Will Thailand’s new residency visa achieve results?

[jacko45k]

4 minutes ago, Liverpool Lou said:

"...you don't need to keep [THB]800k or 400k locked in a bank..."

It's not as though there are no financial requirements, applicants have to keep USD500k here in property or government bonds instead!

Yes, makes 800k baht look trivial,

https://www.thaiembassy.com/thailand-visa/thailand-long-term-resident-ltr-visa

 

Edited January 14, 2023 by jacko45k

[BangkokReady]

Quote

Will Thailand’s new residency visa achieve results?

No.  Those that want to can't and those that can don't want to.

[newnative]

     So, from a previous post, teeny tiny numbers so far.   I looked into it and might have been interested in it but they were very rigid regarding the requirements.  I have invested plenty in Thailand already--more than the requirement--but they wouldn't accept my past investments.  If they are going to meet their goal they need to be much more flexible with the requirements, and re-think some of them.

[NorthernRyland]

I'm not rich and probably never will be but isn't 500k USD a lot to invest for a measly 10 year visa into a country like Thailand that flip flops at break neck speeds as we saw recently with the COVID requirements?

 

If this whole thing blows up how do you get your 500k out of the country now and is it even liquid or will you get stuck with bad investments? Seems mighty risky to me.

[BritManToo]

43 minutes ago, BangkokReady said:

No.  Those that want to can't and those that can don't want to.

I doubt there's anyone wanting to invest $500,000 in Thailand to get a VISA.

[Pib]

4 hours ago, ThailandRyan said:

Yes never to see CW again. The visa also has a 10 year ME re-entry permit attached and you don't need to keep 800k or 400k locked in a bank here. Once a tear residence report instead of 90 days as well and you can add up to 4 dependants, so your spouse and children if you want. 50k THB is the price for the 10 year visa.

 

56 minutes ago, Liverpool Lou said:

"...you don't need to keep [THB]800k or 400k locked in a bank..."

It's not as though there are no financial requirements, applicants have to keep USD500k here in property or government bonds instead of less than USD25k!

 

52 minutes ago, jacko45k said:

Yes, makes 800k baht look trivial,

https://www.thaiembassy.com/thailand-visa/thailand-long-term-resident-ltr-visa

 

@Liverpool Lou  @jacko45k

 

Keep in mind there are 5 different types of LTR visa....each one with a different income requirement...and different ways to meet that income requirement.    The $500K amount only applies to the Wealthy Global Citizen LTR visa; not the other LTR visas like Wealthy Pensioner, Work-from-Thailand Professional, Highly Skilled Professional, or Dependent.  The Wealthy Global Citizen visa according to the stats so far is the least popular.  

 

Now if a person is apply for a LTR Pensioner visa (which is the most popular LTR visa type right now) then income requirement is at least 80K USD/year in pension/fixed income....or if having 40K-80K USD/year in pension/fixed income then a 250K USD investment in Thailand is also required.  And that 250K USD investment can be something like a condo/house that was bought years ago....does not have to be a recent buy.  But the value will be based on what the land department shows your originally paid for the residence and not its current value.  

 

Lot of good info straight from the horse's mouth at the BOI LTR Visa website.   Different types of LTR visas....all with different requirements.

https://ltr.boi.go.th/index.html

 

 

 

 

Edited January 14, 2023 by Pib

[Pib]

26 minutes ago, NorthernRyland said:

I'm not rich and probably never will be but isn't 500k USD a lot to invest for a measly 10 year visa into a country like Thailand that flip flops at break neck speeds as we saw recently with the COVID requirements?

 

If this whole thing blows up how do you get your 500k out of the country now and is it even liquid or will you get stuck with bad investments? Seems mighty risky to me.

The 500K USD only applies to one category of LTR visa.  Counting the LTR Dependent there are 5 LTR categories....all with different income requirements.  Don't get hung-up thinking 500K USD applies to all categories of the LTR visa.  Full info at the BOI LTR Visa website: https://ltr.boi.go.th/index.html

Edited January 14, 2023 by Pib

[ThailandRyan]

1 hour ago, brucegoniners said:

What are they smoking when they come up with these proposals?

