Govt approves 10 year visas for foreigners over 50

[tilaceer]

13 hours ago, LivinLOS said:

 

Who would even think about retirement here without it.. 

 Me     !

 I do not need anywhere near this amount to live here comfortably....

[elgenon]

44 minutes ago, tuktuktuk said:

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. 

 

3,000 a month is $18.75 per hour! If you lived in a small town in the South I think it would be good pay. In a big city on the Coast not so much.

[williamgeorgeallen]

Just now, Crossy said:

 

Wasn't it being '"mulled" last year, it is "approved" this year. Although exactly what has been approved is unclear.

will try to find the link to the article from last year. pretty sure it was identical, even with the same photo. hot topic with 30 pages of replies. must still be a few people here on retirement visas.

 

[ThaisGood]

Just curious, US$100,000 in the bank is not that high for someone who has real estate in farangland then sells it to move to Thailand. I should think.  But many say it is totally out of reach.  What kind of assets do most longterm farang have in Thailand?  Is it mostly retirement such as Social Security monthly check but nothing in the bank?

[CMBob]

While some can't afford it, we're not talking huge numbers here.  For example (using 35 baht to the US dollar):

(1) Current retirement visa/extension requirements call for either banking $22,857 or having a monthly income of about $1,857.   And the immigration fees for that over 10 years is 19,000 baht.

(2)  The new (proposed?) deal calls for either banking about $85,714 or having a monthly income of about $2,857.   And the immigration fee for that for 10 years is 10,000 baht.

 

Rather doable by some and not all involving figures all that high.  I think half the falang I know could meet these requirements without any problem.

I didn't mention the medical insurance requirement as it would be my belief that those who have that amount of monthly income or bank funds likely already have adequate medical insurance and/or could afford to buy it without much problem.  

[55Jay]

[moojar]

4 minutes ago, digibum said:

 

Not that I think it would happen as you've stated but I think you're forgetting about the fact that Issan would then be littered with Thai women who had suddenly come into a considerable amount of wealth.  Husbands forced out of the country, wife sitting on a multi-million baht house that they could then find some reason to take from her.    

I wasn't "forgetting" about it, but that theory just builds on the paranoia.  

[Estrada]

12 hours ago, Peterw42 said:

 

The current 800k earns little to no interest as it cant be put in a term deposit, I presume the 3,000,000 would be the same

Not true. They prefer to see the B800K in a term(time) deposit account which carries a higher rate of interest than a savings deposit account. I have used term deposits for the last 6 years. The B3,000,000 can be placed in a term deposit account and interest rates a likely to rise from now on. The article states that the B3million only has to be left untouched for 1 year and presumably after that you can please yourself. 

[moojar]

3 minutes ago, ThaisGood said:

Just curious, US$100,000 in the bank is not that high for someone who has real estate in farangland then sells it to move to Thailand. I should think.  But many say it is totally out of reach.  What kind of assets do most longterm farang have in Thailand?  Is it mostly retirement such as Social Security monthly check but nothing in the bank?

If you're smart, you hang on to your "farangland" house as an exit strategy, not sell it it move to Thailand.   So you need to find $US100K on top of the real estate you own back home.  

   

[digibum]

2 minutes ago, chiang mai said:

 

I'm certain you will find that resident expat thinking changes hugely over say a fifteen year period of living here. Whilst what you've set out above makes sense to most people and many of us did start out with large sums fifteen years ago, unforeseen events plus changed lifestyles means that many do not not have as much money left as expected at the outset. I think also that most would agree that the past ten years of extremely low interest rates and the global financial crisis has had a negative effect on many retirees, not just expats in Thailand. So yes, it's great to enter into retirement using the criteria you've set out but even that doesn't guarantee that everyone will make it through to the finish line in tact financially and able to make massive adjustments late in life.

 

 

That's kind of my point.  The example i gave had a person clocking $5K a month and the requirement is $3K a month.  He has cushion.  

 

If you targeted your retirement around being able to live at Thailand's cost of living for the rest of your life, well, you decided to cross an entirely different finish line.  

 

Anybody who's crossing the retirement finish line and relying exclusively on a government check to get them through is not telling the whole story.  Because either there's a tragic story along the way or they decided not to give a damn and just pray for the best.  

 

That's why I say that there are way, way, way too many posts on the internet about guys trying to retire at 40 years of age based on a fairly modest nestegg.  They're hoping to ride that nest egg until the government checks come rolling in but I don't want to hear that guy crying about the cost of living in Thailand and how he can't live on a social security check because he chose to cross a different finish line.  

 

Obviously, it's a different story if someone went bankrupt late in life because their wife died and they owed $500,000 in medical bills but when I was living in Thailand, I met far more guys who's only retirement plan was the social security checks than I have the true hardship tales.  

 

 

[chrisinth]

13 hours ago, Peterw42 said:

 

The article says 10 year visa will replace the 1 year visa "dude"

 

But what is the 'one year visa'?

