Thailand’s long-term ‘high potential’ resident visa fee to be halved to ฿50,000

[hughrection]

1 hour ago, mtls2005 said:

digital nomad program take-up garnered very few candidates

They insist on a masters degree. 

 

So, if you earn a boat load of money - no masters - no can hab. ????

 

Ridiculous requirements from people who have no idea. Just for context - Bill Gates - No Hab Deglee.  ????

 

 

[gearbox]

3 hours ago, vandeventer said:

Why don't they cut retirement visa's requirements from 800k to 400k and married visa's from 400k to 200k to give everyone that's retired here more money to spend and boost the economy?

These amounts are probably going to go upwards, not downwards.

I don't think the bank deposits are the main issue for retirees, it is the uncertainty of the healthcare coverage as they get older, either too expensive or simply not available.

[Onerak]

7 minutes ago, Sparktrader said:

Only the rich could afford $50,000

Visa fee is 50,00 Baht not $50,000. It should be same as O-X visa, i.e. 10,000 or max 30,000 BHT for ten years. Again it depends on the final requirements. The reported requirements seem enticing but we will see what else they will throw in. May be no 90-day reporting like Smart visa. 

[Sparktrader]

17 minutes ago, mtls2005 said:

This is the issue that needs to be addressed.

 

How many folks said, "$100,000 is too much, but $50,000 is acceptable"?

 

Answer: (probably) None.

 

And it, a 50% "discount", makes the original scheme look foolish, over-priced and under thought-out.

 

These schemes seem to jump from a senior government official ordering their minions to get more foreigners with cash, and the minions fashion strange and odd schemes, usually based on the previous strange and odd schemes, without consulting with the target audience.

 

That's why I ask which schemes worked, if any? And if they did, why did they work? And obviously, try to understand why other (most/all) schemes failed.

 

 

 

 

 

 

 

He thinks its $50,000

[Onerak]

10 minutes ago, gearbox said:

I don't think the bank deposits are the main issue for retirees, it is the uncertainty of the healthcare coverage as they get older, either too expensive or simply not available.

I read they have streamlined the health insurance with 100K USD requirements or money in the bank if can prove that it is not available due to age. 

[mtls2005]

20 minutes ago, Sparktrader said:

50,000 baht bit cheaper than $50,000

 

Sorry, I meant to use the THB instead of USD.

 

From the linked article...

 

According to the revised guidelines, pensioners and wealthy foreigners, for instance, must have insurance coverage of at least US$50,000, to cover medical fees, which is valid for at least 10 months or a social security certificate covering their medical expenses while in Thailand or a cash deposit of at least US$100,000 in a domestic or a foreign bank account for 12 months before applying for the visa.

 

High-income earners must have an average annual income of US$80,000 for the two years prior to applying for the visa.

 

The foreign specialists must produce an employment contract from a business in Thailand or abroad. They are also required to produce evidence that they have worked in the “targeted industries” for at least 5 of the 10 years prior to applying for apply the visa.

 

Edited May 11, 2022 by mtls2005

[brianthainess]

Roll up, Hurry hurry, SALE 50% discount on LTR visa. (conditions apply) Last chance before a flip flop. 

[spidermike007]

Rich people do not need cheap visas. What they do need are reasons to live here. And what they need are real sacrifices on the part of the arrogant goons. What sacrifices is Thailand willing to make, to attract the well heeled, they are referring to?

Ten year visas for free?

Allowing foreigners to buy houses, land and commercial property here?

Reducing punitive luxury and wine taxes?

Reducing import duties on stuff we want to have shipped here?

Ditching the submarine project, to support the people?

Dealing with the myriad of environmental issues, and the air quality?
 
It is amazing how these guys go on and on and on about what they are intending to do, and never, ever talk about the sacrifices they are willing to make, to attract these new businesses and investors. A true COTU (Thailand is the center of the known universe) mentality, and it is so far from reality, it boggles the mind. Millions of jobs have been lost. What is being proposed to help those families get back on their feet?

 

If I were rich, I would not spend more than 2 months of the year here. Too many other appealing options out there. 

[Mr Meeseeks]

2 hours ago, mtls2005 said:

Has any visa scheme they've concocted in the last twenty years been judged to have been successful?

 

I see articles frequently that the Elite program is running hopelessly in the red, and the digital nomad program take-up garnered very few candidates.

