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LTR Visa is Now available for Long Term Residency


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39 minutes ago, lextsy said:

I applied on the 3rd Nov, still in pending status. 🙂

For those with updates or approvals can you also provide submission dates?

While each case varies you should probably expect to hear something from the BOI approximately in mid to late December

Edited by K2938
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Q on medical insurance for LTR

 

Right now outside thailand and  some thail insurance company want thailand address and moreover i have insurance in my home country and i dont have plan staying all year in thailand . i will be mostly staying  6 months out of a year .  

 

they need minimum 10 months insurance so do they check if i have  once i get approval or  i can change it  . for the purpose of  visa i want to buy safetywing insurance as this can be cancelled anytime

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In a review on Google maps of the One stop center and the Investment center they stated that men must wear long pants. If they arrive wearing shorts they will not be allowed inside.

 

Can someone who has received their visa please comment on this? Thanks. 

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8 minutes ago, Paul3456 said:

In a review on Google maps of the One stop center and the Investment center they stated that men must wear long pants. If they arrive wearing shorts they will not be allowed inside.

 

Can someone who has received their visa please comment on this? Thanks. 

Its often a requirement for lots of Thai government offices, especially places like courts etc. The enforcement can vary, even some immigration offices are pretty strict and will deny entry.

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On 12/3/2022 at 11:35 PM, anotherexpat4444 said:

Q on medical insurance for LTR

 

Right now outside thailand and  some thail insurance company want thailand address and moreover i have insurance in my home country and i dont have plan staying all year in thailand . i will be mostly staying  6 months out of a year .  

 

they need minimum 10 months insurance so do they check if i have  once i get approval or  i can change it  . for the purpose of  visa i want to buy safetywing insurance as this can be cancelled anytime

It sounds as if you have health insurance in your home country and have a travel/long-stay policy in mind. 

See if you can qualify using your assets to avoid the expense of purchasing a Thai policy or an overseas policy and coordinating policy expiration date 10-months in the future.  

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1 hour ago, anotherexpat4444 said:

 I called them and the officer was real nice . she told she is going to approve it . and she approved within 30 min and I got an email that they have approved my application and waiting from immigration .     so what happens next  on this process. do we get a visa stamp / pay money  ?

So what changed with your insurance?  Did you buy a new policy over the last few days, self insure, etc.  Before you were saying your application was hung up due to insurance.

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I saw that at least one person has gotten their LTR visa.

 

Question: What payment methods do they accept? I can find nothing on their website and calling them, they don't seem sure.

 

I messaged them and their standard response was QR code (not a big fan so don't suggest i set this up). I asked them if they accepted credit cards like Elite Visa does, but it didn't sound promising. Their suggestion was to bring cash.... Sure, that makes sense.

 

I have asked them if they do bank transfers and am waiting to hear back.

 

If you have actually gotten a LTR visa and have insight as to what payments they accept, your help would greatly appreciated.

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20 minutes ago, NCC1701 said:

I saw that at least one person has gotten their LTR visa.

 

Question: What payment methods do they accept? I can find nothing on their website and calling them, they don't seem sure.

 

 

There is a discussion upthread about it- if you do not have QR payment method, Cash is the Only other option. I paid the 50k in cash.

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1 hour ago, anotherexpat4444 said:

mine is LTRWFTP

Thanks.  And when did you apply as people are definitely interested in how long it takes to get from application submission to notice of approval.

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8 hours ago, Pib said:

Thanks.  And when did you apply as people are definitely interested in how long it takes to get from application submission to notice of approval.

I applied around Oct 27.   BOI say my application is approved and now  I am waiting from the immigration for result ( next step) .  

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16 hours ago, OldAjahn said:

2. Pantabat omsap: this is a savings bond issued by the Finance Ministry to encourage savings by Thais, similar to savings bonds in the US, and sold here through banks. By government regulations it can only be sold to Thai citizens and legal permanent residents, though there is some confusion whether it might also be available to holders of the 'yellow book'.

