End of extensions based on Retirement? New 500K THB Retirement Visa?

[connda]

I recently started a thread in which I discussed the uncertainty that we long-term Non-Imm face here in Thailand.

 

One poster added this topic regarding a change in the policies regarding Retirement Visas.  The summary is basically that Thai Immigration in Singapore told his friend that those on Retirement will no longer be able to 'extend' their Retirement visas and must instead purchase a new Retirement Visa at a cost of 500,000 THB that is good for only 5 years.

If true, this will up-end most expats staying here on a Retirement Visa.  I don't wish to spread rumours, but this particular information seemed to be real enough.  It's probably a good idea to attempt of verify this sooner than later. 

[chrisinth]

That sounds too much like the Elite program, but what would Singapore be even talking about it if it was?

 

As said, if it is true, and the 'grand-father' system isn't used, we will see a lot less retired folks coming to Thailand that's for sure.

 

That said, something that radical would need to be made public at least a year in advance. At least, so you would think.

[ubonjoe]

That was only mentioned by the minister for tourism and sports. It certainly has no basis of being factual.

[meatboy]

16 minutes ago, ubonjoe said:

That was only mentioned by the minister for tourism and sports. It certainly has no basis of being factual.

perhaps he's one of the THAI ELITE GANG.

i for one wont pay 500k.bht.for 5 extensions.allthough i havnt used my retirement money in the bank for 6yrs.

[gk10002000]

A long way from being a law or policy.  If the Thais were interested in saving some money and making some money, and being able to charge more money for some sort of new retirement visa/system maybe throwing in a sensible report just a once a year thing instead of what seems to be a more challenging 90 day reporting might help the falangs.  Going to 500k could be a big blow to a lot of the minimal retirees, or those without much capital on hand and that have smaller fixed pensions.  Of course you have to keep in mind the Thai mentality about a labor force.  Kind of like having 6 waitresses in a place that needs only 3.  So I don't see the Thais trying to save money by reducing their immigration staff.  They will still have to be paid.  Might be some conflicting forces here, and the foreigners will no doubt lose that tug.

[jpinx]

That's going to hurt!  There's always rumours swirling around visas, so it's probably best to wait for the official word from immigration itself, not some consular staff abroad.

[WhizBang]

5 years for 500K baht?  That's one of the Thailand Elite visas.  It's the Easy Access visa.  It has nothing to do with retirement.  Somebody is telling porkies.

 

Edited November 9, 2016 by WhizBang

[meatboy]

2 hours ago, WhizBang said:

5 years for 500K baht?  That's one of the Thailand Elite visas.  It's the Easy Access visa.  It has nothing to do with retirement.  Somebody is telling porkies.

 

yes WB and BIG ones,what would i get for 100k.bht a yr.when in the last 8yrs.i have been to immigration and thats as FAR.25 kiloms.

like i said i wont pay it,the wife might but why should she,i have for over 33yrs.gave thailand ENOUGH.

maybe the uk.goverment should have a look at these rumours,TIT FOR TAT comes to mind.

[connda]

4 hours ago, ubonjoe said:

That was only mentioned by the minister for tourism and sports. It certainly has no basis of being factual.

We can only hope.

[maewang99]

first off, don't they grandfather the existing visas? i.e. do some guys only have to show 400,000 for instance not 800,000 as that was also a recent change only about 10 or so years ago.. it was 400k for a retirement visa (and the Baht was in the high 40's as well then)

 

but it is true, you can see it, that because of demographics as well as changes in the global economy & politics.... that the Thai government is needing more revenue sources. but not this one, it would be a big loser for them. 

Edited November 9, 2016 by maewang99

[chiang mai]

18 minutes ago, maewang99 said:

first off, don't they grandfather the existing visas? i.e. do some guys only have to show 400,000 for instance not 800,000 as that was also a recent change only about 10 or so years ago.. it was 400k for a retirement visa (and the Baht was in the high 40's as well then)

 

but it is true, you can see it, that because of demographics as well as changes in the global economy & politics.... that the Thai government is needing more revenue sources. but not this one, it would be a big loser for them. 

 

Yes, historically all retirement visa's have been grandfathered based on the amount, there are some expats here who need to show less than 400K.

 

And for the poster who earlier thought there would be a tsunami of expats out of Thailand if the rules were changed to 500k for 5 years, and the resultant property market crash: the first part might be true, the second part not even close.

[mstevens]

There are now so many retired foreigners in Thailand, and so many foreigners getting retirement extensions who shouldn't (they use a false declaration to claim they have adequate income or they use a company to plant funds in to their account to show they have money) that if Thailand was to enact much more rigorous requirements for extensions of stay based on retirement that it would be easy to understand.  Reading this forum I know many retirees think they add so much to Thailand and that the country would fall over if Thailand didn't get the baht they spend but they are dreaming.  With them or without them, Thailand would do just fine.

