue it). However assuming under 75 and can get it, the added cost is still cheaper than the Elite visa (though a hassle and a waste).

 

3- requirement to have a Thai bank account and either keep 800K in it or make monthly transfers of at least 65K into it (and associated paperwork to document all this). Actually if you consider that 800K as spent (as it virtually is since you can't remove it and keep your visa status, though your heirs can get or you can take it out if you decide to leave Thailand) then this together with what you will have to spend on annual extensions, re-entry permits and useless insurance  becomes about the same as the 20 yr Elite. The main difference being that the 800k is still legally yours and you can get it back if you decide to stop living here, or your heirs can get it (if you have a Thai will, may be difficult otherwise).

[Fairynuff]

2 hours ago, possum1931 said:

The cost is not worth it, it is money down the drain, get the retirement extensions through an agent, there is no hassle there.

Here we go again, because it’s not worth it to you doesn’t mean it’s not worth it to everyone.

[worgeordie]

Just now, Fairynuff said:

Not everyone on TV is at death's door!

Its waiting for you everytime you cross the road here,getting on a motorbike...

then there's the going out on the balcony death, you don't have to be old or

infirm to die here

regards Worgeordie

[Fairynuff]

1 minute ago, worgeordie said:

Its waiting for you everytime you cross the road here,getting on a motorbike...

then there's the going out on the balcony death, you don't have to be old or

infirm to die here

regards Worgeordie

I’ll bet you’re fun to spend an evening with.

[worgeordie]

Just now, Fairynuff said:

I’ll bet you’re fun to spend an evening with.

Yes your right,how did you know ?

regards worgeordie

[gamini]

2 hours ago, possum1931 said:

The cost is not worth it, it is money down the drain, get the retirement extensions through an agent, there is no hassle there.

why through an agent? It costs only 1900 bt and so  easy to get, 30 minutes   on average. 

[Thingamabob]

26 minutes ago, Fairynuff said:

Not everyone on TV is at death's door!

So what ?

[Fairynuff]

10 minutes ago, Thingamabob said:

So what ?

?

[richard_smith237]

A Non-Immigrant Visa is ‘stronger’ than the Thai Elite Visa... 

 

I hold a Thai Elite Visa (or rather have the stamp in my passport - Life Time option obtained about 14 years ago).

 

When Thailand entered the Emergency Decree I was unable to return with my Thai Elite Visa and had to use the Non-Immigrant Type O option (based on marriage to a Thai).

 

Upon expiry of my 90 day Non-Imm O, I was unable to revert back to the Thai Elite Visa due to having to leave the country (can’t do so at this time), thus have gone the 12 months extensions option (of Non-Imm O). 

 

I will have to leave Thailand soon anyway (for work) - Immigration recommended I remain on the Non-Imm O Extension as we do not know what will happen with the Emergency decree in the next few months and it is easier to return while holding the Non-Imm O Extension than a Thai Elite Visa. 

 

The only issues: 

- Non-Imm O (extension) requires a 1900 baht, single or a 4800 baht multiple re-entry permit when leaving the country. 

- The Thai Elite (SE) visa requires a 1900 baht extension every 90 days. 

 

------

 

Which is better: I depends how much golf you play !!! - if playing 3x per week etc on the courses offered by Thai Elite then Thai Elite membership can be cost effective. 

If only looking at the visa options and you meet the Non-Immigrant retirement visa options then that is the best option.

 

 

 

 

 

[squiggly]

In terms of living elsewhere... I might want to live say in Malaysia or Laos for a year... It sounds like the Elite has advantages when ot comes to leaving and returning after a while? 

[NoshowJones]

24 minutes ago, gamini said:

why through an agent? It costs only 1900 bt and so  easy to get, 30 minutes   on average. 

To avoid this money in the bank nonsense, etc, wait until you come up against an IO with a hostile attitude, it happens often enough going by some posts.

[Peter Denis]

25 minutes ago, Sheryl said:

...

The main disadvantages to retirement visa for OP as I see it are:

...

Hi Sheryl, I added some comments on each of the 3 points you made.

The EliteVisa is the ideal Visa for those that are under 50 years of age (so not eligible for 'retirement' Visa) or those not married to a Thai national (so not eligible for a 'marriage' Visa).

But when eligible for a retirement or marriage Visa, only those for who 500K or 1 million THB are 'peanuts' should consider it, given the alternative options they have for staying long-term in Thailand.

