Govt approves 10 year visas for foreigners over 50

[Kabula]

6 hours ago, david555 said:

But you can TAKE the value up to 20000  USD in any currency except Thai baht (only 50000Bahy in  thai  bills )out Thailand when flying out .....

Good luck with airport security, especially with all the TSA thefts out of carry on bags while going through screening in the U.S. that have been reported. That can happen anywhere, even stolen by passengers going through screening.

 

Also, if you get pulled over by U.S. Law enforcement now, the Officer can legally seize the money alleging it's drug money and many citizens had to wait years to get it back and many never got any of it back.

 

Another important consideration that some foreign banks were forced to do was, 'reverse interest rates!'  Imagine having to pay a bank for an extended period of time to kept your own money in it!

Edited November 22, 2016 by Kabula
Error correction

[digibum]

24 minutes ago, soalbundy said:

I get around 80,000, have a house, car,motorbike, three kids one who i put through university, i wouldn't call that scraping by.

 

80,000 from where?  Gov benefits?  No other source of income?  

 

Regardless, perhaps we have different definitions of scraping by.  If your net worth is defined by a house, a car, and a motorbike, I lump that under scraping by.  You might not agree with that definition, and you may be completely happy with your financial situation, but to me unless that definition of net worth includes a modest to substantial investment portfolio of some sort and either a pension or some sort of tax-deferred retirement account, yeah, it's scraping by.   

 

[digibum]

16 minutes ago, sjaak327 said:

And you say that based upon what exactly ? There is no evidence to suggest they don't want the average Dutch citizen on a retirement visa.

 

Sorry for not being more clear.  I mean, anybody who is not Thai. You kept bringing up people in the Netherlands.  Thais don't give a hoot about them or anybody else.  

[Ooladolla]

Rich guys in, poor guys out. When is it available ?

[soalbundy]

38 minutes ago, digibum said:

 

Well, it should be blindingly apparent that the Thai government couldn't give a hoot about what you think is suitable.  

 

Where is $3,000 a month considered a higher range for working people?  That's $36,000 a year.  Most university graduates make more than $36,000 a year.  My wife make that working full time in a Thai restaurant when tips are factored in.  

 

Let's do the math though.  

 

If you earned the median income in the US, of $57,000 a year, at the age of 65 social security would pay you $1464 (according the the social security website).  100,000 baht at 35 baht to the USD is $2,857 which leaves you $1393 short.  

 

Now, the 3 million baht you have to have in the bank is $85,714.  Assuming you were earning 8% (average return on equities is 10%) that would be $6,857 a year or $571 a month.  

 

So, now you're short just $822 a month.  

 

But, according to Investopedia, the median retirement savings for someone in their sixties is not $85,714, it's $172,000.  So, instead of $571 a month, you could/should be earning closer to $1,146 a month which leaves you short only $247 a month.  

 

So, the bottom line is that even if someone had the median everything, they're pretty darn close to 100,000 baht per month.  Plus, it doesn't say that you have to spend the 100,000 baht per month so you can funnel that money back into your investments rather than taking it out.  

 

If you can't make 100,000 baht per month in retirement, maybe, just maybe, you shouldn't be thinking about relocating halfway across the world to live in a country with no social safety nets or programs to help you fill the income gaps.  

 

That doesn't make you a bad person.  That just means that you probably can't afford it.  

If you cant afford to live in Thailand you sure as hell cant afford to live in Europe. I have nowhere to stay in my country UK and where i spent most of my life in Germany i would be required by law to re-start my private health insurance which would cause me at my age to rely on social security since the payments would take most of my pension. I have a comfortable home here with family who i would have to desert and leave in the doo doo.

[Diplomatico]

  Apologies if this has already been mentioned.....today's Bangkok Post article says the cost of the visa itself will be 10,000 baht.  

[digibum]

19 minutes ago, sjaak327 said:

The points you make are true. Indeed in Europe a lot of benefits are not reflected into the salary you do receive.

 

That of course does not change the fact that people from such societies cannot possibly have a disposable income of 100.000 baht or around 2650 euro at current exchange rates. not unless they have earned an income well above average. Now does Thailand really not want these people retire here. I don't really think so, in fact as I already stated, I don't think this will actually replace the old regime, it will probably be an addition for people not wanting to do yearly extensions.

 

Fact remains, that on average the Thais are making 14.000 baht (I incorrectly stated it was 40K :) ). In that light the 100K is way over the top, and the Thais know this, because if this would be the only option, they will receive a lot less retired people, and it doesn't take a genius to figure out that in the end Thailand will therefore have quite a bit less income from this type of persons.

 

How much income do you think they're making off these people?  It's a drop in the bucket.  How many times have we heard the same argument applied to why don't they just give everyone 1 year visas?  Obviously the Thai government has not gone broke kicking out backpackers and overstayers so what makes you think a bunch of retirees is going to put a dent in the economy?  

[jimmyyy]

I see more retiree's getting married or getting on a plane.  100,000  Baht is not unreasonable, i consider my pension to be small and it is well over 100,000 baht.

