BOI Wealthy Pensioner LTVor continue OA extensions

[G_Money]

Has anyone who had been getting retirement extensions from an OA or O visa switched to the 10 year Long Term Visa established by the BOI?

I qualify and am seriously considering it.  50k for the 10 year period is reasonable considering everything you get.

 

I fly back to Thailand tomorrow and my extension is good until late November.

 

Already gathered up most of the paperwork to submit 

 

Any regrets from anyone who went this route?

 

[Tod Daniels]

I probably know over 50 people who have switched from an O or OA visa extensions to the LTR wealthy pensioner.

 

Not a single person has been unhappy with the switch, for the 50Kfee, you get a 10-year visa, with the 5-year permits to stay stamp, and a 5-year multiple reentry permit.

 

the LTR Visa is a great fit if you qualify, the insurance requirements are half that of an OA

 

You apply online through the ltr/boi website here

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

 

You don't have to wait for you to be back inside Thailand to begin the application process, right now I believe it's taking between 4 and 6 weeks for the approvals.

Edited October 1 by Tod Daniels

[G_Money]

1 minute ago, Tod Daniels said:

I probably know over 50 people who have switched from an O or OA visa extensions to the LTR wealthy pensioner.

 

Not a single person has been unhappy with the switch,

 

the LTR Visa is a great fit if you qualify, the insurance requirements are half that of an OA

 

You apply online through the ltr/boi website here

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

 

You don't have to wait for you to be back inside Thailand to begin the application process, right now I believe it's taking between 4 and 6 weeks for the approvals.

 
Good information.  I fly out tomorrow so I’ll probably just wait until I get settled back into the condo I’ve renting.

 

On the application I will then use my Thai address.

 

And work on a cover letter if it will help.

[MPoll]

2 hours ago, G_Money said:

Has anyone who had been getting retirement extensions from an OA or O visa switched to the 10 year Long Term Visa established by the BOI?

I qualify and am seriously considering it.  50k for the 10 year period is reasonable considering everything you get.

 

I fly back to Thailand tomorrow and my extension is good until late November.

 

Already gathered up most of the paperwork to submit 

 

Any regrets from anyone who went this route?

 

Yes. I was on my 5th OA extension when I switched to my pensioner LTR in January 2023. You don’t have to wait until the end of the extension. 

[oldcpu]

I have lived in Thailand with a permission to stay on a Type-OA initially for reason of retirement,  and later on the underlying Type-OA on an extension for reason of marriage to a Thai, and then more recently on a Type-O for reason of retirement.  Last year I switched to the LTR. I have no regrets. I prefer it over the Type-O/OA.

I believe the LTR makes sense if you plan to reside in Thailand for another 10 years AND if you have the money/income. Clearly due to the financial demands it's not a visa for everyone,  and the initial paperwork demands are greater than that of a Type-O/OA.  But if one meets the requirements,  I believe the duration and perks make it worthwhile.

Edited October 2 by oldcpu

[G_Money]

I’ve briefly looked over the application.  Does not look any worse than the initial OA requirements.

 
In some ways easier.  That medical form stating no disease (separate doctors appointment) police background check (visit to county sheriff’s office)  was a bit of a pain in the as-.  
4 copies of everything.  Certified mail to the LA consulate with pre postage return envelope.

 

For the LTR appears I can upload everything .  JPEG or PDF???

 

I’ve heard they accept TRICARE for insurance.  That’s great!  

 

[Presnock]

8 hours ago, G_Money said:

Has anyone who had been getting retirement extensions from an OA or O visa switched to the 10 year Long Term Visa established by the BOI?

I qualify and am seriously considering it.  50k for the 10 year period is reasonable considering everything you get.

 

I fly back to Thailand tomorrow and my extension is good until late November.

 

Already gathered up most of the paperwork to submit 

 

Any regrets from anyone who went this route?

 

I retired on a retirement O 20 years ago...I never thought about taxes but then I read all about the LTR - it seemed to fit me perfectly as a wealthy pensioner.  One can easily do the required paperwork from one's own computer, don't have to collect anything from a local office except download form for the application.  BOI is super helpful if any problems and keeps one informed as to exactly what is needed. As an American, I provided my 1040R last two years for income verification, got a letter from my US health insurance company saying that I was provided at least USD$50K for hospitalizaton if needed  and included starting an ending date, copies made on my printer of passport and visa information already have had.  Download documents to BOI.  Within 2 weeks I had my passport stamped.  Now feel comfortable that no more 90-day reports, in and out of the country at ease, special entry line, etc.  I also did an updated TM 30 just to be sure and 90-day report was good too.  At the BOI, when I got my p/p stamped, they have an immigration office there too that cancels the retirement O visa.  Now if I do not leave the country for the 1-year period, then I will just go to the BOI or have anyone check me in or if I leave the country, then the 1-year check in period resets.  All qualifications of course like any Thai visa must be maintained during the period of the visa and at the 5-year anniversary, a renewal of all the data must still meet the necessary qualifications.  Currently only the LTR has any tax exemption on foreign-earned income remitted.  Like have mentioned as others  too have mentioned, the BOI is very helpful.  They communicate on line or via the telephone and speak excellent English.  Good luck.  If you have any specific question do not hesitate to ask me.  I am a fan of this visa.

