Govt approves 10 year visas for foreigners over 50

[Spellforce]

People can understand that in Thailand, everybody has to start with a 3 months VISA O ? (then 1 year extension)

Untill today a 1 year VISA O-A could be done only abroad.

[jonclark]

2 hours 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.  

 Well that is my assumption as how else would the authorities be able to check that it remains in the account for 1 year, if the account is in say Germany, Russia, China or the UK?? 

 

And what happens if you take the 3 million or part of it out  before the 1 year period - The visa is cancelled? How would they know this is happening? My guess (and it is a guess) is that there will be something along the lines of a '10 year visa account' at government banks (like KTB) which have a 1 year maturation period during which you 'waive' the right to access your money, but offer you no interest. Obviously the interest would be kept by the bank / government.

 

That is a gamble - Imagine needing access to your 3 million, family death, accident etc. and you cannot get it? 

 

Just a guess otherwise you could just withdraw all the 3 million the following day you have got the visa - or they want to see passbook updates for the first year at 90 day prisoner reporting dates.  Which begs the question what happens if you fail to show passbook updates at 90 days if that were to be the method of checking. 

 

This is a messy. 

 

[siam2007]

5 minutes ago, Spellforce said:

In that other link:

"อายุผู้สมัคร เป็นชาวต่างชาติที่มีอายุ 50 ปีที่ยื่นขอวีซ่าประเภทชั่วคราว (Non-immigrant) รหัส O-A (Long Stay) จากสถานกงสุลใหญ่ไทยในต่างประเทศ "

=

" the age of the applicant is a foreigner aged 50 years temporary visa. (Non-immigrant) Code O-A (Long Stay) from the Consulate General of Thailand abroad."

 

The O-A VISA 1 year may be replaced  by a new 2 x 5 years VISA O-A (still to be confirmed ! ).

 

BUT marriage VISA and 50 yo VISA are not concerned, nothing new about:

- 3 months VISA O (done in Bangkok)

- 1 year extension done in you immigration office

 

This news is about a new 2 X 5 years VISA O-A done abroad !

 

 

 

 

 

The requirements for the extension will most likely be adapted to the initial non-O-A application and then applied to everyone under the "extension of stay" program. But then again -> we never know. Maybe they test the waters first, same as they did with the "SIM card tracking of every alien in the kingdom" which caused an uproar

[Spellforce]

6 minutes ago, siam2007 said:

The requirements for the extension will most likely be adapted to the initial non-O-A application and then applied to everyone under the "extension of stay" program.

Today the governement has given a new requirement for that new 2 x 5 years VISA O-A (3 millions the first year, then 1,5M the next year) but the governement didn't announce anything about the 1 year extension requirement. So easy, untill today nothing has changed for the people living in Thailand with a VISA O + n X 1 year extention.

Edited November 23, 2016 by Spellforce

[Lingba]

this whole thing is so full of holes and gray areas...and as always will be subject to changes at the blink of an eye...

[Sumarianson]

The cost for 10 years is 10000Baht. The same as 1000B per year for 10 years. Just paid up front. The Banksters and Insurers will be rubbing their hands at getting 3M in the Bank without any interest for a year or more than likely more than a year, it takes time to spend 3M unless you want to buy a Mercedes or a BMW. I wonder is it the Banksters or Insurers that suggested this? It is definitely  a money making scheme. Nothing for those family men who are genuinely here for their children. No 10 year Visa for them. In the UK a foreigner can stay if they have a child without 90 day reporting and an indefinite leave to stay! Why doesn't  Thailand  join the rest of the fair Countries and allow people who have a right to be here, stay without hastle?

BTW. You will be required to have $1000 outpatient care and a minimum of  $10000 inpatient care! Why do they quote in Dollars instead of Baht. Obviously they have not tried to get outpatient care as most insurers only provide 1000Baht cover per time and that is not worth the hastle!

[siam2007]

3 minutes ago, Spellforce said:

Today the governement has given a new requirement for that new 2 x 5 years VISA O-A (3 millions the first year, then 1,5M the next year) but the governement didn't announce anything about the 1 year extension requirement. So easy, untill today nothing has changed for the people living in Thailand with a VISA O + n X 1 year extention.

 

agree, UNTIL TODAY nothing has changed. Though, after living here for almost 14 years, I got used to think about the TOMORROW as well. And having a PLAN B in the drawer

[smedly]

9 minutes ago, siam2007 said:

 

 

The requirements for the extension will most likely be adapted to the initial non-O-A application and then applied to everyone under the "extension of stay" program. But then again -> we never know. Maybe they test the waters first, same as they did with the "SIM card tracking of every alien in the kingdom" which caused an uproar

what on earth are you going on about, spreading unfounded stupid statements and starting rumours......it's called trolling and is against forum rules 

[geriatrickid]

Why the negativity?  So what if people  on small pensions or on subsistence level income won't qualify? These are not the type of people the government wants  here. One could not immigrate to western countries with the minimal amounts required  by thailand, so the hand wringing is  silly.

