Anyone change from LTR visa to O Visa to Avoid Health Insurance Requirement?

[Tom100]

I got the LTR in January 2023 after buying insurance from P_____ C____.  PC promised annual premium discounts for 3 years if I filed no claims. I filed no claims...and premium rose 41% in year 3.

P___C___ will not explain or even reply to my two emails when I question them about this.  

So I think that the requirement to buy insurance FROM A LOCAL THAI FIRMS is just another way to scam farang to support Thai (SCAM) companies. 

 

So, Anyone change from LTR visa to O Visa to Avoid Health Insurance Requirement?

[MPoll]

Interesting . . . I've had PC since 2018. No claims. I'm getting a 20% no claims discount.

 

Don't forget the $100,000 in any bank option for the LTR insurance requirement.

[bigt3116]

If you read the warning on the BOI site, seems easy enough to "get off" the LTR by purchasing a different visa.

 

"

[Tom100]

10 hours ago, bigt3116 said:

If you read the warning on the BOI site, seems easy enough to "get off" the LTR by purchasing a different visa.

 

"

This is fake that you made or real? 

If real, provide the link.

thank you

[Tom100]

15 hours ago, MPoll said:

Interesting . . . I've had PC since 2018. No claims. I'm getting a 20% no claims discount.100

Don't forget the $100,000 in any bank option for the LTR insurance requirement.

100K USD in any bank or any Thai bank with zero interest?

[JB300]

5 hours ago, Tom100 said:

This is fake that you made or real? 

If real, provide the link.

thank you

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

[bigt3116]

5 hours ago, Tom100 said:

This is fake that you made or real? 

If real, provide the link.

thank you

 

The link is as posted above, and surely if you have an LTR visa, you will have visited that same website?

[MPoll]

On 12/7/2024 at 11:34 PM, Tom100 said:

100K USD in any bank or any Thai bank with zero interest?

 

I believe it is any bank. It doesn't have to be a Thai bank.

[Tom100]

8 hours ago, MPoll said:

 

I believe it is any bank. It doesn't have to be a Thai bank.

Thank you all very much for your helpful comments. Really appreciate as expatriating can be hard!

 

 In 2022/2023 I showed BOI my USA Fidelity investment accounts. They replied that the assets were not in cash, but in investments, so not acceptable to meet their criteria. The BOI official apologized and said his boss told him to tell me that. 

 

Is $1+ million USA investments enough to meet this criteria? Maybe I should ask BOI again.

 

THANK YOU ALL IN ADVANCE FOR YOUR THOUGHTFUL REPLIES. 

[oldcpu]

45 minutes ago, Tom100 said:

 In 2022/2023 I showed BOI my USA Fidelity investment accounts. They replied that the assets were not in cash, but in investments, so not acceptable to meet their criteria. The BOI official apologized and said his boss told him to tell me that. 

 

For my LTR visa I tried two different accounts, which each had cash exceeding the amount required to show  self health insurance, but because each of those accounts could also be used for trading equities, they were each in turn rejected.

 

In the end I used a "basic" bank account (money in Euros) which had the pre-requisite amount in cash.

 

45 minutes ago, Tom100 said:

 

Is $1+ million USA investments enough to meet this criteria?

 

 

No.

 

I believe it won't meet the criteria based on my experience (unless things have changed).

 

You may need to setup a separate account , and put the prerequisite amount in cash in that account. 

 

Alternatively, if you already have health insurance, you may be able to get your health insurance company to write a short one page letter noting you are covered to the appropriate amount that BoI want to see.  I did not go that route to prove Health Insurance,  so my hope is that others who successfully went that route will chime in and state specifically how the letter was worded to meet the BoI satisfaction.

[Tom100]

22 hours ago, oldcpu said:

 

For my LTR visa I tried two different accounts, which each had cash exceeding the amount required to show  self health insurance, but because each of those accounts could also be used for trading equities, they were each in turn rejected.

 

In the end I used a "basic" bank account (money in Euros) which had the pre-requisite amount in cash.

 

 

No.

 

I believe it won't meet the criteria based on my experience (unless things have changed).

 

You may need to setup a separate account , and put the prerequisite amount in cash in that account. 