The Elite program is a boondoggle to keep civil servants in rounds of golf and a pension. Nothing more.

[brian2322]

I think the discount to 50k baht is to compete with the elite visa.  Elite at 600k for 5 years is 120k baht/year.  Probably worth the extra 20k/year to not have any additional requirements, but is it worth an extra 70k/year?  

[Mr Meeseeks]

2 hours ago, hughrection said:

They insist on a masters degree. 

 

So, if you earn a boat load of money - no masters - no can hab. ????

 

Ridiculous requirements from people who have no idea. Just for context - Bill Gates - No Hab Deglee.  ????

 

 

Normal in Thailand, they insist on proof of higher education for everything.

 

A consequence of rote learning and a failed education system; they cannot understand how someone can be self-educated and skilled without being told by a phu yai what to think. 

[wolf81]

13 hours ago, Adumbration said:

I have been here a very long time.  I knew only a handful of people who where working remotely here and were on more than 80K USD.  One guy was in charge of spinning up any new server deployments for Philip Morris.  He was on circa 250K USD per year and used to rent the villa next to me and work from a 600 baht supercheap particle board table while sitting on a 150 baht plastic chair.

 

Most people working in the internet - website space are not pulling down 80K pa.  And if they are they are in a crucial or management role and therefore (mostly) not allowed to work remotely.  As one example I knew a guy here who was a game animator.  He recently landed a job managing a team who is building a game that will be available in the Metaverse.  Players will be rewarded in Crypto.  A prerequisite to accepting the new role was working in (the Australian) office.  Two billionaires are staking the game development and they paid this guy (and his Thai wife) to relocate to Oz.  Company house and visas provided....and paying for his wife to attend univeristy for post graduate studies.

 

There are handful of people who can qualify for this visa (and actually want or need to live in Thailand for 10 years).  I could be wrong (I am more often than not) but I don't think there are going to be millions.

As a remote dev it should be quite achievable to reach 80k+ USD.

 

I am a remote dev who earns quite low compared to US standards, but I would be able to get 125.000 USD if I would work full-time. However I work about half of the time, so I make maybe 60.000 USD per year.

 

Software dev is still good money if one can work for Western companies.

[wolf81]

2 hours ago, hughrection said:

They insist on a masters degree. 

 

So, if you earn a boat load of money - no masters - no can hab. ????

 

Ridiculous requirements from people who have no idea. Just for context - Bill Gates - No Hab Deglee.  ????

 

 

Yeah it's really sucky. I never finished my studies and mostly learned software dev on my own. However, I would not be able to apply for any of these visas. Many Western companies are happy to pay me a nice income and these companies are most of the time not really interested in education. Past experience, Github profile, StackOverflow profile, projects completed in my own time and such seem much more useful.

 

[Sheryl]

14 hours ago, RandiRona said:

Reducing visa fees in half only means two things..

1. No one is coming.

2. No one is applying.

 

 

The visa is not yet available, so there can be no information on number of people applying or coming.

 

Possibly the cabinet is afraid the visa fee would be a deterrent. But in fact the more likely deterrent, based on past experience,  will be in the documentation requirements and/or application process. These have not yet been defined, but historically things that would otherwise have been viable are killed by poorly designed/impractical documentation requirements  etc.

[tjo o tjim]

5 hours ago, mtls2005 said:

Has any visa scheme they've concocted in the last twenty years been judged to have been successful?

All comes down to perspective.  20 years ago the "long term visa" was hand the passport to Mr. J with 1,000B so it can go on a vacation to Malaysia.

 

The systems they have are at least a little bit more flexible than the old days, and a whole lot more legal and encourages people to be in the system rather than hidden.

[tjo o tjim]

3 hours ago, spidermike007 said:

Rich people do not need cheap visas. What they do need are reasons to live here.

....

If I were rich, I would not spend more than 2 months of the year here. Too many other appealing options out there. 

The cost per-se isn't necessarily the issue, it is the predictability.  If you have a US$2k visa application process vs a US$4k process, the latter is going to be used less and therefore less predictable.

 

As for the last part... having a 10-year visa gives you some flexibility in how you invest and live in a place.  Say you want to have your own condo for those 2 months a year, and let family use it other times.  You gain the clarity with the longer term visa.  