[G_Money]

Thanks to all for the great input.

[Presnock]

2 hours ago, G_Money said:

I’ve briefly looked over the application.  Does not look any worse than the initial OA requirements.

 
In some ways easier.  That medical form stating no disease (separate doctors appointment) police background check (visit to county sheriff’s office)  was a bit of a pain in the as-.  
4 copies of everything.  Certified mail to the LA consulate with pre postage return envelope.

 

For the LTR appears I can upload everything .  JPEG or PDF???

 

I’ve heard they accept TRICARE for insurance.  That’s great!  

 

checked woth BOI and it appeares that PDF is their desired uploads..  I didn't do a background check but if you are not in Thailand then maybe that is the difference.  The BOI as I mentioned is easy to work with, if any questions once you begin the process, call or email they will help you quickly...like I said, start to finish only 2 weeks.  good luck

[Rob Browder]

11 hours ago, Tod Daniels said:

the insurance requirements are half that of an OA

Has anyone heard if being enrolled in the Thai-SS insurance program, obtained due to previously working in Thailand, qualifies for the required insurance?

[kimothai]

1 hour ago, Presnock said:

checked woth BOI and it appeares that PDF is their desired uploads..  I didn't do a background check but if you are not in Thailand then maybe that is the difference.  The BOI as I mentioned is easy to work with, if any questions once you begin the process, call or email they will help you quickly...like I said, start to finish only 2 weeks.  good luck

In regard to the background checks, I simply called BOI, and they said because I'm American I don't need.  If you have questions just call them, they are very helpful.  Bye the way after you have filled out all the forms and get an appointment the Immigration next door will cancel your OA/O visa before the LTR is inserted.

[Presnock]

1 minute ago, kimothai said:

In regard to the background checks, I simply called BOI, and they said because I'm American I don't need.  If you have questions just call them, they are very helpful.  Bye the way after you have filled out all the forms and get an appointment the Immigration next door will cancel your OA/O visa before the LTR is inserted.

exactly...thre really wasn't an appointment, the BOI rep walks one around to whereever they have to go to get something done.  Maybe depends on the number of applicants.  If the tax exemption remains then look for more to try to get this visa.

[Presnock]

10 minutes ago, Rob Browder said:

Has anyone heard if being enrolled in the Thai-SS insurance program, obtained due to previously working in Thailand, qualifies for the required insurance?

If it provides at least USD $50K for hospitalization then I think so - but if less than that then you need to check with the BOI folks.

[Wake Up1]

In my opinion many great benefit’s and definitely worth every baht. . One of the best benefits is never having to deal with CW.   The immigration officers at the One Stop Center are professional and knowledgeable. You can get a residency certificate same day for 500 baht unlike CW.
 

 The LTR staff are wonderful and knowledgeable. 

[dlclark97]

16 hours ago, G_Money said:

Has anyone who had been getting retirement extensions from an OA or O visa switched to the 10 year Long Term Visa established by the BOI?

I qualify and am seriously considering it.  50k for the 10 year period is reasonable considering everything you get.

 

I fly back to Thailand tomorrow and my extension is good until late November.

 

Already gathered up most of the paperwork to submit 

 

Any regrets from anyone who went this route?

 

I just recently received my 10 year LTR.  My original visa entering Thailand was O-A.  No hassles at all.  The folks at BOI are very helpful.  Questions submitted on their contact form are answered very quickly.  I had some questions that I preferred to ask in person.  Checked in at their front desk and two counselors came to sit with me and answer questions for about 30 minutes.  Very helpful.  One thing to remember, this is a very professional office and if you do visit, shoes or sneakers but no sandals or similar, a nice collared shirt (I wore a tie), and long pants.  The people at BOI want to see you get the LTR so go for it!

[Ben Zioner]

On 10/2/2024 at 4:53 PM, Rob Browder said:

Has anyone heard if being enrolled in the Thai-SS insurance program, obtained due to previously working in Thailand, qualifies for the required insurance?

