Now that the new 10 year visa has been approved, will the annual Non-O retirement extension be discontinued?

[EricTh]

@Adumbration

 

How many qualify for this 10-year visa? I think only 1% of applicants.....lol

 

If you bother to look at the past experiences, many people even have trouble meeting the 800k requirement.

 

They would rather pay agent to 'fix' it or do a visa-run.

 

As long as there are agents or visa-runners, the 10-year visa is going the way of dinosaurs.

Edited June 20, 2022 by EricTh

[Adumbration]

2 minutes ago, EricTh said:

@Adumbration

 

How many qualify for this 10-year visa? I think only 1% of applicants.....lol

 

If you bother to look at the past experiences, many people even have trouble meeting the 800k requirement.

 

They would rather pay agent to 'fix' it or do a visa-run.

 

As long as there are agents or visa-runners, the 10-year visa is going the way of dinosaurs.

Or the NON-O could go the way of the dinosaurs.

[Adumbration]

17 hours ago, ThailandRyan said:

Why would they?  Just a nonsensible idea. 

I notice this quote has a lot of likes.

 

Demonstrates the deluded sense of security NON-O retirement extension holders have regarding the long term future of this visa option.

[EricTh]

6 hours ago, rwill said:

No.

 

The new visa will be a very small percentage of visa applications.

Maybe 1% or less. Thailand needs to rethink their strategies, not many rich people would want to come to Thailand.

 

It's only the ordinary people who come due to cheaper cost of living.

[Adumbration]

7 minutes ago, EricTh said:

Maybe 1% or less. Thailand needs to rethink their strategies, not many rich people would want to come to Thailand.

 

It's only the ordinary people who come due to cheaper cost of living.

Luuuuv has no class boundaries.

[ThailandRyan]

49 minutes ago, Adumbration said:

I notice this quote has a lot of likes.

 

Demonstrates the deluded sense of security NON-O retirement extension holders have regarding the long term future of this visa option.

No delusions at all and no one truly has any security here. So instead of being booted to the curb and shown the door if they cut the prospects of any longstayer you would rather forfeit 10 years @50k Thb instead of just walking out the door and maybe loosing a few months and 1900Thb, this boggles the mind......your view is one of someone being jealous of those who have no issues with the current system and do it themselves at minimal cost, effort and time. Since I am on ignore you wont respond, shame.

Edited June 20, 2022 by ThailandRyan

[Tofer]

16 hours ago, KhunLA said:

Which I still can't get my head around, why any millionaire, would want to live in TH. 

Personal choice - and why not?

[KhunLA]

I've been told not to invest anything in Thailand, not to buy in, only rent, and no long term relationship, just do the P4P, as I can be booted at anytime, with little to no warning.

 

Wisdom expressed by that first barstool prophet 22+ yrs ago, and strangely, I still here it over & over today.

 

1 - 5 - 10 yr long stay -0- visa of whatever version, if legally acquired, IMHO, you have nothing to fear, except fear itself, as someone said.

[Tofer]

15 hours ago, Lorry said:

Because with the new millionaire's visa, the millionaire will be allowed to work in Thailand ????

I think you'll find you don't need to be a millionaire.

 

$80k / ann. income does not a millionaire make.

[ThailandRyan]

36 minutes ago, Tofer said:

I think you'll find you don't need to be a millionaire.

 

$80k / ann. income does not a millionaire make.

But after only 13 years if you saved or spent it all you had a million dollars that went through your hands or accounts.....so yes 80k a year makes a millionaire over time.

Edited June 20, 2022 by ThailandRyan

[Tofer]

7 hours ago, ThailandRyan said:

50k versus 19k over 10 years in fees.

That's 50k verses 38k for a multi entry annual visa extension. Then add on the regular trips to the IO for reporting and extensions, and it would probably work out cheaper.

[KhunLA]

18 minutes ago, Tofer said:

Personal choice - and why not?

I did say 'my' head.   Many would not choose my life's choices either.

 

But TBH, I could think of a few better places to base myself,

if back in that 1 % bracket.

Edited June 20, 2022 by KhunLA

[Tofer]

2 hours ago, Mavideol said:

let's assume  the cost is 50K Baht for 10 years  VS  Retirement/Extension of Stay renewal every year 1,900 Baht x 10 years = 19K Baht.....easy to see not a good deal

1,900 is not a multi-entry extn.

[KhunLA]

????

Edited June 20, 2022 by KhunLA

[KhunLA]

22 minutes ago, Tofer said:

I think you'll find you don't need to be a millionaire.

 

$80k / ann. income does not a millionaire make.

My millionaire comment was for the Group #1 folks:

Edited June 20, 2022 by KhunLA

[Tofer]

1 hour ago, EricTh said:

Maybe 1% or less. Thailand needs to rethink their strategies, not many rich people would want to come to Thailand.

 

It's only the ordinary people who come due to cheaper cost of living.

We don't all live in your sphere....

[ThailandRyan]

6 minutes ago, Tofer said:

That's 50k verses 38k for a multi entry annual visa extension. Then add on the regular trips to the IO for reporting and extensions, and it would probably work out cheaper.

Not quite, but you have your view.  90 day reports are done easily online so no cost.  Trips to CW are done in coordination with having an appointment so time, well it was, is limited and a day of shopping is done in conjunction.

 

[Bday Prang]

16 hours ago, Lorry said:

Because with the new millionaire's visa, the millionaire will be allowed to work in Thailand ????

If i was a millionaire I wouldn't be working..especially not in Thailand

[GroveHillWanderer]

2 hours ago, KhunLA said:

You don't have to 'assume',  10 yrs visa (0-X) is priced at ฿10k per 5 yr stretch, initial + extension, so ฿20k total at present time.