[soalbundy]

7 minutes ago, digibum said:

 

80,000 from where?  Gov benefits?  No other source of income?  

 

Regardless, perhaps we have different definitions of scraping by.  If your net worth is defined by a house, a car, and a motorbike, I lump that under scraping by.  You might not agree with that definition, and you may be completely happy with your financial situation, but to me unless that definition of net worth includes a modest to substantial investment portfolio of some sort and either a pension or some sort of tax-deferred retirement account, yeah, it's scraping by.   

 

My money comes in the form of three pensions, i have built two houses here, one for the legally married wife (which has been written over to my son) and one for my partner with whom i live. I have saved money but this is in my children's name for their university education in the future, i own nothing but i am OK with that, i don't need much but i have a good life here which i wouldn't have in Europe, i see how my daughter gets by in Germany despite her working and her husband has a masters degree in architecture they just live from hand to mouth.

[digibum]

54 minutes ago, gigman said:

As a single and divorced and having $435 dol. per WEEK in Australia I must consider spend rest of my life being on very very strict budget to survive. If I do not have paid off mortage and do not own any roof above your head then it is living as very poor man.

Just imagine how you can live if first spent money will be for dumpy room for $250 a week then how good living you will have on balance of $185 dol where just simple food you will spent around $100 dol per week....

What about your bills like water ,power, gas for car , your phone....

That's why I am back in Europe in my parents country where I can live like normal human ...

I have spent 1 year in Thailand and it cost me $1000 bth a month   ...so not to bad but more expensive then I spending now in Europe and Every year I can have 3 month worry free vacations anywhere in the world after a year savings from my Australian retirement money .

In Australia I could not even afford vacations in another state....

That's the truth guys and other parts in the western world a having similar situation and specialy when you are old and alone.

Thailand does not really know our problems  and really why we was looking to spend worry free life there.

For those with nice life savings this news about 10 years visa are nothing special   but for others this is  just joke.

 

I'm confused as to whether or not you're agreeing with me.  I am sympathetic to your financial situation but from Thailand's perspective, you really don't belong living there.  

 

Living anywhere where you are not a citizen is a privilege.  People seem to think that because the Thai people have a low cost of living that they should be welcomed with open arms because they have slightly more money than the locals.  Rarely does it work like that.  

 

You said it best, they don't know your problems.  But guess what?  They don't want to know your problems.  Your a guest in their country and you shouldn't be showing up on their doorstep with your problems.  Believe me, Thailand has enough problems of its own.  They don't need to import problems.  

 

[Stargeezr]

It is sooo nice to be rich.  Too  bad  there  is a limited supply of those  people this

story is just a fluff  story. Too good to be true, so it is just fake news.  Next!

Geezer

[aussieinthailand]

9 minutes ago, jimmyyy said:

I see more retiree's getting married or getting on a plane.  100,000  Baht is not unreasonable, i consider my pension to be small and it is well over 100,000 baht.

Well if your "pension" is over 100,000 Baht per month, it is not your average aussie pension. 

But good luck to you.

But us regular aussies that live here will just have to keep on batteling on.

[Johnniey]

1 hour ago, Jingthing said:

The average U.S. social security old age pension check is 46,000 baht monthly. Many get much less than that.

 

Cheers. 

That may well when your idol is president.

 

46,000 is OK. 

[sahibji]

13 hours ago, sharecropper said:

Astonishing. And fantastic news if true, and if they can deliver on it.

why? so more can come and create havoc.

[gemguy]

WHA-HOO......Comes with seniors discounts and happy endings....lol

[Johnniey]

20 minutes ago, Stargrazer9889 said:

It is sooo nice to be rich.  Too  bad  there  is a limited supply of those  people this

story is just a fluff  story. Too good to be true, so it is just fake news.  Next!

Geezer

Geez, it's rather sad so many seem to think that earning 100k baht a month is rich, it's not.

 

Only $33, 800  or GBP 27,000 a  year.

 

 

[chiang mai]

As for the 100,000 per month:

 

It seems to be an arbitrary number and is likely drawn from something similar to the TVF surveys asking how much do you earn/spend every month, you know, the ones where every one lies through their teeth in order to pee everyone else off and make themselves feel good. Well, this is what you get for telling porkies!

 

But it's a big jump from 65k and an even bigger jump from the average Thai income number of 14k, even if we said that average is 18k it's still a factor of more than five times greater. On balance it seems to me this is an aspiration rather than a well thought through and justified figure, a bit like the upper end Elite memberships, the philosophy seems be, charge it and somebody will pay it, hmmm!

[gemguy]

13 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

Do not worry....."Soon to be Corrupted"..... and coming to a theater near you....lol

Cheers

Edited November 23, 2016 by gemguy

[Wilsonandson]

Long term tourist visa or new retirement visa?
Is this a new long term visa i.e similar to an elite visa or is this the new requirements for a retirement visa?
This is the question that is on everyones minds.
From reading all the media reports this is a new visa aimed at people wanting to come to Thailand for medical operation but 10 years to have an operation seems very long. Reading the Thai media there was only a paragraph of information given out on the new visa. A detailed report was not published and an implementation date not given. Only the tourist visa fee's will be halved from 2,000 baht to 1,000 baht from Dec 1 for 3 months.
Like many posters before it is wait and see time. If this is the new requirement for a retirement visa then this is very worrying. Instead of 800,000 baht you will now have to have 3,000,000 baht in your bank and premium health insurance. Let's hope for some concrete news on this new long term visa from inmigration soon.