When dealing  with BOI it makes a lot more sense addressing such question at them directly. You'll get a well informed answer within a few hours. But don't hesitate to share here, we'll be grateful.

[TerraplaneGuy]

On 10/2/2024 at 1:10 PM, Presnock said:

 All qualifications of course like any Thai visa must be maintained during the period of the visa and at the 5-year anniversary, a renewal of all the data must still meet the necessary qualifications.  

It seems to me that this is a great visa - and I may get one - but it's really just a 5 year visa.  If you have to re-submit all qualifications to stay in the country after 5 years, how is it different from a situation where your visa expires and you are applying for a new visa?  Does it say on it that it's valid for 10 years?  If not it seems to me there's some hype in their marketing.   

[mudcat]

Actually it it is a ten-year visa and it is stamped as such.  The first permission to stay stamped for five-years and is what gets extended and then stamped to match the visa.  No cost but a visit to BOI One Stop Service Center to have it stamped.

[TerraplaneGuy]

20 minutes ago, mudcat said:

Actually it it is a ten-year visa and it is stamped as such.  The first permission to stay stamped for five-years and is what gets extended and then stamped to match the visa.  No cost but a visit to BOI One Stop Service Center to have it stamped.

I see.  To me it’s still kind of funny because a visa is itself a permission and shouldn’t need to be extended during its term.  Imagine if a one year visa (like O or OA) only gave you “permission” for 6 months and you had to apply again in 6 months just to complete a year.    The bottom line to me is, how many years can I really count on with confidence?   If I have to apply for a second permission, I know they always have discretion to deny me.   So for me, this is effectively a 5 year visa.   Not saying it’s not worthwhile.   

[JackGats]

It's a no-brainer. Your remittances are tax-free under the LTR if your are a tax resident in TH.

[TerraplaneGuy]

7 minutes ago, JackGats said:

It's a no-brainer. Your remittances are tax-free under the LTR if your are a tax resident in TH.

This to me is a huge advantage.  My concern is that the recent announcement of proposed changes to the tax law on foreign income (which would tax it even if not brought into Thailand) might end up changing this LTR treatment too.  Hope not ...

[JackGats]

8 minutes ago, TerraplaneGuy said:

This to me is a huge advantage.  My concern is that the recent announcement of proposed changes to the tax law on foreign income (which would tax it even if not brought into Thailand) might end up changing this LTR treatment too.  Hope not ...

Indeed that is the fear of any LTR holder right now. Until further notice though, it feels good to have landed an LTR visa.

[JohnnyBD]

1 hour ago, TerraplaneGuy said:

I see.  To me it’s still kind of funny because a visa is itself a permission and shouldn’t need to be extended during its term.  Imagine if a one year visa (like O or OA) only gave you “permission” for 6 months and you had to apply again in 6 months just to complete a year.    The bottom line to me is, how many years can I really count on with confidence?   If I have to apply for a second permission, I know they always have discretion to deny me.   So for me, this is effectively a 5 year visa.   Not saying it’s not worthwhile.   

My LTR "visa stamp" in passport is good until July 2034, and my "stay permit" is good until July 2029. I was told and also sent an email from the LTR Visa Unit that a couple of months before my "stay permit" expires, they will notify me to upload my qualifications again to confirm I still meet the LTR requirements. After that, I will be able to schedule an appt to go get my new "stay permit". It sounds like it's a pretty simple and easy process. I love the fact I won't have to do any reporting again until 2029, because I go back to my home country each year, and that restarts the yearly reporting clock.

Edited October 7 by JohnnyBD

[Presnock]

12 hours ago, TerraplaneGuy said:

It seems to me that this is a great visa - and I may get one - but it's really just a 5 year visa.  If you have to re-submit all qualifications to stay in the country after 5 years, how is it different from a situation where your visa expires and you are applying for a new visa?  Does it say on it that it's valid for 10 years?  If not it seems to me there's some hype in their marketing.   

Yeah says 10-year VISA.  I guess that they feel that they want to make sure that the person is still qualified for the LTR.  But, there is no running around needing paperwork from somewhere else, one can just do all the paperwork from his computer at home.  A lot simpler and easy without so much paperwork.  For me, the perfect visa and I am extremely happy to have it.

[TerraplaneGuy]

1 hour ago, Presnock said:

Yeah says 10-year VISA.  I guess that they feel that they want to make sure that the person is still qualified for the LTR.  But, there is no running around needing paperwork from somewhere else, one can just do all the paperwork from his computer at home.  A lot simpler and easy without so much paperwork.  For me, the perfect visa and I am extremely happy to have it.