 

Maybe not at this point in time, but at some juncture the requirements for retirement visas are going to become more stringent and doubtless many retirees will bleat when that happens.  I could never see them disbanding the retirement visa but if they did and simply pointed at the Elite card as the only option, it would get rid of many of the undesirables.

[chiang mai]

6 minutes ago, mstevens said:

There are now so many retired foreigners in Thailand, and so many foreigners getting retirement extensions who shouldn't (they use a false declaration to claim they have adequate income or they use a company to plant funds in to their account to show they have money) that if Thailand was to enact much more rigorous requirements for extensions of stay based on retirement that it would be easy to understand.  Reading this forum I know many retirees think they add so much to Thailand and that the country would fall over if Thailand didn't get the baht they spend but they are dreaming.  With them or without them, Thailand would do just fine.

 

Maybe not at this point in time, but at some juncture the requirements for retirement visas are going to become more stringent and doubtless many retirees will bleat when that happens.  I could never see them disbanding the retirement visa but if they did and simply pointed at the Elite card as the only option, it would get rid of many of the undesirables.

 

I agree with only parts of what you wrote but consider this:

 

Many retirees have been here for twenty years or more and play strictly by the rules. A jump to something like the Elite program would force many of those older expats, the ones with large established families and who didn't do anything wrong, out of the country, just because a handful of wasters broke the rules and that would be very unfair if not inhumane.

 

Most expats I know spend at least 1 million a year in Thailand, some spend more. And since everything here has a sales tax of 7% that means those expats contribute 70k a year directly to the Treasury coffers, that's close to the annual earnings of a less well of Thai, just in sales tax alone and doesn't consider major purchases such as land and cars. OK so it's not a huge amount but if you multiply it by the number of expats in Thailand, it becomes a significant figure.

[inzman]

Much ado about nothing. "I heard from a friend"  this is how rumors start. The 500k is an elite visa. Maybe some rouge officer trying to make a commission. 

[phetphet]

If on the slim chance that this were true, surely they would have to either get rid of the Elite 5 year visa, or at least make the 5 year retirement different enough, with different added options to the Elite, to make people apply for it.

Otherwise, why not just go for the 5 year Elite?.

[mstevens]

35 minutes ago, chiang mai said:

 

I agree with only parts of what you wrote but consider this:

 

Many retirees have been here for twenty years or more and play strictly by the rules. A jump to something like the Elite program would force many of those older expats, the ones with large established families and who didn't do anything wrong, out of the country, just because a handful of wasters broke the rules and that would be very unfair if not inhumane.

 

 

I take on board what you say but I dispute the term " handful of wasters."  I don't know that many people in Thailand (I only spend around half of the year in Thailand) but I know many more than a handful who break the rules.  I regularly come across people who quite happily reveal that they cheat the system so they can stay on.

 

I'm not a completely black and white guy and I understand that anyone who had been living in Thailand a long time and who fell foul of new requirements would be dealt a harsh reality, but at the same time I read the arrogance from many in this visa sub forum who are gaming the system at best, if not just plain breaking the law that you can't help but feel that the current system is broken and the requirements for visa extensions need to be tightened up on and made much more stringent.

Edited November 9, 2016 by mstevens

[chiang mai]

1 hour ago, mstevens said:

 

I take on board what you say but I dispute the term " handful of wasters."  I don't know that many people in Thailand (I only spend around half of the year in Thailand) but I know many more than a handful who break the rules.  I regularly come across people who quite happily reveal that they cheat the system so they can stay on.

 

I'm not a completely black and white guy and I understand that anyone who had been living in Thailand a long time and who fell foul of new requirements would be dealt a harsh reality, but at the same time I read the arrogance from many in this visa sub forum who are gaming the system at best, if not just plain breaking the law that you can't help but feel that the current system is broken and the requirements for visa extensions need to be tightened up on and made much more stringent.

 

I think you'll find that the clamp downs of the past twelve months will slowly but surely weed out most of them, that and the ever strengthening Baht.

[elviajero]

9 hours ago, connda said:

I don't wish to spread rumours, but this particular information seemed to be real enough.  It's probably a good idea to attempt of verify this sooner than later. 

You are spreading a rumour that is total nonsense, and no doubt comes from one persons suggestion for a 5 year extension of stay for long term expats. IMO that isn't going to happen, and if it did would probably only be good for those with actual retirement/other income.

[Maestro]

This topic, which started with an unfounded rumour, is now closed.

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