Govt approves 10 year visas for foreigners over 50

[louse1953]

2 hours ago, jlwilliamsjr18 said:

Words of concern.."It would replace one-year renewable visas..."  So will the old one year retirement visa stay in place or is this a way to weed out the ones they consider "deplorable"? 

We need the visa police here to explain this renewable visa that we have been getting.

[Psimbo]

42 minutes ago, Mister Fixit said:

 

Wait until they increase the eligible age to 60 ...   50 is far too low for genuine retirement

Why? I retired on a pension at 41 having fully met the criteria for it. Nothing disingenuos about it.

 

Personally I prefer the one year extension of stay option- how many people actually want to commit to ANY country for 5 or ten years (especially given the possibility of turbulent times ahead)?

 

There's a lot of histrionics and conjecture here at present- why not let the dust settle before jumping to conclusions.

[Baerboxer]

1 minute ago, kennypowers said:

Will the 3 million have to be in a Thai bank account, like the current O requirements? I assume so. The question is: who would be stupid enough to do that? Or perhaps the question should be: How stupid do they think foreigners are? 

 

No notable interest on the money. Essentially depreciates in value.

No protection against a run on the banks.

No protection against any hostile takeover/coup.

No protection against any from of loss. 

 

400k, perhaps most could risk. 3m, too much of a risk/waste of an investment opportunity.

 

And still have to report every 90 days. You have to be kidding me.

 

 

I get much more interest here than I can in the UK or offshore. And have done for some time now.

 

The amount covered under the banks indemnity scheme is higher here than the UK or HSBC Expat.

 

Krungsri bank is 77% Japanese owned. Not sure about others. 

 

And the UK, like many EU countries, introduced some nice legislation that says if things go tits up they can dip into all investors accounts and help themselves to "bail out funds". 

 

You need to shop around here - some very good time deposits to be found. I'm actually renewing a matured one tomorrow. Whereas HSBC UK will lower their rate to an impressive 0.25% on my premier supadupa savings account.

 

The only issue / concern here, for most, is the lack of opportunity to secure long term residence or nationality, which this new visa addresses a little bit. At a cost of course.

[seancbk]

55 minutes ago, JB300 said:

1 hour ago, seancbk said:

 
 
Because they want old blokes with medical issues who are going to spend money in Thai hospitals.

The article clearly stated it is "Intended to promote Thailand as a hub for medical services"  

I don't think they even intend this to be for living here, but rather for people to visit regularly.   

The 'salary' requirement is I reckon the persons salary in their home country, not their salary in Thailand.  

It sounds like the requirements for an METV.    Proof you are employed in your home country, proof you have money in the bank (in your home country).

 

 

 

I'd love that to be the case but how would they monitor the fact that the 3Million has been left untouched? In Philippines (not sure about Malaysia) you put it into a Govt approved account that you can't touch unless leaving the country (I.e. giving up the Visa).
 

Maybe every 90 day report you have to show your bank statements to prove the 3 million is still in there?

I doubt they have really considered every single variation that could arise with people needing access to money unexpectedly etc.

 

[tonray]

If I only make 65,000 baht per month, can I get a 6 1/2 year Visa ?

[louse1953]

2 hours ago, Generalchaos said:

Loads of KNEE JERK reactions yet again.

 

From the original post, there is nothing there that suggests that there is going to be any changes to the normal 1 year extensions. This looks more like some sort of scheme to promote the Gold / Elite Card scheme rather than any change to the existing marriage and retirement extensions.

I'm sure you are right,but it is not written that way.This will be a bonanza for TVF and that's why they write these ambiguous stories.

[mamborobert]

Even if the existing monthly requirement  Baht is not immediately changed surely the writing is on the wall.

 

For a number of months the Thai government has been indicating that it wants to up the quality of retirees and refers to the Malaysian model......and we have the good guys in bad guys out (its not only referring to crims..the want some integrity in their visa system) etc etc

 

The monthly requirment has not been indexed in how many years???  Even if a cost of living index was applied now it would go up considerably.  Surely it cannot stay at the existing level forever.  Even Thai minimum wages have gone up considerably in the last few years.

 

Thailand is an ageing poulation with lower birth rates...in 9 short years they are forecastinng 20% of the population to be over 65, hence the initiatives for pensions and old people homes and incentives to employ elderly that have come out again in the last month.  Retirees with insufficient income/insurance will be a drain on health system.  Think of your own country, do you like it when foreign nationals access health systems routinely and add to waiting times, costs, taxes, delays, bed shortages....

