Govt approves 10 year visas for foreigners over 50

[Spellforce]

2 minutes ago, gk10002000 said:

Be careful of any sizable or long term investments.  Things could get dicey in the near future and you don't want to have too many assets commited

It will be quiet the opposite, that new 10 years visa =

- no change for the residents with their VISA O,

- it will attract more wealthy farang who will invest even more !

[Phanganguy]

Why so negative???? Its big cash in the bank OR an income of 100,000 baht a month..... Nare all of you guys on the UK state pension????... Anyone with a reasonable occupational pension will manage that.... 

[Spellforce]

Source: www.thaigov.go.th  = Nothing more to add or say !

[Chicog]

Seriously, if you're over 50 and you don't have three million in the bank and health insurance, are you not sailing a bit close to the wind?

 

 

[tukkytuktuk]

Every news article I have read today in English says the same thing. We are f@$#%.

You need 3 million baht now not 800,000.

I'm personally moving back to the U.K. Had enough.

Edited November 23, 2016 by tukkytuktuk

[digibum]

6 hours ago, LivinLOS said:

 

I retired at 28.. But I own equity in many businesses.. I have slices of a few active companies. 

 

I set up a second home in the UK in May, and while back there this summer started a new operation..  My first time trying after 15 years of boozing and partying here.. I was genuinely curious how it would go as it was just a punt.. Took until september to get all my government numbers in place but am already with operations in 3 countries and managers running them 100% on commissions. With contracts in hand now I estimate the biz will be making 40 - 50k GBP income above expenditure by easter and at the one year point I can probably pay myself 200k per annum while not actually working day to day in the biz. Thats starting with nothing more than a 10k pot thrown in. Now I am back here for some winter sun while managers handle the day to day. 

Making money in the west is so easy.. 100s of k a year is realistic with a 3 year a time horizon. All this 'government pensions are...' well sorry, dont rely on government pensions. Dont be a drone.. If your pot is low fill it up again.. Theres soooo much money out there in the west it not rocket science. I just went back with no skills, no contacts, no connections and having done sod all for over 15 years.. And thats the result. 

 

Let's be fair.  To be retired today, someone would need to be about 60 years old (yes, I know the visa starts at 50 but most people don't get government checks at 50).  

 

They grew up in an entirely different generation.  They grew up in a time when the path to retirement was, work for the same company for 40 years, get a gold watch and a pension for the rest of your life.  That was the social contract.  

 

Today it's different.  You (and I) grew up in a different era.  I work in a lot of startup businesses.  I have a timeline of 3 - 5 years with any particular company because it's go big or go home.  If the company doesn't ramp up quickly and kick me off some gratitude in the form of equity appreciation, I'm gone and off to the next opportunity.  

 

To me, retirement is about focusing less on acquiring wealth and focusing more on generating income on that wealth.  It doesn't mean kicking up my feet and sitting on a beach for however long it takes for this body to give up.  It's creating passive income streams, making real estate investments, etc.  Not because I need the money (well, we all need money but in this case money is the byproduct) but because I need the intellectual stimulation of creating things and forcing value.  That's just how my brain is wired.  

 

But that's not how everyone is wired.  My dad is a great example.  Did his 40+ years, has a pension, gets his government checks, made a bit on the side over the years buying real estate, and he's comfortable (actually he socked away a ton of money so he's far more than just comfortable).  But he doesn't do anything.  He just travels and putters around the house working on his garden or fixing stuff.  That would drive me absolutely insane.  

 

So, I don't think you're going to change the mindset of anybody who is 60+ in this thread who grew up in a different generation with a different mindset about retirement.  

[Chip Allen]

The only thing that those of us with extensions of stay based on retirement, need to know is if we are grandfathered in on the old rate of 65 thousand dollars a month. I have three sources of retirement income, which, combined,, amounts to 87 thousand baht per month. If my current rate is grandfathered, I'm okay, if not. I have to move to Cambodia.

[Jingthing]

Let's get REAL here for another moment.

True, visas and extensions are not the same thing.

But it is well documented over the years, I've seen it constantly myself, that even Thai immigration officers call extensions VISAS!

So yes we need official clarification on this change.

I agree there is no need for anyone to panic at this point. 

Edited November 23, 2016 by Jingthing

[SaintLouisBlues]

While this appears to be a new visa ie. for new applicants, and as Jingthing and others have suggested, is almost a clone of the Malaysia My Second Home programme, there are a couple of significant differences. MM2H is available to those under 50, although there are slightly different conditions for them as opposed to those 50+. However there is one significant difference to the proposed Thai one: "Applicants and their dependants must possess a medical insurance coverage from any insurance company that is valid in Malaysia. This may be waived for older applicants who are denied coverage because of their age". I'd have thought that the health insurance provision will be a barrier for some. However we may find insurance companies trying to find a way of cashing in  on (sorry, servicing) this market. I also wouldn't be surprised to find some informal money lenders making "retirement bonds" available especially as it's a fixed deposit

http://www.mm2h.com/mm2h-requirements-terms-and-conditions/

[elviajero]

7 minutes ago, tukkytuktuk said:

Every news article I have read today in English says the same thing. We are f@$#%.