 

Surely they wouldn't be using the wrong terminology between visa's & extensions of stay? (as you said correctly in an earlier post)

 

I reckon it is an option (eventually replacing) the one year O-A visa and has (as yet) nothing to do with extensions based on retirement.

 

But who knows?.....................

Edited November 23, 2016 by chrisinth

[catman20]

wait for the catch!!!!!!!!! 

[soalbundy]

2 minutes ago, digibum said:

 

Yes, they have fallen.  Yet Apple still sells a boatload of iPhones.  

 

I'll take a rough guess at your age based on what you've said so far.  We grew up in a much more prosperous time.  Times are tough right now.  Yet, I see so many people living like they aren't.  Instead of saving and investing they spend everything on short-term gratification toys like iPhones and eating out.

 

Hey, when I was growing up, I thought the government would be there for me when I retired.  But I never counted on it.  I always sacked away money thinking, "What if they don't?"  

 

Nowadays, kids growing up should be assuming the government won't be there for them when they retire.  And yet they're still not saving.  They're still living in places they can't afford, driving cars they can't afford, and living billing cycle to billing cycle.  

 

 

 

 

I agree that the excessive use of credit cards causes people to live beyond their means. In Germany my bank tried many times to get me to take a credit card which i refused. If you told people that you don't have a credit card it was almost as if they regarded you as a refugee. I lived outside of Munich and used a car to get to work, my daughter lives in Munich, when i visited her and we used the U Bahn (underground train) to get around i was shocked at the cost. She doesn't have a car (doesn't even have a driving licence ) like many young people who live in the city so they use the trains and buses. She has an i phone but doesn't have a computer or land line, the rents and costs for child day care are astronomical far more than she earns,her husband has to pay for the rest but he is at the beginning of his career and doesn't earn that much, she cant remember when the last time was that they went out for a meal together, i as a pensioner try to help out now and again as does my ex wife who is still working but its tough as i have my other children to think off here, i have always said i cant afford to die, i had always assumed that if i was seriously ill,cancer for instance, i would end it all myself but i don't have that luxury anymore due to my dependents.

[Peterw42]

13 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. ??

 

If you read the BKKpost article, it has a big list of countries this Visa is aimed at. And Russia isn't on the list.

[Jimbo2014]

14 hours ago, sharecropper said:

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

 

True - but I expect we will be asked to pony up some serious bahticles to get one.  Probably in the same vein as the elite 5 year visa before - 18000 USD about from memory.

[maewang99]

isn't the outpatient health cover problematic on it's own?  local insurers seem to have restrictions pn policy changes of folks over 60, many do not even offer any coverage or cancel coverage at 60 or so.... and overseas coverage could be very pricey.  seems like the outpatient coverage alone is quite an issue.

also, the newspaper story the way I reda it says the visa is ONLY for 10 years... one renewal.  what happens at year 11?

or is there a simple answer to BOTH my questions.  age 70 and you go back home or switch to border runs? at 70???  

Edited November 23, 2016 by maewang99

[Peterw42]

2 minutes ago, chrisinth said:

 

But what is the 'one year visa'?

 

Surely they wouldn't be using the wrong terminology between visa's & extensions of stay?

 

I reckon it is an option (eventually replacing) the one year O-A visa and has (as yet) nothing to do with extensions based on retirement.

 

But who knows?.....................

 

Yes, you are right, a visa and an extension of stay are 2 different things, but currently the financial requirements to get a visa (65k/800k) or an extension of stay(65k/800k), are the same.  New 10 year visa with new financial requirements, extension of stay will probably have the same requrements.

[brewsterbudgen]

 
But what is the 'one year visa'?
 
Surely they wouldn't be using the wrong terminology between visa's & extensions of stay? (as you said correctly in an earlier post)
 
I reckon it is an option (eventually replacing) the one year O-A visa and has (as yet) nothing to do with extensions based on retirement.
 
But who knows?.....................

I would say it's pretty obvious that it's a new visa option aimed at "affluent" applicants who want a long-term option, and completely unconnected to the current Extension of Stay options.

Fun thread though!

Sent from my SM-A500F using Thaivisa Connect mobile app

[rwill]

Those worried that this may replace the current 1 year OA visa think about this way.  If it works the same you will have to leave the 3 million in the bank for a year before you get the visa.  That means you would need a 1 year visa first.

 

[chrisinth]

2 minutes ago, Peterw42 said:

 

Yes, you are right, a visa and an extension of stay are 2 different things, but currently the financial requirements to get a visa (65k/800k) or an extension of stay(65k/800k), are the same.  New 10 year visa with new financial requirements, extension of stay will probably have the same requrements.

 

Sorry, didn't realize that the financials for an O-A visa were the same as for the extension. I may have been thinking the 65+ option for retirees. (not yet in a position to look that up............)