 

As far as replace/remove existing...in time most countries rationalise their visa selections/classes...not add to them (USA, UK, Aust etc have done this in last three years)

 

To me this is just a gentle heads up and opportuntiy  to get my act together before the inevitable changes do come...

 

 

[Baerboxer]

2 minutes ago, louse1953 said:

We need the visa police here to explain this renewable visa that we have been getting.

 

Indeed, I guess they could be replacing the o-a retirement visa applied for outside of Thailand with this. However that doesn't mean this will replace the current extension of stay rules; nor does it imply the current extension won't be changes or if it is that it will be the same criteria.

 

Anything is possible! 

[ChrisY1]

The first 2 words were "affluent foreigners"......I'm guessing there's a catch with fee

[louse1953]

2 hours ago, LivinLOS said:

 

 

Exactly how I read it.. 

 

The existing annual extensions and hassle for those on tighter budgets.. A more long stay and secure situation for those who can pump some actual money into the economy. 

 

Win win. 

Rubbish,where is the money going into the economy,it is going in the bank.If it's a fixed deposit,get all your tax back.Win for retiree.

[silent]

2 hours ago, Jingthing said:

I don't think you get it. 

This MIGHT mean they will only allow these more affluent people to have retirement status in Thailand. Just like MALAYSIA.

How else are people to interpret the word REPLACE in the article.

If it was just another choice or option, the word REPLACE would be entirely wrong. 

Hopefully, it's just poor communication in the article but at this point we do NOT know. 

Sounds like "we like foreigners to come spend their money but we're tired of so many thinking their opinion matters now".  

[tonray]

I would never consider this 10 year visa unless it came with perks like 40 baht discounted lottery tickets and native Thai pricing for the Asiatique Ferris wheel ride.

[Peterw42]

Can someone go round to Udonjoe's house, knock on the door and tell him to turn his computer on.

 

[csabo]

2 hours ago, eeworldwide said:

 

 Affluent foreign residents over 50 - no mention of retirees.

 

By including the age requirement it is clearly targeting retirees. 

[Johnniey]

2 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 

It seems fair enough to me. 

One could get a bank loan if they don't have it.

Most people earn that much.

 

 

[sambum]

8 minutes ago, ChrisY1 said:

The first 2 words were "affluent foreigners"......I'm guessing there's a catch with fee

"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"

[tonray]

Well Vietnam has a 1 year mutli entry visa for Americans about 5000 baht. No financial requirements to speak of and no hassles. China beach at Danang looking awfully good these days.

[metisdead]

Inflammatory posts and replies have been removed.  

 

Off topic troll posts and replies have been removed. 

[Global Guy]

I wonder if they are going to be literal by "salary" or just monthly income? I don't have a salary, I have investment income. I wonder how that will go over. 

 

For the lump sum, there's no way I would leave that amount of money sitting with them making nothing for a year. I'd leave before I do that.

 

So yes, if this replaces the current visa then I'm gone if I can't count investment income (I'm too young for pension to kick in).

[csabo]

2 hours ago, Lunchbob said:

It says in the linked article you still have to check in every 90 days. ridiculous. the only reason to have a long visa is to be relieved of the burden of "checking in"

 

Really? Which current long term extensions don't require 90 day reports?

[Deepinthailand]

2 hours ago, Jingthing said:

If they are doing a Malaysia type program and totally phasing out the old system (year to year, current financial levels, no health insurance requirement) and also with no grandfathering, then this might be the biggest, most consequential visa news in many, many years. 

 

When we do know more, and if it does turn out that they are phasing out the old program with no grandfathering, I'd like to see a POLL here to ask people using the current system, about how many would be forced to LEAVE THAILAND. 

It would turn the good guys in bad guys out on its head the %of overstayers would rise year on year those figures 3m you cant touch for a year are extortionate. 

[Peterw42]

Just now, Johnniey said:

It seems fair enough to me. 

One could get a bank loan if they don't have it.

Most people earn that much.

 

 

 

If most people earn that much, they would retire on the french riviera

[Johnniey]

2 minutes ago, Peterw42 said:

 

If most people earn that much, they would retire on the french riviera

Earning means working, not retiring.

 

I see it is 100k OR 3 million. That's great for the oldies here. Shouldn't affect me though.