You need 3 million baht now not 800,000.

I'm personally moving back to the U.K. Had enough.

• It's 3M for a proposed new visa.
• If you are living her with a 1 year extension of stay, nothing has changed, and you still only need 800K in a Thai bank to qualify.

[digibum]

5 hours ago, mcfish said:

This is going to kick out 90% of all pensioners. Chiang mai will be a ghost town with tumble weeds

Sent from my SC-01D using Tapatalk
 

 

No need to worry about that.  I'm sure some nice Thai businessman will come in and buy up all of those farang owned condos for pennies on the dollar and then they'll change the immigration laws again and he'll gladly sell them back to farangs for a 200x markup.  

[Jingthing]

Just now, digibum said:

 

No need to worry about that.  I'm sure some nice Thai businessman will come in and buy up all of those farang owned condos for pennies on the dollar and then they'll change the immigration laws again and he'll gladly sell them back to farangs for a 200x markup.  

Hopefully not, but we're waiting for clarification. I don't buy full confidence from anyone on what's happening YET. 

[elviajero]

5 minutes ago, Chip Allen said:

The only thing that those of us with extensions of stay based on retirement, need to know is if we are grandfathered in on the old rate of 65 thousand dollars a month. I have three sources of retirement income, which, combined,, amounts to 87 thousand baht per month. If my current rate is grandfathered, I'm okay, if not. I have to move to Cambodia.

• No change to extensions of stay have been made or announced.
• They have announced the proposal for a new visa. Nothing to do with extensions of stay.

[Phanganguy]

Having just been thru the process of getting a new oa visa..... I find the requirements for thenproposed new visa quite straightforward... Just an increase in monthly income ( and not at too high a level for someone with an occupational pension) or 3m in the bank in thailand (A bit steep!)..... If there is no need for the medical and police checks... Im happy!

Tje medical insurance is a new twist.... But the proposal is at a low level of cover and insuramce companies cover this, at not unreasoanable cost, for over 65's

Avoiding the hassles of repeat oa applications is good for me.... 

[Chip Allen]

8 minutes ago, elviajero said:

 

 

You are wasting your time @Spellforce. This thread has been completely derailed by off topic discussions, scaremongering and people in a panic that don't understand the difference between a visa and an extension of stay.

A good many of us  DO understand the difference between a visa and an extension of stay. My situation is further complicated by the fact that I am planning to marry a woman from Bangkok who has a very good job with NGG and two daughters living in the area. My plans will be totally derailed if I have to move to Cambodia. My income will not slide up to 100 thousand baht merely because that is the new standard. I am 66 and had planned to stay here until they burn my bones. Obviously, some have other resources or the advantage of youth. I don't. Thus far, the only comments seem to be something along the lines of "you should have planned more carefully and put away more money".   I put away what I could AFFORD to put away. Not all of us are born with a silver spoon in their mouths and making huge salaries. That's why many of us retired in Thailand. Affordability is key.

[sgtsabai]

I'll wait to see exactly how this is to be enabled and with what requirements. As long as the current "extension of stay" doesn't change it won't matter to me. May enable a few more snotty, I'm better than you, types, like we really need those people, NOT. I can meet the income requirement, if the USD holds, doubtful after the coming "1st 100 days", but never the insurance requirement. And the new <deleted> running the goernment in the states don't cut my government pensions and SS. Oh, and I still live payday to payday here, but in the states I'd be living on the "cat food diet". My insurance quit the instant the plane left America and there is no way in hell I can get insurance over 65. It's still waiting in the states and I do have VA insurance for my disabilities here. I'd rather die here than in the states, thank you very much.

[Lashay]

42 minutes ago, Spellforce said:

I allready posted it:

http://oknation.nationtv.tv/blog/akom/2016/11/23/entry-1

 

That article cancel and replace all what it has been said yesterday. That's perfectly clear today.

Unless missing it see nothing in there about 1 year visa staying or going

[MaxiMaxi]

Ha ha ha ha ha.....

[digibum]

5 hours ago, siam2007 said:

 

 

My country is one where social security is actually excellent, yet I am very sure 95% of the retirees get less than 100K a month. My father was a Tax adviser, self employed for decades and successful, he paid large amounts of money himself to ensure a retirement plan. Yet what he got when he retired was just 1800 Euro a month. Now as he passed away, my Mom only gets 800 Euro a month. Plus you have to acknowledge that this new rule needs to be applied to all nationalities, not just US nationals. What about those folks from, let's say Eastern or Southern Europe, South America, South Asia, who want to live here in Thailand too after they retire? The old rule was reasonable, the new rule is completely out of this world. Could have actually been Thaksin creating this, so unrealistic it is

 

Not sure where you got the impression that anybody had a right to live in Thailand.  

 

I think the point you and a lot of other people are missing is that nobody in Thailand cares if you can't afford it.  There are plenty of people who can afford it.  