It's not a proposal it's a real Visa that's being issued.  I have one. The LTRWP

Edited January 14, 2023 by ThailandRyan

[ThailandRyan]

1 hour ago, Liverpool Lou said:

"...you don't need to keep [THB]800k or 400k locked in a bank..."

It's not as though there are no financial requirements, applicants have to keep USD500k here in property or government bonds instead of less than USD25k!

Only Financials I had to show for the LTRWP, wealthy pensioner, was my pension letter indicating I was paid the minimum $80k USD a year the visa required and had a $50k USD Health insurance policy in place for the year.  Nothing more, if you do this meet that requirement then the investment in bonds or properties can kick in too help.  I dont have to keep property or an investment here as my pension meets the 80k USD annual requirement. My pension is well over that figure but I agree many are not. 

Edited January 14, 2023 by ThailandRyan

[ThailandRyan]

1 hour ago, jacko45k said:

Yes, makes 800k baht look trivial,

https://www.thaiembassy.com/thailand-visa/thailand-long-term-resident-ltr-visa

 

Better look again at the LTRWP category. No investments in bonds or property needed if you meet or exceed the $80,000 USD a year pension requirement.

[ThailandRyan]

1 hour ago, BangkokReady said:

No.  Those that want to can't and those that can don't want to.

Sure it will benefit those folks who can qualify. If you can't qualify then so be it other visas out there. However, I qualified and as one who now has it, I have benefited.  Been in an out of the country and was stamped back in for the remainder of my 1st 5 year stamp. Multiple re-entry permit is included. 50k Thb was the cost for 10 years and nothing further needed. Like i said this visa class has already been issued to myself and others starting in September.  So many negative Nelly's as usual.

[jerrymahoney]

I can see where the 80K per year income LTR is an easy enough thing to do if you have it especially if you live in Bangkok or one of the expat intensive locations.

 

But if you live in a more remote area where there are only 2 or 3 others in the immigration office when you go for your 1900 baht annual extension, maybe not such a big deal.

 

... and I do the 65K baht per month routine with transfer via SWIFT no WISE.

 

At least for me, the online 90-day TNM47 report has worked great.

Edited January 14, 2023 by jerrymahoney

[digger70]

6 hours ago, ThailandRyan said:

Yes never to see CW again. The visa also has a 10 year ME re-entry permit attached and you don't need to keep 800k or 400k locked in a bank here. Once a tear residence report instead of 90 days as well and you can add up to 4 dependants, so your spouse and children if you want. 50k THB is the price for the 10 year visa.

It's a Rip off it cost one more than the 800K in the bank.  The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

[ThailandRyan]

4 minutes ago, digger70 said:

It's a Rip off it cost one more than the 800K in the bank.  The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

Really need to do some better research.  If you can qualify by having a pension of 80K USD and the 50K USD insurance policy, you do not need to have any money invested or deposited in a Thai Bank.  The cost for the LTR Visa is 50 THB and that is for 10 years, so your cost is basically 5k THB a year and includes the ME Re-Entry permit.  If you do an annual extension and get a ME Re-Entry permit you are paying 5700Thb per year, so your ahead of the money curve and nothing is needed here in the bank.  Look at each of the categories before you cast dispersions at the visa.  WHere you found your posted information is suspect.  It is 50K Thb Inside Thailand, outside with the currency conversions it runs a little more, but there are no annual fees at least for the LTRWP, LTR-P Visa. 

[digger70]

8 minutes ago, ThailandRyan said:

WHere you found your posted information is suspect. 

The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

 

Non – Immigrant Visa “O - X” (Long Stay 10 years)

https://consular.mfa.go.th › content › 80939-non-–-immi...