 

Where are the bashers now? Crying in their beer.

[seancbk]

40 minutes ago, dick dasterdly said:

46 minutes ago, LivinLOS said:

 

Where do those western run companies buy their goods ??

 

They have 4 thais per work permit..

 

I fail to understand your logic on how its somehow noble to use cheap services and not noble to use expensive ones.

 

They buy their products from Western companies - but I agree that they employ Thais to do some of the unskilled work.

 

I'm not saying for one moment that its "noble to use cheap services and not noble to use expensive ones"!  I'm saying that the TRULY wealthy spend their money on other foreign contractors and (largely) buy foreign products.

 

In my experience of course.

What are these Western companies and contractors you refer to that the TRULY wealthy are spending with?

 

The money people spend in Thailand stays in the Thai economy whether you spend it in a Western run business or a Thai one.
 

 

 

[sambum]

1 minute ago, Johnniey said:

It seems fair enough to me. 

One could get a bank loan if they don't have it.

Most people earn that much.

 

 

Different planet to me, I'm afraid! 

[soalbundy]

7 minutes ago, mamborobert said:

Even if the existing monthly requirement  Baht is not immediately changed surely the writingis on the wall.

 

For a number of months the Thai government has been indicating that it wants to up the quality of retirees and refers to the Malaysian model......and we haveteh good guys in bad guys out etc etc

 

The monthly requirment has not been indexed in how many years???  Even if a cost of living index was applied now it would go up considerably.  Surely it cannot stay at the existing level forever.  Even Thai minimum wages have gone up considerably in the last few years.

 

Thailand is an ageing poulation with lower birth rates...in 9 short years they are forecastinng 20% of the population to be over 65, hence the initiatives for pensions and old people homes and incentives to employ elderly that have come out again in the last month.  Retirees with insufficient income/insurance will be a drain on health system.  Think of your own country, do you like it when foreign nationals access health systems routinely and add to waiting times, costs, taxes, delays, bed shortages....

 

To me this is just a gentle heads up and opportuntiy  to get my act together before the inevitabel changes do come...

 

 

I cant see how retirees with insufficient income can be a drain on the health system, if you cant pay you don't get treated, this isn't a nanny state. I and my wife both have insurance,when my wife had a serious OP i didn't have enough to pay up front, no problem give us the land deeds for 200 rai of land and when your insurance money comes through you can have the deeds back.

[louse1953]

2 hours ago, Mook23 said:

Non-event. Retiring in Thailand is soooo passé. Most retirees i have met here stay here because it's cheap. NOT because they have 100.000thb pensions. Lol. I hope this deal here attracts all kinds of dodgy Chinese and Russian kingpins. These people have proven to have little style so they fit in quite well. ??

I think Thailand may be getting a bit ahead of it's self of where it is in the world.It has a long way to go to attract the so called affluent or effluent.

[Johnniey]

1 minute ago, soalbundy said:

I cant see how retirees with insufficient income can be a drain on the health system, if you cant pay you don't get treated, this isn't a nanny state. I and my wife both have insurance,when my wife had a serious OP i didn't have enough to pay up front, no problem give us the land deeds for 200 rai of land and when your insurance money comes through you can have the deeds back.

Must have been an expensive OP!!!!!

 

Unless it is 200 rai in Roi Et or Sakhon Nakon.

[csabo]

2 hours ago, marcusd said:

Its cheaper on thai elite.  still 3 months prisoner reporting.

 

More useless ways to state  west they already have.

 

So with Elite, money actually leaves your pocket and goes to someone else's.  At least 500k.  With the new extension, your money stays in your bank (that's if you don't chose the income option) and you would only be required a minimum application fee probably around 5k. And by your math the Elite is cheaper? So to be clear 500k<5k right???  And the 500k is only for a 5 year Elite. Ten years of Elite would be 1 million vs 10 years of 5k fees totaling 50k and Elite is still better??  Good thing there is no math test to get a visa eh?

[Global Guy]

2 hours ago, LivinLOS said:

 

65k a month income or 100k a month income ?? 

 

Really, anyone thinking of retiring here, at the rate at which this country is developing and the surge in middle class, the rising incomes of the young professionals, the rising cashed up society.. And dont have 100k a month coming in or planned.. Is looking at a very risky 15 - 20 year future.. 

You must not have been to Pattaya and seen all the balloon chasers then. It's half the expat population.