 

It's called the internet people.   Cost of visa shouldn't be an issue for anyone.  Qualifying may be a different story.

https://consular.mfa.go.th/th/content/80939-non-–-immigrant-visa-“o-x”-(long-stay-10-years)?page=5d68c88b15e39c160c0081e5&menu=5d68c88b15e39c160c0081e6

As far as I'm aware this isn't about the O-X visa, it's about the new Long Term Resident (LTR) visa. Details on the link below.

 

Guide to Thailand's new long-term resident visa from 1 Sep 2022

[Lacessit]

The ten year visa is for rich people. The annual non-O is for retired people of average means and income.

While I would never claim the Non-O could not be discontinued, it would be a classic case of the Thai authorities shooting themselves in the foot if they did.

[KhunLA]

11 minutes ago, GroveHillWanderer said:

As far as I'm aware this isn't about the O-X visa, it's about the new Long Term Resident (LTR) visa. Details on the link below.

 

Guide to Thailand's new long-term resident visa from 1 Sep 2022

OP wasn't very specific, and that site repeats the 'graph' I posted above, with 4 versions of.   

#1 for those with $1 mill in assets + $500k invest in Thai government bonds, foreign direct investment, or Thai property.  

 

That's a lot of liquidity to tie up, that could be working for you elsewhere.   People don't get to be millionaires, by being that stupid.

 

Here's official version from BOI:

https://www.boi.go.th/upload/LTR_62a01c0d2c314.pdf

Edited June 20, 2022 by KhunLA

[CANSIAM]

Friend of mine has the rare 10 year O-X, every time he arrives the IO's are scratching their heads on determining the stay stamp date, arriving with the LTR in your passport probably be held up for a couple hours......

[Mavideol]

3 hours ago, KhunLA said:

You don't have to 'assume',  10 yrs visa (0-X) is priced at ฿10k per 5 yr stretch, initial + extension, so ฿20k total at present time.

 

It's called the internet people.   Cost of visa shouldn't be an issue for anyone.  Qualifying may be a different story.

https://consular.mfa.go.th/th/content/80939-non-–-immigrant-visa-“o-x”-(long-stay-10-years)?page=5d68c88b15e39c160c0081e5&menu=5d68c88b15e39c160c0081e6

we are talking about 2 different things, my comment was related to the New LTR visa that's supposed to start in September and was listed at 50K, I didn't knew anything about O-X visa

 

https://www.humanresourcesonline.net/guide-to-thailand-s-new-long-term-resident-visa-from-1-sep-2022

[Caldera]

My prediction is that they'll struggle to find more than a few thousand applicants for this new kind of visa. Just like with the "Smart Visa" before.

 

And for that reason alone, I don't think they'll make any changes to other options that already exist.

 

We don't even know the full details yet. From experience, that's where they'll likely screw up and make a visa that sounds like a good idea unusable for many. 

[GroveHillWanderer]

@EricTh alludes to the fact that that this visa would only be for about 1% of visa applicants - even if that's an underestimate and it's slightly more, that would still mean the Thai authorities are going to eliminate 10’s of thousands of long term foreign residents and the revenue stream they represent to the country, if they were to abandon O and O-A visas in favour of this new LTR visa.

 

As someone else said, that would be a totally nonsensical thing to do.

[Nickelbeer]

19 hours ago, KhunLA said:

I thought it was a topic on the 0-X visa. 

 

So we're discussing the newish visa, for millionaires ?  Which I still can't get my head around, why any millionaire, would want to live in TH.   Unless they live for P4P,  then still not sure if it would be my choice.

 

Or is there a 'new' one ?

Because the Thai government is under the erroneous impression that Thailand is some “special case”.  They fail to admit or recognize that the “sexpat factor” has grossly inflated the number of those moving to the Kingdom. Millionaires can live this kind of lifestyle from any location on earth. None of them will put up with the restrictions placed on expats in Thailand. If I am wealthy, I expect a complete waiver of all your stupid rules and regulations. Get out of my way, peasant!!!

[Nickelbeer]

10 hours ago, sandyf said:

Nothing more unstable than the climate in the UK.

Far better than the climate for retirees in the USA. The UK has the NHS. America has nothing. I could be safe living in the UK. Count your blessings.

[freedomnow]

.

Edited June 20, 2022 by freedomnow

[ThailandRyan]

18 minutes ago, Nickelbeer said:

Because the Thai government is under the erroneous impression that Thailand is some “special case”.  They fail to admit or recognize that the “sexpat factor” has grossly inflated the number of those moving to the Kingdom. Millionaires can live this kind of lifestyle from any location on earth. None of them will put up with the restrictions placed on expats in Thailand. If I am wealthy, I expect a complete waiver of all your stupid rules and regulations. Get out of my way, peasant!!!

Saw that at our 5 star hotel today here in Cha Am when we were checking in.  Lady driving a Rolls-Royce and her Young Thai boy toy, she was American, was yelling in Thai at the checking gal telling her she would be given a free upgrade to a 2 bedroom villa suite as she was So and So.....I almost laughed but my GF smacked my arm.  We had the last 2 bedroom pool villa....lol

Edited June 20, 2022 by ThailandRyan

[Karma80]

6 hours ago, EricTh said:

Maybe 1% or less. Thailand needs to rethink their strategies, not many rich people would want to come to Thailand.

 

It's only the ordinary people who come due to cheaper cost of living.

If you have money and means in Thailand, your life can be very comfortable and luxurious indeed. Moreso than many other countries. It also has a fantastic tax structure opportunities for the internationally minded, but is not considered a tax haven.

You are quite right. Many ordinary people come here to stretch pensions or their modest income streams.

But, it would be wrong to think that Thailand isn't appealling to those doing well for themselves.