Govt approves 10 year visas for foreigners over 50

[Peterw42]

I think the following is relevant to this thread.

 

Retirement for most people is asset rich, cash poor.

 

You own some houses, cars, etc, you are debt free. Your income is reduced from when you worked and is fixed.

No big problem, you own everything and only need a couple of dollars for food, utilities, medical etc.

 

Retirement is balancing your assets and fixed income against a certain lifestyle.

 

Most people choose Thailand, not because they are dirt poor, but mainly because its a good balance.

 

 

 

 

 

[craigt3365]

7 minutes ago, wealthychef said:

 

I didn't think he was bashing Americans.  I was the one that said we can lie.  He is just responding to my post.  

But good point about rents climbing due to influx of wealthy foreigners at the detriment of the locals.  The law of unintended consequences rears its ugly head. 

Cambodia was pretty fun to visit, wonder how it would be to live there.  

Some offices are asking for additional verification now.  Lie at your own risk.

[Scott]

Off-topic post and replies removed.  

 

[jonclark]

So how would one go about getting this visa before you come to Thailand? Just interested to know if I could open a Thai bank account without being in the country. Or can this visa only be obtained once you are in the country.

 

Come on a tourist visa, open an account - Which means as a tourist choices are limited and offer shocking interest rates deposit 3 million then apply?? Is that correct? 

[OMGImInPattaya]

15 hours ago, Jingthing said:

It would be NIGHTMARE news for a large portion of us, if this will be the only option and the current one year extensions with the current financial requirement levels are phased out. 

 

http://www.khaosodenglish.com/news/business/2016/11/22/govt-approves-10-year-visas-foreigners-50/

Applicants must either earn a monthly salary of at least 100,000 baht or have more than 3 million baht in their bank account, which cannot be withdrawn within the first year after receiving the visa. They must also have health insurance that covers hospital stays and provides at least USD$10,000 in annual coverage.

A snip...not sure why if one has 3M in the bank one also needs 300k insurance.

[tonray]

So if you are married, presumably supporting a wife and family you only need 400, 000 baht but if you are simply retired you will need 3,000,000 ? I guess they are assuming the single retirees will be spending a lot down at the soapies.

[alocacoc]

Remembers me when they announced the Multiple Entry Tourist Visa. Everyone applauded to it, until they saw the requirements/restrictions.

[wealthychef]

1 minute ago, jonclark said:

So how would one go about getting this visa before you come to Thailand? Just interested to know if I could open a Thai bank account without being in the country. Or can this visa only be obtained once you are in the country.

 

Come on a tourist visa, open an account - Which means as a tourist choices are limited and offer shocking interest rates deposit 3 million then apply?? Is that correct? 

 

Sorry, does it have to be a Thai bank?  I missed that.  I thought it just said "in your bank account."  Of course, all we have to go on is a news report.  I have not seen any official announcement.  

[Grubster]

17 minutes ago, newnative said:

$3000 a month is not 'living in poverty' in a lot of places in America.  I think the average Social Security payment in America is around $1400 a month.  That's about what I get and I also have a state pension of around $1700 a month after taxes.  I'm lucky to have a pension as a lot of employers are dropping them as being too expensive to maintain.  Workers are now suppose to be socking money away for their retirement in various retirement accounts but I wonder how many are saving enough. 

I guess we can thank Ronald Reagan for that when he allowed companies to borrow the workers pension money to retool. Many of these companies then filed bankruptcy and left the pensioners 10% of what they were to get, and the 10% is paid by the taxpayer.  Nice job Ron.   I was lucky that I had a union pension in my name that he couldn't figure out how to steal.

[OMGImInPattaya]

15 hours ago, Jingthing said:

We really NEED to know if these higher financial levels for the 10 year visa will be the ONLY option. If so, I guess there will be a lot of fire sale condos soon! 

Let me know...I'm always buying when markets crash.

[55Jay]

The OP refers to medical tourism, and that is a reason for either a Non-O visa or a Tourist visa for medical treatment purposes - a bit unclear but discussed on TVF a while back - UbonJoe, et al.  One poster rightly pointed out that medical tourism is prevalent among the GCC states.

 

[harness]

Wait for the details everyone.

[55Jay]

15 minutes ago, wealthychef said:

Has any official announcement been made?  Or are we all just flapping around based on a news report?  

See link above

[wealthychef]

Just now, 55Jay said:

See link above

There are 34 pages of posts.  Can you please just repost a link if you have it?  

[maxcorrigan]

15 hours ago, DiamondKing said:

3 Million in the Bank and you cant touch it for 1 year after the visa is issues or 100,000 in salary coming in every month 

ITS A JOKE 

I read it from another forum as 4mil. in the bank, plus 90 day clockin still required! I think the requirements and setting the bar at this height, probably wipes out about 90 odd percent of us ex-pats. but as usual TIT.

