10 year Long-Term Resident (LTR) visa to make living in Thailand “easier and less bureaucratic”

[ThailandRyan]

12 minutes ago, Oracle2022 said:

Typical Thailand.

 

They dont appreciate that "rich pensioners" and "rich global citizens" would not want to live long term in Thailand.

 

Thailand will always attract the lower/middle status of people.  Its a third world country, with massive levels of corruption, unsafe roads, and many other downsides.

 

It will be another failure..........and in 12 months time there will be a "committee" meeting looking into why so few people applied for the LTR.............

 

Thailand loves committees why should any one person have to have any responsibility, better have a committee and then nobody has to take the blame for failure..........

 

They should just accept where Thailand is in the world - make a LTR visa simple for most people and then reap the benefits.

 

But that means a few people losing face.............and Thai's, like Chinese.......hate losing face.

How do you know that a Wealthy Pensioner would not want to live in Thailand? There are many that already do.  I know of plenty of folks who will apply when the window opens, and I myself will be one of them.

[GoingMyOwnWay]

Long time lurker, first time poster here. If this comes to fruition with the conditions and benefits that are stated in the brochure from BOI, then this Visa option looks highly interesting.

 

The IT industry is going fully remote and pays very well, so finding a job that pays more than 80k and allows you to work from anywhere (as long as you comply with tax rules etc.) is getting easier and easier. Working for a company based somewhere like in the US or in Singapore but living in Thailand and paying 17% income tax looks very attractive, especially since it could lead to permanent residency down the road, making future retirement in Thailand a breeze.

 

I'm already in contact with a couple of previous employers to see if their HR department would find an arrangement like this workable.

[scorecard]

1 hour ago, Misty said:

Agreed, especially for those who applied for PR 24 years ago and who don't work.

 

Being a working professional with recent experience with the mess that PR application has become, I think this new program may be big improvement.  Of course, we'll have to wait until after applications start being taken to be sure.

Seems to me there's a key attraction of PR - it's for life, never needs renewal in any way, plus no 90 day reporting.  

[ThailandRyan]

12 minutes ago, scorecard said:

Seems to me there's a key attraction of PR - it's for life, never needs renewal in any way, plus no 90 day reporting.  

If only retired expats who move here could apply......

[scorecard]

1 hour ago, Misty said:

Agreed, especially for those who applied for PR 24 years ago and who don't work.

 

Being a working professional with recent experience with the mess that PR application has become, I think this new program may be big improvement.  Of course, we'll have to wait until after applications start being taken to be sure.

I did work for many years (for the same multinational) after I gained PR, and of course my WP continued. Then moved to a regional role (Based in BKK) for a giant management consultancy for 12 years, with Thai WP.

 

Then retired, but instantly offered a role as a visiting professor for MBA / Executive MBA programs at a Thai Uni, with WP and then a second and a third Thai uni, all with WP. Then retired again, 78 coming soon. 

 

Role now; grandfather to 3 Thai grandkids 16, 12, 7. No WP but expensive costs.

[billd766]

7 hours ago, Boomer6969 said:

I don't see the need for your nitpicking here. My point is that I make a single transfer on the first business day day of every year for the total amount of my UN pension of the previous year. I do this to cover my rear side tax wise.

 

So to be constructive I am going to apply with the BOI as soon as they launch the scheme, if I can actually match their requirements. My pension is about 100k I I am under a Corporate Cigna plan, which is unlimited with a maximal copayment of about a 3000 Sfr. 

 

I think it will be fun, and I'll keep you posted. Pretty sure I'll end up getting another Thai Wife extension next January.

 

What nit picking? 

 

The rates apply to all whether you make 1, 12 or even 100 transfers per year.

[Misty]

1 hour ago, scorecard said:

I did work for many years (for the same multinational) after I gained PR, and of course my WP continued. Then moved to a regional role (Based in BKK) for a giant management consultancy for 12 years, with Thai WP.

 

Then retired, but instantly offered a role as a visiting professor for MBA / Executive MBA programs at a Thai Uni, with WP and then a second and a third Thai uni, all with WP. Then retired again, 78 coming soon. 

 

Role now; grandfather to 3 Thai grandkids 16, 12, 7. No WP but expensive costs.

Congratulations, it sounds like things have worked out well for you! : )

 

Some of the attractions of this new program for me include that the visa and work permit will be combined, that there is no need for 4 Thai employees (most small companies outsource already), no annual renewal, and no more being forced to deal with the existing bureaucracy which (and I am understating) is a mess. 

 

Avoiding the dysfunction of the current system would be huge.  Right now each year visa/work permit renewal consists of processes separated by over 2 months, mountains of  different paperwork, and a bureaucratic mess & exercise of petty power.    