 

Pre-COVID I knew a guy that had owned a condo here for ~15 years.  He travelled extensively for his work, and used Thailand as an inexpensive base.  He just did tourist visas, but ultimately decided to dump the condo because there was so little value in having a place that you did not have a guarantee that you would actually be able to visit.  This type of person is a great draw for Thailand, and there are a number of people in Hong Kong that would get one in a heartbeat, not to mention countless numbers of others that would find similar value.

[ThailandRyan]

4 minutes ago, tjo o tjim said:

All comes down to perspective.  20 years ago the "long term visa" was hand the passport to Mr. J with 1,000B so it can go on a vacation to Malaysia.

 

The systems they have are at least a little bit more flexible than the old days, and a whole lot more legal and encourages people to be in the system rather than hidden.

I remember those days, and I also remember being on the dip the toe into another country and then return just after.  A drive up to the border with Laos from Udon, park the truck behind the 7-11, pay 200 Baht, have two photos and $30 USD in hand with the Laos immigration form completed, walk through the Thai side being stamped out, go across the friendship bridge by the shuttle and then hand over the paperwork and money to the IO at the building in Laos, get stamped in, good for 90 days, but did not stay, walked around the building and took the shuttle back after being stamped out, went to the shops in no mans land, bought two bottles of Spirits, had lunch, and then went on through Thai Immigration getting stamped back in for another 30 days, after which I paid another 1900 in Udon for 30 more days before a rinse and repeat was done.  An enjoyable day which ran me no more than about $60 USD.  Other times it was an Air Asia flight round trip running around 1600 Thb from Phuket to Singapore or Malaysia, step the toe in and then go out and back into the terminal where you were stamped out and then flew back to Phuket and stamped back in for 30 days.....those were the old days and before they started limiting folks and before I obtained the right visa etc....

[Excel]

14 hours ago, MadMac said:

Fee for a normal yearly extension is 1900B. Why would anyone pay 50k?

Because they are stupid maybe ? ????

[CrunchWrapSupreme]

9 hours ago, Onerak said:

40/50 something single person and then finding a wife and may be a family in the future. Thousands have done that in the past with visa runs and on meagre teachers salary.

Guilty as charged. ????

 

Another lazy day in the market here with the wife, waiting for the next school term, hoping to รวยรุ่ง ("get rich").

[John Drake]

5 hours ago, realfunster said:

They continue to have the Thai obsession with Masters' Degrees, which appears a requirement for some of the working visas. Thailand take note : the rest of the world does not give two hoots about Masters' Degrees.

Masters are a hipster thing. Somebody at immigration must have been doing an exchange in the US at the height of the hipster hoopla. Ought to make the requirement a PhD. That'll get rid of the riff raff.

Edited May 11, 2022 by John Drake

[Sparktrader]

5 + 5 year visa deal

 

[sambum]

17 hours ago, MadMac said:

Fee for a normal yearly extension is 1900B. Why would anyone pay 50k?

If it was 50k for 10 years then they would probably have a few takers who are p****d off with the annual  hassle at Immigration to get an extension!

[Lemsta69]

18 hours ago, Adumbration said:

I also can't wait for this visa to go live.  Then the cost of living threads here will be a real hoot.  Instead of the usual knobs saying oh...I couldn't dream of getting by on anythingless than 100,000 a month we will have the 10 year visa guys saying oh....I couldn't dream of getting by on anything less than 500,000 per week....These dudes are going to make the guys with the Elite visa look like chimney sweeps...

I'm genuinely struggling to live in Bangkok on less than 100k per month. it costs a lot to have a certain lifestyle here. I dream of being able to spend 500k a week, now that would be some sweet, sweet living ????

 

[Misty]

7 hours ago, Onerak said:

Visa fee is 50,00 Baht not $50,000. It should be same as O-X visa, i.e. 10,000 or max 30,000 BHT for ten years. Again it depends on the final requirements. The reported requirements seem enticing but we will see what else they will throw in. May be no 90-day reporting like Smart visa. 

In a recent presentation on this topic, govt rep said no 90 day reporting, visa comes automatically with work permit, program to be administered by BOI. Expected to be available in July. 

[macgver]

I got a PhD, and still unemployed at all ????

 

[Adumbration]

14 hours ago, Onerak said:

I really don't care if it fails or not and that was not the point of this thread.  It is another option that will benefit me and scores of people like me who can demonstrate 100K USD in a foreign bank with 80K USD incomes. With rising home prices in the USA reaching almost 400K USD, with a salary of 100K won't be easy for many people to buy a house in the future and they migrate to Thailand if it comes with a work permit. Certainly this visa is not for bloggers who proudly post their life achievement of living in Thailand in <deleted> holes for $150/month and bragging about it in Youtube. 