 

Alternatively, if you already have health insurance, you may be able to get your health insurance company to write a short one page letter noting you are covered to the appropriate amount that BoI want to see.  I did not go that route to prove Health Insurance,  so my hope is that others who successfully went that route will chime in and state specifically how the letter was worded to meet the BoI satisfaction.

Old CPU is a smart man. THANK YOU FOR HELPING ME! 

So great when expats help each other!

Thank you!

[Ben Zioner]

On 12/6/2024 at 6:08 PM, Tom100 said:

I got the LTR in January 2023 after buying insurance from P_____ C____.  PC promised annual premium discounts for 3 years if I filed no claims. I filed no claims...and premium rose 41% in year 3.

P___C___ will not explain or even reply to my two emails when I question them about this.  

So I think that the requirement to buy insurance FROM A LOCAL THAI FIRMS is just another way to scam farang to support Thai (SCAM) companies. 

 

So, Anyone change from LTR visa to O Visa to Avoid Health Insurance Requirement?

I am using my UN/Cigna cover.

[Rob Browder]

On 12/6/2024 at 6:08 PM, Tom100 said:

I got the LTR in January 2023 after buying insurance from P_____ C____.  PC promised annual premium discounts for 3 years if I filed no claims. I filed no claims...and premium rose 41% in year 3.

P___C___ will not explain or even reply to my two emails when I question them about this.  

So I think that the requirement to buy insurance FROM A LOCAL THAI FIRMS is just another way to scam farang to support Thai (SCAM) companies. 

 

So, Anyone change from LTR visa to O Visa to Avoid Health Insurance Requirement?

I would bet many have - or never switched to the LTR for this reason.

Unless you can benefit from the tax-exclusion provision from the LTR, I see no reason anyone would use it over an easy Non-O based on retirement. If bringing a lot of "new-money" (earned after Jan, 1 2024) into Thailand every year, and it is not pension-funds protected by a dual-tax treaty, then the LTR could make sense.

[BrandonJT]

Why are you even maintaining insurance that you only got for the LTR?  You should have health insurance yes, but the type of your choosing. There is no followup about this at all. You don't need to have health insurance for the LTR for years 2-5. You just need to make sure you buy another year of qualified insurance before you apply for years 6-10 and then let it lapse and use whatever insurance you choose. 

[G_Money]

Why anyone would switch an existing LTR to non immigrant O is beyond comprehension.

[Tom100]

3 hours ago, BrandonJT said:

...You don't need to have health insurance for the LTR for years 2-5. You just need to make sure you buy another year of qualified insurance before you apply for years 6-10 and then let it lapse and use whatever insurance you choose. 

I thought of this but read somewhere that the BOI will audit compliance with LTR requirements before issueing second 5 year LTR.  

 

I changed from PC to AXA insurance because AXA offers plans tailored to specific visa categories.

[Tom100]

7 hours ago, G_Money said:

Why anyone would switch an existing LTR to non immigrant O is beyond comprehension.

I got the LTR because I can, but may live in EU/USA more than 6 months per year. So, the Thai insurance is not very useful. 

Beyond your very limited comprehension, obviously.

[oldcpu]

9 hours ago, G_Money said:

Why anyone would switch an existing LTR to non immigrant O is beyond comprehension.

 

At the 10 year point, when considering another 10 years I suspect advanced age or no future intent to reside in Thailand for many years ( where one doesn't expect to be alive or  stay in Thailand another 10 years), or a negative change in one's financial status.

 

Don't get me wrong. I prefer LTR over type O, but things can change in one's life. 

[oldcpu]

On 12/12/2024 at 6:42 PM, Rob Browder said:

 

Unless you can benefit from the tax-exclusion provision from the LTR, I see no reason anyone would use it over an easy Non-O based on retirement.

 

There are reasons. 

 

Instead of 90 day reports, one year reports.

 

Access to fast  track / priority line at airports immigration in Thailand,  bypassing the economy class crowds lined up at immigration. 

 

Cheaper than a typo-O (with multiple re-entry) over 10 years.

 

And in case of typo-OA additional advantage of self insurance and foreign health insurance acceptance (not possible with type OA).

 

Of course the assumption is for LTR is one has the right financial status. If one doesn't have that then the LTR is not applicable.