Ok but so what exactly is the difference between the required paperwork when you first apply and when you do the 5 year extension?   You say you don’t need to get anything from someone else?   But don’t you have to get fresh evidence of income from your pension provider or whatever?  Isn’t the whole purpose to get updated documents?

[Presnock]

As an American civil servent retiree, I automatically get a 1099R (like the civilian w2 form which provides my income, taxes and health insurance premium) an annuity statement also provides the same data.  In addition, they seemed to prefer the 1040R so any of these documents from the US govt suffice for pay and taxes.  In addition, my health insurer is a US govt sponsored health provider (BC/BS) so I have their yearly benefits package sent to me automatically in January each year too.  In addition, although the benefits package (20 pages) explains that hospitalization expenses are 100% guaranteed, the BOI asked for a letter from the insurer that it covered USD $50K for hospitalization which the insurer sent to me the very next day.   Therefore, all documentation that I need or that any American might need can be provided online from one's own computer without having to go anywhere else.  Of course my finances are super simple in that I only have

a US civil service pension as income and I don't need any letters from banks or elsewhere.  I previously had a Retirement O for 20 years and there were many changes during that period but still required much documentation every year plus the 90-day reports too, plus if exiting the country and returning without losing the extension of stay, one must have that stamp from the immigration too.  LTR doesn't have any 90-day requirement, in an out as many times as one wants without any restrictions, can use the express line when coming back into the country,  etc.  Yeah, still have the TM.30 but that too is now online so things are getting easier but this takes immigration out of the picture almost.  A yearly report of address is required for the LTR but one can do it by agent, a spouse or anyone at the BOI or if one leaves the country during that year, the  one-year between notifying the BOI of address resets so if one does travel often,  no yearly report would even  be necessary.  As with ALL other visas, qualitifications during the period of the visa must be valid for that visa to be valid.  For the LTR, if one did not meet the qualification during one of the years, the DIRGEN of the Revenue Department  could take away the tax exemption of remitted foreign funds for that particular year according to the royal decree on the LTR.  But, to me overall if one does travel often outside the country, then this visa comes out to be even cheaper than the retirement extension each year and  departure/returns. Still the perfect one for me.

[JohnnyBD]

6 hours ago, TerraplaneGuy said:

Ok but so what exactly is the difference between the required paperwork when you first apply and when you do the 5 year extension?

No one knows for sure, because no one has done a 5-year extension yet. But if I had to guess, it would be pretty much the same, maybe a new passport pic, my Social Security docs, Pension docs, and insurance docs or $100k bank docs in lieu of insurance. It was easy the first time, all of it was done from the comfort of home, just had to upload the docs online.

[TerraplaneGuy]

17 hours ago, JohnnyBD said:

My LTR "visa stamp" in passport is good until July 2034, and my "stay permit" is good until July 2029. I was told and also sent an email from the LTR Visa Unit that a couple of months before my "stay permit" expires, they will notify me to upload my qualifications again to confirm I still meet the LTR requirements. After that, I will be able to schedule an appt to go get my new "stay permit". It sounds like it's a pretty simple and easy process. I love the fact I won't have to do any reporting again until 2029, because I go back to my home country each year, and that restarts the yearly reporting clock.

OK thanks.  It’s just so weird that they have created a new thing called a “stay permit” which is exactly what a visa is supposed to be.  So it’s like a visa within a visa.  They obviously wanted to attract people by advertising a “10 year visa” but couldn’t really commit to it.  It’s like some gimmicky iPhone promotion at MBK.  The 5 year “stay permit” is all you can fully rely on.  But hey, it’s still a lot better than a 1 year OA.  I’m probably gonna go for it.  

[oldcpu]

50 minutes ago, TerraplaneGuy said:

OK thanks.  It’s just so weird that they have created a new thing called a “stay permit” which is exactly what a visa is supposed to be.  So it’s like a visa within a visa.  They obviously wanted to attract people by advertising a “10 year visa” but couldn’t really commit to it.

 

From us as expats on 'the outside' it can look that way - although we do only pay the 50,000 THB once at the start - no additional money need to be paid at the 5 year permission to stay renewal point.

 

Its possible thou, the approval process on the inside at BoI may be different (possibly quicker - less paperwork for them ?? but same paperwork for us as expats ??? ).  I guess we won't know until the first individuals who obtained the LTR visa, start going for their second 5-year permission to stay period.  How difficult will be the financial proof then?  The same ?  Worse? Easier?