 

26 minutes ago, Sheryl said:

1 - He would have to be in-country every year to extend. ...

1 - That is not really required.  It would be more correct to say that he CAN extend his Non Imm O (or O-A) Visa every year in-country.  But there is no reason to stay in-country because of this, as he can also apply for a NEW Non Imm O Visa outside Thailand, or O-A Visa in his home-country.  On top of that he could also return from abroad VisaExempt or on a Tourist Visa and apply for a new Non Imm O Visa in-country.

 

26 minutes ago, Sheryl said:

2 - If he has to get O-A then the requirement to have insurance from one of 13 specified Thai companies. (And if over age 75, required ti get it but the companies won't issue it). However assuming under 75 and can get it, the added cost is still cheaper than the Elite visa (though a hassle and a waste).

 

2 - The insurance is ONLY required when he stays on his Non Imm O-A Visa and applies for yearly extensions for reason of retirement.  A simple border-run and returning VisaExempt will allow to apply for a 90-day Non Imm O Visa at his local IO and subsequently apply for 1-year extensions from that Non Imm O Visa.  Doing so, there is no for insurance.

 

26 minutes ago, Sheryl said:

3- requirement to have a Thai bank account and either keep 800K in it or make monthly transfers of at least 65K into it (and associated paperwork to document all this). Actually if you consider that 800K as spent (as it virtually is since you can't remove it and keep your visa status, though your heirs can get or you can take it out if you decide to leave Thailand) then this together with what you will have to spend on annual extensions, re-entry permits and useless insurance  becomes about the same as the 20 yr Elite. The main difference being that the 800k is still legally yours and you can get it back if you decide to stop living here, or your heirs can get it (if you have a Thai will, may be difficult otherwise).

 

3 - For other nationalities than US, UK or Australian citizens, there is still the option to apply at their Embassy in Bangkok, for the income-letter in case their monthly income is above +65K  (e.g. from pension or rental income).  And in that case, there is NO need to park/transfer money to a Thai bank-account (and provide evidence of doing so to local IO).

 

[NoshowJones]

53 minutes ago, Fairynuff said:

Here we go again, because it’s not worth it to you doesn’t mean it’s not worth it to everyone.

The cost is not worth it to anyone, but it is their choice if they want to throw away, ie, 500.000 Baht when there

are other much less expensive ways.

[khunPer]

On 11/8/2020 at 4:34 AM, squiggly said:

I know the Elite costs a lot more, but I am not sure if the cost is worth It.

A 20-year Elite Card is 50k baht a year, and hassle-free "extensions".

 

A retirement extension 50+ years based on a non-immigrant O-visa costs 1,900 baht a year in extension, plus 3,800 baht a year for multiple re-entry permission, plus fee for bank statements, i.e. about 6,000 baht a year, or 44k baht cheaper than an Elite Card, if you do the extension yourself (it's fairly easy). You need to deposit 800k banh in a bank account 5 month of the year, and never less than 400k baht the remaining 7 month; i.e. most easy to deposit 800k baht in a 12-month fixed account and cash the interest, which right now is around 0.5 percent minus 15 percent tax, i.e. 3,400 baht a year. Using an agent, where that is possible, might costs you 20k baht or more. You need to be in Thailand at the time of annual extension, and you need to meet the requirements of documentation.

 

You pay 1 million baht for an Elite Card, whilst you need to deposit 800k baht long term for retirement extension plus annual fees, totaling about 120k baht, minus interest from the deposit. After 20 year you are having the 800k baht back from retirement extensions, whilst you get nothing from the Elite Card.

 

If me, and if I can afford it, I would in a situation like yours choose a hassle-free Elite Card...????

Edited November 9, 2020 by khunPer

[Robin]

I have been in Thailand for years on Retirement Visa, and no trouble so long as you  qualify and are willing to go to immigration once a year for extensions.  Not a big deal to do extension yourself, it takes me about a morning, including getting letters from Bank.  Re-entry permit lets you come and go during the year.  I regard 800K in the bank as an emergency reserve if I am take ill, have an accident, etc.

I always bear in mind that Retirement Visa and, I think, Elite visa were Taksin ideas and might be scrapped by subsequent anti-Taksin governments.

Is 90 day reporting such a big deal?  Just something to remind you that you are not really welcome in Thailand