[Peterw42]

47 minutes ago, jimmyyy said:

I see more retiree's getting married or getting on a plane.  100,000  Baht is not unreasonable, i consider my pension to be small and it is well over 100,000 baht.

 

Can I ask what country gives a pension of over 100,000 a year ?

[jimmyyy]

100,000 Thai Baht a month, mine does.  I am at 131000 at 34 to the dollar.  A bit more now I suspect.  American.

[NanLaew]

Wow! That's almost 700 posts in less than 13 hours.

 

I guess this one has kept a lot of members up all night.

[soalbundy]

1 minute ago, Peterw42 said:

 

Can I ask what country gives a pension of over 100,000 a year ?

you could reach that in Germany with a state pension coupled with a firms pension

[tj916]

9 minutes ago, Johnniey said:

Geez, it's rather sad so many seem to think that earning 100k baht a month is rich, it's not.

 

Only $33, 800  or GBP 27,000 a  year.

 

 

 

Are you seriously telling me that you cannot have a very good life in Thailand on

 

£27000 per  year.

 

 

[digibum]

 

3 minutes ago, chiang mai said:

As for the 100,000 per month:

 

It seems to be an arbitrary number and is likely drawn from something similar to the TVF surveys asking how much do you earn/spend every month, you know, the ones where every one lies through their teeth in order to pee everyone else off and make themselves feel good. Well, this is what you get for telling porkies!

 

But it's a big jump from 65k and an even bigger jump from the average Thai income number of 14k, even if we said that average is 18k it's still a factor of more than five times greater. On balance it seems to me this is an aspiration rather than a well thought through and justified figure, a bit like the upper end Elite memberships, the philosophy seems be, charge it and somebody will pay it, hmmm!

 

 

Keep in mind that that Thai making that 18,000 baht a month is not likely living on their own.  If they aren't living with their parent's they're sharing a small, dump of an apartment, with no air-con.  

 

So, let's quit comparing the 65K or even the 100K with what a typical Thai might make because the Thai government isn't allowing people to come to Thailand on retirement visas and shack up 5 geezers to a room, sweating it out like pigs, until they croak.  

 

That's not the intent of allowing people to retire to your country.  Generally countries attempt to attract wealthier retirees who will spend an above average amount of money on housing, food, and entertainment.  And if Thailand wasn't so short-sighted, they would allow them to invest in local investment products easily so as to pump cash into the local economy.  

 

 

[tuktuktuk]

17 minutes ago, Johnniey said:

That may well when your idol is president.

 

46,000 is OK. 

Let's face it. No country wants immigrants; especially if they're coming because they can't afford to live in their home country. $3,000/month?  That's poverty even in the poorest neighborhoods in the USA. 

[Wilsonandson]

Thai Cabinet Approves 10 year Retirement Visa -
Chiang Rai Times

http://mobile.dudasite.com/site/chiangraitimes1?url=http%3A%2F%2Fwww.chiangraitimes.com%2Fthai-cabinet-approves-10-year-retirement-visa.html&utm_referrer=http%3A%2F%2Fwww.google.co.th%2Fsearch%3Fq%3Dretirement%2Bvisa%2Bthailand%26client%3Dms-android-samsung%26biw%3D360%26bih%3D511%26prmd%3Divn%26source%3Dlnt%26tbs%3Dqdr%3Ad%26sa%3DX%26ved%3D0ahUKEwiTiKDP0L3QAhWILY8KHUrNDNwQpwUIEQ%26dpr%3D3#3000

[soalbundy]

14 minutes ago, Johnniey said:

Geez, it's rather sad so many seem to think that earning 100k baht a month is rich, it's not.

 

Only $33, 800  or GBP 27,000 a  year.

 

 

Average UK salary is only 26,500 pounds a year. 100K doesn't make you rich but in Thailand you would be very comfortable on that but as a pension it would be unattainable for the average person.

[Peterw42]

2 minutes ago, jimmyyy said:

100,000 Thai Baht a month, mine does.  I am at 131000 at 34 to the dollar.  A bit more now I suspect.  American.

 

There are other posts saying the SS pension comes nowhere near that. I presume you are talking about a private investment income rather than a state pension.

[digibum]

5 minutes ago, Peterw42 said:

 

Can I ask what country gives a pension of over 100,000 a year ?

 

 

None (that I know of) but you're aware you're supposed to take care of your own financial needs in retirements, right?  It's not all about what the government gives you.  That's supposed to be one part of your overall retirement strategy.  

 

Even saving a modest amount over 40 years, due to compounding, will be a fairly sizable sum of money at 60 or 65.  

 

If your retirement strategy was to not save anything for 40 years and then live off a government check in a third-world country, uhm, you might want to rethink that strategy.