[Grubster]

2 minutes ago, wealthychef said:

 

Sorry, does it have to be a Thai bank?  I missed that.  I thought it just said "in your bank account."  Of course, all we have to go on is a news report.  I have not seen any official announcement.  

Very true and I have a feeling that this stuff leaked out very early in the process of decision making. I hope this ends up as in addition to existing rules, but it did say it was to replace the old rules. scary for many I guess.

[wealthychef]

1 minute ago, Grubster said:

Very true and I have a feeling that this stuff leaked out very early in the process of decision making. I hope this ends up as in addition to existing rules, but it did say it was to replace the old rules. scary for many I guess.

 

And we know that fear sells newspapers and elects politicians.  So I'm taking this all with the largest imaginable grain of salt.  

[alocacoc]

15 hours ago, Jingthing said:

We really NEED to know if these higher financial levels for the 10 year visa will be the ONLY option. If so, I guess there will be a lot of fire sale condos soon! 

The report says; It would replace one-year renewable visas and come in two installments of five years each, Athisit said. It was not immediately clear when the plan would be implemented.

[Peterw42]

4 minutes ago, harness said:

Wait for the details everyone.

 

This is Thaivisa, we prefer wild speculation and unsubstantiated hearsay.

[wealthychef]

Just now, Peterw42 said:

 

This is Thaivisa, we prefer wild speculation and unsubstantiated hearsay.

 

Lesson learned.  Just wasted a half hour following the chattering monkeys.  :-)   Unsubscribing from thread in 3... 2... 1... wait!  A squirrel!  

[peter harrison]

that's a lot of money sitting around doing nothing does anybody want to by a house in prachin buri

 

 

[OMGImInPattaya]

15 hours ago, chiang mai said:

If correct, 3 mill or 100k will provoke a huge exodus, the human tragedy side of this could be appalling. Substantial numbers of long term expats will not be able to meet these requirements, let's wait and see if this is this only option going forward.

They could join the refugee flow to Europe...a big flush of many of the expats wouldnt be such a bad thing. Unfortunately, I suspect there will be grandfathering like in all prior visa changes. At least going forward, if this comes to pass, the financial caliber of expats in thailand will go up.

[wealthychef]

1 hour ago, the guest said:

I think it proves, that making long term plans in Thailand is not wise when your an expat. Your stay here could at any time be revoked.

 

I haven't noticed a surplus of people in Thailand who make long term plans.  Kind of an oxymoron, isn't it?  That's what's so endearing about this place.  

[55Jay]

 

8 minutes ago, wealthychef said:

There are 34 pages of posts.  Can you please just repost a link if you have it?  

Not a link (Post 827^) confirming details on the OP, rather draws a link to medical tourism, which is the stated aim of the proposed policy in the OP.   Would indicate this has nothing to do with Non-O and extensions based on marriage, retirement, etc.  

Edited November 23, 2016 by 55Jay

[wealthychef]

Just now, OMGImInPattaya said:

They could join the refugee flow to Europe...a big flush of many of the expats wouldnt be such a bad thing. Unfortunately, I suspect there will be grandfathering like in all prior visa changes. At least going forward, if this comes to pass, the financial caliber of expats in thailand will go up.

 

As we've seen in the USA, an increase in financial calibre does not translate into an increase in moral or intellectual calibre, so I'm not sure why this is a good thing.  

[tukkytuktuk]

No doubt about it this is the news retirement visa replacing the old one. Xenophobia has reached new level's.

It would replace one-year renewable visas and come in two installments of five years each, Athisit said. It was not immediately clear when the plan would be implemented.

Cause for concern you betcha. Remember this new law has been passed no going back now.

[OMGImInPattaya]

Just now, wealthychef said:

 

As we've seen in the USA, an increase in financial calibre does not translate into an increase in moral or intellectual calibre, so I'm not sure why this is a good thing.  

Expats without resources are a burden on Thailands medical infrustructure.

[Jonathan Swift]

Wonder how you "prove" your income if it comes from your original country? If it comes to an American bank and gets transferred when needed?

[wealthychef]

2 minutes ago, 55Jay said:

 

Not a link (Post 827^) confirming details on the OP, rather draws a link to medical tourism, which is the stated aim of the proposed policy in the OP.   Would indicate this has nothing to do with Non-O and extensions based on marriage, retirement, etc.  

 

Hmm.  How does post 827 in any way answer my request for information about an official announcement?  Nice to learn a good way to refer to earlier posts. though

[Jonathan Swift]

wonder if this one allows a work permit? Retirement visa does not