 

If its true that BOI will have a one stop service center and the combined visa/work permit is good for 5-10 years, that's a vast improvement.

 

 

[crouchpeter]

On 7/6/2022 at 5:31 AM, Boomer6969 said:

No thanks. One day of bureaucracy to see a doctor, who is overworked and has only 5 minutes to spare for you. And, only for patients who can speak Thai.

 

No the problem with the LTR will be that once more they will refuse your current cover from overseas.

Absolutely not true, except you do need your wife with you. Hundreds of patients waiting for 10 or so specialists, and all seen by midday. And if you need a referral to another specialist, or a blood test, or ECG etc., It'll be done that afternoon.

[crouchpeter]

On 7/6/2022 at 2:56 PM, 4MyEgo said:

I would suggest that it depends on where you live, personally living in Isaan, I will not go to my local government hospital for treatment, I find parting with 700 to 4,000 baht at a private much quicker, even though I have to travel 2 hours return, the wait is 10 minutes at the most, the environment is much cleaner and the Dr's speak English and have also been trained overseas.

 

If I really had to visit a public hospital it would be a university training hospital which is about a 2 hour + drive which was for day surgery.

The persistent myth that Drs. working in private hospitals are "trained overseas"! They're trained in Thailand and some, (or lots), go overseas for a year or so for post-grad. attachments.

[Mavideol]

Just now, crouchpeter said:

The persistent myth that Drs. working in private hospitals are "trained overseas"! They're trained in Thailand and some, (or lots), go overseas for a year or so for post-grad. attachments.

I know some that went overseas for 3-4 weeks to get a overseas certificate that they proudly hang on their offices, but in reality never went to any school they told me their goal was to take a vacation and spend a couple hours a week on seminars that will hand out certificates ( need to paid entry fee) at the end of the seminar

[Boomer6969]

12 minutes ago, crouchpeter said:

Absolutely not true, except you do need your wife with you. Hundreds of patients waiting for 10 or so specialists, and all seen by midday. And if you need a referral to another specialist, or a blood test, or ECG etc., It'll be done that afternoon.

Strangely you are describing my nightmare. At her last cardiology visit MIL left home for Buriram hospital at 7am and was back just before 7pm. A full day of waiting and queueing for one scan+visit.

 

I am 70, and have various chronic conditions which require about 30 appointments a year, I'd die if had to rely on Buriram hospital for that. I travel to Bangkok 3 or 4 times years stay in a good hotel, not to far from Bumrungrad, and rarely wait more than 30 minutes for my doctors, who always apologise when late. All that in cozy, quiet and air conditioned settings. The cashier giggles at my stupid jokes and Cigna refunds before I pay my credit card bills. 

[crouchpeter]

On 7/7/2022 at 12:22 PM, aussiexpat said:

Not sure why you're paying so much tax in UK when you're not living there. I was non-resident for tax purposes in Aussie for 16 years, all my money went to a secret Jersey Bank account, never paid $1 tax

 

In the UK, you get your money sent offshore, (eg. Channel Islands. I used Barclays, Isle of Man). Then the only tax you pay is on the money you bring back into the UK. Usually via ATM.

[farangnomore]

On 7/5/2022 at 4:56 PM, RichardColeman said:

You would think that taking care of a Tha wife, a thai child and bringing millions into the thailand economy in said 10 year without fail would make you a 'high potential' person. But no you're just an unwanted mug to the thai long term visa people. Shameful 

Ten years in Thailand and you are still surprised?  You already brought the money in, you are already taking care of all those Thais, there is no need to "attract" you 5555.  They need to attract new suckers.

[ThailandRyan]

3 minutes ago, farangnomore said:

Ten years in Thailand and you are still surprised?  You already brought the money in, you are already taking care of all those Thais, there is no need to "attract" you 5555.  They need to attract new suckers.

Explain your Suckers comment please?  Are you saying all of us living here in Thailand were suckered into staying here?  If you think so then your just trolling.

[4MyEgo]

19 hours ago, ThailandRyan said:

If only retired expats who move here could apply......

It doesn't really bother me, yes, sure the 90 days you have to remember and spend all but 60 seconds online to do your compliance and then the annual extension with the loads of paperwork.

 

It could be simplified in many forms as you would be aware, e.g. an annual extension providing a choice 1, 2, 3, 4 or 5 years with no 90 day reporting.

 

Don't they know they can cancel any of the above extensions at a minutes notice, so why continue with the 90 days reporting and annual extensions ?