 

Anway, this visa is  useless for the middle class and higher  demographic because they already have the company arranged work visa and most don't want to stick around after their time in purgatory is done. Besides the  90 day continual reporting is idiotic. Why jump through hoops if there is no real additional benefit?

[Spellforce]

2 minutes ago, siam2007 said:

 

agree, UNTIL TODAY nothing has changed. Though, after living here for almost 14 years, I got used to think about the TOMORROW as well. And having a PLAN B in the drawer

Note also that TODAY the Visa On Arrival have been reduced to 1000 bahts to attract more tourists.

The facts are the government is not rising the price or requirements of the actual VISA's, it's just the opposite.

So don't panic and stop to say Thailand doesn't want us.

[pennine]

Can the health insurance be with an overseas insurer or must it be with a Thailand company? almost impossible to get if over 70!

[sjaak327]

6 hours ago, digibum said:

 

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?  

Considering those people already comply to financial requirements that are almost five times the average wage, and eight times the minimum wage, I would say these people aren't low spenders or earners by any stretch of the imagination. Stop comparing apples and oranges, this is Thailand not the United states.

Edited November 23, 2016 by sjaak327

[mcfish]

I doubt it will mount to much but then again I watched the Australian government go from a 6 month travel allowance for people on disability pension support to 1 month very quickly, it ripped apart families across the planet. 

Governments don't care to much about the little people, Thailand included 

[Spellforce]

"VISA ON ARRIVAL reduced to 1000 Bahts to attract more tourists"

Because of the weak GBP & Ruble, if something has to done it would be to reduce and not to raise the requirements "to keep the foreign residents". That would make sens.

 

Many residents have assets in Thailand (houses & condos), it could be catastrophic to the thai real market to loose that population !

 

[pegman]

19 hours ago, Anthony5 said:

 Are you a troll?

 

How many RETIRED people will have a SALARY of 100K a month?

I did before my country's Petro  $ took a dive.

[siam2007]

2 minutes ago, Spellforce said:

"VISA ON ARRIVAL reduced to 1000 Bahts to attract more tourists"

Because of the weak GBP & Ruble, if something has to done it would be to reduce and not to raise the requirements "to keep the foreign residents". That would make sens.

 

Many residents have assets in Thailand (houses & condos), it could be catastrophic to the thai real market to loose that population !

 

 

 

and Ten Thousands of Thai nationals losing their tenants and a stable monthly income.

Would for sure be the case here where I have a small unit as a "weekend retreat" - I am pretty sure 60-70% of the foreigners living here full-time would not be able to match the new requirements. Those Condo units are almost always owned by Thai nationals

[tonray]

7 hours 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.  

What happens in the bear markets when equities return -30% ?

[Rimmer]

A troll post and a reply has been removed

[pegman]

5 minutes ago, Spellforce said:

"VISA ON ARRIVAL reduced to 1000 Bahts to attract more tourists"

Because of the weak GBP & Ruble, if something has to done it would be to reduce and not to raise the requirements "to keep the foreign residents". That would make sens.

 

Many residents have assets in Thailand (houses & condos), it could be catastrophic to the thai real market to loose that population !

 

Nationalists demanded the military take over the country. They complied and now the obvious results are happening. Nationalists here, like elsewhere hate foreigners. I stated this at the time of the coup but the generals still had a lot of backing in this forum. How do all you right wingers like them now?

[Spellforce]

3 minutes ago, siam2007 said:

 

 

and Ten Thousands of Thai nationals losing their tenants and a stable monthly income.

Would for sure be the case here where I have a small unit as a "weekend retreat" - I am pretty sure 60-70% of the foreigners living here full-time would not be able to match the new requirements. Those Condo units are almost always owned by Thai nationals

Add also all the landlords foreigners forced to sale & all the new condos for sale in Thailand !

[NickJ]

Well, If there was this option. It would shake the retirement tree up. The rich dudes would fall for it. Money would be made. the not so rich guys would get the same visa through a backdoor..... Then this forum will be filled with even more bragging or whining.

The one thing is this This could be a policy. but not a law. if you don't know what that means. Well it wouldn't matter anyways.

This idea is a vehicle to produce cash for the various Immigration Franchises 

[geriatrickid]

9 minutes ago, pegman said:

I did before my country's Petro  $ took a dive.

 

Wait until junior starts dinging you with higher taxes to pay for his sunny ways agenda.

[Anthony5]

9 minutes ago, pegman said:

19 hours ago, Anthony5 said:

 Are you a troll?

 

How many RETIRED people will have a SALARY of 100K a month?

I did before my country's Petro  $ took a dive.

 

So you are definitely not part of the select few then.