 

 

 

 

 

 

[Andrew65]

8 hours ago, lujanit said:

I know a wealthy Yank who has purchased numerous properties here (2 x Condos as well as a house (under a Thai name)) who could easily meet the USD500k requirements and yet she choose to pay an agent for a retirement extension.  She said it was easier and less hassle.

Also no monetary (400k/800k) requirement, just the agent's "fee"????

[Salerno]

18 minutes ago, digger70 said:

Non – Immigrant Visa “O - X” (Long Stay 10 years)

https://consular.mfa.go.th › content › 80939-non-–-immi...

Totally different thing.

 

This thread is about https://ltr.boi.go.th/index.html

 

Edited January 14, 2023 by Salerno
Added link

[Millcx]

8 hours ago, lujanit said:

I know a wealthy Yank who has purchased numerous properties here (2 x Condos as well as a house (under a Thai name)) who could easily meet the USD500k requirements and yet she choose to pay an agent for a retirement extension.  She said it was easier and less hassle.

Also she doesn’t have to let Big Brother what assets she has .. Smart Lady “;0) 

[ThailandRyan]

31 minutes ago, digger70 said:

The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

 

Non – Immigrant Visa “O - X” (Long Stay 10 years)

https://consular.mfa.go.th › content › 80939-non-–-immi...

 

 

 

 

 

 

Wrong visa my friend this is the LTR visa we are discussing

Edited January 14, 2023 by ThailandRyan

[connda]

No.

 

[Pib]

1 hour ago, digger70 said:

The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

 

Non – Immigrant Visa “O - X” (Long Stay 10 years)

https://consular.mfa.go.th › content › 80939-non-–-immi...

 

 

 

 

 

 

You are talking the O-X visa; this thread is about the new LTR visa.   Two completely different animals.

[BumGun]

3 hours ago, Pib said:

 

Now if a person is apply for a LTR Pensioner visa (which is the most popular LTR visa type right now) then income requirement is at least 80K USD/year in pension/fixed income....or if having 40K-80K USD/year in pension/fixed income then a 250K USD investment in Thailand is also required.  And that 250K USD investment can be something like a condo/house that was bought years ago....does not have to be a recent buy.  But the value will be based on what the land department shows your originally paid for the residence and not its current value.  

 

The Pensioner one doesn't seem to be particularly onerous ? 80K USD p/a and > 50 yrs old ? I meet that BUT I am not officially drawing any pensions though, just don't like work and earn investment income. Am I reading it right that those are those the only two requirements ? I am very reluctant to own property in Thailand as there is no residency option so am not particularly interested in going down that path.

[BumGun]

1 hour ago, digger70 said:

The visa fee is 10,000 Baht (or local currency equivalent if applying outside Thailand). (b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year.

 

Non – Immigrant Visa “O - X” (Long Stay 10 years)

https://consular.mfa.go.th › content › 80939-non-–-immi...

 

 

 

 

 

 

This is a different visa but still, I love these visas, Must have X million deposited in a bank account in Thailand to apply. So I wonder into the bank on a Visa Free entry... , Teller: Sir you must have a retirement visa to open a bank account, ME: but I need a bank account to get a retirement visa.. blank look.. try next door at another bank, same same, give up and go to the bar.

[ThailandRyan]

2 minutes ago, BumGun said:

The Pensioner one doesn't seem to be particularly onerous ? 80K USD p/a and > 50 yrs old ? I meet that BUT I am not officially drawing any pensions though, just don't like work and earn investment income. Am I reading it right that those are those the only two requirements ? I am very reluctant to own property in Thailand as there is no residency option so am not particularly interested in going down that path.

Yes sir the LTR-P or as it is also known, the LTRWP wealthy pensioner Visa.  It only requires one to draw a pension of $80K USD per annum, by showing proof of course, and for the individual to also have a $50K USD health insurance policy in effect for the year or at least 10 months availability once the Visa is approved, no holding of investments or property if one can show the $80K USD pension.  Additionally, you do not have to pay the money for the Visa until after you are approved...different from all other normal Visas and extension of stays where they can deny you and you loose the money.