 

If they wanted to make it easier all they would have to do is do away with the 90 day reporting and make sure that the 1, 2, 3, 4 or 5 year extensions have a "provision" that is for example, that you MUST show up on the anniversary that you did your extension with a bank letter stating that you have the required funds in your account, that's all, so once a year.

 

Too easy, for sum, but it appears we are well behind here in Thailand to the rest of the world, oh well, c'est la vie, que sera sera, whatever will be will be, and all that jazz. 

 

Meanwhile back at the ranch ????

 

 

[zzaa09]

Some of us very old hands remember the good old days when none of this nonsense mattered, as there were no such O visa [long term/resident] varieties that had evolved as of yet, along with the headaches/overblown financial scams/general bureaucracy that are associated. 

 

The cycling 3 months + extension - step outta the country and back for two hours with refreshed visa in hand. 

Resident foreigners were doing this for decades with little or no complications or BS.

 

Shhhh.....don't tell anyone, but there are ways to get around all this imaginary and forced upon O/B/Ed visa and still retain a so called resident status. A bit of a challenge these days, but still can be managed without problems. 

[ThailandRyan]

21 minutes ago, zzaa09 said:

Some of us very old hands remember the good old days when none of this nonsense mattered, as there were no such O visa [long term/resident] varieties that had evolved as of yet, along with the headaches/overblown financial scams/general bureaucracy that are associated. 

 

The cycling 3 months + extension - step outta the country and back for two hours with refreshed visa in hand. 

Resident foreigners were doing this for decades with little or no complications or BS.

 

Shhhh.....don't tell anyone, but there are ways to get around all this imaginary and forced upon O/B/Ed visa and still retain a so called resident status. A bit of a challenge these days, but still can be managed without problems. 

It was a time when after 90 days a short vacation in one of the neighboring countries was very nice.  Border bounces were common when I first came back after certain events in my life occurred.

[metisdead]

Some posts with offensive and racist comments have been removed as well as the replies. 

[frantick]

On 7/8/2022 at 12:21 PM, gearbox said:

Are defined benefit pensions taxed in the US? Seems harsh to me.

I believe yes, as it was rare for a company to contribute post-tax dollars into the plan.

 

Mine is. 

[ThailandRyan]

6 minutes ago, frantick said:

I believe yes, as it was rare for a company to contribute post-tax dollars into the plan.

 

Mine is. 

Yes they are taxed in the US both by the Federal Government and the State.

[frantick]

9 minutes ago, ThailandRyan said:

Yes they are taxed in the US both by the Federal Government and the State.

Not all states, ie my state, SD. 

[ThailandRyan]

4 minutes ago, frantick said:

Not all states, ie my state, SD. 

Correct, however my State of residence does Tax it.  When I return to the US I may end up setting up a residence in Nevada.

[aussiexpat]

6 hours ago, ThailandRyan said:

Yes they are taxed in the US both by the Federal Government and the State.

Sucks to be you, my fixed benefit for life fund has zero tax in Australia

[oldcpu]

On 7/9/2022 at 6:53 AM, Boomer6969 said:

 I am under a Corporate Cigna plan, which is unlimited with a maximal copayment of about a 3000 Sfr. 

 

I am most curious to find out if this Corporate Cigna plan will be accepted by Thailand when the details of the LTR are implemented.

 

I have an excellent European Cigna health insurance plan (provided by my former employer as part of my pension) and it is NOT accepted by Thailand for the Type-OA health insurance. Further this European Cigna refuses to fill in any Thai immigration forms for Health Insurance. 

 

Now there is a Thai branch of Cigna from which one can buy Health insurance to meet the Thai immigration requirements.  However the Thai branch refuses to fill in the Thai immigration database for the European Cigna plan (that I have) and will not do the required Thai immigration paperwork for the European Cigna. 

 

I asked the Thai Cigna branch how much money they wanted in order to fill in the requirements for the European Cigna, and they flat out stated, buy double Health Insurance from their Thai Cigna branch (and if i wished dump the superior former employer provided Cigna Health Insurance to avoid double health insurance).  My European Cigna Health Insurance is both cheaper (as it is subsidized by my former employer) and far superior.

 

So good luck, and best of wishes to you, with your Corporate Cigna plan being accepted by Thai immigration - but to say I have serious doubts that this will work for you would be a major understatement.

[Boomer6969]

1 hour ago, oldcpu said:

So good luck, and best of wishes to you, with your Corporate Cigna plan being accepted by Thai immigration - but to say I have serious doubts that this will work for you would be a major understatement.

Obviously you didn't read my post, especially the last paragraph:

 

"So to be constructive I am going to apply with the BOI as soon as they launch the scheme, if I can actually match their requirements. My pension is about 100k I I am under a Corporate Cigna plan, which is unlimited with a maximal copayment of about a 3000 Sfr. 