[brewsterbudgen]

Nationalists demanded the military take over the country. They complied and now the obvious results are happening. Nationalists here, like elsewhere hate foreigners. I stated this at the time of the coup but the generals still had a lot of backing in this forum. How do all you right wingers like them now?

I think you have misunderstood what is being proposed. Whatever its likely shortcomings, the new proposal is designed to benefit foreigners by providing a longer stay visa option.

Sent from my SM-A500F using Thaivisa Connect mobile app

[Thaidream]

It is absolutely correct that many retired people who have left their positions many years ago had a retirement payment for both government and private industry figured on a base that stretches back decades and thus their retirement payments would be less than a person retiring today. That is why if there was any change in financials- the Immigration department would 'grandfather' the amounts needed just as they have done 2 prior times.

 

It is useless to discuss the amounts per se- because those people who are now on retired extensions in Thailand are already receiving their pensions and these pensions go up ever so slightly each year. Americans will get a  .o3 percent increase starting in 2017. ($average $5 per month) Citizens of the UK do not get increases.  We have to live on what we get and we made our plans accordingly. Some people purchased their homes and cars with their savings so they would not have that monthly expense and maintain themselves quite well on their retirement. Others are doing it a different way. Obviously it must be working for each individual as we are still here.

 

I believe that this will end up as an additional category of Visa under the Non O category- a longer stay with increased cost to obtain the Visa and higher financials based upon a 5 year guaranteed stay. You get a stamp at Immigration good for 5 years and come back at the end of the five if you want to stay longer.  It is similar to Visas under the Tourist class- there is the simple SETV at a lower cost and requirements and then there is the METV at a higher cost and higher financials.

Like the METV  I doubt there will be a large market for this Visa due to the increased financials and tying up a good chunk of money at very little interest and not having access to it for a year.

 

 

[newnative]

Too many TVers are getting overly upset, I think. Take a breath and relax.  As I said in an earlier post, my Thai partner read the article that's in Thai and having read it sees the 10 year visa as an option for some, not a requirement.  But, that's just the view of a Thai reading an article in Thai.  The real decider for me is the fact that it is reserved for certain countries; if you believe it is a requirement, then retirees from all the other countries have to leave because they can't even meet the first requirement of country origin.  Does anybody really think the Thai government would eliminate retirement visas for all the other countries when they've had them for so long?  And, when they are competing with other countries to attract both tourists and expats?  I just don't see it.  Might they someday require expats to have either health insurance or a savings account with X amount in it to cover a hospital visit?  That would be more likely to happen than discriminating against and publically kicking out a huge group of people based on their country  of origin. 

[sjaak327]

4 hours ago, LivinLOS said:

 

People just dont get the inflation aspect thats coming.. 

 

I employ people right now in Holland and belgium.. These are lowish skilled construction workers.. I am paying them 1200 euros a week +- 

 

Who is existing on 450 euros a week ?? Poles ?? Slovakians ?? 

if you are paying low skilled employers 1200 euros after taxes per week, you are either incredebly stupid or not telling the truth. No low skilled workers in the Netherlands bring home 4800 euro per month. The average Net wage is 2200... The same for Belgium.

Edited November 23, 2016 by sjaak327

[siam2007]

45 minutes ago, smedly said:

what on earth are you going on about, spreading unfounded stupid statements and starting rumours......it's called trolling and is against forum rules 

 

If you don't understand things or don't know facts, this does not mean someone is trolling. the adjustment to the "extension of stay" requirements has happened in the past ( from 200K to 800K, only folks who had used the old amount for 10 years were excluded), as well the plan to track foreigners SIM cards existed just recently in 2016 and has been buried after two weeks when it was announced some months ago.

So I suggest get proper information first before attacking other members here

Edited November 23, 2016 by siam2007

[Jingthing]

6 minutes ago, newnative said:

Too many TVers are getting overly upset, I think. Take a breath and relax.  As I said in an earlier post, my Thai partner read the article that's in Thai and having read it sees the 10 year visa as an option for some, not a requirement.  But, that's just the view of a Thai reading an article in Thai.  The real decider for me is the fact that it is reserved for certain countries; if you believe it is a requirement, then retirees from all the other countries have to leave because they can't even meet the first requirement of country origin.  Does anybody really think the Thai government would eliminate retirement visas for all the other countries when they've had them for so long?  And, when they are competing with other countries to attract both tourists and expats?  I just don't see it.  Might they someday require expats to have either health insurance or a savings account with X amount in it to cover a hospital visit?  That would be more likely to happen than discriminating against and publically kicking out a huge group of people based on their country  of origin. 

 

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. 

Edited November 23, 2016 by Jingthing

[Mousehound]

As stated above by some, this will most likely an option, and as such a good move for those that have the monies.  As retirees get older they tend to spend less.  However, health costs tend to go up.  Getting insurance could be the problem.  Unfortunate if you are committed to Thailand and then  few years down the track have insurance refused.