[Pib]

4 minutes ago, BumGun said:

The Pensioner one doesn't seem to be particularly onerous ? 80K USD p/a and > 50 yrs old ? I meet that BUT I am not officially drawing any pensions though, just don't like work and earn investment income. Am I reading it right that those are those the only two requirements ? I am very reluctant to own property in Thailand as there is no residency option so am not particularly interested in going down that path.

Since you are not drawing a pension/Individual Retirement Account (IRA) type income where a stable/fixed x-amount is being paid to you monthly/quarterly/annually but instead you are drawing X-amount from an investment account the BoI will need to see you have enough in that investment account(s) to cover 10 years of 80K.....that is, you would need at least 800K USD in the investment account......10 divided into 800K equals 80K/year.

 

You will also need an insurance policy providing 50K USD coverage in Thailand with at least 10 months remaining on the policy when applying  OR  Thai social security medical coverage  OR self-insure with 100K USD in a bank acct (foreign or Thai) for at least 12 months.  Some people self-insuring have been able to use a retirement/investment acct to meet the 100K USD self-insure requirement although the LTR visa regulation calls for a bank acct.

[BangkokReady]

3 hours ago, ThailandRyan said:

Sure it will benefit those folks who can qualify. If you can't qualify then so be it other visas out there. However, I qualified and as one who now has it, I have benefited.  Been in an out of the country and was stamped back in for the remainder of my 1st 5 year stamp. Multiple re-entry permit is included. 50k Thb was the cost for 10 years and nothing further needed. Like i said this visa class has already been issued to myself and others starting in September.  So many negative Nelly's as usual.

And the visa was enough to make you want to come to Thailand?  You wouldn't have come if it wasn't offered?

[ThailandRyan]

21 minutes ago, BangkokReady said:

And the visa was enough to make you want to come to Thailand?  You wouldn't have come if it wasn't offered?

I was already here on a retirement visa extension of stay, but the you knew that.  Many others have applied from outside and obtained this visa. Had I not been in Thailand this is the visa I would have applied for. Value for the visa in my view.

[Scott]

Troll post reported and removed.  

 

[K2938]

1 hour ago, Pib said:

Since you are not drawing a pension/Individual Retirement Account (IRA) type income where a stable/fixed x-amount is being paid to you monthly/quarterly/annually but instead you are drawing X-amount from an investment account the BoI will need to see you have enough in that investment account(s) to cover 10 years of 80K.....that is, you would need at least 800K USD in the investment account......10 divided into 800K equals 80K/year.

The BOI does not accept if you just have the money, but they want "income".  So given that stocks have a dividend yield of about 1-2%, you would need to have a stock portfolio of 4 to 8 million USD to get to 80k USD.  And if you have this amount of money, you should very carefully think about if it is really sensible to disclose this unless you then also want to have to hire some body guards for your protection

[Pib]

25 minutes ago, K2938 said:

The BOI does not accept if you just have the money, but they want "income".  So given that stocks have a dividend yield of about 1-2%, you would need to have a stock portfolio of 4 to 8 million USD to get to 80k USD.  And if you have this amount of money, you should very carefully think about if it is really sensible to disclose this unless you then also want to have to hire some body guards for your protection

 

According to the primary BoI spokeman for the LTR program (the lady in below post/video) you would just need to prove your "total" investments would cover a 10 year period, like at least 800K USD which would provide 80K USD per year.   And those investments would need to be in under a pension or annuity type fund to qualify.  But with so many different types of investment/retirement funds called different names in different different countries I expect there is flexibility in your investment fund type.   See what the BoI spoken and video maker says around the 14 minute mark of the video.

 

See below post which has a video and key snapshots from the LTR related youtube video regarding Wealthy Pensioner income requirements.

 

 

 

 

Edited January 14, 2023 by Pib