 

As for the 'permission to stay' terminology being different from visa dates - that has been around for a while with other visas (albeit applied differently). 

 

A classic case is the Type-OA visa multiple re-entry , where one could get that as a 1-year Visa from outside of Thailand, and then say one obtained the Type-OA on 1-July-2018 and it was valid with a Visa date from 1-July-2018 (start) to 1-July-2019 (expiry date).  My recollection is one could FIRST show up in Thailand border on on 1-July-2018 and obtain a permission to stay in Thailand until 30-June-2019.  But say one then left Thailand on 25-June-2019 (say a week or so before last date on the visa) and re-enterred Thailand on 29-June-2019 (re-enter 2 days before Type-OA visa expiry date). In one's passport, using that as the underlying Visa, one would then obtain an additional permission to stay until 28-June-2020.  ie one almost gets 2 years permission to stay on the one-year visa (despite last date on visa being 1-July-2019). ... further say on 1-June-2020, one then goes to immigration inside of Thailand and applies for a 1-year extension (say based on retirement).  If approved, one could then get an permission to stay until about 27-June-2021 (where note the last date on the original Type-OA visa was almost 2 years earlier being 1-July-2019), again on the underlying Type-OA visa.  So already, on a 1-year visa, one has obtained almost a 3-year permission to stay.  Each year one can keep going back for a 1 year extension (assuming one continues to meet the requirements) despite the last date on the visa being many years in the past.  And technically, the Visa is NOT being renewed - but rather the 'permission to stay' is constantly being extended (or renewed) on the basis of the underlying visa. ... and apologies if my terminology is not exact and if that reads confusing.

 

Best I can understand, the validity dates of a visa (in Thailand) are different from the 'permission to stay dates' in a Visa although clearly there is a relationship between the two.

 

I do understand the confusion here.  It puzzled me for a while as well.

 

And as for the LTR - yes I agree having to go back after 5 years to reprove finances for a 10 year Visa does make one wonder why its called 10-years ... but we don't know yet exactly how smooth things will be at the 5-year point (for permission to stay extension for remaining 5 years), nor for that matter at the 10 year point. We have been told there will be no more money asked for at the 5-year point.

 

Edited October 8 by oldcpu

[TerraplaneGuy]

1 hour ago, oldcpu said:

 

From us as expats on 'the outside' it can look that way - although we do only pay the 50,000 THB once at the start - no additional money need to be paid at the 5 year permission to stay renewal point.

 

Its possible thou, the approval process on the inside at BoI may be different (possibly quicker - less paperwork for them ?? but same paperwork for us as expats ??? ).  I guess we won't know until the first individuals who obtained the LTR visa, start going for their second 5-year permission to stay period.  How difficult will be the financial proof then?  The same ?  Worse? Easier?

 

As for the 'permission to stay' terminology being different from visa dates - that has been around for a while with other visas (albeit applied differently). 

 

A classic case is the Type-OA visa multiple re-entry , where one could get that as a 1-year Visa from outside of Thailand, and then ... on a 1-year visa, one has obtained almost a 3-year permission to stay.  Each year one can keep going back for a 1 year extension (assuming one continues to meet the requirements) despite the last date on the visa being many years in the past.  And technically, the Visa is NOT being renewed - but rather the 'permission to stay' is constantly being extended (or renewed) on the basis of the underlying visa. ... and apologies if my terminology is not exact and if that reads confusing.

 

Best I can understand, the validity dates of a visa (in Thailand) are different from the 'permission to stay dates' in a Visa although clearly there is a relationship between the two.

 

 

 

It's interesting.  The difference between the LTR and the OA process you describe is that with the OA you don't apply for an extension of stay until the term of the visa (one year) is about to expire.  They are called "extensions of stay", not "permissions to stay".  And they take effect after the full term of the visa.  Whereas with the LTR, there is an outright contradiction in that the visa term is ten years but you only get "permission to stay" for 5 and then have to apply when that expires for another 5 year "permission".  So you're applying while the proclaimed term of the visa still has 5 years to run.  It makes no sense.  If they wanted it to be similar to the OA process (and avoid contradicting themselves), they would have called the LTR a 5 year visa and said you can apply for a 5 year "extension of stay" when it expires.   But they decided to invent a new mystical process and I do believe it's so they could hype the LTR as "10 years" when in fact it's not.  The problem of course is that governments change, policies change, and there's no way to know for sure what might be required in 5 years when it's time for a new "permission".  Just look at how often Immigration (and various regional offices) change the rules for "extensions of stay" under OA visas.  Let's keep our fingers crossed with the LTR 🙂

Edited October 8 by TerraplaneGuy