 

Half the homes in Hawaii are owned by people with either enough wealth to own a second (or third or fourth) home or retirees with passive income that allows them to afford to live there.  The median home price is close to $500K USD.  In fact, Honolulu is always right up there with London, Tokyo, and San Francisco as the highest prices real estate in the world.  Believe me, there is no shortage of people willing to pay top dollar to live in paradise.  

 

There are plenty of people who have money.  Thailand just happens to be a magnet for people who don't have money so they think everyone else is in a similar boat.  

 

If your government pension doesn't pay you enough to retire in your own country that's an issue between you and your government.  Thailand shouldn't have to care about that.  

 

I know it sounds like I'm being a bit dismissive but I'm just trying to make the point that Thailand doesn't need to shape it's immigration policies around what the poorest people in the world can afford.  If every retiree who can't make these new standards had to leave Thailand tomorrow it would have a relatively minor impact on the country.  

 

That's just a fact.  Whether it sounds dismissive or not has no relevance.  

 

Unfortunately the truth hurts.  And when you tell people that they're f****d because their retirement planning was insufficient it sounds like you're being a jerk but it's just a fact.  

 

Hey I wish we all lived in a world where everyone could have a Lambo.  But I don't expect Lamborghini to lower their prices so that everyone can afford one.  As long as there's a sufficient supply of people who can afford to pay $200K+ for a car, they're not lowering their prices.  

 

[sgtsabai]

I can't read Thai, nor find the button to change to English. You have translation, or rather transliteration?

[Spellforce]

2 minutes ago, sgtsabai said:

I can't read Thai, nor find the button to change to English. You have translation, or rather transliteration?

https://translate.google.com

[arunah]

22 hours ago, Shiver said:

I wonder if they'd be okay with 3 accounts of 1 million each.  I don't feel comfortable leaving amounts in banks that are greater than their insurance coverage.

 

 

That is a very good point, one I would be asking if I were able to achieve the deposits required

[Spellforce]

1 minute ago, Jingthing said:

Google translate for Thai is pretty darned awful!

 

Clear for me:

Age of candidates is 50 years old and to foreigners applying for temporary visas. (Non-immigrant) Code O-A (Long Stay) from the Consulate General of Thailand abroad. Or foreigners who travel to Thailand on a visa and stay for a while with a wish to change the type to obtain a visa for a long stay. And allowed to stay in Thailand at one time up to five years in the Multiple Entry and can be renewed for the second renewal to stay in Thailand for up to five years in a Multiple Entry.

[digibum]

5 hours ago, Peterw42 said:

Seems this thread is a great opportunity for some, to tell us all how rich they are. Well done, we are all very impressed. We didnt all retire at age 20 and now have a pension equivalent to a doctors salary.

 

 

 

Funny, I thought the point of this thread was for people who didn't plan well for retirement and have made other poor life decisions (like deciding to retire in Thailand and thinking nothing would change) to remind us that life isn't fair.  

 

[Jingthing]

Just now, Spellforce said:

Clear for me:

Age of candidates is 50 years old and to foreigners applying for temporary visas. (Non-immigrant) Code O-A (Long Stay) from the Consulate General of Thailand abroad. Or foreigners who travel to Thailand on a visa and stay for a while with a wish to change the type to obtain a visa for a long stay. And allowed to stay in Thailand at one time up to five years in the Multiple Entry and can be renewed for the second renewal to stay in Thailand for up to five years in a Multiple Entry.

It doesn't address the replace questions as far as annual extensions. So ... NOT CLEAR. 

[Jingthing]

1 minute ago, digibum said:

 

Funny, I thought the point of this thread was for people who didn't plan well for retirement and have made other poor life decisions (like deciding to retire in Thailand and thinking nothing would change) to remind us that life isn't fair.  

 

Smug much? 

[brucec64]

2 hours ago, Jingthing said:

 

The moment I read about the new thing being only available to some nationals I also changed my POV about the likelihood that the word REPLACE in the original article should be taken seriously as far as the standard way people stay here year after year, on retirement extensions.

So I agree, this isn't urgent for anyone ... let's wait for much more clarification from credible people before thousands of use start giving away our condos!

 

All along, based on the limited information in the news article, all we've been doing is reading is trying to take clues and come to guess type conclusions. The limited country thing is a HUGE clue. 

 

On the health insurance thing ... that does seem to be a precedent so maybe people shouldn't be shocked IF that is applied to all on retirement status though. 

 

It does not say that the visa will be limited to certain countries, just gives a list of target countries that would most likely be interested in this type of visa.

[digibum]

1 minute ago, Jingthing said:

Smug much? 

 

Just trying to match the tone of the person I was responding to who obviously is under the impression that doctors only make $3000 a month.  

 

 

[Jingthing]

Just now, brucec64 said:

 

It does not say that the visa will be limited to certain countries, just gives a list of target countries that would most likely be interested in this type of visa.

I'm afraid you're correct. I reread it and I am drifting back to my original position of real concern. 

[Spellforce]

6 minutes ago, Jingthing said:

It doesn't address the replace questions as far as annual extensions. So ... NOT CLEAR. 

Such 10 years VISA must be done abroad (VISA OA) OR " with a wish to change the type to obtain a visa for a long stay "

Edited November 23, 2016 by Spellforce