 

Further to this, Bangkok Bank have an offering opening soon (this week and next week) for this type of Savings Bond. 

 

I have a yellow book (which some consider 'proof of residency' in Thailand, although I 'question if that accurate').   Anyway, I might go to Bangkok Bank either this week or next. to inquire about purchasing a couple million baht or so worth of this bond.  ... and at that time, see if I qualify.  I am currently on a (new) 90-day type-O visa (having switched from being on a Type-OA visa for a couple of years).

 

My Thai wife also talked to a BOI representative about the purchase of Government Bonds for the LTR Visa Wealthy Pensioner ... and she was advised that the bond had to have a maturity of at least 5 years in the future ... which suggests one must purchase a 7 year or 10 year bond.

 

But my question to that is if one does get the LTR Wealth Pensioner Visa, ... in 5 years one must again prove that they have the required investment in Thailand. At that point of time the 7-year bond (purchased 5 years earlier) only has 2 years left for maturity.  Will it be accepted then?  If not accepted, it may not be so easy/convenient to sell that bond and purchase a new bond with more than 5 years to maturity.  Its possible, if overall interest rates are higher, that such a 7-year bond (in 5 years time) could be worth some amount of money less than its actual par value.   ... 

 

That has me thinking that it may be better to purchase a 10-year bond.

 

...  or simply go for a Mutual Fund instead ... although cynic that I am, I am not a mutual fund believer.  I see mutual funds as a way for the mutual fund company owner to ensure they have a good salary, while investing someone else's money.   Their 1st priority will be their salary, and the investment a second priority or worse.   I've always done better with my own market investments than in mutual funds.  ... But clearly I am far too much of a cynic here.

 

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1 hour ago, Pib said:

Misty

I had never heard of PFIC until your post above.  I did some googling on PFIC and yea, it sure does sound like overseas mutual funds are taxed at a high rate per U.S. IRS laws/rules.  Quite a few websites saying such like the one below.  

 

https://www.goldinglawyers.com/foreign-mutual-funds-pfic-form-8621-fbar-8938-u-s-tax-returns/

 

Yes, US citizens may come out ahead investing in PFICs for certain purposes, for example for Thai tax advantaged accounts such as RMFs, Provident funds or the old LTFs that were discontinued.  The LTR visa could be another reason to do this.  But definitely you'd want to go into it with eyes open.

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3 hours ago, oldcpu said:

...  or simply go for a Mutual Fund instead ... although cynic that I am, I am not a mutual fund believer.  I see mutual funds as a way for the mutual fund company owner to ensure they have a good salary, while investing someone else's money.   Their 1st priority will be their salary, and the investment a second priority or worse.   I've always done better with my own market investments than in mutual funds.  ... But clearly I am far too much of a cynic here.

1) If it is really true that mutual fund investments are an allowed alternative, then the great benefit of this would be that you can sell the mutual fund whenever you want.  10 years is a very long time and it is just very difficult to plan ahead for 10 years even though you right now might have no doubt at all that you still will be in Thailand in 10 years.  You might not and you might then want to be able to exit with as little sunk costs as possible.

2) Assuming it is true that mutual fund investments are an allowed alternative, it would be very useful to know if there are any restrictions on the type of mutual fund (e.g. debt, equity etc.).

3) As Misty is pointing out, there are some potential tax problems for U.S. citizens from foreign mutual funds.  However, the higher earnings from an equity mutual fund (if allowed) might well more than compensate for the higher taxes.

4) If true that the BOI now allows mutual funds, this would really be a great sign that things are not cast in stone, but that changes are possible in view of the so far extremely low level of interest in this visa.  Equally, it appears that Indonesia has now also decided to make foreign income tax free for its LTR equivalent (https://www.bangkokpost.com/business/2453557/indonesia-eyes-property-economic-boost-with-residency-visa-plan-for-foreign-investors), so competition seems to be working for the benefit of all of us.

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