 

I think it will be fun, and I'll keep you posted. Pretty sure I'll end up getting another Thai Wife extension next January."

 

So yes. The only hope is that under current plan applications will be processed by BOI, they will issue a letter to TI, who will stamp the passports. That would still leave the yearly report hurdles, where IO could come up with any corny requirements they like.

[Misty]

21 hours ago, Boomer6969 said:

So yes. The only hope is that under current plan applications will be processed by BOI, they will issue a letter to TI, who will stamp the passports. That would still leave the yearly report hurdles, where IO could come up with any corny requirements they like.

From foreign chamber meetings and various interactions with BOI (direct and indirect), the plan was that the original visa could be applied for as an e-visa from a foreign consulate. Any further processing/linking of work permit would take place at a specific BOI LTR one-stop service department, to include any yearly reporting. 

 

If that's in fact the way it will work, the ability of an IO to come up with any corny requirement might be limited.

[Boomer6969]

2 hours ago, Misty said:

From foreign chamber meetings and various interactions with BOI (direct and indirect), the plan was that the original visa could be applied for as an e-visa from a foreign consulate. Any further processing/linking of work permit would take place at a specific BOI LTR one-stop service department, to include any yearly reporting. 

 

If that's in fact the way it will work, the ability of an IO to come up with any corny requirement might be limited.

Thanks for posting. That would be great, I keep my fingers crossed.

[geisha]

On 7/6/2022 at 2:36 AM, ThailandRyan said:

Well in the US, California, if I did not have my investments and was living there full time my cost of living with all of the price increases would drain 85% of my pension each month. Add in if buying a house still and making payments your living a non wealthy life.  Just read an article where to be well off and able to live in many coastal big cities you need several million to be seen as wealthy.

Most people who have good jobs buy when they’re much younger, they don’t wait for retirement ! By the age of 45 to 55 you should have your house paid , savings in the bank and a decent life. No scraping by. I come from a «  normal » family in the UK and all my young nieces and nephews who are under 33 have their own houses, decent to very good jobs . You learn from your parents. I live in the south of France, good job, bought my first property at 30 , second at 40, third at 50 where I still live.. Retired now of coursé, no way I have anything near 80k $ a year ! Still live a great life, 4/5 months in Thailand ( renting) plus other holidays , can do and go where I want. No ties.  And if I did have 80k a year, I wouldn’t be holidaying or living in Pattaya or Phuket  !! 
PS I am not talking about todays youth who just might have it harder !! 

[ThailandRyan]

1 hour ago, geisha said:

Most people who have good jobs buy when they’re much younger, they don’t wait for retirement ! By the age of 45 to 55 you should have your house paid , savings in the bank and a decent life. No scraping by. I come from a «  normal » family in the UK and all my young nieces and nephews who are under 33 have their own houses, decent to very good jobs . You learn from your parents. I live in the south of France, good job, bought my first property at 30 , second at 40, third at 50 where I still live.. Retired now of coursé, no way I have anything near 80k $ a year ! Still live a great life, 4/5 months in Thailand ( renting) plus other holidays , can do and go where I want. No ties.  And if I did have 80k a year, I wouldn’t be holidaying or living in Pattaya or Phuket  !! 
PS I am not talking about todays youth who just might have it harder !! 

Many folks in the US buy a house between 30 years of age and then after having a family and kids sell off the smaller home and buy another larger home, and so by the time they are still in their late 50's they are still making payments. Most home loans/mortgages are for 30 years.  I retired at 52 and was making payments on my primary house which I sold upon moving to Thailand permanently instead of going back and forth.  Here I bought a penthouse condo in BKK, and now a house in the southern HH/Pranburi Area. Paid cash for them.  I have rental properties which make me income, but if I were to return to the US now I would buy a new home and if I did not have the million plus USD to buy a house where I would want, then I would be making house payments and ergo why my income stream from my pension would be greatly reduced with paying a mortgage, paying car insurance, buying another vehicle to get around in, and paying for my insurance both medical and dental.  Having retirement income of over 15k USD a month as well as the income from the rentals lets me live how I want here in Thailand, but then moving back to the US and traveling back and forth would be tight. 

 

Yes I applied and obtained the LTRWP Visa, a no brainer for 10 years.

[Metapod]

I have a 20 year elite visa, so not sure if this really fits me.

 

how easy would the path to PR be? I'd consider getting it for a few years if it's a quick and easy path to PR. Otherwise, I'll stick on the Thai Elite.

 

I kinda wish I could just buy another 20 year Thai Elite that I can start in another 20 years.