[chrisinth]

5 minutes ago, brewsterbudgen said:

 

I would say it's pretty obvious that it's a new visa option aimed at "affluent" applicants who want a long-term option, and completely unconnected to the current Extension of Stay options.

Fun thread though!

Sent from my SM-A500F using Thaivisa Connect mobile app
 

 

 

Yeah, would agree. It seems the use of the word 'replace' in the OP is what is panicking a lot of people and making this into something that it probably isn't.

[smedly]

8 hours ago, scavenger said:

Indeed, the Thai article seems to suggest an additional option rather than a "replacement." It also says there are 14 countries for whose citizens it will be available to (Denmark, Norway, Netherlands, Sweden, France, Finland, Italy, Germany, Switzerland, USA, UK, Japan, Canada -- the fourteenth country isn't specified...) Also, the wording seems to imply that it will be available for a maximum of ten years (twice five years.) 

 

With 50% of the deposit to remain in the account, and the money to be used within Thailand only, I would not recommend this visa as a sound financial strategy. 

people need to read the above post and stop filling this thread with garbage and nonsense

 

I'm outa here

 

[boomerangutang]

32 minutes ago, digibum said:

Not that I think it would happen as you've stated but I think you're forgetting about the fact that Issan would then be littered with Thai women who had suddenly come into a considerable amount of wealth.  Husbands forced out of the country, wife sitting on a multi-million baht house that they could then find some reason to take from her.    

 

I agree with all but the last half of your closing sentence.  Thai gov't wouldn't take house from a Thai woman.

 

31 minutes ago, maoro2013 said:

Sounds a bit useless to me, just more money in the bank account, or income, and requiring certain medical insurance.  Easy enough to do annual extensions. 90 day reporting still required. I don't see any real benefit.

 You're assuming the current annual deal will continue.  I hope so, but right now, it's unclear.

[NanLaew]

23 minutes ago, moojar said:

If you're smart, you hang on to your "farangland" house as an exit strategy, not sell it it move to Thailand.   So you need to find $US100K on top of the real estate you own back home.  

   

Yes. Never make living in a foreign country where you have limited entitlements your 'Plan A'. Never.

[wealthychef]

14 hours ago, LivinLOS said:

Strange.. I post this news, with the exact same info.. Thread closed.. Not enough information.. Then Thaivisa posts it.. 

Cant see what people are whining about.. 100k a month for a 10 year visa, in 2 blocks of 5... Just superb. 

 

Hope its still in force when I cross 50.. 

 

People are whining because it's not clear if the current 1 year visa is going away.  If so, then many people will be forced out as the requirements are pretty strict.  

 

 

[maewang99]

not a replacement for retirement visa?  the current one is not so difficult to meet.... but just the inpatient health cover for this 10 year thing is problematic for most folks even if they have 100 million Baht in a Thai retail bank account.

what would this new visa be at all useful for if it wasn't meant to replace the current scheme? now or later given that it is so much more onerous? not having to go to the office every year is silly.  even if you were still working let alone retired, it takes what one consulate or 2 bank visits plus one or 2 hours at Immigration every year to get it the old way?

what would it be good for for otherwise?

Edited November 23, 2016 by maewang99

[wealthychef]

I'm going in for my first 1 year visa next week and will see how it goes.  I don't see any information on the government websites.  

[NanLaew]

8 hours ago, scavenger said:

Indeed, the Thai article seems to suggest an additional option rather than a "replacement." It also says there are 14 countries for whose citizens it will be available to (Denmark, Norway, Netherlands, Sweden, France, Finland, Italy, Germany, Switzerland, USA, UK, Japan, Canada -- the fourteenth country isn't specified...) Also, the wording seems to imply that it will be available for a maximum of ten years (twice five years.) 

 

With 50% of the deposit to remain in the account, and the money to be used within Thailand only, I would not recommend this visa as a sound financial strategy. 

 

5 minutes ago, smedly said:

people need to read the above post and stop filling this thread with garbage and nonsense

 

I'm outa here

 

Totally agree.

 

Awesome bit of clickbait though.

 

Well done TV!

[chrissables]

13 hours ago, bubba1 said:

 Excellent news. If you can't afford 3 million you should go back to work in your home country.

 

You are a fool!

 

How many people live here with a family now? Taking their family back home may not be an option!

 

When actually living costs so little (unless you enjoy the party lifestyle) where do they get their figures from?

 

Proving you have access to funds would be understandable, but throwing money in a bank as asked is stupid.

 

 

[55Jay]

9 minutes ago, chrisinth said:

 

Yeah, would agree. It seems the use of the word 'replace' in the OP is what is panicking a lot of people and making this into something that it probably isn't.

Right, and medical tourism is a growth industry, Thailand just trying to compete (or remain relevant) in the estimated $100 Billion industry.  http://www.medicaltourismmag.com/#tab2