And never forget the biggest attraction of coming to Thailand for a 40/50 something single person and then finding a wife and may be a family in the future. Thousands have done that in the past with visa runs and on meagre teachers salary. May be in the future they will be equipped with better salary, no worry about work permit, etc. 100K USD salary in the West does not guarantee a wife/family for 40/50 years old person but in Thailand it certainly does. We will only know its success or failure in 10-years time. 

I am all for more long stay visa options.  But not if their introduction means the removal of the Non-O option I am currently using.

[Onerak]

20 minutes ago, Adumbration said:

I am all for more long stay visa options.  But not if their introduction means the removal of the Non-O option I am currently using.

No where it's reported it will eliminate Non-O option. Introduction of O-X did not eliminate O-A. While live in imaginary fear? 

[Wombo1]

19 hours ago, Onerak said:

I don't work for a Thai company. All my life I worked for US multinationals. Now I take up consulting work from time to  time. The new visa you can work anywhere in the World. Does not say for Thai companies. I have worked remotely for 20-years and the last ten years as a consultant. When I take up a job, I have to tell them that I can't meet all US working hours for meetings so that they can accomodate me in morning hours only. And If I say I am located at   such and such country, some companies (e.g. Cisco, Microsoft, ADM, Intel) insist that I must have a work permits in the country where I am located. Yes, I can lie my ways but for some reason if caught, they may also  refuse to pay me my fees and it will jeopardize availability of future works for me. That's the reason, pre covid, when I used to take a job while in Thailand, I would go back to the USA to fulfill my contract. With a work permit in Thailand I won't have any issue. I can come and go at will.

Same as me, eagerly awaiting this 

[Onerak]

9 hours ago, spidermike007 said:

If I were rich, I would not spend more than 2 months of the year here. Too many other appealing options out there. 

How do you define rich? How much income or wealth is rich? Rich is a relative term depending on country or place of location. For example,  they did a survey and asked people across US how much money they need to earn to be called rich. In LA, the respondents said more than 120K but in Indianapolis people responded with 100K USD. Here is one analysis done at some research university. From this table, I see Thailand is only targeting the income of middle class Americans with this visa. Not even upper middle class, rich or ultra rich millionaires or billionaires. 

Edited May 11, 2022 by Onerak

[FriendlyFarang]

18 hours ago, Onerak said:

The discussion is about the new Thai visa that is expected to come with a Work permit who can show 80K USD incomes (from a foreign source) and 100K USD in a bank account (anywhere in the World not necessarily in a Thai bank) and I was discussing the benefits of the visa for people 50 years older or younger. we are not discussing about current visas. The details are yet to come. Not sure when. It is always prudent to familiarize yourself with the discussion before posting meaningless comments. 

Actually there are some details already, in the notes of the last cabinet meeting.

https://www.thaigov.go.th/news/contents/details/54442

Here a few "interesting" points:

Quote

2.1 Determine the rules and conditions for a special temporary visa According to the measures to stimulate the economy and investment by attracting foreigners with high potential to Thailand ( Long-Term Resident Visa) of foreigners[Wealthy Global Citizen, Wealthy Pensioner, People who want to work from Thailand (Work-From-Thailand Professional) and people with special skills (High-Skilled Professional) and dependents who are spouses and legal children of such aliens] and amended in some issues, such as the applicant.
[...]
2) Must show evidence of minimum personal income eg personal income Average of at least USD 80,000 per year in the period 2 years before the date of application.
3) Must show an employment contract or a service contract. with domestic business

Quote

(2) Improve the qualifications of the group who wish to work from Thailand ( Work-from-Thailand Professional) by improving the qualifications of employer companies abroad. To reduce duplication and reduce the discretion of officials in considering the selection of criteria according to the type of foreign nationals
Work with foreign employers which has one of the following characteristics:
   - a company listed on the Stock Exchange
   of million USD up to the date of submission of the request

So to sum it up:

To qualify for this visa (besides health insurance, 100k USD in bank etc.) you have to be employed at a company that's listed at a stock exchange and worth at least one million dollar (and you need to earn at least 80k USD per year), and you also need to show an employment contract with a Thai company.

Running a freelance gig back home won't cut it.